Finance
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Trump's comments in Davos help fuel accusations that banks are closing accounts of conservatives
Confidentiality rules prohibit banks from telling customers who have been "debanked" why their accounts are closed, which critics say provides cover for banks cutting off businesses or individuals for political reasons.
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S&P warns uncertain federal policy could keep inflation above 2%
"Across U.S. public finance, most sectors will experience stable credit quality in 2025," the S&P report noted. "However, credit pressure could arise amid the new administration's federal policy decisions."
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Existing home sales slipped to lowest level since 1995 as prices climb
On a monthly basis, sales of existing homes climbed 2.2% in December to a seasonally adjusted annual rate of 4.24 million, the quickest pace since last February, according to most recent figures from the National Association of Realtors.
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Single-family rentals hit record high prices, '41% over pre-pandemic norms,' Zillow reports
Multi-family rents have gone up 26% over same time.
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Trump signs executive order promoting cryptocurrency advancements
“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership,” the executive order reads.
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Janet Yellen says Treasury will take 'extraordinary measures' to avoid hitting debt ceiling Jan 21
It is not clear how long Congress will have to secure a deal on funding or raising the debt ceiling again once the measures are taken, but in the past it has helped stall the default for several months
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Consumer Price Index increased 0.4% in December, Labor Department
The CPI for December was 2.9%, compared to the same time last year.
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LA Mayor Bass's spending priorities, cuts to the LAFD, affected effort to fight wildfires: Report
The problem began last year after Bass’s involvement in the settling of contract negotiations with public sector unions, which cost the city $4.5 billion over the life of the contracts, according to reports.
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Fire budget was cut by Newsom by $100 million before Los Angeles wildfires: report
Among the budget cuts were $28 million from "multiple state conservancies that expand wildfire resilience." A spokesperson for Newsom called the reported budget cuts a "ridiculous lie."
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US economy added 256,000 jobs in December, unemployment rate drops slightly to 4.1%
The number of new jobs last month was higher than the 212,000 added in November 2024.
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Coalition of major banks sue the Federal Reserve over stress test
The groups that brought the lawsuit, which includes the Bank Policy Institute (BPI), said they do not oppose stress tests, but said the current framework “produces vacillating and unexplained requirements and restrictions on bank capital."
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Bidenomics slumps to the end as Dow hits 10-day losing streak, longest since 1974
The Dow dropped 2.6% on Wednesday, while the S&P 500 closed with a loss of about 3%, and the Nasdaq declined by approximately 3.6%.
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Fed cuts rates by a quarter point
The Fed signaled that there will be less frequent rate cuts during 2025.