Tariff-driven price increases have spread more broadly through the U.S. economy, though on balance inflation has risen at a modest pace in most parts of the country, the Federal Reserve said on Wednesday in its latest report on the economy
The U.S. central bank’s “Beige Book” report, a snapshot of the economy gleaned from discussions with business contacts in the Fed’s 12 districts in the weeks through November 26, also said that the economy appeared to be growing modestly to moderately. Labor markets tightened across a broad range of industries, and wage growth “tended to the higher side of a modest to moderate pace.”
The Fed is widely expected to raise interest rates at the close of its Dec. 18-19 policy meeting. Policymakers have said the United States’ strong economy could stoke higher inflation if they do not raise borrowing costs further.
At the same time, Fed Chairman Jerome Powell has signaled the Fed’s three-year tightening cycle is drawing to a close and central bankers are looking for signs a global growth slowdown and a U.S.-China trade war might be weighing on the U.S. economy.
Recent Beige Book reports have detailed business worries about rising tariffs, including reports by U.S. factories that they were raising prices because tariffs were making input costs more expensive.
Reporting by Jason Lange and Howard Schneider in Washington and by Ann Saphir in San Francisco; Editing by Andrea Ricci
Britain’s Prince Harry and Meghan to give up royal titles — ‘the hardest #Megxit possible’
Britain's Prince Harry and his wife Meghan will give up their royal titles and public funding as part of a settlement with the Queen to start a new life away from the British monarchy.
The historic announcement from Buckingham Palace on Saturday follows more than a week of intense private talks aimed at managing the fallout of the globetrotting couple's shock resignation from front-line royal duties.
It means Queen Elizabeth II's grandson Harry and his American TV actress wife Meghan will stop using the titles "royal highness" -- the same fate that befell his late mother Princess Diana after her divorce from Prince Charles in 1996.
GOP senator tells home-state press that impeachment trial must be ‘viewed as fair’: report
Republican Sen. Lisa Murkowski (R-AK) spoke to local reporters on Saturday about her role in the upcoming Donald Trump impeachment trial.
Murkowski explained she would likely vote with Majority Leader Mitch McConnell (R-KY) on an initial vote on whether to allow witnesses. However, she left the door open to voting for witnesses after House impeachment managers make their opening case.
"I don't know what more we need until I have been given the base case," she said. "We will have that opportunity to say 'yes' or 'no' ... and if we say 'yes,' the floor is open."
Overall, Murkowski said it was important for the trial to been viewed as fair.
White House press secretary urged to do her job: ‘We don’t pay you to be a Twitter troll’
White House press secretary Stephanie Grisham was blasted on Saturday over the confusion resulting from her refusal to hold daily press briefings.
CNN senior media reporter Oliver Darcy was alarmed that Grisham's assistant, Hogan Gidley, was forcing reporters to refer to his remarks as coming from a "sources close to the President's legal team."
Darcy noted that Trump had repeatedly questioned the veracity of unnamed sources, making it problematic for Gidley to demand to be quoted as such.
Grisham responded to the criticism and asked Darcy to "stop with the righteous indignation.