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.
Inflation rose in November at the fastest pace in four months, marking the second straight month of acceleration. The Department of Labor reported Wednesday that the consumer price index (CPI) increased by 2.7% over the past year, matching economists' forecasts. Core inflation, which excludes food and energy prices, climbed 3.3% year-over-year.
All three major U.S. stock indexes closed at record highs on Wednesday, fueled by a strong rally in technology shares and encouraging comments from Federal Reserve Chair Jerome Powell. Salesforce’s positive earnings report and upbeat market sentiment contributed to the surge, while Powell’s remarks on the economy provided an additional boost.
On Tuesday, former President Donald Trump emphasized that addressing America's economic challenges starts with lowering energy costs, reinforcing his pledge to reduce energy bills by 50% within his first year if re-elected.
Senator Roger Marshall (R-KS) announced that he is investigating the Biden-Harris administration for "election interference" due to the inflated number of jobs.
Two recent federal judges have delivered a setback to Biden's ongoing attempts to cancel massive student loan debt. I will elaborate on that later.
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