Latest news with #TheIngrahamAngle
Yahoo
18 minutes ago
- Business
- Yahoo
Scott Bessent says Fed could cut rates by September or 'sooner'
Treasury Secretary Scott Bessent said Tuesday night that he thinks the Federal Reserve could cut interest rates by September or "sooner" because of mild inflation thus far from President Trump's tariffs. "I think that the criteria is that tariffs were not inflationary. If they're going to follow that criteria, I think that they could do it sooner than then, but certainly by September," Bessent said, adding that 'I guess this tariff derangement syndrome happens even over at the Fed." His comments on Fox News's "The Ingraham Angle," come as Bessent's boss, President Trump, intensifies his own pressure on the Fed and chairman Jerome Powell to lower rates by as many as 3 percentage points. "Jerome—You are, as usual, 'Too Late'," Trump told Powell in a note the president posted on Truth Social Monday, telling the Fed chair that he has "cost the USA a fortune" and urging him to "lower The Rate—by a lot!" Bessent has also ramped up his commentary about the Fed this week, once again arguing that no inflation has yet shown up from tariffs and if it does it will be a one-time increase that wouldn't justify any rate increases. Bessent is among the candidates to replace Powell when the Fed chair's term expires next May, according to people close to the administration. On Bloomberg Monday the Treasury secretary compared the Fed to an old person who takes a fall and then is likely to fall again because he or she keeps looking down at his or her feet. The original fall in his view was the Fed's slow reaction to a rise in inflation in 2022. 'They seem a little frozen at the wheel here,' he told Bloomberg. On Tuesday, Powell didn't rule out an interest rate reduction this month at the Fed's next meeting on July 28-29 but noted the central bank would have cut rates by now if not for the tariffs introduced by the Trump administration. 'We went on hold when we saw the size of the tariffs and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs,' he said on a panel at a European Central Bank monetary policy conference in Portugal. The Fed lowered rates by a full percentage point in 2024 but has held rates steady so far in 2025 as it waits to see if inflation will pick up this summer due to the tariffs. "I wouldn't take any meeting off the table or put it directly on the table," Powell said when asked about the possibility of a cut in July. "It's going to depend on how the data evolved." Bessent on Tuesday told Fox that Fed officials recently lowered their growth forecast for the US economy, and that should be reason enough to proceed with cuts by September given that inflation has come down since the period in September 2024 when the Fed decided to cut by 50 basis points. "Sure, why not the fall?" he said. Another sign of a slowdown in the labor market showed up Wednesday in data revealing that private employers unexpectedly cut 33,000 jobs in June. The data from ADP showed private payrolls fell by 33,000 last month in June, below the 29,000 job gains seen in May and the 98,000 additions expected by economists. This marked the first month of job losses in the private sector since March 2023. May's initial reading of 37,000 private payroll additions had been the lowest monthly total since March 2023. Another report from the Labor Department will be released Thursday. Economists expect that report to show 116,000 nonfarm payrolls were added in June, a move lower from the 139,000 seen in May. The unemployment rate is anticipated to have moved up to 4.3% from 4.2% the month prior. Two Fed governors, Christopher Waller and Michelle Bowman, have both made a case for rate cuts in July, arguing they are more worried about the labor market and unemployment than inflation at this point. Other Fed colleagues continue to argue that the Fed should wait on any rate cuts to gauge the ultimate impact on inflation. Atlanta Federal Reserve president Raphael Bostic Monday said that he wants to wait and see how tariffs play out in the economy before making a decision on what to do with interest rates, cautioning that Americans could see higher inflation from tariffs that could be longer lasting. 'I like to move in a direction when I know which direction to move in,' said Bostic in a conversation in the UK. 'That would for me require more information than we have today.' Click here for in-depth analysis of the latest stock market news and events moving stock prices
Newsweek
an hour ago
- Politics
- Newsweek
Alaska Suggests 'Bear Alcatraz' For Migrants to be Detained
