Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Top negotiators stumble in debt limit talks as default threat looms Washington is seeming more likely to fall short of a goal to strike a deal on the debt limit this week, as negotiators stumbled Friday…
Author: Karl Evers-Hillstrom
Democrats seek to force vote on debt limit
Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Democrats seek to force vote on debt limit House Democrats are ramping up a push to force vote on legislation to raise the debt ceiling as many in the party fret over what concessions the White…
Senators blame SVB failure on executive greed
Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Senators blame SVB failure on executive greed Senators confronted former Silicon Valley Bank CEO Greg Becker during a Tuesday hearing, accusing him of prioritizing his own compensation over the safety of the bank. © Greg Nash…
Sherrod Brown blasts former SVB chief over bonuses, stock sales
Sen. Sherrod Brown (D-Ohio), chairman of the Senate Banking Committee, excoriated former Silicon Valley Bank (SVB) CEO Greg Becker for dishing out bonuses and selling stock in the bank shortly before its collapse. “You were paying out bonuses until literally hours before regulators seized your assets,” Brown told Becker during a Tuesday hearing on the…
Three key takeaways from the April inflation report
Inflation in the U.S. continues to wane, bolstering hopes that the country is on track to restore price stability after years of painful price hikes. Prices rose 4.9 percent annually in April, the slowest annual rate in two years, according to the Labor Department’s Consumer Price Index (CPI) released Wednesday. Annual inflation has now fallen…
Business groups call for debt ceiling compromise
Top business lobbying groups called for a debt ceiling compromise Tuesday ahead of a highly anticipated meeting between President Biden and congressional leaders. Corporate America is concerned that Congress won’t reach a deal by June, when the federal government is expected to run out of ways to pay its debts. Economists broadly believe that a…
Lending slowdown ahead, Fed warns
Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Lending slowdown ahead, Fed warns Banks are pulling back on lending to reduce risk and shore up their balance sheets, according to a new Federal Reserve report. Banks expect to tighten lending standards further, increasing the…
US adds 253,000 jobs in April, exceeding expectations
The U.S. economy added 253,000 jobs in April, surpassing analyst forecasts of 180,000 new jobs, according to Labor Department data released Friday. The unemployment rate remained historically low at 3.4 percent, down from 3.5 percent the previous month. The jobs report reveals that the economy is slowing, but the labor market remains surprisingly robust. The…
Regional banks continue slide
Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Regional banks continue slide Stocks for regional banks took a beating again on Thursday, signaling that the banking crisis isn’t close to being resolved just yet. © AP PacWest Bancorp’s stock plunged more than 50 percent…
Fed chief says banking system is ‘sound and resilient’ after failures
Federal Reserve Chairman Jerome Powell said Wednesday that the financial system is “sound and resilient” following the biggest bank collapse since 2008. “There were three large banks from the very beginning that were at the heart of the stress we saw in early March. Those have all been resolved, and all the depositors have been…