Latest news with #Hammack
Newsweek
2 days ago
- Business
- Newsweek
Supreme Court Urged by NBA To Clarify 37-Year-Old Law
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The National Basketball Association (NBA), along with support from the National Football League (NFL), is urging the United States Supreme Court to provide a definitive interpretation of the Video Privacy Protection Act (VPPA), a law enacted in the 1980s to protect consumer video rental and viewing records. Why It Matters As digital content and streaming services have redefined the modern viewing landscape, federal courts are divided on whether this decades-old law should apply to those accessing free online content. The U.S. Court of Appeals for the 2nd and 7th Circuits have ruled that the law does apply to consumers of a videotape service provider's non-audiovisual goods and services, while the U.S. 6th Circuit Court of Appeals rejected this interpretation. "Only this Court can resolve the split," Shay Dvoretzky and Raza Rasheed, attorneys for the NBA, wrote in a brief filed Wednesday. Newsweek has reached out to the NBA for comment. A general overall exterior view of the Supreme Court, on January 1, 2023, in Washington. A general overall exterior view of the Supreme Court, on January 1, 2023, in Washington. Aaron M. Sprecher via AP What To Know The case centers on Michael Salazar, who in 2022 filed suit against the NBA after subscribing to its free online newsletter and watching complimentary videos on while logged into Facebook. Salazar alleges his video viewing history was shared with Meta, Facebook's parent company, without his consent, via tracking software incorporated on the NBA's website. The NBA argues that Salazar is not protected under the VPPA because he subscribed to the NBA's free email newsletter, not its audiovisual content. In October 2024, the 2nd Circuit ruled that Salazar was a "consumer" under the VPPA because he had exchanged personal information for access to NBA content. The 7th Circuit agreed with the 2nd Circuit's decision, but the 6th Circuit rejected those decisions, holding that the VPPA's protections only to those who subscribe to videocassette tapes or similar audiovisual materials. "This case is an excellent vehicle for addressing both the VPPA split and whether Salazar had standing to begin with," attorneys for the NBA wrote in a brief. Salazar's attorney, Joshua I. Hammack, argues that the Court should not consider the case because a final judgment has not been reached, and two amended complaints have been filed since the NBA petitioned the Court for certiorari. "This case is far from an 'ideal' or 'perfect vehicle,'" Hammack wrote in a brief. Newsweek has also reached out to Hammack for comment. In May, the NFL filed a brief supporting the NBA's petition and emphasizing the potential industrywide repercussions. The NFL argued that Supreme Court intervention is necessary to address a rise in class action lawsuits against content providers under the VPPA. "Absent the Court's intervention, sports leagues and other online content providers will continue to face a slew of class actions under the VPPA," attorneys for the NFL wrote in the brief. What is the VPPA? The VPPA was passed by Congress in 1988 and signed into law by President Ronald Reagan. The law is also referred to as the "Bork bill" because it was passed after Robert Bork's video rental history became public during his Supreme Court nomination. The law states that a "videotape service provider" who knowingly discloses information about any of its consumers is liable to provide relief. What People Are Saying Shay Dvoretzky and Raza Rasheed, attorneys for the NBA, in a brief filed Wednesday: "The parties agree that the petition presents an important, certworthy VPPA question. This case is an excellent vehicle to resolve that question and whether Salazar has Article III standing. The Second Circuit's decision on both questions was wrong, and it threatens widespread damage to the modern internet economy. The Court should intervene." Joshua I. Hammack, attorney for Michael Salazar, in a brief: "Nothing about 'subscribing' is unique to audiovisual goods or services. There is simply no basis to rewrite the VPPA's definition of 'consumer' to impose a limitation that appears nowhere in the text." What Happens Next The NBA has filed a petition for a writ of certiorari to the Supreme Court. The Court has yet to decide whether it will hear the case. Do you have a story that Newsweek should be covering? Do you have any questions about this story? Contact LiveNews@
Yahoo
24-06-2025
- Business
- Yahoo
Cleveland Fed's Hammack sees no need for imminent rate cuts
-- Cleveland Federal Reserve President Beth Hammack said she doesn't see economic weakness that would justify immediate interest rate cuts, despite recent signals from other Fed officials suggesting a July reduction. The comments from Hammack are more aligned with what Chairman Jerome Powell said this morning, signalling patience on rate cuts. In remarks delivered at the Barclays-CEPR Monetary Policy Forum in London, Hammack described the current policy stance as "only modestly restrictive" and said rates could potentially move in either direction depending on economic conditions. "I don't see a weakening in the economy that would merit imminent rate cuts, though I remain attentive to that possibility," Hammack stated, adding that holding rates steady for some time might be the best approach if both sides of the Fed's mandate come under pressure. Hammack noted that while the U.S. economy maintains "solid momentum," inflation remains above the Fed's 2% target. She cited Cleveland Fed calculations showing PCE inflation likely increased to 2.3% in May, up from 2.1% in April. The Fed official outlined multiple scenarios, including one where "the economy falters and inflation declines," which could warrant rate cuts "perhaps even quickly," and another where persistent inflation with a healthy labor market might require higher rates than expected. Related articles Cleveland Fed's Hammack sees no need for imminent rate cuts NY Fed's Williams says modestly restrictive policy stance 'appropriate' Canadian CPI steady at 1.7% in May amid slower growth in housing, travel costs
Yahoo
24-06-2025
- Business