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 state of Alaska has floated the possibility of detaining migrants in an isolated site surrounded by bears. "We don't have alligators, but we have lots of bears. I am not aware of any plans for an Alaska version of Alligator Alcatraz," the state said in a statement aired on Fox News' The Ingraham Angle on July 1. Newsweek has contacted the office of Governor Mike Dunleavy for comment via email outside of office hours. Why It Matters It comes after Florida unveiled 'Alligator Allcatraz', a new migrant detention center being developed on a remote airstrip in the Everglades. The facility aims to house up to 5,000 detainees and uses the area's natural isolation and wildlife as part of its security measures. The remote facility is expected to cost Florida approximately $450 million annually to operate. The proposal comes amid President Donald Trump's push for what he has described as the largest mass deportation operation in U.S. history. What To Know Stephen Miller, the White House deputy chief of staff for policy, called on every Republican governor to contact the Department of Homeland Security (DHS) to begin arranging the construction of new detention facilities to house migrants. "Every governor of a red state, if you are watching tonight: pick up the phone, call DHS, work with us to build facilities in your state so we can get the illegals and criminals out," Miller said. President Donald Trump tours "Alligator Alcatraz," a new migrant detention facility at Dade-Collier Training and Transition facility, Tuesday, July 1, 2025, in Ochopee, Fla. President Donald Trump tours "Alligator Alcatraz," a new migrant detention facility at Dade-Collier Training and Transition facility, Tuesday, July 1, 2025, in Ochopee, Fla. Evan Vucci/AP The facility is designed to accommodate individuals detained under Florida's expanded immigration enforcement measures. It will hold people arrested by state law enforcement through the federal 287(g) program, as well as those transferred to Florida's custody by U.S. Immigration and Customs Enforcement (ICE). The facility is operated by the State of Florida through the Division of Emergency Management and takes advantage of the state's declared immigration emergency, which allows for rapid deployment of resources. National Guard units trained under the 287(g) program will help run the site. The projected cost is about $245 per bed per day, adding up to roughly $450 million in operating expenses for the first year. Florida officials say they plan to seek federal reimbursement from the Department of Homeland Security, which will use FEMA funds. The idea for "Alligator Alcatraz" originated with Governor Ron DeSantis's administration, which used emergency powers to authorize construction of a new detention center in the Everglades. Florida Attorney General James Uthmeier first described the plan publicly during an appearance on Fox News. Brown bears fishing for salmon on the Moraine River on August 20, 2017 in Katmai National Park, Alaska. The state of Alaska has floated the possibility of detaining migrants in an isolated site surrounded by... Brown bears fishing for salmon on the Moraine River on August 20, 2017 in Katmai National Park, Alaska. The state of Alaska has floated the possibility of detaining migrants in an isolated site surrounded by bears. More Getty It comes after President Donald Trump and Homeland Security Secretary Kristi Noem toured the facility along with Florida Governor Ron DeSantis. During the visit, Trump praised the Everglades' remote location and native wildlife as effective deterrents against escape attempts. The tour comes amid growing backlash from immigrant rights groups and civil liberties organizations, which argue that such facilities pose serious risks to detainee safety and civil rights. The White House, however, has defended the plan as a necessary measure to carry out the president's plans to conduct mass deportations. What People Are Saying Tom Homan told NewsNation: "We can simply load a plane right there and take them to their home country. So it's actually ... a cost savings on the beds compared to the last administration. It's extreme cost savings on transportation." Secretary Noem said in a statement: "Under President Trump's leadership, we are working at turbo speed on cost-effective and innovative ways to deliver on the American people's mandate for mass deportations of criminal illegal aliens. We will expand facilities and bed space in just days, thanks to our partnership with Florida." Mich González and Katie Blankenship, Founding Partners of Sanctuary of the South, said in a statement shared with Newsweek: "DHS and ICE are spending billions of taxpayer dollars to terrorize our communities and build unnecessary cages that will lead to more premature death and family separation while lining the pockets of the prison industrial complex. Enough is enough! We must come together as a people to stop ICE's campaign of violence and demand what we need—access to healthcare, education, and housing—in short, a dignified life for all our families." What Happens Next The facility will be used to detain migrants as the administration ramps up pressure on ICE to remove millions of people as part of the Republican party's hardline mass removal policy.
