The growing case for rate cuts, federal cuts won't gut health care and other commentary
Fed watch: The Growing Case for Rate Cuts
'President Trump's tariffs present the Federal Reserve with two conflicting challenges,' observes The Wall Street Journal's Greg Ip.
Tariffs 'raise prices, which weakens the case for cutting interest rates' but also 'sap confidence and demand, which strengthens the case.'
So far, 'the Fed has focused on the first risk, keeping its interest rate target between 4.25% and 4.5% since December. It might soon have to pivot to the second': 'Evidence is accumulating that inflation, despite tariffs, has been milder than feared, while the labor market might be deteriorating.'
Unemployment 'has risen every month since January, by a quarter percentage point in all.'
A 'restrictive stance' on interest rates 'make sense so long as inflation is all the Fed has to worry about. It no longer is.'
Eye on NY: Federal Cuts Won't Gut Health Care
'New York's health-care industry stands to lose billions of dollars in federal funding' under the GOP federal budget bill, notes the Empire Center's Bill Hammond, yet that wouldn't 'be enough to 'decimate' or 'gut' New York's health care system,' as Gov. Hochul has claimed.
'The House budget would reduce federal health-care aid by $10.1 billion while obliging the state to spend an additional $3.3 billion,' a state Health Department analysis finds — yet federal aid 'would still be higher than it was in 2023.'
Cut the state's Medicaid enrollment by 1.2 million, and New York 'would still be providing free coverage to about 36 percent of its population' — still '12 points higher than the national average.'
Republican: Don't Let Judges Help China Steal Tech
The Patent Trial and Appeal Board is 'effectively allowing a Chinese firm to keep stealing an American semiconductor technology,' warns Rep. Nathaniel Moran at The Hill.
The judges on the board 'just sided with Innoscience, a Chinese firm' accused of 'stealing patented technology and selling knockoff chips' from Cali company Efficient Power Conversion.
'After a 16-month investigation,' the US International Trade Commission 'found that Innoscience had indeed stolen the technology.'
Yet Innoscience separately the patent board to invalidate Efficient Power Conversion's patent.
'The Trump administration has the authority to overrule' the board's 'dangerous decision' and 'should do so immediately,' but also 'implement broader reforms' to stop 'rogue administrative judges from helping Chinese companies pilfer US intellectual property in the future.'
Democrats: San Francisco Shows the Way
'In the most famously liberal city in America, voters are no longer satisfied with symbolism or purity tests — they want results,' cheer Nancy Tung & Eric Kingsbury at Real Clear Politics.
San Francisco voters 'still support Democratic principles, but they are demanding leaders who deliver.' In elections since 2022 through the rise of 'outsider' Mayor Daniel Lurie, voters are supporting a 'New Pragmatism' that's 'reshaping' how the Democratic Party 'governs and earns trust.'
In other parts of the country, when 'voters asked for outcomes,' the party 'gave them process and vibes.'
To win back voters, Dems 'need to be practical, not performative.' New Pragmatism is about 'solving problems, using power, and being honest about what is broken and what can be fixed.'
If Democrats 'want to win again, they should start paying attention' to what voters want.
Media watch: Don't Follow the Money?
The media can 'no longer be trusted to tell anything like the truth,' blasts the Issues & Insights editorial board.
'The FBI is investigating the financial ties behind' the LA riots, but 'the mainstream press could care less,' fearing the facts might 'implicate Democrats or upset the left's agenda.'
The Post has reported how the 'Party for Socialism and Liberation, which has ties to the Chinese Communist Party, is said to be behind some of the protests,' but other outlets remain mute.
'If you want to uncover corruption, find out where the money is coming from and where it is going. At least it used to be. Today? Not so much.'
