Dec 13, 2017

Fed boosts interest rates, mirroring confidence in economy

Federal Reserve Chair Janet Yellen. Photo: Jacquelyn Martin / AP

The Federal Reserve has increased interest rates to 1.25-1.5%, the third boost this year, NPR reports.

Why it matters: The increase indicates that there is confidence in the economy, per NPR. Fed officials are suggesting that the central bank is working to avoid rapid inflation in coming months (as a result of the GOP tax overhaul) by quickening the pace of rate increases.

  • Per CNBC, the Federal Open Market Commitee (FOMC) statement released on Wednesday showed more confidence in in the economy bouncing back after the major hurricanes this year.
  • The October statement said: "Hurricane-related disruptions and rebuilding will continue to affect economic activity, employment, and inflation in the near term, but past experience suggests that the storms are unlikely to materially alter the course of the national economy over the medium term."
  • The new statement says: "Hurricane-related disruptions and rebuilding have affected economic activity, employment, and inflation in recent months but have not materially altered the outlook for the national economy."

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Alayna Treene, Sam Baker
1 hour ago - Politics & Policy

Amy Coney Barrett's immediate impact

Illustration: Eniola Odetunde/Axios

In her first week on the job, Amy Coney Barrett may be deciding which votes to count in the presidential election. By her third week, she’ll be deciding the fate of the Affordable Care Act.

Where it stands: The Senate votes on Barrett’s nomination tomorrow. If she’s confirmed, Chief Justice John Roberts is expected to swear her in at the Supreme Court within hours, an administration official tells Axios.

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Alexi McCammond, Hans Nichols
1 hour ago - Politics & Policy

Texas Democrats beg Biden to spend now

Photo: Ron Jenkins/Getty Images

The Biden campaign is rebuffing persistent pleas from Texas Democrats to spend at least $10 million in the Lone Star state, several people familiar with the talks tell Axios.

Why it matters: If Texas — which has 38 electoral votes and is steadily getting more blue, but hasn't backed a Democrat for president since 1976 — flipped to the Biden column, it would be game over. But the RealClearPolitics polling average stubbornly hovers at +2.6 for Trump — and Team Biden appears more focused on closer targets.

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Alayna Treene, author of Sneak Peek
1 hour ago - Politics & Policy

Election night in Trumpworld

Photo illustration: Aïda Amer/Axios. Photo: Chris Carlson-Pool/Getty Images

A luxe election-night watch party at the Trump International Hotel on Pennsylvania Avenue is being planned for President Trump's donors, friends and advisers — but Trump's hand in it is minimal because he's "very superstitious" — people familiar with the plans tell Axios.

The big picture: This "mecca for all things MAGA," as one adviser described it, is one of three hubs where they say Trumpworld will watch returns. The others are the war room at campaign HQ in Rosslyn, Virginia, and the White House residence, where Trump and the first lady will gather close family and advisers before heading to the hotel later that night, the sources said.

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