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NEWS - THURSDAY, APRIL 25, 2024 - NEWS
House Speaker Mike Johnson is visiting Columbia University on Wednesday where he's expected to join calls for the president's resignation and decry "virulent antisemitism" on campuses. CBS
VOA VIEW: Sad intimidation.
The Federal Trade Commission is planning to ban non-compete clauses, which are the parts of employer contracts that bar workers from leaving for a competitor or starting a competing business. The measure is not official and the U.S. Chamber of Commerce called the ban “unlawful,” saying it would sue the FTC to block it. CBS
VOA VIEW: It's totally unconstitutional.
Trump Media CEO Devin Nunes is asking four House committees to investigate possible "naked" short selling in the company's shares. CBS
VOA VIEW: As they should.

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Less than two years after the overturn of Roe v. Wade, the Supreme Court is set to hear a high profile case Wednesday on Idaho’s near-total abortion ban that some doctors say is putting pregnant women at risk. CBS
VOA VIEW: Idaho has gone too far.
TikTok has up to a year to be sold by its China-based owner for face a ban in the U.S., potentially impacting 170 million users and small businesses nationwide. The bill won bipartisan support on fears China could use TikTok to collect and exploit Americans’ private data. CBS
VOA VIEW: TikTok must go as soon as possible.
Throughout hours of testimony in Donald Trump’s New York criminal trial, David Pecker, former National Enquirer publisher, described a strategy ahead of the 2016 presidential election to buy stories and kill them to protect the former president. CBS
The Supreme Court heard arguments in a case that pits Idaho's near-total abortion ban against a federal law that requires hospitals to offer emergency care. CBS
"America is a nation founded on the promise of second chances," President Biden said in a statement. CBS
VOA VIEW: Another payoff.
TikTok vowed to legally challenge the measure if President Joe Biden signed it into law. CNBC
VOA VIEW: TikTok must be banned.

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The U.S. Chamber of Commerce has long threatened to sue the FTC over the noncompete ban. CNBC
VOA VIEW: As they should.
Donald Trump's media company CEO Devin Nunes wants Congress to probe possible manipulation of the company's stock. CNBC
VOA VIEW: Good!
Tesla shares surged more than 10% on Wednesday after CEO Elon Musk said the company plans to produce new affordable EV models by early 2025. CNBC
The Biden-Harris administration announced a final rule Tuesday that raises the minimum salary threshold to qualify for overtime pay. CNBC
VOA VIEW: The US through Biden is sounding socialistic.

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Agitators at Columbia University in New York City and other elite colleges across the U.S. have participated in anti-Israel demonstrations that include hateful language. FOX News
VOA VIEW: They are shouting stupidity and hatred.
Students at a growing number of U.S. colleges and universities are forming anti-Israel protest encampments with a unified demand of their schools. FOX News
VOA VIEW: They should be ousted and some jailed.
Columbia University has set a deadline for administrators and anti-Israel protesters to reach an agreement that would include ending the encampment on campus and dispersing. FOX News
VOA VIEW: The nonsense should be stopped now.

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The Transportation Department said on Wednesday it will issue a final rule requiring airline carriers to promptly give passengers cash refunds when owed for things like canceled or significantly delayed flights and delay UPI
VOA VIEW: Action must be taken to void abuse.

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COMMENTARY OF THE DAY
By
Robert Namer
Voice Of America
©2018 All rights reserved
April 26, 2024

     Minneapolis Federal Reserve President Neel Kashkari thinks there’s nearly a 50-50 chance that interest rates will need to move significantly higher to bring down inflation.  The Feds must stop raising interest rate - it is causing higher inflation.

     In an essay the central bank official posted, he said there’s a strong case to be made that the U.S. economy is headed toward a “high-pressure equilibrium.” Such a condition would involve continued growth featuring strong consumer spending and “the economic flywheel spinning.”  In that instance, the inflation rate falls but stays above the Fed’s 2% target, posing a challenge for policymakers.  “The case supporting this scenario is that most of the disinflationary gains we have observed to date have been due to supply-side factors, such as workers reentering the labor force and supply chains resolving, rather than monetary policy restraining demand,” he wrote in a post titled, “Policy Has Tightened a Lot. Is It Enough?”

     Noting that rate-sensitive areas such as housing and autos have held strong despite Fed tightening, Kashkari remarked, “These dynamics raise the question, How tight is policy right now? If policy were truly tight, would we observe such robust activity?”  Services inflation, excluding the cost of renting shelter, has been coming down, but has otherwise remained elevated, raising longer-term concerns.  “Once supply factors have fully recovered, is policy tight enough to complete the job of bringing services inflation back to target? It might not be, in which case we would have to push the federal funds rate higher, potentially meaningfully higher,” Kashkari said. “Today I put a 40 percent probability on this scenario.”

     Of course, that still means he assigns a 60% chance of the Fed sticking its “soft-landing” goal, with inflation coming back to the goal without a harmful recession. He cited “the actual progress we have made against inflation and the actual labor market performance” as factors contributing to policymakers reaching their goal.  However, the comments come the same day as with JPMorgan Chase  CEO Jamie Dimon, in which the bank executive entertains the possibility that the Fed may have to take its benchmark rate up to 7%. The fed funds rate currently is targeted in a range between 5.25%-5.5%.