
President-elect Donald Trump campaigned on the promise that his policies would reduce high borrowing costs and lighten the financial burden on American households. But what if, as many economists expect, interest rates remain elevated, well above their pre-pandemic lows? Trump could point a finger at the Federal Reserve, and in particular at its chair, Jerome Powell, whom Trump himself nominated to lead the Fed. During his first term, Trump repeatedly and publicly ridiculed the Powell Fed, complaining it kept interest rates too high. Trump’s attacks on the Fed raised widespread concern about political interference in the Fed’s policymaking. Powell, for his part, emphasized the importance of the Fed’s independence: “That gives us the ability to make decisions for the benefit of all Americans at all times, not for any particular political party or political outcome.” Political clashes might be inevitable in the next four years. Trump’s proposals to cut taxes and impose steep and widespread tariffs are a recipe for high inflation in an economy operating at close to full capacity. And if inflation were to reaccelerate, the Fed would need to keep interest rates high. Because Powell won’t necessarily cut rates as much as Trump will want. And even if Powell reduces the Fed’s benchmark rate, Trump’s own policies could keep other borrowing costs — such as mortgage rates — elevated. The sharply higher tariffs that Trump vowed to impose could worsen inflation. And if tax cuts on things like tips and overtime pay — another Trump promise — quickened economic growth, that, too, could fan inflationary pressures. The Fed would likely respond by slowing or stopping its rate cuts, thereby thwarting Trump’s promises of lower borrowing rates. The central bank might even raise rates if inflation worsens. “The risk of conflict between the Trump administration and the Fed is very high,” Olivier Blanchard, former top economist at the International Monetary Fund, said recently. If the Fed increases rates, “it will stand in the way of what the Trump administration wants.” Yes, but with the economy sturdier than expected, the Fed’s policymakers may cut rates only a few more times — fewer than anticipated just a month or two ago. And those rate cuts might not reduce borrowing costs for consumers and businesses very much. The Fed’s key short-term rate can influence rates for credit cards, small businesses and some other loans. But it has no direct control over longer-term interest rates. These include the yield on the 10-year Treasury note, which affects mortgage rates. The 10-year Treasury yield is shaped by investors’ expectations of future inflation, economic growth and interest rates as well as by supply and demand for Treasuries. An example occurred this year. The 10-year yield fell in late summer in anticipation of a Fed rate cut. Yet once the first rate cut occurred Sept. 18, longer-term rates didn’t fall. Instead, they began to rise again, partly in anticipation of faster economic growth. Trump also proposed a variety of tax cuts that could swell the deficit. Rates on Treasury securities might then have to be increased to attract enough investors to buy the new debt. “I honestly don’t think the Fed has a lot of control over the 10-year rate, which is probably the most important for mortgages,” said Kent Smetters, an economist and faculty director at the Penn Wharton Budget Model. “Deficits are going to play a much bigger role in that regard.” Occasional or rare criticism of the Fed chair isn’t necessarily a problem for the economy, so long as the central bank continues to set policy as it sees fit. But persistent attacks would tend to undermine the Fed’s political independence, which is critically important to keeping inflation in check. To fight inflation, a central bank often must take steps that can be highly unpopular, notably by raising interest rates to slow borrowing and spending. Political leaders typically want central banks to do the opposite: keep rates low to support the economy and the job market, especially before an election. Research has found that countries with independent central banks generally enjoy lower inflation. Even if Trump doesn’t technically force the Fed to do anything, his persistent criticism could still cause problems. If markets, economists and business leaders no longer think the Fed is operating independently and instead is being pushed around by the president, they’ll lose confidence