Jan 3, 2018

Fed expects tax cuts to boost economy

Fed Chairwoman Janet Yellen. Photo: Pablo Martinez Monsivais / AP

Members of the Federal Reserve agreed last month that the GOP tax bill would help the economy by encouraging spending by businesses and consumers, but the disagreed over how big the boost would be, the AP reports, citing minutes from the Fed's Dec. meeting. The Fed projected economic growth of 2.5% next year, up from 2.1%, but short of the 3% touted by the Trump administration

Why it matters: A key point of the tax debate was how the cuts would boost the economy, or even if an economic boost was needed while unemployment rates are at a 17-year low. Some members of the Fed said they were concerned the economy could start to overheat, leading to higher inflation.

Go deeper

Brace yourself for a coronavirus outbreak

Illustration: Aïda Amer/Axios

Public-health officials’ warnings about the coronavirus are sounding increasingly urgent, with one top CDC official asking the public yesterday "to prepare for the expectation that this might be bad."

Reality check: Other administration officials, including President Trump himself, were more subdued in their assessments. But underneath those tonal differences, the reality of the coronavirus is the same: It spreads quickly, and has already spread to many countries, making it likely to start spreading here, too.

Exclusive: Pro-Trump group plans post-Super Tuesday blitz on Democrats

Democratic presidential hopefuls take the debate stage in South Carolina. Photo: Logan Cyrus/AFP via Getty Images

Pro-Trump super PAC America First Action is preparing to unleash a series of targeted, swing-state attacks on the Democrats most likely to face President Trump after Super Tuesday, people familiar with the group's plans tell me in an exclusive preview of its strategy.

The state of play: The group has been tracking favorable/unfavorable ratings in Florida, Georgia, Michigan, North Carolina, Ohio and Pennsylvania for 2020 candidates Joe Biden, Bernie Sanders, Elizabeth Warren, Pete Buttigieg and Michael Bloomberg — under the theory that if Trump wins each of these six states he would win re-election.

Bob Iger stuns media world with sudden departure as Disney CEO

Photo: Jeff Kravitz/FilmMagic

In a move that shocked the media industry, Bob Iger said Tuesday he would step down from his role as CEO of the Walt Disney Company after leading the entertainment giant to unprecedented success during his 15-year run in the job.

Why it matters: Iger is credited with having successfully led Disney through a series of risky but highly-successful acquisitions that not only solidified the company's entertainment dominance, but also ultimately reshaped the entire media landscape.