New Straits Times
15 hours ago
- Business
- New Straits Times
US Treasury chief thinks Fed could lower interest rates by September
WASHINGTON: US Treasury Secretary Scott Bessent said on Tuesday he believes the Federal Reserve could lower interest rates by September. His comments on the Fox News show "The Ingraham Angle," come as President Donald Trump repeatedly urges the Fed to lower rates from their current 4.25 per cent to 4.50 per cent range. "I think that the criteria is that tariffs were not inflationary. If they're going to follow that criteria, I think that they could do it sooner than then, but certainly by September," Bessent said. "I don't agree with their criteria, but if you're following that criteria, sure, why not the fall?"
Yahoo
16 hours ago
- Business
- Yahoo
US Treasury chief says he thinks Fed could lower interest rates by September
WASHINGTON (Reuters) -U.S. Treasury Secretary Scott Bessent said on Tuesday he believes the Federal Reserve could lower interest rates by September. His comments on the Fox News show "The Ingraham Angle," come as President Donald Trump repeatedly urges the Fed to lower rates from their current 4.25%-4.50% range. "I think that the criteria is that tariffs were not inflationary. If they're going to follow that criteria, I think that they could do it sooner than then, but certainly by September," Bessent said. "I don't agree with their criteria, but if you're following that criteria, sure, why not the fall?" Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Int'l Business Times
6 days ago
- Politics
- Int'l Business Times
Fox News Ridiculed After Blasting Socialist NYC Mayoral Candidate's Promises Like Making 'Buses Free': 'Are They Trying to Sell Him?'
A Fox News host left social media baffled after mocking New York City mayoral candidate Zohran Mamdani for his policies which aim to reduce costs of living for the average resident. Fox News host Laura Ingraham spoke about the New York State Representative on her show The Ingraham Angle on Thursday. "Zohran is a Muslim, and his views are staunchly anti-Israel. If he wins the general election, Mamdani would be the most left-wing person to ever serve of any city in the United States. His views are far closer to communism than clintonism. This guy makes AOC look like a moderate," she began. "He wants government-run grocery stores, plans to make public buses free, is pledging to freeze rent prices and wants to borrow $70 billion for more affordable housing. In the past he's called to defund the police, ban all guns, create safe injection sites for drug use and decriminalize sex work. Oh, and end all cooperation with ICE, that's a given," she continued. "He's even too much for the New York Times. Mamdani has replaced thinking with feeling and he won big among the young vote, and he feels New Yorkers should be guaranteed all sorts of freebies," Ingraham added. Social media users rushed to online platforms to poke fun at Ingraham for sharing Mamdani's positive-sounding policies and attempting to paint them as undesireable. "Are they TRYING to sell him?!" said one user. "Do they actually listen to themselves? I'm no millionaire tv host, so those things sound ok to me..." said another. "Free buses! The Humanity!!!" joked a third. "But none of those things are.... Bad?" noted a fourth. "Every time Fox lists democratic socialist policy, it's a bunch of stuff people would love to have," added another. Mamdani secured victory in the Democratic mayoral primary on Tuesday night, when his fiercest competitor, former New York Governor Andrew Cuomo, conceded the race to him before all ranked-choice votes were counted. "I will be the mayor for every New Yorker, whether you voted for me, for Governor Cuomo, or felt too disillusioned by a long-broken political system to vote at all," Mamdani said. "I will work to be a mayor you will be proud to call your own." Originally published on Latin Times