- Yahoo
Canadian CPI steady at 1.7% in May amid slower growth in housing, travel costs
-- Canada's annual inflation rate held steady at 1.7% in May, unchanged from April and in-line with analyst estimates, according to data released by Statistics Canada on Tuesday. The subdued pace was driven by a softer increase in rent and a decline in package travel prices, which helped offset modest upward pressure from gas and mobile service costs. Excluding energy, the Consumer Price Index (CPI) rose 2.7% year-over-year in May, down from 2.9% a month earlier, highlighting underlying price moderation. On a monthly basis, the all-items CPI rose 0.6%, with the seasonally adjusted figure showing a more modest 0.2% gain. CIBC (TSX:CM)'s Katherine Judge called the report "a step in the right direction for a July cut." "Overall, the moderation in core measures is a step in the right direction for the Bank of Canada and they will want that progress to be maintained in the next report in order to feel comfortable cutting in July," she concluded. The deceleration in shelter prices played a central role in the overall inflation picture. "The increased availability of rental units, coupled with slower population growth compared with spring of the previous year, contributed to the slowdown in rent price growth in May," Statistics Canada said. Rent prices rose 4.5% year-over-year, down from April's 5.2%, with Ontario posting the sharpest drop due to increased vacancy rates. Meanwhile, mortgage interest costs, another major component of shelter, also slowed, rising 6.2% in May after a 6.8% increase in April. This marks the 21st consecutive month of deceleration for the index, reflecting cooling pressures in the housing finance segment. In transportation, prices for travel tours slipped 0.2% annually in May after a sharp 6.7% increase in April. Airfares declined 10.1% year-over-year, adding further drag to the headline figure, compared with a 5.8% drop the previous month. Gasoline prices were 15.5% lower compared to May last year, though they posted a 1.9% increase month-over-month due largely to higher refining margins. The decline in annual prices reflects the removal of the federal carbon levy, which kept pump costs under pressure compared to 2024. Telecommunications prices also saw notable month-over-month volatility, with cellular service prices jumping 7.2% in May after the end of promotional offers. Still, consumers paid 5.5% less than they did a year earlier—an easing compared with April's 10.8% annual decline. Regional dynamics varied, with inflation accelerating in six provinces and slowing in three. In Alberta, homeowner insurance costs rose sharply for the second straight month, climbing 11.9% year-over-year in May, up from 7.7% in April, according to Statistics Canada. Related articles Canadian CPI steady at 1.7% in May amid slower growth in housing, travel costs Cleveland Fed's Hammack sees no need for imminent rate cuts Trump says Israel-Iran ceasefire now in effect
Axios
20-05-2025
- Business
- Axios
Exclusive: Cleveland Fed official's three scenarios for tariff-hit economy
The traditional way to approach projecting the economy is to describe a baseline scenario — what seems like the most likely trajectory — with risks on either side. That may not be the best way to think of the outlook right now, a top Fed official tells Axios. The big picture: With uncertainty around both what trade and other policy changes will bring, and how they will affect employment and inflation, Cleveland Fed president Beth Hammack is thinking about a range of distinct economic scenarios, rather than one base case. She and other leaders of the central bank will submit their projections for GDP, inflation, interest rate policy and more next month. It's an especially fraught time to be doing so, given complex policy crosscurrents around trade, tax and other policies. The so-called Summary of Economic Projections will be published when the Fed's next two-day meeting concludes on June 18. What they're saying:"I'm grateful that I have four weeks to work on coming up with a modal case, because right now I haven't really been operating with a base case," Hammack said. "I've been operating in a couple different scenarios." "To come up with a modal case that you have a lot of confidence in, I think at this particular moment is going to be really challenging," Hammack says. Scenario 1: Tariffs have a one-off price effect, but economic growth takes a hit from policy uncertainty. The possibility that tariffs bring up price levels, but don't do so consistently, results in a one-time increase in prices. But Hammack says this might come alongside a "tremendous amount of uncertainty that weighs on economic activity," with growth declining and the labor market falling off. "In that situation, we'd want to be attentive to the employment side of our mandate and potentially ease policy — and potentially very quickly, if we had the evidence that this is what was happening," she says. Scenario 2: The labor market holds up, but tariffs are inflationary. It's possible that businesses hold the line on their workforces, a pandemic-era fear that they might not be able to replace staff when the economy bounces back. "Because it took them so long and it was so difficult to hire and train their staff over the past several years, it could be the case that they hold on to people for a really long time," Hammack says. She adds that in this scenario, price pressures from tariffs become sticky because of the way the levies have been rolled out. "It becomes more persistent and more inflationary because the tariffs are layered in — the announcement, the withdrawal, and then the possibility of new announcements," Hammack says. Scenario 3 is what Hammack sees as most likely: a stagflationary outcome where the economy slows alongside higher inflation. "That's where it's really difficult for monetary policy," Hammack says. "We're going to have to have good insights and good understanding of how much we're missing each side of the mandate and how long those misses persist — and then we can decide what the right course of action is." Yes, but: Hammack says there are other factors — including the White House tax bill or its deregulatory efforts — that complicate the forecast.
