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Yearly Archives :

2025

Fed’s Kugler says data will drive Fed policy choices amid uncertainty

Fed’s Kugler says data will drive Fed policy choices amid uncertainty 150 150 admin

By Michael S. Derby

(Reuters) – Federal Reserve Governor Adriana Kugler said on Friday the U.S. central bank is uncertain about what the economy will deliver in 2025 and will let upcoming economic data drive the course of monetary policy.

In light of Fed forecasts last month for fewer interest rate cuts in 2025, “there is a view that we can take our time, to slow down” and be more “gradual” while watching the data to see if sticky inflation pressures start to ease again, Kugler said in a CNBC interview.

If the resilient job market starts to lose steam, however, “we would be ready to act in a different direction” with monetary policy, she said. “We’re always responding” to what happens in the economy “and seeing what is happening in front of us,” the official added.

In the interview, the central banker said the economy is in a good place and while the job market has cooled, it remains resilient with a still historically low unemployment rate.

Asked how she expects the policies of the incoming Trump administration to affect the economy, Kugler noted there are many moving pieces, making it hard to say how things will play out.

Kugler’s comments on TV were her first public remarks since the central bank’s most recent policy meeting, and were among the first made by a central banker as 2025 begins.

At the Fed’s mid-December Federal Open Market Committee meeting, officials lowered by a quarter percentage point their interest rate target range to between 4.25% and 4.5%. At the meeting, policymakers pulled back on rate cut estimates in 2025 while raising projections of where inflation would stand.

For some, the change in outlook called into question why the Fed had cut rates at all given how long officials expect it will be before they hit their 2% inflation target.

The new year brings considerable uncertainty for the Fed with the return of Donald Trump to the presidency. The president-elect campaigned on a platform of heavy trade tariffs and deportations, which most economists believe is a recipe to reignite inflation. But officials have been cautious in reacting to the election outcome given a lack of details on what will be implemented and how.

“There is a wide set of scenarios and I think everybody’s considering that wide set of scenarios,” Kugler said.

Earlier on Friday, Richmond Fed President Thomas Barkin said that since tariffs could be implemented in many ways, “uncertainty should come down as policies are finalized, although it’s easy to imagine an extended period of back and forth” as elected leaders hash out the policy agenda.

“I see more risk on the inflation side,” Barkin added, while noting the Fed is “well-positioned” on the policy front for whatever the economy sends its way.

She signaled a reluctance to further ease policy. “I put myself in the camp of wanting to stay restrictive for longer as opposed to the other school, which would be ‘we’re done, so why not take rates down to neutral,’” she said.

(Reporting by Michael S. Derby and Howard Schneider, Editing by Franklin Paul and Richard Chang)

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Prince William expresses sadness at death of his former nanny’s stepson in New Orleans attack

Prince William expresses sadness at death of his former nanny’s stepson in New Orleans attack 150 150 admin

LONDON (AP) — Prince William expressed his shock and sadness Saturday at the news of the death of his former nanny’s stepson in the New Year’s truck attack in New Orleans that killed 14 people.

London’s Metropolitan Police confirmed Saturday that they are supporting the family of 31-year-old Edward Pettifer, including helping them through the process of returning his body to the U.K. Pettifer, who is from west London, is the final victim to be identified.

In a statement on social media, the Prince of Wales said he and his wife, Catherine, were “shocked and saddened by the tragic death of Ed Pettifer. Our thoughts and prayers remain with the Pettifer family and all those innocent people who have been tragically impacted by this horrific attack.”

Pettifer was the stepson of Tiggy Legge-Bourke, who was the nanny for both William and his brother, Prince Harry, between 1993 and 1999, which included time after the death of their mother Princess Diana in 1997. Legge-Bourke, who is also known as Alexandra Pettifer, was regularly photographed with Diana.

British media also reported that King Charles III is said to be deeply saddened by the news and that he has sent his condolences to Pettifer’s family.

In a statement, Pettifer’s family said they were “devastated at the tragic news of Ed‘s death” and described him as “a wonderful son, brother, grandson, nephew and a friend to so many.”

“We will all miss him terribly. Our thoughts are with the other families who have lost their family members due to this terrible attack,” the family added.

The U.K.’s Foreign Office also said it was supporting Pettifer’s family and was in contact with U.S. authorities.

Authorities say 14 people were killed and about 30 were injured in the attack early Wednesday by Shamsud-Din Jabbar, a former Army soldier who posted several videos on his Facebook hours before the attack previewing the violence he would unleash and proclaiming his support for the Islamic State militant group. The coroner’s office listed the cause of death for all 14 victims as “blunt force injuries.”

