Short-term rate now 1.75%, could still increase. On Wednesday, the Federal Reserve announced that it will be addressing inflation by raising its interest rate from 1% to 1.75%.…
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Unemployment Claims Higher Than Estimated
Highest level since January. The Labor Department reported that unemployment claims for the week ending on June 4 reached 229,000, increasing by 27,000 from the last period. The number,…
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President Responds to Strong Jobs Report for May
He says the U.S. can address inflation from a “position of strength.” On Friday, President Biden praised the May jobs report as evidence of the economy’s underlying strength.…
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President Sets Out Plan to Fight Inflation
He will “build on historic recovery.” On Tuesday, President Biden laid out a three-part plan for combating high inflation. “We have a chance to build on a historic recovery…
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Federal Reserve Chair Secures Second Term
Jerome Powell received bipartisan support. The Senate on Thursday voted 80-19 to give Federal Reserve Chairman Jerome Powell a second four-year term, keeping him as the head of…
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Fastest Rate Hikes in Decades Coming from Federal Reserve
Latest attempt to fight inflation. The Federal Reserve is poised this week to accelerate its most extreme steps in three decades to attack inflation by making it costlier…
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Inflation Rises to 8.5 Percent in March
Greatest increase in 41 years. The latest Consumer Price Index numbers show inflation is climbing even higher, making it more difficult for Americans to pay their bills and…
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Labor Market Strengthened in March
Department of Labor reports unemployment approaching pre-pandemic levels. The Bureau of Labor Statistics reported that 431,000 jobs were added to the U.S. economy in March and unemployment fell…
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Unemployment Claims Continue to Decrease
Labor Department reports the lowest level since 1969. The Department of Labor reported on Thursday that the number of new applications for unemployment benefits fell by 28,000 last…
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Federal Reserve Appointee Withdraws from Nomination
Senator Manchin had publicly opposed her stance on energy. On Monday, Senator Joe Manchin of West Virginia announced his opposition to President Biden’s nominee to the Federal Reserve…
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