in the Fed’s ability to control inflation. Once consumers and businesses anticipate higher inflation, they usually act in ways that fuel higher prices — accelerating their purchases, for example, before prices increase further, or raising their own prices if they expect their expenses to increase. “The markets need to feel confident that the Fed is responding to the data, not to political pressure,” said Scott Alvarez, a former general counsel at the Fed. He can try, but it would likely lead to a prolonged legal battle that could even end up at the Supreme Court. At a November news conference, Powell made clear that he believes the president doesn’t have legal authority to do so. Most experts think Powell would prevail in the courts. And from the Trump administration’s perspective, such a fight might not be worth it. Powell’s term ends in May 2026, when the White House could nominate a new chair. It is also likely the stock market would tumble if Trump attempted such a brazen move. Bond yields would probably increase, too, sending mortgage rates and other borrowing costs up. Financial markets might also react negatively if Trump is seen as appointing a loyalist as Fed chair to replace Powell in 2026. Yes, and in the most egregious cases, it led to stubbornly high inflation. Notably, President Richard Nixon pressured Fed Chair Arthur Burns to reduce interest rates in 1971, which the Fed did, as Nixon sought reelection the next year. Economists blame Burns’ failure to keep rates sufficiently high for contributing to the entrenched inflation of the 1970s and early 1980s. Thomas Drechsel, an economist at the University of Maryland, said that when presidents intrude on the Fed’s interest rate decisions, “it increases prices quite consistently and it increases expectations, and ... that worries me because that means inflation might become quite entrenched.” Since the mid-1980s, with the exception of Trump in his first term, presidents have scrupulously refrained from public criticism of the Fed. “It’s amazing, how little manipulation for partisan ends we have seen of that policymaking apparatus,” said Peter Conti- Brown, a professor of financial regulation at the University of Pennsylvania’s Wharton School. “It really is a triumph of American governance.”U.S. says it’s monitoring developments in South KoreaBluff or existential threat? As Trump vows tariffs on all imports from Canada, Mexico and China, leaders wonder if he's serious
Goalkeeper heads Leyton Orient into FA Cup third roundThe Western and Central Pacific Fisheries Commission (WCPFC) is aiming to improve standards for crew aboard fishing vessels operating in the region. At its just-finished conference in Suva, the Commission agreed to implement measures aimed at ensuring fair pay, safe and decent working conditions, and protections against forced labour and other abuses. Forum Fisheries Agency (FFA) deputy director general Dr Pio Manoa said the new labour standards are crucial to ensure the safety and dignity of crew. Pio said the FFA members have been key drivers of this initiative, reflecting the agency's collective commitment to social responsibility in fisheries management. Meanwhile, non-government organisation Pew Charitable Trust said the WCPFC is making a critical effort to modernise oversight of the world's largest tuna fishery. The Commission has adopted interim electronic monitoring standards - after ten years of effort - which will ultimately help improve oversight of the region's valuable fisheries. The move means the work of human observers will be augmented by onboard cameras and other technology. An officer for the Pew Charitable Trusts' international fisheries project Dave Gershman said electronic monitoring will increase data collection and help ensure that fishers are following the Commission's rules. However, he said the Commission has again failed to agree to on ways to improve the transparency of transshipment of fish catches. Pew said the Commission's rules on transshipment remain out of alignment with UN recommendations and lag behind standards adopted by the other four tuna regional fisheries management organisations.Stealth destroyer to be home for 1st hypersonic weapon on a US warship
NoneHigh-Performance and Ultra-Stable Electric Motorcycle Motor Controller: A Selection Plan for Liquid Aluminum Electrolytic Capacitors
'Proud Feminist' Justin Trudeau: Kamala Harris Loss Shows Women's Rights 'Under Attack' in U.S.
