President-elect Donald Trump plans to declare a national energy emergency to enhance American energy production and reduce energy costs, according to an incoming administration official. The soon-to-be 47th president will sign a series of executive orders shortly after his inauguration to accelerate domestic energy development.
Artificial intelligence (AI) data centers are "distorting" the power grid, according to a Bloomberg report. The outlet's analysis found that "more than three-quarters of highly-distorted power readings across the country are within 50 miles of significant data center activity."
On Monday, Connecticut Attorney General William Tong argued on MSNBC’s The Beat that deporting undocumented immigrants is far more complex than it appears due to the prevalence of mixed-status families. Tong highlighted that 70% of households with an undocumented individual also include U.S. citizens or residents with other legal statuses, making mass expulsions logistically and socially challenging.
American credit card defaults have surged to the highest levels since the aftermath of the 2008 financial crisis, as consumers continue to grapple with years of high inflation. In the first three quarters of 2024, credit card lenders wrote off $46 billion in delinquent loan balances, marking a 50 percent increase from the same period last year. These write-offs, considered a highly monitored measure of loan distress, are the highest since 2010, according to industry data gathered by BankRegData.
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.
A recent Reuters/Ipsos poll reveals that most Americans oppose higher tariffs on imported goods if they lead to increased consumer prices. The findings highlight the political risks surrounding President-elect Donald Trump's plan to impose steep import tariffs aimed at boosting American industry and curbing illegal activities such as fentanyl trafficking.
The stock market is recording its strongest month this year following President-elect Donald Trump’s victory in the 2024 election, reflecting investor optimism about the economic outlook under the incoming administration.
The Federal Emergency Management Agency (FEMA) is facing intense scrutiny after a former employee slammed the agency's emphasis on equity, alleging it has led to politicized disaster response. The criticism comes on the heels of a disturbing incident in which a FEMA official instructed workers to avoid homes displaying Trump signs during relief efforts following a hurricane.
