The Fed appears to have determined that no further rate hikes will be imposed, nor will any rate cuts be imposed until inflation gets at or close to the Fed’s designated target of 2%.
The economy continues to chug along in terms of GDP, reporting on profits remains steady and good, unemployment has not moved upward in any significant way, and the number of jobs available remains quite high. It does appear, however, that less jobs were created last month. I commented last week that some experts are indicating that a partial reason for all of this good news is that immigrants are coming into the country. This is particularly true in the state of Maine which has document a positive impact of immigrants. Republicans ignoring it. It doesn’t fit their narrative, so they don’t speak about it.
Marjorie Taylor Greene has called for a vote on Mr. Johnson and Democrats have indicated that they will save his job. It is no one’s best interest, although there is some visceral satisfaction in watching the Republican caucus devolve into chaos, in absence of a speaker and potential chaos for weeks. In addition, I think Democrats owe some support to Mr. Johnson as he has taken a reasonable path on a number of issues. His job performance is not unlike Earl Warren when he was appointed by President Eisenhower as a Conservative Justice from California who turned out to be a Progressive Justice. I am not predicting Mr. Johnson will become Progressive, but, of course, then again, when you measure that term, anyone who acts reasonably is a Progressive, given whether the Republican Party has been.
The Israeli’s are now negotiating with the Palestinians for at least a hostage exchange and maybe a cease fire, while Mr. Netanyahu continues to call for invasion of Rafah, and a continuation of the war. There has been little or no commentary in the media from the Israeli, nor from the American government about the fact that the elimination of Hamas is not likely to occur, and is really more Wagging the Dog (if you remember that movie), in order to keep Mr. Netanyahu in office.
Then of course we have Hope Hicks, who may have in fact, created the environment that will convict Mr. Trump. Her testimony was apparently clear, concise, and convincing. Mr. Trump appeared to close his eyes – was he hoping this nightmare would disappear or was he just pondering what it’s going to be like for him in the next several weeks.
China’s currency is back in the news. 10 years ago, manipulation of their currency was on the minds of Congress, the administration and serious economists with everyone accusing the Chinese of suppressing their currency to make their exports cheaper. May of 2024, finds us reading this headline in the Wall Street Journal “The Rocket fuel Behind China Shock 2.0: Weak currency, Deflation.” So, what shall we do. Tariffs, sanctions, or nothing.
The sudden surge in sea level rise threatens the American South. Cities along the Gulf and the Atlantic Coast saw rises of 6 inches to 8.4 inches all during the last 14 years. The land is sinking in many of these communities and an increasing frequency of high tides is taking its toll. These are facts that cannot be refuted unless you’re a right-leaning Republican, not even a far-right-leaning Republican. This is a serious problem and needs to be paid attention to.
Bill Owens is a former member of Congress representing the New York 21st, a partner in Stafford, Owens, Piller, Murnane, Kelleher and Trombley in Plattsburgh, NY and a Strategic Advisor at Dentons to Washington, DC.
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