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Fed’s Rosengren says higher inflation will be as temporary as last year’s toilet-paper shortage

Boston Fed President Eric Rosengren said Wednesday that higher U.S. inflation over the next few months should be temporary -- just as the shortage of toilet paper last year

5:10 p.m. Today
Fed Vice Chairman Clarida says it is not time yet to talk about tapering

Federal Reserve Vice Chairman Richard Clarida on Wednesday said it was not time yet to begin conversations about possibly scaling back the central bank's asset purchases. The Fed is buying $120 billion per month of Treasurys and mortgage-related securities as well as keeping interest rates close to zero in order to stimulate the economy. The Fed has said it wants to see "substantial further progress" on its goals of full employment and stable inflation before tapering. Asked when the Fed should start "talking about talking about" tapering, Clarida replied: "We don't think so right now." Dallas Fed President Robert Kaplan said earlier this week it was time to start the discussion about tapering. Several Fed officials speaking on Wednesday have all disagreed with Kaplan. "We'll get more data -and as we move through the year- we will be able to make a judgement on 'substantial further progress,' but we're not there yet," Clarida said.

4:20 p.m. Today
Biden talks up restaurant relief program as he visits DC taco eatery on Cinco de Mayo

President Joe Biden on Wednesday talked up a federal restaurant-relief program as he visited a Washington taco eatery --- and took home some lunch.

3:51 p.m. Today
Biden administration backs waiving IP protections for COVID vaccines

U.S. Trade Representative Katherine Tai said in a tweet on Wednesday that the U.S. supports the waiver of intellectual-property protections on COVID-19 vaccines to "help end the pandemic," adding that American officials will "actively participate" in World Trade Organization negotiations to achieve that. The White House has been under pressure from lawmakers at home and governments abroad to join an effort to waive patent rules for the vaccines so that poorer countries can begin to produce their own generic versions of the shots to vaccinate their populations. Data: How vaccine makers' stocks are reacting.

3:49 p.m. Today
SEC’s Gensler hints at new rules aimed at Robinhood, Citadel following GameStop saga

Securities and Exchange Commission Chairman Gary Gensler has directed staff at the agency to prepare for potential new rulemaking and enforcement actions related to the recent short squeeze of shares in GameStop Inc. and other so-called meme stocks, which could affect app-based stock brokers and the market makers that execute a growing share of retail trades in America.

3:49 p.m. Today
Biden’s American Families Plan would cost more than White House’s estimate and weigh on GDP, study says

President Joe Biden's American Families Plan would cost $2.5 trillion over the next 10 years, or about $700 billion more than the White House’s estimate, according to a study out Wednesday from Penn Wharton Budget Model analysts.

2:52 p.m. Today
No. 2 House Republican calls for replacing No. 3 leader Liz Cheney with Elise Stefanik

No. 2 House Republican Steve Scalise escalates the effort to push No. 3 GOP leader Liz Cheney out of her role, as his spokeswoman says the Louisiana congressman supports having Rep. Elise Stefanik of New York take over Cheney's position.

1:34 p.m. Today
U.K. heads to elections as possible step toward Scottish independence looms

Thursday's elections in the U.K. feature a mishmash of election races, including for the mayor of London, but the most important for financial markets are for the Scottish Parliament.

12:49 p.m. Today
5 compelling reasons for Biden to dump Jerome Powell

The Federal Reserve chairman is out of step with the administration's vision, and what this country needs

12:25 p.m. Today
Facebook oversight board upholds ban on Trump’s account, but says company must clarify penalty

Facebook's oversight board upheld the company's decision to restrict former President Donald Trump's access to to Facebook and Instagram on Wednesday, but said that the company must clarify whether it intends the penalty to be permanent or temporary.

12:03 p.m. Today
In one chart, how U.S. state and local revenues got thumped by the pandemic — and recovered

One year after local U.S. economies shut down to control the spread of COVID-19, the worst-case scenario for their revenues hasn't materialized

11:30 a.m. Today
The biggest part of the U.S. economy is growing rapidly and rehiring more workers, ISM shows

The huge service side of the U.S. economy grew rapidly in April as states lifted business restrictions, companies hired more workers and consumers spent their stimulus checks. The ISM services survey slipped to 62.7% in April but remained near a record high.

11:23 a.m. Today
Biden blocks Trump-era gig-worker rule

The Biden administration is blocking a Trump-era regulation that would have made it easier to classify gig workers and others as independent contractors, a policy that had been sought by companies such as food-delivery and ride-sharing services.

10:28 a.m. Today
U.S. gains 742,000 private-sector jobs in April as surging economy spurs hiring spree, ADP says

Businesses created 742,000 new jobs in April --- the most in seven months --- in yet another sign of surging U.S. growth as coronavirus cases shrink and gobs of federal stimulus course through the economy.

10:10 a.m. Today
Fed's Evans says chances of persistently higher inflation are 'remote'

The chances that the $2.8 trillion stimulus measures passed by Congress since December will overheat the economy and generate higher inflation are remote, said Chicago Fed President Charles Evans on Wednesday. Inflation is likely to pick up in coming months as people resume normal activities and some bottlenecks emerge but simulations performed by economists at the Chicago Fed see inflation topping out at less than a full percentage point and dissipating in two or three years, Evans said in a speech to the Levy Economics Institute of Bard College. "We still have some ways to go before we meet our goals" of full employment and stable 2% average inflation, Evans said. As a result, Fed policy "is likely on hold for some time," he added. Labor market conditions required to move interest rates off zero or to start to taper the $120 billion in monthly asset purchases "will not be met for a while," he said.

9:30 a.m. Today
Climate change has finally reached a tipping point that’s good

The costs of the green transition are far less than the costs of doing nothing.

9:20 a.m. Today
The fight over SALT is heating up. What’s next?

The State and Local Tax deduction cap is a lightning rod, pitting higher-cost, mostly blue states against those who think it represents preferential treatment. What can we expect from Washington?

9:00 a.m. Today
U.S. Treasury officials urge Congress to raise debt-limit

Treasury Department officials on Wednesday urged Congress to raise the debt limit. A suspension of the debt-ceiling expires on July 31.

8:35 a.m. Today
Facebook’s internal ‘supreme court’ to decide Wednesday whether to reinstate Trump’s account

The decision will be the most high-profile in the short history of the oversight body, which has been called Facebook's FB "supreme court," because it has the final say on contentious decisions on whether to remove content from the website, based on its community standards, which prohibit users from inciting violence, among other restrictions.

7:31 a.m. Today
Stuck in the netherworld between pandemic and recovery, it’s time for reasonable people to say ‘enough’

Vaccinations can only take us so far. We cannot let science deniers block the country from moving forward.

6:00 a.m. Today

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