The Bharatiya Janata Party (BJP) will get the Maharashtra chief minister’s post and the swearing-in ceremony will be held on December 5, Mahayuti coalition leaders announced on Saturday, triggering yet more disapproval from the Shiv Sena over the “unilateral” nature of the announcement. “During the meeting in Delhi, it was decided that Mahayuti will form the government with the CM from the BJP and the remaining two parties will have DCMs (deputy chief ministers),” Nationalist Congress Party (NCP) chief Ajit Pawar said, adding, “This is not the first time there has been a delay... If you remember, in 1999, one month was taken for government formation.” Hours earlier, state BJP chief Chandrashekhar Bawankule independently announced that the oath-taking ceremony would take place at 5pm at Azad Maidan in south Mumbai, with Prime Minister Narendra Modi in attendance. The announcement, made over X, triggered unease within the Shiv Sena. “Leaders of all three parties — Eknath Shinde, Devendra Fadnavis and Ajit Pawar — should have announced this together. The BJP may have consulted the CM before announcing venue and date,” Shiv Sena spokesperson Sanjay Shirsat said. He then staked claim to a crucial portfolio: “The Mahayuti must give the home department to Shiv Sena if the chief ministership goes to BJP.” In the earlier government, the home department was with deputy CM Devendra Fadnavis when Shinde was chief minister. Bawankule responded by saying such matters shouldn’t be discussed publicly, highlighting growing friction within the alliance. The sparring over portfolios comes as caretaker chief minister Shinde remains in his village Dare in Satara, where he retreated on Friday citing health issues. While Shinde had earlier announced that Prime Minister Modi and Union home minister Amit Shah’s decision would be acceptable to him and his party, the BJP’s offer of deputy chief minister’s post has reportedly met resistance, with Shinde’s camp insisting on controlling the home department, leaders aware of the matter told HT on Friday. His doctor told media on Saturday that Shinde had fever, throat infection and cold, requiring intravenous medication. The CM’s son and Kalyan MP Shrikant Shinde said no discussions were held on Saturday as the CM was away and would return on Sunday. Deputy CM Pawar said Shinde had taken two days off as there wasn’t much work in the caretaker government. Earlier on Saturday prior to the oath-taking ceremony date being announced by the state BJP chief, Shiv Sena’s Shirsat said: “According to me, whenever Eknath Shinde thinks that he needs some time to think he goes to his native village. By tomorrow evening, he will take a big decision. It can be anything, a political decision.... Everything will be cleared by Monday evening.” he told ANI. The Ajit Pawar-led Nationalist Congress Party has already stated that Fadnavis was acceptable to it as chief minister. While the simple majority figure in the 288-member House is 145, the BJP alone bagged 132 seats, followed by Shiv Sena with 57 and the NCP with 41 seats. But the government formation was delayed as the alliance failed to evolve a consensus on who would be the chief minister, and how the ministries and departments will be carved up between the three allies BJP national general secretary Vinod Tawde met party president JP Nadda. According to party functionaries, who asked not to be named, the leadership is assessing the chief ministerial pick, particularly amid concerns about replacing a Maratha chief minister with a Brahmin leader (Fadnavis). The party leadership is also getting views of BJP leaders from the state on cabinet formation. The BJP has planned a grand swearing-in ceremony with Modi, Shah, top leaders and chief ministers of the ruling NDA coalition in attendance. Several locations including the Wankhede stadium, Brabourne Stadium, Mahalaxmi Race course and Shivaji Park were considered but were either unavailable due to ongoing events or found unsuitable. Finally, Azad Maidan was chosen. The administration has begun preparations for the new government. The winter session of the state legislature is likely to be held in Nagpur from December 16 to 24, with the legislature secretariat, Nagpur collectorate, city police and local public works department starting preparations. Opposition Shiv Sena (UBT) spokesperson Sanjay Raut claimed Shinde was “deeply upset” about losing the chief minister’s post. “He is mentally and physically disturbed. He was made chief minister in 2022 only because he split the Shiv Sena,” Raut said. Shiv Sena (UBT) chief Uddhav Thackeray said government formation was delayed because the ruling Mahayuti parties never thought they will come to power again. Thackeray, speaking hours before the announcement of the swearing-in date, asked why there were no celebrations after the “monstrous” victory of the BJP-led Mahayuti coalition. “When the Maha Vikas Aghadi was formed (after the 2019 elections), President’s rule was imposed. This time no one has staked claim to form the government, yet there is no President’s rule,” said Thackeray, a former chief minister.Taoiseach Simon Harris not aware if staff asked RTE to remove viral video clip
