Business & Economy
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Business & Economy
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Trump doubles down on Fed rate cut pressure
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President Trump pressured the Federal Reserve to lower interest rates for the second time this week after it held off.
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“Egg prices are WAY DOWN from the Biden inspired prices [sic] if just a few weeks ago. ‘Groceries’ and Gasoline are down, also. Now, if the Fed would do the right thing and lower interest rates, that would be great!!!” the president said on Truth Social late Thursday night.
The Fed announced Wednesday that it would keep rates steady at a 4.25 percent to 4.5 percent range, even with some indications that the U.S. economy might be leaning toward a slowdown.
Trump also pressured the Fed in a Truth Social post Wednesday night, saying, “The Fed would be MUCH better off CUTTING RATES as U.S. Tariffs start to transition (ease!) their way into the economy.”
He highlighted that the administration is set to unleash a new batch of reciprocal tariffs April 2.
Federal Reserve Chair Jerome Powell cited those looming tariffs in his press conference earlier this week, arguing that they threaten to slow the economy’s growth even more, with inflation increasing back to an annual 3 percent mark.
Read the full report at TheHill.com.
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Welcome to The Hill’s Business & Economy newsletter, I'm Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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Weeks of violent protests at Elon Musk’s Tesla showrooms and charging stations are fueling concerns political tensions could be reaching a boiling point amid anger and frustration over Musk’s efforts to slash the federal bureaucracy.
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President Trump on Friday defended a series of executive actions he’s taken to target major law firms associated with individuals he holds grudges against, one day after one of those law firms struck a deal with the administration to avoid any penalties.
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The Campaign Legal Center (CLC) called for an investigation Friday into whether Commerce Secretary Howard Lutnick’s recent comments encouraging Americans to buy Tesla stock violated federal ethics laws.
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Commerce Secretary Howard Lutnick raised alarm over “fraudsters” receiving Social Security benefits, as Trump allies have ramped up rhetoric about potential waste in the program amid a major restructuring effort at the agency that oversees the program.
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Bessent blasts CBO accounting ahead of tax cut cost estimates
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Welcome to Tax Watch, a new feature focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts this year.
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Treasury Secretary Scott Bessent blasted the Congressional Budget Office (CBO) this week, the official legislative scorer responsible for tallying the deficit effects of new laws.
“Shame on me,” he said during an interview on the "All-In" podcast this week. “I was in the investment business for 35 years. I talked very confidently that ‘CBO scoring says this.’ And it turns out I didn’t know you-know-what about CBO scoring. When you’re on this side of the wall, you realize how crazy it is.”
“It’s crazy,” he said again.
Republicans are preparing to potentially add trillions to the national debt by extending the 2017 Trump tax cuts or making them permanent.
CBO estimated Friday that permanent Trump tax cuts would raise the debt to more than 200 percent of gross domestic product by 2054, a number that would rise to 250 percent if interest rates increase by 1 percent in the long run.
Another estimate by the University of Pennsylvania found that making the cuts permanent would add $7.7 trillion to the deficit by 2034.
— Tobias Burns
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Upcoming news themes and events we're watching:
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The Conference Board releases the Consumer Confidence Index for March next Tuesday at 10 a.m. E.T.
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Branch out with more stories from the day:
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TORONTO (AP) — An Ontario court on Friday gave Hudson’s Bay, Canada’s oldest company, permission to …
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Business and economic news we've flagged from other outlets:
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S&P 500 ekes out a gain Friday, snaps four-week losing run (CNBC)
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Nike’s sales are tumbling (CNN)
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Biden’s Secret Deal Allowed Chevron to Pay Venezuela Millions (Bloomberg)
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Top stories on The Hill right now:
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President Trump said Friday he is “immediately” moving the handling of federal student loans to the Small Business Administration (SBA), and shifting programs for students with disabilities to the Department of Health and Human Services (HHS) as his White House seeks to wind down and eventually eliminate … Read more
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The United Kingdom updated its advice for travel to the United States on Thursday, warning of harsh consequences for British passport holders who violate U.S. immigration laws. Read more
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Opinion related to business and economic issues submitted to The Hill:
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You're all caught up. See you next week!