Globe and Mail
28-04-2025
- Business
- Globe and Mail
Dollar Gains on Hopes of De-Escalation of US-China Trade Conflict
The dollar index (DXY00) today is up by +0.25%. The dollar is trading higher today in hopes of de-escalating the US-China trade war. Bloomberg reported that the Chinese government is considering suspending the 125% tariffs on some US imports, including medical equipment and industrial chemicals like ethane. The dollar also garnered support after the University of Michigan US Apr consumer sentiment index was unexpectedly revised upward. Gains in the dollar are limited as T-note yields are lower after Thursday's dovish Fed comments from Cleveland Fed President Hammack and Fed Governor Waller bolstered speculation the Fed could cut interest rates as soon as June. The University of Michigan US Apr consumer sentiment index was unexpectedly revised upward by +1.4 points to 52.2 from the previously reported 50.8, stronger than expectations of 50.5. The University of Michigan US Apr 1-year inflation expectations indicator was revised lower to +6.5% from the previously reported +6.7%, weaker than expectations of an upward revision to +6.8%. The markets are discounting the chances at 8% for a -25 bp rate cut after the May 6-7 FOMC meeting, down from a 30% chance last week. EUR/USD (^EURUSD) today is down by -0.21%. The euro is under pressure today from a stronger dollar. Also, dovish comments today from ECB Governing Council member Holzmann weighed on the euro and boosted the chances for an ECB rate cut to 100% at its June meeting when he said he sees a disinflationary impact in the Eurozone from US tariffs. ECB Governing Council member Holzmann said that "so far, the net impact from the US tariff announcements seems to be rather deflationary than inflationary." Swaps are discounting the chances at 100% for a -25 bp rate cut by the ECB at the June 5 policy meeting. USD/JPY (^USDJPY) today is up by +0.72%. The yen fell to a 1-1/2 week low against the dollar today on signs of de-escalation of the US-China trade war, which reduced safe-haven demand for the yen after Bloomberg reported that the Chinese government is considering suspending the 125% tariffs on some US imports. Also, today's rally in the Nikkei Stock Index to a 3-1/2 week low curbed safe-haven demand for the yen. Losses in the yen are limited after today's news that Japan's Tokyo Apr CPI rose more than expected, a hawkish factor for BOJ policy. Also, lower T-note yields today are limiting losses in the yen. Japan Apr Tokyo CPI rose +3.5% y/y, stronger than expectations of +3.3% y/y and the biggest increase in 2 years. Apr Tokyo CPI ex-fresh food and energy rose +3.1% y/y, stronger than expectations of +2.8% y/y and the biggest increase in 14 months. June gold (GCM2 5) today is down -53.60 (-1.60%), and May silver (SIK2 5) is down -0.563 (-1.68%). Precious metals prices today are sharply lower due to a stronger dollar. Also, hopes for a de-escalation of the US-China trade war have sparked long liquidation pressures in precious metals today after Bloomberg reported that the Chinese government is considering suspending the 125% tariffs on some US imports, including medical equipment and industrial chemicals like ethane. In addition, today's news showing Japan's Apr Tokyo CPI rose more than expected may prompt the BOJ to keep raising interest rates, a negative factor for precious metals. Lower T-note yields today are supportive of precious metals. Also, geopolitical risks in the Middle East are boosting safe-haven demand for precious metals as the Israel-Hamas and the US-Houthi conflicts continue.
