Tag Archives: Biden

President Biden said something completely obvious on Feb. 8 — and it was big news for one of America’s most innovative companies. During an otherwise unremarkable address on domestic manufacturing, Biden referred to Tesla (TSLA) as “our nation’s largest electric vehicle maker.” This is unmistakably true, and nobody disputes it. But up till now, Biden has pushed aggressively for more electric vehicle manufacturing without ever acknowledging that Tesla already produces close to 1… Source link

Reports over the weekend suggest that US President Biden is going to introduce an Executive Order for cryptocurrencies at the beginning of February. The order is expected to span across government and plans to weigh-up the benefits and disadvantages of digital assets, alongside implementing a reporting system for government on cryptocurrencies. Officials are yet to confirm the rumour. What has been confirmed is that there have been several top-level meetings with senior figures at the White… Source link

The Biden administration will announce three nominees for top jobs at the nation’s central bank, naming Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to fill spots on the Federal Reserve’s Board of Governors, according to a source familiar with the matter. The official announcement could be made as soon as Friday. Raskin has specifically been tapped to steer the Fed’s policies on bank regulations as Fed vice chair of supervision, according to a person familiar with the matter. The… Source link

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe Thursday, January 13, 2021 Surging prices are now both an economic and political risk “Annus horribilis,” a Latin term that means “horrible year” is a term once famously deployed by the Queen of England to describe 1992, a tumultuous year upon which she declared she would not regard fondly. Given current trends, the same label may yet apply… Source link

Inflation has become one of the top economic issues in the U.S., and the Biden administration is acting accordingly with various policy actions. U.S. consumer prices rose 0.5% in December and 7.0% on a year-over-year basis, according to the Bureau of Labor Statistics. It’s the fastest rate since 1982.  Two of the biggest drivers of price spikes over 2021 have been in food and energy which is likely the reason the White House has focused on both of those sectors both for inflation as well as… Source link

When Democrats passed one year of an expanded Child Tax Credit within the $1.9 trillion American Rescue Plan, many of the credit’s supporters hoped it would become permanent. White House economic adviser Heather Boushey called the tax credit a “basic benefit” when speaking to Yahoo Finance in March as the relief package was becoming law. She predicted the overall package “will cut child poverty in half this year in no small part, due to this expansion of the Child Tax Credit.” That… Source link

President Biden visited with well over 100 top business leaders and CEOs during his first year in office. That comes according to a Yahoo Finance analysis of the president’s public schedule since Jan. 20. He met virtually and in-person with leaders to cover issues like supply chains, COVID-19 vaccines, the semiconductor shortage, his legislative agenda and more. The most frequent guests — with three interactions each — were Ford (F) CEO Jim Farley, General Motors (GM) CEO Mary Barra,… Source link

This week saw two key pieces of economic data: the lowest number of jobless claims since September 1969 and the highest inflation since June 1982. Jared Bernstein, longtime economic aide to President Biden, was keen to drop some trivia on the more flattering number, noting “‘Honky Tonk Woman’ by the Rolling Stones was topping the charts” the last time jobless claims were this low. What was left unmentioned was that “Ebony and Ivory” was the most popular song the last time inflation… Source link

One month ago, gas prices—up 50% during the last year—were looking like the bane of Joe Biden’s presidency. Then three things happened: Combined, these developments have shaved oil prices by more than 20% since late October. Gas prices haven’t yet fallen by the same amount, but they most likely will. Gas prices lag oil prices whether going up or down, but only by a few weeks, as the following chart shows. So gas prices should be dropping by the end of the year. There’s already been a… Source link

Stocks gained on Monday at the start of a holiday-shortened week, as traders considered the highly anticipated renomination of Federal Reserve Chair Jerome Powell to the top role at the central bank.  The Dow added more than 250 points, or 0.8%, during morning trading. The S&P 500 and Nasdaq each also advanced. Investors kicked off the week on a strong note, with equity and bond-market trading set to close fully on Thursday and early on Friday for the Thanksgiving holiday.  President Joe… Source link