ORLANDO, Fla., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Abacus Life, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a pioneering alternative asset manager specializing in longevity and actuarial technology, today announced the closing of its oversubscribed underwritten public offering of 12,500,000 shares of its common stock, consisting of 10,000,000 shares of its common stock sold by the Company and 2,500,000 shares of common stock sold by certain stockholders of the Company (the “Selling Stockholders”) at the public offering price of $8.00 per share. The gross proceeds raised in the offering, before underwriting discounts and commissions and estimated expenses of the offering, were approximately $100 million, of which approximately $80 million was raised in the primary offering by the Company and approximately $20 million was paid in connection with the sale of shares by the Selling Stockholders. Abacus intends to use net proceeds that it receives for its operations, including the purchase of life settlement policies, to support its overall business strategy, for working capital purposes, and for general corporate purposes, which may include funding previously announced and future acquisitions and repayment and refinancing of its indebtedness. Abacus did not receive any proceeds from the sale of shares of common stock by the Selling Stockholders. Piper Sandler & Co., TD Securities (USA) LLC, KKR Capital Markets LLC, B. Riley Securities, Inc. and SG Americas Securities, LLC acted as joint book-running managers and representatives of the underwriters for the offering. The registration statements on Form S-3 relating to this offering were declared effective by the Securities and Exchange Commission (“SEC”) on November 14, 2024. Final prospectus supplements and accompanying prospectuses relating to and describing the terms of the offering were filed with the SEC on November 25, 2024 and may be obtained from: Piper Sandler & Co. by mail at 1251 Avenue of the Americas, 6th Floor, New York, NY 10020 or by email at prospectus@psc.com; TD Securities (USA) LLC by mail at 1 Vanderbilt Avenue, New York, NY 10017, by telephone at (855) 495-9846 or by email at TD.ECM_Prospectus@tdsecurities.com; KKR Capital Markets LLC by mail at 30 Hudson Yards, 75th Floor, New York, NY 10001, Attention: Prospectus Delivery; B. Riley Securities, Inc. by mail at 1300 17th Street North, Suite 1300, Arlington, VA 22209, by telephone at (703) 312-9580 or by email at prospectuses@brileyfin.com; SG Americas Securities, LLC by mail at 245 Park Avenue, New York, NY 10167 or by email at us-ny-prospectus@sgcib.com; or by accessing the SEC’s website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the shares of the Company’s common stock or any other securities, nor shall there be any sale of such shares of common stock or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. About Abacus Abacus is a pioneering global alternative asset manager and market maker specializing in uncorrelated financial products. The Company leverages its longevity data and actuarial technology to purchase life insurance policies from consumers seeking liquidity. This creates a high-return asset class uncorrelated to market fluctuations for institutional investors. With nearly $3 billion in assets under management, including pending acquisitions, Abacus is the only publicly traded global alternative asset manager focused on lifespan-based financial products. Forward-Looking Statements All statements in this press release (and oral statements made regarding the subjects of this press release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Abacus. Forward-looking information includes but is not limited to statements regarding the proposed offering, including the expected closing of the proposed offering; Abacus’s financial and operational outlook; Abacus’s operational and financial strategies, including planned growth initiatives and the benefits thereof, Abacus’s ability to successfully effect those strategies, and the expected results therefrom. