Latest Economic policy News

Stocks slump after murky jobs report as markets swing

Dec. 03, 2021 16:46 PM EST

A week of volatile swings on Wall Street ended Friday with more losses for stocks, as a mixed batch of U.S. job market data triggered another bout of dizzying trading. The S&P 500 closed 0.8% lower after erasing a 0.7% gain in the early going. The benchmark index was...

Biden signs stopgap funding bill to keep government running

Dec. 03, 2021 16:24 PM EST

WASHINGTON (AP) — President Joe Biden on Friday signed into law the stopgap spending bill that will keep the federal government running through Feb. 18, after congressional leaders defused a partisan standoff over federal vaccine mandates. The White House released a...

No currency manipulator labels from US, China on watch

Dec. 03, 2021 12:14 PM EST

WASHINGTON (AP) — The Biden administration will not designate any country as a currency manipulator, but it did name China, Vietnam and Taiwan among the nations that have failed to live up to global agreements not to use their currencies to gain unfair trade advantages. ...

EXPLAINER: Turkey's currency is crashing. What's the impact?

Dec. 03, 2021 09:37 AM EST

ANKARA, Turkey (AP) — Turkey’s beleaguered currency has been plunging to all-time lows against the U.S. dollar and the euro in recent months as President Recep Tayyip Erdogan presses ahead with a widely criticized effort to cut interest rates despite surging consumer prices. ...

Biden, allies increasingly pushing back at GOP's virus barbs

Dec. 03, 2021 05:25 AM EST

WASHINGTON (AP) — President Joe Biden looked out over an audience of government scientists and framed his latest plan for fighting COVID-19 as an opportunity to at last put an end to divisiveness over the virus, calling the politicization of the issue a “sad, sad commentary.” ...

Senate passes stopgap funding bill, avoiding shutdown

Dec. 02, 2021 22:17 PM EST

WASHINGTON (AP) — The Senate passed a stopgap spending bill Thursday that avoids a short-term shutdown and funds the federal government through Feb. 18 after leaders defused a partisan standoff over federal vaccine mandates. The measure now goes to President Joe Biden to be signed into law....

Mexico threatens legal action on US electric vehicle subsidy

Dec. 02, 2021 15:21 PM EST

MEXICO CITY (AP) — The Mexican government threatened legal action Thursday over provisions of U.S. President Joe Biden’s Build Back Better Act that would give subsidies of up to $12,500 for purchases of union-made, American-made electric vehicles. Tatiana Clouthier,...

Wall Street balks as Fed signals party's ending, but is it?

Dec. 02, 2021 13:23 PM EST

NEW YORK (AP) — The Federal Reserve's job, its longest-serving chairman once said, is to “take away the punch bowl just as the party gets going,” and that's exactly the message Wall Street took from comments by current Chair Jerome Powell this week. Stock prices...

Ireland: UK-EU deal on Brexit trade spat unlikely this year

Dec. 02, 2021 10:33 AM EST

LONDON (AP) — The British and Irish governments expressed optimism Thursday that a thorny spat between the U.K. and the European Union over Northern Ireland trade can be resolved, but Ireland's top diplomat indicated that negotiations were likely to drag on into next year. ...

US long-term mortgage rates relatively flat this week

Dec. 02, 2021 10:19 AM EST

SILVER SPRING, Md. (AP) — The average interest rate for long-term mortgages in the U.S. remained flat this week, following the Federal Reserve suggesting that it would start tightening credit by raising its benchmark rate. Mortgage buyer Freddie Mac reported Thursday...