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...For more on the US presidential election, listen to this week’s Swamp Notes podcast, where the FT’s Rana Foroohar and Taylor Nicole Rogers discuss why unions may decide the race....
...Monetary policy: Federal Reserve Bank of Atlanta president Raphael Bostic, Federal Reserve Bank of Kansas City president Jeffrey Schmid and Federal Reserve Bank of San Francisco president Mary Daly speak...
...Nominal credit card debt hit a record $1.13tn in the last three months of 2023, growing at one of the fastest rates in more than 20 years, according to the New York branch of the Federal Reserve....
...At his State of the Union address early last month, US President Joe Biden proudly hailed the American economy as “the envy of the world”. It is hard to disagree....
...His signature legislation, the Inflation Reduction Act, created a federal tax credit for domestic clean energy manufacturing. Such subsidies are then useful to the likes of First Solar....
...Industry association Sifma argued in a public comment before the rule was adopted that the FTC did not have the power to regulate banks and credit unions....
...Americans are feeling better about the economy, but they just won’t give Biden credit for it, according to a new FT-Michigan Ross poll [free to read]....
...The market reaction came after the Federal Open Market Committee voted unanimously to leave rates unchanged at a 23-year high of 5.25 per cent to 5.5 per cent....
...start cutting its benchmark deposit rate from its record high level of 4 per cent in June, there is more doubt over the pace and total amount of policy loosening that will follow — especially if the US Federal...
...Arizona’s highest court has banned nearly all abortions, a radical move in a critical Biden-Trump swing state which could decide who wins the 2024 presidential election....
...“I would say our secret weapon in all of this has been Arizona State University,” says Kate Gallego, Phoenix’s mayor....
...If the Reagan‑Thatcher revolution was about crushing union power, the pendulum seems to be shifting in favour of labour. Unions are changing too....
...China’s “credit impulse” — the change in the flow of credit — was a “headwind for growth for much of the last year” but has now moved back into positive territory, BofA’s analysts said....
...In contrast, the strength of the US economy and high levels of government spending relative to taxes could persuade the Federal Reserve to keep interest rates high for some time, say investors, which could...
...Abortion: Democrats are trying to capitalise on Arizona’s ruling to uphold a 160-year-old law by blaming Donald Trump, writes Lauren Fedor....
...President Joe Biden’s landmark climate law, the Inflation Reduction Act, included tax credits to help make its expensive development more viable. New gas plants will face these rules starting 2032....
...In Arizona, for example, Rio Tinto and BHP’s Resolution Copper mine has been awaiting federal approval for more than a decade, delayed by litigation from members of the San Carlos Apache tribe....
...Data shows that credit card interest and fees increased by $51bn in that time to $157bn, with delinquencies on credit card loans running at their highest level in almost 13 years....
...At some point, this risks leaving lenders without sufficient reserves and could cause unwanted volatility in short-term borrowing costs and even a credit crunch....
...Starbucks in 2022 introduced more sizes for baristas’ green aprons and the option for customers to tip with their credit cards, two of the union’s initial demands....
...Instead, banks would have to rely on more traditional, standardised assumptions that measure how risky assets are by using credit ratings from agencies....
...Federal Reserve vice-chair for supervision Michael Barr had gold-plated the Basel rules, provoking a fierce backlash from Wall Street’s finest....
...Students at Munich’s technical university are able to take part in programmes at UnternehmerTUM as part of their degrees, where they are able to receive the same amount of credits as for an academic course...
...The US president sought to ease the pressure on would-be homeowners through tax credits outlined in this month’s State of the Union address, but that benefit is unlikely to have as big an impact as lowering...
...There are also primary contests taking place today in Arizona, Florida, Illinois and Kansas....
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