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Moderate Republican willing to break with party is set to lead ICE hearing The Washington PostHomeland Security Immigrations & Customs Officials Testify at Oversight Hearing C-SPANColorado Congressman Gabe Evans to grill top immigration officials at congressional hearing cbsnews.com
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Portugal votes in first presidential run-off in 40 years Al JazeeraPortugal Votes for President, With Leftist Set to Beat Surging Far Right The New York TimesPortugal chooses between a moderate and a populist in runoff presidential election ABC News
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Five days after Trump's demand to cap credit card rates, bankers and lobbyists told CNBC they have yet to receive any formal or written guidance on the policy.
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Wednesday's selling carried into Thursday as investors continued to take a risk-off approach to markets following the Federal Reserve's latest policy announcement.
The central bank issued its third jumbo-sized rate increase yesterday and set expectations that it will continue to hike rates over its next few meetings. However, the Fed is not alone in its aggressive stance. Several global central banks have increased their benchmark rates this week in an ongoing effort to tame inflation, including the Bank of England and Switzerland's National Bank, which earlier today issued 50 basis point and 75 basis point rate hikes, respectively. (A basis point is one one-hundredth of a percentage point.)
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"Global equities are struggling as the world anticipates surging rates will trigger a much sooner and possibly severe global recession," says Edward Moya, senior market strategist at currency data provider OANDA. "Most of these rate hikes around the world are not done yet which means the race to restrictive territory won't be over until closer to the end of the year."
The reaction here at home was a selloff in bond prices, which sent yields on government notes spiking. The 10-year Treasury yield surged 19.2 basis points to 3.704% - its highest level since early 2011 - while the 2-year Treasury yield spiked 12.1 basis points to 4.116%, its loftiest perch since late 2007.
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As for stocks, the tech-heavy Nasdaq Composite
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Print section
Print Rubric:
Business reaction to the Republicans'' big tax-reform plan is mixed
Print Headline:
Give and take
Print Fly Title:
American business and tax
UK Only Article:
standard article
Issue:
America''s global influence has dwindled under Donald Trump
Fly Title:
Give and take
Location:
NEW YORK
'CUT, cut, cut!' That is what President Donald Trump wanted to name an eagerly awaited Republican proposal for reforming America''s tax code. He vows that slashing the rate of corporate tax will create millions of jobs. In the end, on November 2nd, Republican leaders in the House of Representatives unveiled the modestly named Tax Cuts and Jobs Act.
Some business leaders cheered. The US Chamber of Commerce called it a 'once-in-a-generation opportunity to fix the problem'. The National Association of Manufacturers declared the plan 'a grand slam for ...
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