The Federal Reserve has moved at warp speed by central banking standards over the past six months as it prepares to lean against a surge in prices: first slowing its economy-stoking bond purchases, then deciding to end that buying program earlier and finally signaling that interest rate increases are coming. Some on Wall Street and in Washington are questioning whether it moved rapidly enough. Consumer prices increased by 7 percent in December from the prior year, the fastest pace since 1982, as rapid spending on goods collides with limited supply as a result of shuttered factories and backlogged ports. While price increases were initially expected to fade quickly, they have instead lasted and broadened to rents and restaurant meals. The Fed is charged with maintaining full employment and stable prices. The burst in inflation is causing some to question whether the central bank was too slow to recognize how persistent price increases were becoming, and whether it will be forced … [Read more...] about Fed’s Policy Pivot May Prove Late and Abrupt, Critics Fret
Stability to business
NEW YORK - Growing up in St. Mary's County, Md., where the Potomac and Patuxent rivers meet the Chesapeake Bay, Tamika Tremaglio loved the water and the south Maryland woods, but nothing moved her quite like cash register tape. Tremaglio, the new head of the NBA players' union, was born two months before her mother, Pamela Langley, enrolled at Morgan State University as an 18-year-old freshman. With grandmothers and aunts stepping in to help care for Tremaglio, it wasn't long before she was helping to keep count in her uncle's tire shop and her family's bars. "I love puzzles and problem-solving," Tremaglio said during an extended interview Thursday at the National Basketball Players Association's Manhattan headquarters. "I was raised by a family of entrepreneurs and have always dealt with numbers. I'd check the cash register sheet and try to find an error, down to the decimal point. Numbers were the way to solve problems. They were the key." Numbers have driven Tremaglio's … [Read more...] about Rainmaker. Boss. Baker. Meet Tamika Tremaglio, the new head of the NBA players’ union.
Welcome to The Hill’s Morning Report. It is Tuesday! We get you up to speed on the most important developments in politics and policy, plus trends to watch. Alexis Simendinger and Al Weaver are the co-creators. Readers can find us on Twitter @asimendinger and @alweaver22. Please recommend the Morning Report to friends and let us know what you think. CLICK HERE to subscribe! Total U.S. coronavirus deaths reported each morning this week: Monday, 866,540; Tuesday, 868,512. President Biden Joe Biden Fox News reporter says Biden called him after 'son of a b----' remark Peloton responds after another TV character has a heart attack on one of its bikes Defense & National Security — Pentagon puts 8,500 troops on high alert MORE , who had been wary about challenging Russia’s military mobilization against Ukraine beyond urgent diplomacy and threats of slow-motion international economic sanctions, unveiled a more muscular … [Read more...] about The Hill’s Morning Report – Biden, NATO eye ‘all scenarios’ with Russia
In the early months of the pandemic, getting a coronavirus test typically required visiting a health care center, a laboratory or a dedicated testing site, a process that sometimes involved long lines and waiting a week or more to get the results. Americans can now take rapid antigen tests from the comfort of their own homes. Many of these tests are available without a prescription and return results in just 15 minutes. Demand for the tests has surged in recent months, as the highly infectious Delta variant has spread and schools and offices have reopened; now the even more infectious Omicron variant has arrived . “All the manufacturers are ramping up production, but right now they can be hard to find,” said Gigi Gronvall, a testing expert at Johns Hopkins University. Although rapid antigen tests have their limitations, they are an important public health tool, experts said, particularly if you know how to use them. “Having that information and being able to make … [Read more...] about How Accurate Are At-Home Covid Tests? Here’s a Quick Guide
As America’s central bank, the Federal Reserve has a legal mandate to foster maximum employment and price stability. Over the past year, however, the Fed has watched passively as the unemployment rate has plummeted and inflation has surged upwards. Even if the Fed starts raising interest rates above zero and engages in a few quarter-point hikes this year, monetary policy will remain extraordinarily accommodative. Unfortunately, the Fed has already fallen far behind the curve in responding to inflation developments. While economists have plenty of disagreements, there is practically unanimous agreement that the stance of monetary policy should be assessed in terms of the inflation-adjusted interest rate — that is, the difference between the actual federal funds rate and the underlying trend of inflation. In fact, this measure is such a fundamental concept that economists refer to the inflation-adjusted interest rate as the “real interest rate.” ADVERTISEMENT The Fed held … [Read more...] about Will the Fed repeat the mistakes of the Great Inflation?
ALBANY, N.Y. — Letitia James, the New York State attorney general, moved on Tuesday to block a ruling from a judge who struck down a state indoor mask requirement a day before, creating confusion across schools and businesses. State officials said Ms. James had filed a motion to stay the ruling, which said the mask mandate violated the State Constitution, to try to put it on hold while the state files a formal appeal of the judge’s ruling. Gov. Kathy Hochul had renewed a rule requiring masks or proof of full vaccination at all indoor public places throughout the state in December, amid a winter coronavirus surge, and said it would last a month. The state Health Department then extended the mandate an additional two weeks, to expire on Feb. 1. In a six-page decision on Monday, State Supreme Court Justice Thomas Rademaker wrote that Ms. Hochul and state health officials lacked the authority to enact the mask rule without the approval of state lawmakers. Regardless of the “well … [Read more...] about New York’s attorney general moves to block a ruling striking down a state mask policy.
ALBANY, N.Y. — New York’s indoor mask mandate will remain in effect for now after an appeals court judge on Tuesday blocked a lower-court ruling from a day before that had abruptly struck down the policy and created confusion across schools and businesses. The decision on Tuesday came one day after a ruling by Justice Thomas Rademaker , of State Supreme Court in Nassau County, who had said the rule requiring masks violated the State Constitution. His ruling had abruptly nullified part of the rule imposed by Gov. Kathy Hochul last month, amid a surge in coronavirus cases driven by the Omicron variant, that required masks or proof of full vaccination at all indoor public spaces statewide. Ms. Hochul immediately vowed to fight the decision, with Letitia James, the state attorney general, filing a motion to stay the ruling in an attempt to put it on hold while the state filed a formal appeal. On Tuesday afternoon, following a brief hearing, Justice Robert J. Miller, the … [Read more...] about New York Mask Mandate Back in Effect After Judge Grants Stay