Hurricane Melissa ravaged Jamaica, flattening fields and homes and washing away roads, yet the country is poised to cushion the financial blow. Officials say a multilayered disaster plan, including cash reserves, a regional insurance pool, preapproved loans, and a $150 million catastrophe bond, could provide about $820 million this year....
With federal funding for SNAP set to stop Saturday amid the government shutdown, roughly three million New Yorkers face a sudden food aid cliff. Governor Kathy Hochul declared a state of emergency and pledged $106 million for food banks and meal programs, a fraction of the $650 million in monthly...
The government shutdown delivered $0 paychecks to some FAA employees, forcing essential workers to keep the skies safe while families keep heat off, burn firewood, and tighten belts. Radar technician Cleverson Schmidt in Washington, DC, continues certifying aircraft systems without pay, juggling creditors and side jobs. In Boston, a controller’s...
Car insurance premiums have jumped 55% since February 2020, pushed up by pricier cars, repairs and medical care — and by pandemic-era speeding that made crashes costlier. Washington’s insurance commissioner Patty Kuderer says claims drive premiums and must be approved when costs are proven. Industry official Bob Passmore says profits...
U.S. Treasury yields edged higher Thursday as markets parsed the Federal Reserve’s second rate cut this year and mixed signals about December. The 10-year rose more than 3 basis points to 4.095%, the 2-year gained over 2 to 3.608%, and the 30-year added more than 5 to 4.651%. The FOMC...
The Federal Reserve cut its benchmark rate by a quarter point to about 3.9%, the second reduction this year, aiming to support growth and hiring amid still-elevated inflation. Chair Jerome Powell warned another cut in December is far from assured, citing a government shutdown that has stalled key data and...
WASHINGTON — The shutdown is costing the U.S. economy about $7 billion per month that won’t be recovered, the nonpartisan CBO told House Budget Chair Jodey Arrington. For four-, six-, and eight-week durations, unrecovered losses are $7 billion, $11 billion, and $14 billion (2025 dollars). Spending is falling as over...
Gyeongju, South Korea — Presidents Donald Trump and Xi Jinping meet Thursday on APEC’s sidelines, with US officials signaling a pause on China’s rare earth export controls and new US tariffs. The talks follow threats of sweeping measures—Beijing’s curbs and Trump’s potential 100% tariffs—that economists warn would devastate growth. Experts...
The Federal Reserve is expected to cut its benchmark rate by a quarter point Wednesday—its second in six weeks—as officials prioritize a weakening labor market over still-elevated inflation. Layoff announcements are piling up, including Amazon’s 14,000 corporate cuts, Target’s 1,000 plus 800 unfilled roles, and about 100,000 federal jobs cut...
With a rate cut expected Wednesday, attention is shifting to whether the Federal Reserve will halt quantitative tightening amid mounting funding strains. Repo rates have brushed the Fed’s ceiling, driving reluctant use of its Standing Repo Facility and sparking debate over reserves. Wrightson ICAP expects runoffs to end now; Barclays...
