Neel Kashkari labored through much of this year as the most prominent Federal Reserve official opposed to raising short-term interest rates. Lately, he's gained more company. Kashkari, president of the Minneapolis Fed, has argued the central bank shouldn't be raising borrowing costs when inflation persists below its 2% target.
WASHINGTON-- Senate Republicans have reached a tentative budget deal that would set the parameters for a tax overhaul being pursued by the party and President Donald Trump. "There is" a tentative deal, Sen. He said that the Senate GOP may provide details after a closed-door Republicans' lunch breaks up.
The Federal Reserve on Wednesday likely will announce the beginning of a yearslong program to shrink its bond portfolio and could offer clues about the prospects for another rate increase this year. Officials will release a statement and their updated quarterly economic projections at 2 p.m. EDT, after the conclusion of their two-day policy meeting.
Two Republican senators have struck a tentative deal to craft a budget that would allow for a significant tax cut, according to a published report Tuesday. Bob Corker of Tennessee and Pat Toomey of Pennsylvania had disagreed over allowing a budget that would add to the deficit. But they hammered out a potential path forward with Senate Majority Leader Mitch McConnell, Corker said, according to Bloomberg.
U.S. homebuilding fell for a second straight month in August as a rebound in the construction of single-family houses was offset by persistent weakness in the volatile multifamily home segment. The report from the Commerce Department on Tuesday also showed building permits racing to a seven-month high in August.
US TSY 4W BILL AUCTION: HIGH 0.960%(ALLOT 12.08%)
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* Base rate unchanged as expected. * To cap 3-month deposits at 75 billion forints. * To boost usage of swap tools. * Forint firms after rate cut. By Gergely Szakacs and Krisztina Than. Hungary's central bank cut its overnight deposit rate and announced further steps to ease monetary conditions on Tuesday, seeking to boost stubbornly below-target inflation.
WASHINGTON-- U.S. single-family housing starts continued to edge higher in August, in what could be the last snapshot of the market's health before the cleanup from major hurricanes begins to skew construction activity. Overall housing starts slipped 0.8% in August from the prior month to a seasonally adjusted annual rate of 1.18 million, driven by continued steep declines in multifamily building, the Commerce Department said Tuesday. Single-family starts, however, rose 1.6%...
The National Retail Federation today told Congress that lawmakers need to lower the nations corporate tax rate in order to remain competitive in the global economy and to keep high taxes from hampering job creation. The U.S. economy cannot thrive when we have the highest corporate tax rate in the industrialized world, NRF Senior Vice President for Government Relations David French said.
OTTAWA-- Canada posted a narrower budget deficit than previously forecast in the most recent fiscal year, reflecting the strong recovery in economic growth after a commodity-price swoon. The Finance Department said Tuesday that the deficit for the 2016-17 fiscal year ended March 31 came in at 17.8 billion Canadian dollars, or 0.9% of gross domestic product. In the 2017 budget plan, the Canadian government anticipated a C $23 billion budget shortfall for the fiscal year ended...
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