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Save story
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Trump's comments came hours after the Fed opted to hold interest rates steady.
ABC News - 2d
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Welcome to The Hill's Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Fed sees inflation threat in Trump tariffs Federal Reserve Chair Jerome Powell ...
The Hill - 3d
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EPA takes aim at water, air and toxics protections as part of massive deregulation campaign.
ABC News - Mar. 12
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The Fed is set to announce a its latest interest rate decision on Wednesday.
ABC News - 3d
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U.S. President Donald Trump's policies to reshape the U.S. and its economy are so drastic that the Federal Reserve is taking note.
CNBC - Mar. 10
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With the Fed set to meet soon to determine interest rate policy, homeowners may be thinking of taking action now.
CBS News - Mar. 10
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Former talk show host Wendy Williams took steady aim at her court-appointed guardianship in an interview with "The View" Friday, insisting that she is not cognitively impaired and does not know why ...
NBC News - Mar. 14
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Jerome H. Powell says the Fed is focused on separating “signal from the noise,” as the president whipsaws on tariffs.
The New York Times - Mar. 7
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President Donald Trump signed an executive order on Thursday aimed at dismantling the U.S. Department of Education.
CNBC - 2d
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Rep. Brendan Boyle (D-Pa.) said Sunday that the negative consequences of President Trump’s economic policies have already begun to take effect. “You know, the reality is, as the data from the ...
The Hill - Mar. 10
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‘It’s not nice to hear certain things,’ says United captain Fernandes responds after co-owner’s critical interviews Bruno Fernandes has aimed a barb at Sir Jim Ratcliffe by stating no player ...
The Guardian - Mar. 14
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Tariffs took center stage during the news conference with Jerome H. Powell, the Fed chair, on Wednesday.
The New York Times - 3d
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An action taken late on Tuesday is again raising the question of Trump’s authority to dismiss Fed officials
MarketWatch - 3d
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Anyone who has played an online game has probably encountered a bot at some point that may have negatively impacted their gaming experience. To help address gaming's bot problem, Razer and OpenAI ...
GameSpot - 4d
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Chair Jerome Powell said Fed forecasts for 2025 trimmed growth estimates, nudged unemployment up, and lifted inflation expectations as Trump tariffs show ripple effects.
Inc. - 2d
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The Supreme Court agreed to hear a challenge to law in Colorado that bans “conversion therapy” aimed at teens questioning their sexual orientation or gender identity.
NBC News - Mar. 10
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Mirra Andreeva, already the youngest-ever WTA 1000 champion, tries to add another prestigious title to her resume on Sunday when she takes on world number one Aryna Sabalenka at Indian ...
Yahoo Sports - Mar. 15
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President Trump announced that the Small Business Administration would take over the handling of student loans after he signed an executive order aimed at dismantling the Department of Education.
NBC News - 1d
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EPA takes aim at almost every major pollution rule in what environmentalists call act of ‘malice toward the planet’. Donald Trump ’s administration is to reconsider the official finding that ...
The Guardian - Mar. 12
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The order, which President Trump may sign on Thursday, will lay the groundwork for eventually shuttering the agency, reassigning some of its primary duties.
The New York Times - 2d
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President Trump doubled down on pressuring the Federal Reserve to lower interest rates, arguing that the costs of eggs, groceries and gas are down so the central bank can make cuts. “Egg prices are ...
The Hill - 1d
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Rep. Alexandria Ocasio-Cortez (D-N.Y.) and Sen. Bernie Sanders (I-Vt.) focused their criticism on Elon Musk in their first joint rally in a tour the two are going on this week. The progressive ...
The Hill - 1d
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Shortstop Gunnar Henderson said he believes he can return from injury in time to take the field with the Orioles on Opening Day.
ESPN - Mar. 15
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US central bank risks relying too much on backward-looking data, economists warn
Financial Times - 5d
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"We are not in a hurry," Federal Reserve Chair Jerome Powell said earlier this month.
ABC News - 3d
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President Trump has spent years bashing electric vehicles. But with Elon Musk by his side, he said he would buy a bright red one.
