Author: Tobias Burns

Why defunding IRS auditors won’t be easy GOP promise to keep 

Republicans heading into November’s midterm elections are talking a big game on the IRS, promising to take back the $80 billion in agency funding provided by Democrats and scuttle plans to hire what the GOP has characterized as an army of new auditors. The strategy could pay political dividends at the polls in November if…

Yellen warns of acute ‘spillover’ effects of interest rate hikes on developing countries

Treasury Secretary Janet Yellen on Thursday acknowledged the negative effects that continued interest rate hikes by the U.S. Federal Reserve and other central banks are having outside U.S. borders. “For major economies facing high inflation, the immediate task is to return to an environment of stable prices. Central banks bear the prime responsibility. But it…

Here’s the reason behind this week’s stock turnaround

Stock markets tried their best Wednesday to maintain a two-day rally that saw some of the biggest single-day gains since April 2020, when markets initially rebounded from shutdowns in the early days of the coronavirus pandemic.  The Dow Jones Industrial Average closed down 41 points at 30,274 Wednesday, after dipping more than 400 points in…

Treasury report finds cryptocurrencies could undermine U.S. financial stability

A report released Monday by the Treasury Department found that prices of government-backed cryptocurrencies are mostly set by market speculation and don’t have much economic reality underpinning them. As such, they could threaten the stability of the U.S. financial system if they become too entwined with the mainstream financial system, the report warned. “Crypto-asset prices…

Stocks dive on last day of September in worst closing since 2020

Equity markets fell back off a cliff on Friday after a rally on Thursday as investors continued to process ongoing interest rate hikes from the Federal Reserve. The Dow Jones Industrial Average of stocks dropped more than 500 points to close at 28,725, falling below 29,000 for the first time since November 2020. Both the…

House Democrats demand resignation of World Bank chief over climate remarks

Twenty-seven House Democrats have joined a growing chorus of voices calling for the resignation of World Bank chief David Malpass after he made comments that critics say smacked of climate denial. In a letter sent Thursday to President Biden, representatives Jared Huffman (D-Calif.), Sean Casten (D-Ill.) and 25 other Democrats said Malpass’s recent comments were…

How low could stocks go? Much further, say Wall Street analysts

In the midst of a bear market and with the Federal Reserve expected to hike interest rates even further, leading Wall Street analysts are eyeing one question with increasing concern: Just how much further could stocks fall? The precise answer is impossible to predict, but experts told The Hill they expect investors to see more pain…