By Tom Ozimek Interest rates on retail credit cards have soared to their highest levels on record, according to a new report, which comes towards what seems to be the tail end of a rapid rate-hiking cycle by the Federal Reserve—which warned recently it’s ready to raise rates further if inflation data continue to come […]
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Posted inNational News
Mike Johnson Elected House Speaker, Ending 22 Days of Paralysis
By Lawrence Wilson and Joseph Lord Rep. Mike Johnson (R-La.) has been elected speaker of the House of Representatives, clearing the way for the chamber to reopen after 22 days of enforced idleness since the ouster of former Speaker Kevin McCarthy (R-Calif.). He became the 56th speaker of the chamber on Oct. 25, winning 220 […]
Posted inEconomy
Car Loan Defaults Hit Record High as Interest Rate Hikes Bite
By Tom Ozimek A fresh sign of consumer stress has appeared amid the Federal Reserve’s rapid rate hikes, with Fitch Ratings data showing that car loan defaults have hit their highest level on record. The percentage of subprime auto borrowers that are at least 60 days past due rose in September to 6.11 percent, a […]
Posted inNational News
Trump Targets Jack Smith After Judge Temporarily Lifts Gag Order
By Jack Phillips Days after a federal judge temporarily lifted a gag order, former President Donald Trump criticized special counsel Jack Smith on social media. U.S. District Judge Tanya Chutkan granted President Trump a temporary hold last week on her previous ruling in the 2020 election conspiracy case while the Trump legal team is appealing […]
Posted inEconomy
Recession Drums Beat Louder as Key Economic Indicator Falls for 18th Straight Month
By Tom Ozimek The recessionary drums are beating louder as a key U.S. economic gauge from The Conference Board dropped for the 18th consecutive month as the Federal Reserve’s rate hikes in response to soaring inflation are taking their toll on the economy. The Leading Economic Index (LEI), which is a forward-looking gauge made up […]
Posted inEconomy
Fed Chair Powell Hints No Rate Hike in November, Leaves Door Open to Tighter Policy
By Andrew Moran Federal Reserve Chair Jerome Powell hinted that there will be no rate increase at next month’s Federal Open Market Committee (FOMC) policy meeting, but left the door open to further tightening if it is warranted. Financial markets paid close attention to Mr. Powell’s appearance at the Economic Club of New York on […]
Posted inNational News
Trump Sues Ex-British Spy Christopher Steele Over Dossier Allegations
By Savannah Hulsey Pointer A lawyer for former President Donald Trump told a London judge that his client intends to prove that a report written by a discredited former British spy contained false claims that harmed his reputation and compromised his first run for the presidency. The attorney, Hugh Tomlinson, made his arguments on Oct. […]
Posted inNational News
Judge Prohibits Trump From Speaking Out Against Prosecutors, Others
By Sam Dorman and Catherine Yang WASHINGTON—Judge Tanya Chutkan, presiding over the case against former President Donald Trump for allegedly interfering in the 2020 presidential election, ordered certain restrictions on what President Trump can say in relation to his case after hearing arguments on the morning of Oct. 16. Judge Chutkan said she would not […]
Posted inNational News
Proposed Trump Gag Order to Be Considered in Federal Election Case
By Sam Dorman The D.C. District Court is holding a hearing on Oct. 16 over the Biden administration’s request for a gag order on former President Donald Trump. Special counsel Jack Smith had requested on Sept. 15 that Judge Tanya Chutkan prohibit President Trump from making certain types of statements about witnesses and others involved […]
Posted inWorld
Controversy Erupts Over Calls for US to Accept Gaza Refugees Amid Israel–Hamas War
By Tom Ozimek As experts predict a million refugees might flee Gaza amid the Israel–Hamas war, controversy has erupted in Congress as some leftist lawmakers have called for them to be brought to the United States, while some Republicans say no and have crafted legislation to block any such moves. Rep. Jamaal Bowman (D-N.Y.), a […]
Posted inEconomy
JPMorgan CEO Warns ‘Most Dangerous Time’ in Decades Is Here
By Tom Ozimek JPMorgan Chase CEO Jamie Dimon has sounded the alarm that U.S. consumers are running down their excess cash buffers and that inflation could stay stuck in high gear due in part to high government spending, while issuing an ominous warning that the “most dangerous time” that the world has seen in decades […]
Posted inWorld
Inside China’s Long Game to Infiltrate US Politics
By Eva Fu As Chinese authorities escorted the senior Federal Reserve official from his Shanghai hotel room, they demanded he “say good things about China” when back in the United States. The atmosphere was “frightening,” the official, who remained unnamed, recalled to the Fed. That was the first of four times the official was detained […]
