LEADING THE DAY Inflation reaches key threshold for Fed rate hikes: Inflation for the first time in several years has increased to the Federal Reserve's annual target, the Commerce Department reported Monday, reaching a key threshold for the future of U.S. interest rates. The personal consumption expenditures (PCE) index, the Fed's inflation barometer, increased 2 percent in the 12-month period ending in March, according to data released Monday. Consumer prices stayed flat in the month of March itself, while consumer prices minus volatile food and energy rose 0.2 percent. Consumer spending overall rose 0.4 percent in March after decreasing 0.2 percent in February. Personal income increased 0.3 percent in March, the same rate from February. Wages and salaries increased 0.2 percent in March after increasing 0.4 percent in February. With inflation reaching the Fed's preferred level in March, the bank could increase interest rates further than its current projections. I'll tell you why that matters right here. Rubio blows hole in GOP tax-cut messaging: Sen. Marco Rubio (R-Fla.) told The Economist in a recent interview that "there's no evidence whatsoever" that the corporate tax cut Republicans passed last year is overwhelmingly benefiting workers. "There is still a lot of thinking on the right that if big corporations are happy, they're going to take the money they're saving and reinvest it in American workers," Rubio said in the interview, published late last week. "In fact they bought back shares, a few gave out bonuses; there's no evidence whatsoever that the money's been massively poured back into the American worker." The comments are being highlighted by Democrats -- including Senate Minority Leader Charles Schumer's (D-N.Y.) office -- who view the remarks as bolstering their case against the tax law. Democrats have been hammering Republicans over the increase in stock buybacks that has occurred since the tax law passed. Republicans, though, have generally focused on the companies that have announced bonuses, wage increases and new capital investments. The Hill's Naomi Jagoda digs in here. Closing arguments made in AT&T-Time Warner merger trial: The two sides in the trial over the AT&T-Time Warner merger squared off in court for the final time on Monday, offering closing arguments in the landmark antitrust case. The Justice Department said that the proposed AT&T-Time Warner merger would remake the television industry, giving the combined company the ability to use popular Time Warner content to hurt rival pay-TV providers. Both sides mainly summarized the points they made over the past six weeks of trial. Judge Richard Leon pledged to issue a ruling by June 12 in order to beat a June 21 merger deadline that the companies are facing. The Hill's Harper Neidig takes us inside the courtroom here. MARKET CHECK: Stocks took a tumble Monday, with all three major indexes ending up with losses. The Dow Jones Industrial Average shaved off 148 points (0.61 percent), while the S&P 500 and Nasdaq dropped 0.82 percent and 0.75 percent each. GOOD TO KNOW - Sen. Jon Tester (D-Mont.), might be one of the only vulnerable incumbents getting support from the American Bankers Association and Sen. Elizabeth Warren (D-Mass.). ABA released an advertisement last week featuring bankers from his state praising Tester for his work on Dodd-Frank rollbacks. Warren sent out a fundraising email for Tester today defending him in response to Trump's threats against the Montanan. The president is targeting Tester after the senator revealed stunning allegations about Adm. Ronny Jackson, the president's pick to be VA secretary. Jackson withdrew his name from consideration last week.
- The New York Times checks in on our old pal, former Consumer Financial Protection Bureau director Richard Cordray, as he pursues the Democratic nomination for governor of Ohio against Dennis Kucinich. This is loaded with eyebrow-raising passages about both candidates.
- Politico looks at why Mick Mulvaney's tenure atop the CFPB hasn't been as "explosive" as expected.
- Chinese conglomerate HNA Group Co. is set to drop its pursuit of SkyBridge Capital, the investment firm founded by Anthony Scaramucci, amid resistance from the Committee on Foreign Investment in the U.S (CFIUS), according to The Wall Street Journal.
ODDS AND ENDS - President Trump on Monday asked African nations to support a joint North American bid to host the 2026 World Cup, despite FIFA's warning against political influence last week.
|
沒有留言:
張貼留言