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “expect,” ”intend,” “anticipate,” “goals,” “prospects,” “will,” “would,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions). While Abacus believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: the fact that Abacus’s loss reserves are bases on estimates and may be inadequate to cover its actual losses; the failure to properly price Abacus’s insurance policies; the geographic concentration of Abacus’s business; the cyclical nature of Abacus’s industry; the impact of regulation on Abacus’s business; the effects of competition on Abacus’s business; the failure of Abacus’s relationships with independent agencies; the failure to meet Abacus’s investment objectives; the inability to raise capital on favorable terms or at all; the effects of acts of terrorism; and the effectiveness of Abacus’s control environment, including the identification of control deficiencies. These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties set forth in documents filed by Abacus with the SEC from time to time, including the Annual Report on Form 10-K, as amended, and Quarterly Reports on Form 10-Q and subsequent periodic reports. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Abacus cautions you not to place undue reliance on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Abacus assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Abacus does not give any assurance that it will achieve its expectations. Contacts: Robert Phillips – SVP Investor Relations rob@abacuslife.com (321) 290-1198 David Jackson – IR/Capital Markets Associate djackson@abacuslife.com (321) 299-0716 Abacus Life Public Relations press@abacuslife.comComedian Rob Schneider announced that he plans to launch an all-women talk show that he expects to directly compete with The View . The Saturday Night Live alum announced his plans during a recent appearance on Fox News @ Night . “No Apologies Media, my new company, we’re going to do an all-ladies talk show that won’t be like The View ,” he told host Trace Gallagher. “It will be the opposite because this will be entertaining. It’ll be funny.... It’ll have funny women on it that are going to tell jokes and tell stories.” Schneider threw some serious shade at the ladies of The View as he promised his new show will feature “household names” and will not “be drowning in politics.” “It’s not going to be shaming people and making people wince,” he said, claiming it will be “the opposite” of ABC’s The View . “People are sick of it.” “We’re going to have an entertaining show with people from all over America,” he said. “We’re not trying to just bring people who are angry and bitter and reinforcing their political echo chamber.” “You’re going to love it,” he promised. Schneider later promoted the show on X, maintaining that it will be “a show for ALL OF US!!” “We will be a show that will NOT be a ‘Narrow View’ or what you have had to endure all these years... a ‘single view’ that scolds and demeans those that have a ‘differing view,'” he wrote . The View was launched in 1997 by veteran journalist Barbara Walters, featuring a rotating panel of female television personalities discussing politics and culture. The current iteration stars Whoopi Goldberg , Joy Behar , Sara Haines , Alyssa Farah Griffin , Sunny Hostin and Ana Navarro . The ladies of The View have largely become quite critical of the right and President-elect Trump’s politics, including Griffin, a former Trump staffer who was brought on after Meghan McCain ‘s exit to be the more conservative voice on the panel. Schneider’s new talk show appears to be in early development, with no title or names attached just yet. But Schneider said he hopes to begin filming episodes before Donald Trump’s inauguration, which is scheduled for Jan. 20, 2025.
NonePresident-elect Donald Trump called his meeting with Justin Trudeau productive and says the prime minister made a commitment to work with the United States to end the drug crisis amid the threat of stiff tariffs. Trudeau flew to Florida Friday evening to attend a dinner at Mar-a-Lago, where Trump’s transition team is based. The in-person meeting came at the end of a rocky week in which Trump threatened to impose stiff tariffs on all imports from Canada and Mexico, unless the two countries stop illegal border crossings and prevent illicit drugs from entering the U.S. In a post on Truth Social, Trump says he and Trudeau discussed the drug crisis, particularly fentanyl, illegal immigration, as well as trade, energy and the Arctic. Trump’s post did not directly mention tariffs. Trudeau told reporters in West Palm Beach Saturday morning that he had an excellent conversation with Trump’s transition team.WASHINGTON (AP) — FBI Director Christopher Wray told bureau workers Wednesday that he plans to resign at the end of President Joe Biden's term in January, an announcement that came a week and a half after President-elect Donald Trump said he would nominate loyalist Kash Patel for the job. Wray said at a town hall meeting that he would be stepping down “after weeks of careful thought,” roughly three years short of the completion of a 10-year term during which he tried to keep the FBI out of politics even as the bureau found itself entangled in a string of explosive investigations, including two that led to separate indictments of Trump last year as well as inquiries into Biden and his son.