Month: December 2024

The U.S. Federal Reserve is expected to cut its benchmark interest rate by a quarter of a percentage point this week, a move some analysts are calling a “hard reversal” in monetary policy. This decision comes alongside updated economic forecasts and interest rate projections as the central bank attempts to balance its goals against a backdrop of changing economic conditions and the incoming administration of President-elect Donald Trump. The expected rate drop would lower the Fed's key interest rate to a range of 4.25% to 4.50%, marking a full one percentage point reduction from September, when the central bank began…

President Joe Biden announced a bold plan to reduce U.S. greenhouse gas emissions by more than 60% by 2035, reaffirming his administration's commitment to fighting global warming. This move comes as President-elect Donald Trump prepares to take office next month, vowing to dismantle much of Biden's climate agenda in favor of policies that promote fossil fuel production. Biden's updated goal, which exceeds his previous commitments, aims to keep the United States on track to achieve net-zero carbon emissions in all sectors of the economy by 2050. The formal commitment, known as a Nationally Determined Contribution (NDC), it will be submitted…

The NBA All-Star Game is set to undergo another major transformation, as the league announced a new three-team mini-tournament format for this year's event in San Francisco. Featuring the league's top 24 players alongside the team that wins the Rising Stars Challenge, this format marks the third significant change to the All-Star format since 2020. The objective of the championship? To make the event more competitive or, at the very least, more entertaining for the fans watching from home. “I think we've reached a point where the modern All-Star Game is as much about entertainment as it is about competition,”…

US President Joe Biden will visit the Vatican next month, marking what is likely to be his last international trip as president before his term ends. The White House announced that Biden will travel to Rome from January 9 to 12, where he will meet with Pope Francis, Italian President Sergio Mattarella and Italian Prime Minister Giorgia Meloni. “President Biden will have an audience with the Pope on January 10 to discuss global efforts to promote peace,” the White House said in a statement. Biden will also meet with Italian leaders to highlight the strong relationship between the United States…

November brought an unexpected rise in wholesale prices, casting doubt on the pace of inflation's decline, according to data released Thursday by the Bureau of Labor Statistics (BLS). The producer price index (PPI), a key measure of what manufacturers charge for goods and services, rose 0.4% on the month, beating the Dow Jones estimate of 0.2%. On a year-over-year basis, PPI rose 3%, the biggest annual gain since February 2023. Excluding food and energy price volatility, core PPI increased 0.2%, in line with market expectations. Furthermore, excluding commercial services, the monthly PPI increase fell to just 0.1%. However, the core…

The Republican-led US House of Representatives passed legislation on Friday to prevent a government shutdown, rejecting President-elect Donald Trump's calls to include billions of dollars in new funding. The bill, which now moves to the Democratic-controlled Senate, must be approved and signed into law by President Joe Biden before current funding expires at midnight Saturday. The bill passed the House with broad bipartisan support in a 366-34 vote, extending federal funding through March 14. The bill allocates $100 billion for disaster relief and $10 billion for farmers, but excludes controversial provisions, including raising the debt ceiling, a controversial Trump issue.…

The U.S. auto market is poised for its strongest performance in years, with new vehicle sales expected to rise to levels not seen since 2019. Industry analysts expect a recovery in 2025, driven by improved affordability, lower interest rates and a gradual normalization of the vehicle market. stocks after years of supply chain disruptions and inflated prices. Cox Automotive expects new light-duty vehicle sales to reach 16.3 million units in 2025, slightly ahead of forecasts from S&P Global Mobility and Edmunds, which call for sales of about 16.2 million. These estimates represent a modest increase from this year's expected range…