<!–
*{box-sizing:border-box}body{margin:0;padding:0}a[x-apple-data-detectors]{color:inherit!important;text-decoration:inherit!important}#MessageViewBody a{color:inherit;text-decoration:none}p{line-height:inherit}.desktop_hide,.desktop_hide table{mso-hide:all;display:none;max-height:0;overflow:hidden}.image_block img+div{display:none}sub,sup{font-size:75%;line-height:0}#converted-body .list_block ol,#converted-body .list_block ul,.body [class~=x_list_block] ol,.body [class~=x_list_block] ul,u+.body .list_block ol,u+.body .list_block ul{padding-left:20px} @media (max-width:620px){.desktop_hide table.icons-outer{display:inline-table!important}.image_block div.fullWidth{max-width:100%!important}.mobile_hide{display:none}.row-content{width:100%!important}.stack .column{width:100%;display:block}.mobile_hide{min-height:0;max-height:0;max-width:0;overflow:hidden;font-size:0}.desktop_hide,.desktop_hide table{display:table!important;max-height:none!important}.reverse{display:table;width:100%}.reverse .column.first{display:table-footer-group!important}.reverse .column.last{display:table-header-group!important}.row-10 td.column.first .border,.row-8 td.column.first .border{padding:5px 5px 15px 25px;border-top:0;border-right:0;border-bottom:0;border-left:0}.row-10 td.column.last .border,.row-12 td.column.last .border,.row-8 td.column.last .border{padding:5px 20px 25px 5px;border-top:0;border-right:0;border-bottom:0;border-left:0}.row-12 td.column.first .border{padding:5px 5px 15px 25px;border-top:0;border-right:0;border-bottom:15px solid transparent;border-left:0}}
sup, sub { font-size: 100% !important; } sup { mso-text-raise:10% } sub { mso-text-raise:-10% }
{beacon}
Business & Economy
|
Business & Economy
<!–
|
|
|
President Trump is dishing out some heat to Federal Reserve Chair Jerome Powell after the central bank kept interest rates steady Wednesday.
|
Trump on Wednesday accused the Fed and Powell of allowing inflation to spiral to four-decade highs in the aftermath of the COVID-19 pandemic and recession.
Trump frequently criticized the Fed’s monetary policy during his first term and recently said he knows how to handle interest rates better than the central bank.
As the Fed started cutting interest rates last fall and loosening policy after tightening it in response to the post-pandemic inflation, Trump softened his criticisms of Powell, saying that he’d let him serve out his term.
But Trump turned the heat back up on Powell last week.
“I think I know interest rates much better than they do, and I think I know it certainly much better than the one who’s primarily in charge of making that decision,” Trump told reporters last week, ostensibly referring to Powell.
Powell said during Wednesday’s press conference he’s had no contact with Trump, despite his public remarks.
The Hill’s Sylvan Lane and Tobias Burns have more here.
|
Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
|
|
|
Key business and economic news with implications this week and beyond:
|
|
|
President Trump ripped the Federal Reserve and the man he appointed to lead it Wednesday after the central bank kept interest rates steady.
|
|
|
|
The White House is claiming the Wednesday move by the Office of Management and Budget (OMB) rescinding a controversial order that froze a wide swath of federal financial assistance is not actually an end to curbing government spending.
|
|
|
|
Howard Lutnick, President Trump’s nominee to lead the Commerce Department, slammed China for allegedly using U.S.-manufactured technology to compete with American artificial intelligence (AI) firms after Chinese AI startup DeepSeek took the internet and stock market by storm.
|
|
|
|
Welcome to Tax Watch, a new feature in The Hill’s Business & Economy newsletter focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts this year.
|
Reconciliation may stifle Trump’s plan to scrap taxes on Social Security
|
President Trump told Republicans during a party retreat in Florida this week that he wants a bill that eliminates taxes on tips, overtime and Social Security — all promises he made on the campaign trail that go beyond what’s expiring in the 2017 Trump tax cuts.
However, making changes to Social Security in a reconciliation bill, which is the more restrictive legislative format that Republicans are pursuing for their party-line bill, is off limits, legislative experts told The Hill.
“Trump is not going to get his tax-free Social Security benefits in reconciliation because that’s not allowed,” Tax Policy Center (TPC) senior fellow Howard Gleckman told The Hill.
“You do [reconciliation] for taxes, for mandatory spending except Social Security, and sometimes they’ve figured out ways to do it for discretionary spending, but it’s not intending for [that].”
A TPC analysis found that getting rid of the Social Security tax would advantage middle-class and upper-middle class households over lower earners while accelerating the program’s insolvency.
— Tobias Burns
|
|
|
Upcoming news themes and events we’re watching:
|
- The gross domestic product (GDP) reading for the fourth quarter of 2024 comes out Thursday morning at 8:30 a.m. ET.
- The National Association of Realtors releases pending home sales data for December on Thursday at 10 a.m.
|
|
|
Branch out with more stories from the day:
|
|
|
WASHINGTON (AP) — Meta has agreed to pay $25 million to settle a lawsuit filed by President Donald …
|
|
|
Business and economic news we’ve flagged from other outlets:
|
- ‘Not a buyout‘: Attorneys and unions urge federal workers not to resign (NPR)
- OpenAI Is Probing Whether DeepSeek Used Its Models to Train New Chatbot (The Wall Street Journal)
- Elon Musk Lackeys Have Taken Over the Office of Personnel Management (Wired)
|
|
|
Top stories on The Hill right now:
|
|
|
President Trump signed a memo on Wednesday to prepare a massive facility at Guantánamo Bay to be used to house deported migrants. Read more
|
|
Sen. John Fetterman (D-Pa.), who was thought to be open to voting for Robert F. Kennedy Jr.’s nomination to head the Department of Health and Human Services, now says the nominee is in serious trouble after his rocky confirmation hearing. Read more
|
|
|
Opinion related to business and economic issues submitted to The Hill:
|
|
|
|
You’re all caught up. See you tomorrow!
|
|
|
|
Close
if ( window.checkSizeClasses && window.checkSizeClasses instanceof Function) {
window.checkSizeClasses();
}
Source link
