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Fed likely to hold rates steady despite Trump call for cuts as it awaits tariff, immigration changes

on January 29, 2025 News The Denver Post

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A Spectacular Marble Cube Rises at Ground Zero

on September 13, 2023

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By Michael Kimmelman via NYT Arts https://ift.tt/oAMtsLr

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Fed likely to hold rates steady despite Trump call for cuts as it awaits tariff, immigration changes

By CHRISTOPHER RUGABER, AP Economics Writer WASHINGTON (AP) — President Donald Trump may want lower interest rates, but the Federal Reserve will almost certainly keep its benchmark interest rate unchanged at its two-day policy meeting that ends Wednesday. It is likely to be a quiet start to an eventful year for the central bank. Trump said last week in Davos, Switzerland that he would bring down energy prices, then “demand” that the Fed lower borrowing costs. Later, when asked by reporters if he expected the Fed to listen to him, he said, “yes.” Presidents in recent decades have avoided publicly pressuring the Fed out of deference to its political independence. Outside of a U.S. President bending norms, the Fed also faces challenges in achieving its economic objectives. Inflation remains above its 2% target: Its preferred measure is at 2.4% , though core prices — considered a better gauge of where inflation is headed — rose 2.8% in November from a year ...

Denver and city cop appeal more than $14M in payouts to George Floyd protesters

Denver and a city police officer are appealing a federal jury’s orders that they pay millions in damages to demonstrators injured by officers during the 2020 protests over the death of George Floyd. The city and county argued in an appeal filed Dec. 23 that the case should be retried or thrown out, saying several errors took place when it was heard almost three years ago. Barring that, Denver is asking that the $14 million in compensatory damages that a jury awarded to a dozen plaintiffs be reduced. Officer Jonathan Christian is also appealing the order that he pay $50,000 in punitive damages to Elisabeth Epps, a former state representative who said Christian shot her in the leg with a pepper ball while she was crossing the street. Epps was also awarded $1 million from the city and county, which has yet to pay any of the plaintiffs, according to Elizabeth Wang, an attorney representing five of the 12. Plaintiffs were shot with pepper balls and sponge rounds, and subjected to chem...

2024 US home sales hit lowest level in nearly 30 years with ownership increasingly out of reach

By ALEX VEIGA, AP Business Writer LOS ANGELES (AP) — The latest evidence that homeownership is becoming increasingly less accessible to many Americans: Sales of previously occupied U.S. homes fell last year to a nearly 30-year low for the second time in as many years. Elevated mortgage rates , a yearslong shortage of homes on the market and record-high home prices continued to stymie prospective home shoppers, especially first-time buyers. That led existing home sales to fall 0.7% last year to 4.06 million — the weakest showing for home sales since 1995 and edging out the terrible year for sales in 2023, the National Association of Realtors said Friday. Even in the midst of a sales slump, a dearth of homes on the market and rising mortgage rates gave sellers an edge over buyers, helping drive up the national median home price for all of last year to an all-time high $407,500, an increase of 4.7% from a year earlier. “How is it possible that home sales can be this low, c...

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