With both volatile markets and significant inflation in the mix, the Federal Reserve on Wednesday indicated that it may soon raise interest rates for the first time in more than three years.
“With inflation well above 2 percent and a strong labor market, the committee expects it will soon be appropriate to raise the target range for the federal funds rate,” the body said n a highly anticipated statement following its meeting.
The Federal Open Market Committee added that the central bank’s monthly bond-buying will proceed at just $30 billion in February, signaling that the program could come to an end in March as the interest rate increases.
“No, it’s a great asset. More inflation. What a stupid son of a bitch.”
That was President Joe Biden’s hot mic description of Fox News’ Peter Doocy on Jan. 24 after he asked “Will you take questions on inflation then? Do you think inflation is a political liability ahead of the midterms?”
Republican lawmakers have demanded the Biden administration answer questions regarding alternate forms of identification the Transportation Security Administration (TSA) says it accepts from migrants traveling throughout the country.
Republican Texas Rep. Lance Gooden, along with 21 other Republican lawmakers, sent a letter Wednesday to Department of Homeland Security (DHS) Secretary Alejandro Mayorkas raising concerns over a number of DHS documents migrants can use as identification, including certain arrest warrants, and the methods through which they are vetted.
The letter, exclusively obtained by the Daily Caller News Foundation, also seeks information on how border patrol agents and others are able to verify a migrant’s identity when issuing the documents in the first place.
The International Monetary Fund (IMF) cut its global economic growth forecast for 2022 on Tuesday, citing growing COVID-19 cases, supply chain bottlenecks and soaring inflation.
The IMF now projects global gross domestic (GDP) product to grow 4.4% in 2022, down from 5.9% growth in 2021, according to the IMF’s World Economic Outlook report published Tuesday. The IMF projected global GDP would reach 4.9% in its Fall report.
“The global economy enters 2022 in a weaker position than previously expected,” the report said, blaming “downside surprises,” including soaring COVID-19 cases and turbulent markets.
If the federal government’s .25% assessment on each bushel of soybeans is halted, a bill in the Missouri legislature would capture that amount and add it to the state’s current collection of .25%, giving additional millions to the Missouri Soybean Merchandising Council.
“If the federal goes away and this (bill) were to go into effect, we would continue to collect at a rate of one-half of 1% like we are now,” Rep. Curtis Gregory, R-Marshall, told the House Agriculture Policy Committee on Tuesday during testimony on HB2387. “If the bill doesn’t go into effect and the federal is done away with, we’d revert back…to one-half a penny per bushel…That would not bring in the amount of funds necessary to fund the checkoff mission.”
For the first time in at least 15 years, an Iowa governor has not recommended funding changes for Medicaid.
The announcement was made by Legislative Service Agency Analyst Jess Benson as he presented Gov. Kim Reynolds’ fiscal year 2023 Department of Health and Human Services budget recommendations Tuesday.
In a press conference last week that lasted nearly two hours, President Biden expressed frustration with efforts by the opposition party to thwart the more ambitious aspects of his policy agenda.
“Think about this: What are Republicans for?” Biden said defiantly. “What are they for? Name me one thing they’re for.” For instance, the president then asked, “What do you think their position on human rights is?”
Schools throughout the country are experiencing teacher shortages due to several factors. In some states, legislatures have responded by lowering substitute teaching standards. In others, schools are calling on parents to fill the gap or are simply closing schools because they don’t have enough staff.
School choice advocates say it’s time to start funding students instead of government-run public school systems.
Nationwide, according to Burbio.com’s school closure tracker, 7,164 schools were “actively disrupted (not offering in-person learning) on one or more days during the week beginning January 10th.” Accompanying the tracker is a map, which shows which schools nationwide are closed or are providing no in-person instruction by day and week. The site, an industry leader in aggregating school, government, library and community information, tracks school closures and mask policies.
The Department of Energy (DOE) announced Tuesday the release of millions of barrels of oil from the Strategic Petroleum Reserve (SPR) to combat soaring gas prices.
The DOE approved the release of 13.4 million barrels from its SPR, marking the second-largest exchange from the reserve and bringing the total amount of oil released from the cache to almost 40 million barrels.
Exchange contracts for the released oil have were awarded to seven companies. President Joe Biden authorized a plan in November 2021 to release 50 million barrels of crude oil from the SPR in a coordinated effort with China, India, Japan, South Korea and the U.K. to combat surging gas prices and assist in the COVID-19 pandemic recovery.
President Joe Biden’s nominee to the Federal Communications Commission (FCC), Gigi Sohn, cut a favorable deal with broadcasters shortly after she was nominated to the regulatory agency.
Sohn previously worked as a director of Locast, a streaming service that transmitted local television broadcasts on the internet. The company was shut down in October 2021 after broadcasters sued and a judge ruled the service was in violation of copyright law. Locast entered into a settlement agreement with broadcasters requiring the service to pay $32 million in damages.
Biden nominated Sohn to an empty commissioner position at the FCC, which is tasked with regulating the broadcast industry, in late October; however, one day after she was nominated, Sohn signed a confidential agreement with broadcasters cutting the amount of damages Locast would pay to around $700,000, according to a copy of the agreement seen by Bloomberg Law.
State Rep. Justin Wilmeth (R-Phoenix) is sponsoring legislation to block state and other public entities in Arizona from contracting for services or products from companies that use forced labor from the ethnic Uyghurs in China. Under HB 2488, companies that do business with the state will be required to certify in writing that they do not use that labor.
“As a student of history, I know what happens when good people remain silent,” said Wilmeth. “The Chinese Communist Party keeping millions of people locked in internment camps, which harkens back to the darkest chapters of the 20th century. HB 2488 sends a strong message that the State of Arizona won’t do business with anyone that turns a blind eye to this horrible human rights abuse.”