News Updates
Visa, Mastercard settle decades-old swipe fees battle
Visa and Mastercard are settling a lengthy legal battle with U.S. merchants over swipe fees. In the landmark five-year deal, the companies agreed to cut and cap credit card processing
Biden signs $1.2 trillion government funding bill
On Saturday, President Joe Biden signed a $1.2 trillion spending package, funding multiple government agencies through the end of the fiscal year. The measure, which is the second of two
New York appeals court lowers Trump’s civil fraud bond to $175 million
Donald Trump saw a massive win earlier today. State authorities were threatening to seize the former president’s assets as early as today if he couldn’t pay the nearly half a
CBO report shows national debt interest payments at alarming levels
A new CBO report has some economists worried about interest rates on the national debt. FISM’s Ian Patrick breaks down the data.
Several large asset managers withdraw from green investment coalition
Several large finance corporations are rethinking their commitment to the climate movement. According to the Financial Times, JP Morgan and State Street Global Advisors will not renew their combined trillion-dollar investments in climate initiatives. This comes as the House Judiciary Committee has been investigating Climate Action 100+, a green shareholder
Wall Street slides as hot producer price data crimps rate cut bets
U.S. stocks fell on Friday with the Nasdaq showing the largest decline after a hotter-than-expected producer prices report eroded hopes for imminent interest rate cuts by the Federal Reserve. A Labor Department report showed producer prices increased more than expected in January, feeding fears inflation was picking up after months of cooling.
Charting the Fed’s economic data flow
The Federal Reserve held its benchmark overnight interest rate steady in the 5.25%-5.50% range at the end of its Jan. 30-31 policy meeting, but said it would consider reducing it once policymakers are more confident inflation will continue falling to the U.S. central bank’s 2% target. Upcoming data on inflation,
US Federal Reserve releases scenarios for 2024 bank “stress tests”
The U.S. Federal Reserve on Thursday released scenarios for its annual bank health checks which will assess how well 32 large lenders would fare under a severe economic shock, including a U.S. jobless rate of 10% and a collapse of real estate prices. The Fed’s annual “stress tests,” introduced following the 2007-2009
Former Biden business partner Bobulinski speaks in deposition
The investigation into the Biden family continues as investigators recently shared new information on the matter. On Tuesday, the House Oversight and Judiciary committees unveiled details of a deposition with former Biden family business partner Tony Bobulinski. The former Navy officer worked with the Biden family – in particular with
House impeaches DHS Sec. Mayorkas in 2nd vote
House Republicans yesterday successfully impeached Homeland Security Secretary Alejandro Mayorkas over the border crisis after failing to do so last week. Majority leader Steve Scalise (R-La.), who’s being treated for cancer, returned to the chamber this week and gave the GOP the extra vote they needed to move forward. It’s
Speaker Johnson criticizes Senate foreign aid bill
Speaker Mike Johnson (R-La.) has come out strongly against the Senate’s foreign aid bill, a $95 billion package that passed 70-29 this morning. The bill includes $60 billion for Ukraine and $14 billion for Israel but nothing for the border after Senate Republicans blocked a bipartisan border bill last week.
Texas halves illegal immigration in state
Texas Gov. Greg Abbott’s standoff at the border seems to be having an effect. New data shows since taking border security into his own hands at the start of the Biden administration, the governor has halved the rate of illegal immigration in his state. According to the Washington Examiner, in
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