— Compiled by The Post Editorial Board
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The Hill
32 minutes ago
- The Hill
G7 leaders gather in Canada for a summit overshadowed by Israel-Iran crisis and trade wars
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CNBC
38 minutes ago
- CNBC
Trump administration weighs adding 36 countries to travel ban, memo says: Reuters
U.S. President Donald Trump's administration is considering significantly expanding its travel restrictions by potentially banning citizens of 36 additional countries from entering the United States, according to an internal State Department cable seen by Reuters. Earlier this month, the Republican president signed a proclamation that banned the entry of citizens from 12 countries, saying the move was needed to protect the United States against "foreign terrorists" and other national security threats. The directive was part of an immigration crackdown Trump launched this year at the start of his second term, which has included the deportation to El Salvador of hundreds of Venezuelans suspected of being gang members, as well as efforts to deny enrollments of some foreign students from U.S. universities and deport others. In an internal diplomatic cable signed by U.S. Secretary of State Marco Rubio, the State Department outlined a dozen concerns about the countries in question and sought corrective action. "The Department has identified 36 countries of concern that might be recommended for full or partial suspension of entry if they do not meet established benchmarks and requirements within 60 days," the cable sent out over the weekend said. The cable was first reported by the Washington Post. Among the concerns the State Department raised was the lack of a competent or cooperative government by some of the countries mentioned to produce reliable identity documents, the cable said. Another was "questionable security" of that country's passport. Some countries, the cable said, were not cooperative in facilitating the removal of its nationals from the United States who were ordered to be removed. Some countries were overstaying the U.S. visas their citizens were being granted. Other reasons for concern were the nationals of the country were involved in acts of terrorism in the United States, or antisemitic and anti-American activity. The cable noted that not all of these concerns pertained to every country listed. "We are constantly reevaluating policies to ensure the safety of Americans and that foreign nationals follow our laws," a senior State Department official said, declining to comment on specific internal deliberations and communications. "The Department of State is committed to protecting our nation and its citizens by upholding the highest standards of national security and public safety through our visa process," the official said. The countries that could face a full or a partial ban if they do not address these concerns within the next 60 days are: Angola, Antigua and Barbuda, Benin, Bhutan, Burkina Faso, Cabo Verde, Cambodia, Cameroon, Cote D'Ivoire, Democratic Republic of Congo, Djibouti, Dominica, Ethiopia, Egypt, Gabon, The Gambia, Ghana, Kyrgyzstan, Liberia, Malawi, Mauritania, Niger, Nigeria, Saint Kitts and Nevis, Saint Lucia, Sao Tome and Principe, Senegal, South Sudan, Syria, Tanzania, Tonga, Tuvalu, Uganda, Vanuatu, Zambia, and Zimbabwe. That would be a significant expansion of the ban that came into effect earlier this month. The countries affected were Afghanistan, Myanmar, Chad, Congo Republic, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan and Yemen. The entry of people from seven other countries - Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan and Venezuela - has also been partially restricted. During his first in office, Trump announced a ban on travelers from seven Muslim-majority nations, a policy that went through several iterations before it was upheld by the Supreme Court in 2018.
Yahoo
an hour ago
- Yahoo
Dow futures drop while oil prices jump as escalating Israel-Iran conflict targets critical energy assets
Stock futures were mixed on Sunday as investors weighed the impact of the escalating Israel-Iran conflict that shows no signs of any potential off-ramps ahead. Oil prices jumped after Israel attack key areas of Iran's energy infrastructure over the weekend, while Tehran said closing off the Strait of Hormuz was under serious consideration. Fed policymakers will meet in the coming week. U.S. stocks signaled some weakness on Sunday night as futures tumbled and oil prices jumped amid the escalating Israel-Iran conflict that shows no signs of any potential off-ramps ahead. Stocks sold off sharply on Friday after Israel launched an air campaign that struck Iran's top military leadership, nuclear facilities, and bases around the country. Over the weekend, both sides continued their bombardments with key areas of Iran's energy infrastructure increasingly targeted. That includes oil refineries, fuel depots, and a massive natural gas field. Futures for the Dow Jones Industrial Average fell 31 points, or 0.1%. S&P 500 futures were flat, and Nasdaq futures also edged up 0.1%. U.S. oil prices jumped 2% to $74.50 per barrel, and Brent crude also shot up 2% to $75.77. That's after oil soared 7% on Friday as markets reacted to the early stages of the Israel-Iran conflict. An Iranian lawmaker said over the weekend that closure of the Strait of Hormuz, a critical chokepoint in the global energy trade, was under serious consideration. The equivalent of 21% of global petroleum liquids consumption, or about 21 million barrels per day, flows through the strait. In a note on Saturday, George Saravelos, head of FX research at Deutsche Bank, estimated that the worst-case scenario of a complete disruption to Iranian oil supplies and a closure of the Strait of Hormuz could send oil price above $120 per barrel. The yield on the 10-year Treasury slipped 1.7 basis points to 4.407%. The dollar fell 0.12% against the euro and 0.26% against the yen. Gold rose 0.47% to $3,468.10 per ounce. Surging oil prices reignited inflation fears, just as consumer price data was showing more signs that President Donald Trump's tariffs were having minimal impact so far. That put upward pressure on the 10-year yield on Friday as hopes for rate cuts from the Federal Reserve later this year dimmed. Inflation, tariffs, and the volatile geopolitical landscape will be top of mind when Fed policymakers are due to meet this Tuesday and Wednesday. While they aren't expected to adjust rates, they will release a fresh set of forecasts for future rates and economic indicators. Chairman Jerome Powell will also hold a press briefing on Wednesday afternoon. This story was originally featured on Sign in to access your portfolio