The New York Times - Mar. 12
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President Trump signed an executive order directing Education Secretary Linda McMahon to begin dismantling the Department of Education, calling for Congress to support its full elimination.
NBC News - 2d
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President Donald Trump is set to nominate Federal Reserve Governor Michelle Bowman to be the central bank’s top bank supervisor, a White House official confirmed to MarketWatch.
MarketWatch - Mar. 12
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President Donald Trump signaled to stock-market investors last week that they’re on their own. Federal Reserve Chair Jerome Powell will likely deliver a similar message when monetary policymakers ...
MarketWatch - 6d
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Hours after the Federal Reserve maintained its guidance for two interest-rate cuts later this year, President Donald Trump weighed in Wednesday night, calling for rate cuts to accompany his new ...
MarketWatch - 2d
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In today’s issue: President Trump and allies revel in assertive decision making that keeps friends and foes off balance, even if resulting uncertainty turns out to be a drag on U.S. growth this ...
The Hill - 2d
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Sen. Jeff Merkley (D-Ore.) said the current fight over a Republican spending bill was the "best time" for Democrats to take on President Trump, coming less than two months into his presidency. ...
The Hill - Mar. 14
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The U.S. central bank prepares to meet under a cloud of concern about the economic hit from President Trump’s tariffs.
The New York Times - 5d
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Also, Zelensky agreed to a limited cease-fire in a call with Trump. Here’s the latest at the end of Wednesday.
The New York Times - 3d
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Bowman will have a key role in bank oversight as part of her new role.
CNBC - 5d
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MSNBC host Lawrence O'Donnell announced he'd be taking a week off from his nightly show, citing his "exhaustion" with the first few weeks of President Trump's second term. “I’m exhausted at Day 52, ...
The Hill - Mar. 13
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Mark Carney will most likely be in power just a few weeks before a federal election is held. To win, he will try to convince Canadians he can take on, but also negotiate with, Trump.
The New York Times - Mar. 11
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Also in today’s newsletter, the Fed’s concerns that tariffs will hit the economy and Jeff Bezos’s pivot to the president
Financial Times - 2d
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Brad Schimel, a judge who is so supportive of the president that he dressed up as him for Halloween, is hoping to flip the Wisconsin Supreme Court for conservatives.
The New York Times - Mar. 13
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House Republicans who faced hostile crowds and viral confrontations at town halls in their districts are defending their decision to hold the events — despite recommendations from House GOP leaders ...
The Hill - 1h
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An attorney resigned from the law firm Skadden, Arps, Slate, Meagher & Flom resigned, posting a a sharply critical resignation letter that called on the company to stand up to President Trump' amid ...
The Hill - 1h
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As he is ramping up deportations of migrants from the U.S., President Trump is battling the backlash from Democrats in Congress, activists on the ground and judges in the courtroom. U.S. District ...
The Hill - 2h
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Sen. Steve Daines (R-Mont.), a supporter of President Trump, met Saturday with China's economic chief, Vice Premier He Lifeng in Beijing. This was the first visit by a U.S. politician to China ...
The Hill - 2h
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CNN political analyst Elie Honig is questioning President Trump over his recent deflection on how the 1798 Alien Enemies Act was invoked by the administration to speed up the deportation of ...
The Hill - 4h
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House Republicans who faced hostile crowds and viral confrontations at town halls in their districts are defending their decision to hold the events — despite recommendations from House GOP leaders ...
The Hill - 1h
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An attorney resigned from the law firm Skadden, Arps, Slate, Meagher & Flom resigned, posting a a sharply critical resignation letter that called on the company to stand up to President Trump' amid ...
The Hill - 1h
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As he is ramping up deportations of migrants from the U.S., President Trump is battling the backlash from Democrats in Congress, activists on the ground and judges in the courtroom. U.S. District ...
The Hill - 2h
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Sen. Steve Daines (R-Mont.), a supporter of President Trump, met Saturday with China's economic chief, Vice Premier He Lifeng in Beijing. This was the first visit by a U.S. politician to China ...
The Hill - 2h
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CNN political analyst Elie Honig is questioning President Trump over his recent deflection on how the 1798 Alien Enemies Act was invoked by the administration to speed up the deportation of ...
The Hill - 4h
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