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 Business & Economy | Business & Economy <!– | | | Fed holds rates steady despite Trump calls | The Federal Reserve’s interest rate setting committee held rates steady on Wednesday, its third rate hold in a row, despite calls from President Trump to lower borrowing costs. | The move was in line with market expectations. One prediction algorithm based on future contract prices put the probability of a hold at about 98 percent just prior to Wednesday’s announcement. Fed officials had also emphasized the sturdiness of the domestic economy and the uncertainty driven by Trump’s tariffs, along with how they complicated plans for future rate cuts. “The labor market is sold, inflation is low. We can afford to be patient as things unfold. There’s no real cost to our waiting at this point,” Fed Chair Jerome Powell said. “There’s a great deal of uncertainty about … where tariff policies are going to settle out and also, when they do settle out, what will be the implications for the economy, for growth and for employment,” he added. Trump has been calling on the Fed and Powell to lower interest rates and has raised the pressure as his trade war with China drags on. To date, the U.S. has had no trade meetings with China, its main rival in the trade war. China and the U.S. have put triple-digit tariffs on each other, leading to a major slowdown in commercial activity between the two countries. The Hill’s Tobias Burns has more here. | Welcome to The Hill’s Business & Economy newsletter, I'm Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue. | Did someone forward you this newsletter? Subscribe here. | | | Key business and economic news with implications this week and beyond: | | | Patel asks appropriators to ignore Trump’s proposed cuts to FBI budget | | | FBI Director Kash Patel said the Trump administration’s budget request wouldn’t be sufficient to fund the agency, asking appropriators to reject a more than $500 million proposed cut in favor of an increased budget. | | | | Judge rules Delta must face lawsuit over massive computer outage | | | A federal judge ruled Tuesday that Delta Air Lines must face a class action lawsuit over flights delayed or canceled last July due to computer outages. | | | | 7 in 10 business executives expecting immigration enforcement actions to impact their workplaces: Survey | | | Seven in 10 business executives are expecting immigration enforcement actions by President Trump’s administration to impact their workplaces over the next year, according to a survey released Wednesday. | | | | Jon Voight on Trump tariffs: ‘He wants us to be the Hollywood of old’ | | | Jon Voight is speaking out about the tariff plan he said he presented to President Trump, saying the commander in chief is aiming to return Hollywood to a previous era through levies on international films. | | | | Welcome to Tax Watch, a new feature in The Hill's Business & Economy newsletter focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts this year. | SALT deal elusive as moderates, hardliners dig in | House Republicans have yet to strike a deal on how to address the state and local tax (SALT) deduction cap, a lingering hang-up that has emerged as one of the biggest sticking points in the party’s bill full of President Trump’s legislative priorities. Reps. Andrew Garbarino (R-N.Y.) and Young Kim (R-Calif.) — co-chairs of the SALT Caucus — huddled with members of the House Ways and Means Committee during their weekly lunch meeting on Wednesday to discuss the deduction cap, which Republicans from high-tax blue states wants to raise, but deficit hawks are skeptical of. Leaving the gathering, key lawmakers said an agreement was still elusive. “I don’t think there’s any deal,” said Rep. David Schweikert (R-Ariz.), who sits on the Ways and Means Committee. “Not yet.” Rep. Nicole Malliotakis (R-N.Y.), a member of the SALT Caucus and Ways and Means panel, said the group is “still working it out,” adding: “We have been discussing a whole bunch of options inside, so we don’t have any particulars just yet.” Read more here. | | | Upcoming news themes and events we're watching: | - The Senate is scheduled to hold a vote on stablecoin legislation Thursday, barring potential negotiations.
| | | In today's Evening Report: Optimism returned to Wall Street on Friday after a better-than-expected jobs report and a statement from China signaling an openness to trade talks. Click here to sign up
| | | Branch out with more stories from the day: | | | Nevada high court weighs public access to secretive legal spat over control of Murdoch media empire | LAS VEGAS (AP) — Nevada’s high court is weighing whether to open up courtroom access and unseal … | | | Business and economic news we've flagged from other outlets: | - S&P 500 closes higher in volatile session as traders grapple with Fed and trade developments (CNBC)
- Trump to Rescind Chip Curbs After Debate Over AI Rules (Bloomberg)
- Washington, DC sees spike in homes for sale amid DOGE federal worker layoffs (CNN)
| | | Top stories on The Hill right now: | | | Trump pulls surgeon general nominee | President Trump has pulled his nomination of Janette Nesheiwat to be U.S. surgeon general and has instead chosen chronic disease entrepreneur Casey Means, a physician with close ties to the “Make American Healthy Again,” or MAHA, movement, as his new pick to fill the role. Read more | | Trump administration formally invokes state secrets privilege in Abrego Garcia case | The Trump administration invoked the state secrets privilege Wednesday to avoid handing over documents in the legal battle over Kilmar Abrego Garcia, the man mistakenly deported to El Salvador, court records show. Read more | | | Opinion related to business and economic issues submitted to The Hill: | - Simplify the tax code — repeal burdensome regulations
| | | You're all caught up. See you tomorrow! | | | |
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