The Federal Reserve made its third consecutive interest rate cut on Wednesday, reducing its benchmark rate by a quarter of a percentage point. The move, widely anticipated by investors and financial markets, brings the federal funds rate to a target range of 4.25 percent to 4.50 percent. Since beginning its rate cuts in September, the Fed has now lowered rates by a total of 100 basis points, or one percentage point.
The Biden administration’s Energy Department released a report that could complicate President-elect Donald Trump’s plans to promote liquefied natural gas (LNG) exports.
Florida Governor Ron DeSantis pushed back against "false media narratives" about illegal immigration, following a report highlighting the state's economic growth.
A few years ago, the Buffalo Bills threatened to leave New York State unless a new stadium deal was secured. This kind of relocation bluff is common in the NFL, with only the Green Bay Packers standing out as a team with a municipally owned facility and a market too small to seriously consider relocation. Despite the ever-present threat of the Bills moving to a more lucrative market, Democrat Governor Kathy Hochul ultimately signed a deal providing $600 million in state funding for a new $2.1 billion stadium for the Bills, with Erie County contributing an additional $250 million. This was after team owner Terry Pegula threatened to move the franchise to Austin, Texas, where he would privately finance a stadium.
California lost 156,300 jobs in the first half of 2024, according to the latest federal quarterly payroll data, contradicting Governor Gavin Newsom’s optimistic claims about job growth in the state. While Newsom’s office had highlighted preliminary job survey data, which often overestimates employment numbers, the finalized payroll data shows a starkly different picture. In January, California’s payroll data counted 18,037,900 jobs, but by June, that number had dropped to 17,881,600, reflecting a significant job loss.
President Joe Biden assured Vice President Kamala Harris of her continued importance to the Democratic Party during remarks at the Democratic National Committee’s holiday party on Sunday. Turning to Harris, Biden declared, “You’re not going anywhere,” while praising her integrity and purpose throughout her career.
Illinois’ pension crisis continues to deepen, with the state's unfunded pension liability reaching $143.7 billion, according to the latest report from the Illinois Commission on Government Forecasting and Accountability (COGFA). This figure is $1.5 billion higher than last year and marks the second-highest total since 2020, when the liability hit $144.2 billion.
President-elect Donald Trump will ring the opening bell of the New York Stock Exchange (NYSE) on Thursday as TIME Magazine names him “Person of the Year.” This marks Trump’s second time receiving the honor, having first been named in 2016 following his initial election to the presidency.