Jabbar, 42, was fatally shot in a firefight with police at the scene of the deadly crash on Bourbon Street, famous worldwide for its festive vibes in New Orleans’ historic French Quarter.

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579 animals killed after fire rips through Northwest Dallas shopping center

579 animals killed after fire rips through Northwest Dallas shopping center 150 150 admin

Most of the animals died of smoke inhalation, officials said. They included birds, chickens, hamsters, dogs and cats.
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Saturday Sessions: Franz Ferdinand performs "Night Or Day"

Saturday Sessions: Franz Ferdinand performs "Night Or Day" 150 150 admin

Excerpts from the judge’s ruling to go ahead with Trump sentencing

Excerpts from the judge’s ruling to go ahead with Trump sentencing 150 150 admin

NEW YORK (AP) — The judge overseeing Donald Trump’s hush money case in New York dealt with a host of weighty, unprecedented questions before deciding Friday that the president-elect should be sentenced later this month for the crime of falsifying business records.

In an 18-page legal opinion, Judge Juan Merchan laid out his reasoning for the ruling. His most important finding was that Trump’s conviction should not be thrown out simply because he was elected president.

“Indeed, the sanctity of a jury verdict and the deference that must be accorded to it, is a bedrock principle in our Nation’s jurisprudence,” Merchan wrote.

But the judge also signaled that he intended to impose a sentence of “unconditional discharge,” which means Trump would not face any punishment beyond having the conviction on his legal record.

Trump’s spokesperson said after Merchan’s ruling that the president-elect would continue to fight against the case, which he called a hoax.

Here are some key excerpts from the judge’s decision:

“The Constitution dictates that only a President, after taking the oath of office, has the authority of the Chief Executive, a President-elect does not. Accordingly, a President-elect is not permitted to avail himself of the protections afforded to the individual occupying that Office. … Binding precedent does not provide that an individual, upon becoming President, can retroactively dismiss or vacate prior criminal acts nor does it grant blanket Presidential-elect immunity.”

“Any claim Defendant may have that circumstances have changed as a result of Defendant’s victory in the Presidential election, while convenient, is disingenuous. Defendant has always pronounced, since the inception of this case, confidence and indeed the expectation that he would prevail in the 2024 Election — confidence that has proven well-founded. That he would become the ‘President-elect’ and be required to assume all the responsibilities that come with the transition were entirely anticipated. Thus, it was fair for this Court to trust that his request to adjourn sentencing until after the election carried with it the implied consent that he would face sentence during the window between the election and the taking of the oath of office.”

“Here, 12 jurors unanimously found Defendant guilty of 34 counts of falsifying business records with the intent to defraud, which included an intent to commit or conceal a conspiracy to promote a presidential election by unlawful means. It was the premediated and continuous deception by the leader of the free world that is the gravamen of this offense. To vacate this verdict on the grounds that the charges are insufficiently serious given the position Defendant once held, and is about to assume again, would constitute a disproportionate result and cause immeasurable damage to the citizenry’s confidence in the Rule of Law.”

“Defendant’s disdain for the Third Branch of government, whether state or federal, in New York or elsewhere, is a matter of public record. Indeed, Defendant has gone to great lengths to broadcast on social media and other forums his lack of respect for judges, juries, grand juries and the justice system as a whole.”

“This Court recognizes the importance of considering and balancing the seemingly competing factors before it: ensuring that the Executive Branch is free to fully dispense the duties of the President and safeguard the interests of the Nation, unencumbered by pending criminal proceedings; to ensure that the Supreme Court’s ruling and the citizenry’s expectation be honored that all are equal and no one is above the Iaw; and the importance of protecting the sanctity of a jury verdict. This Court is simply not persuaded that the first factor outweighs the others at this stage of the proceeding, either on its own or in conjunction with the other … factors.”

“To dismiss the indictment and set aside the jury verdict would not serve the concerns set forth by the Supreme Court in its handful of cases addressing Presidential immunity nor would it serve the Rule of Law. On the contrary, such decision would undermine the Rule of Law in immeasurable ways.”

“While this Court as a matter of law must not make any determination on sentencing prior to giving the parties and Defendant opportunity to be heard, it seems proper at this juncture to make known the Court’s inclination to not impose any sentence of incarceration, a sentence authorized by the conviction but one the People concede they no longer view as a practicable recommendation. As such, in balancing the aforementioned considerations in conjunction with the underlying concerns of the Presidential immunity doctrine, a sentence of an unconditional discharge appears to be the most viable solution to ensure finality and allow Defendant to pursue his appellate options.”

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Moldova breakaway region to face new power cuts on Saturday, officials say

Moldova breakaway region to face new power cuts on Saturday, officials say 150 150 admin

KYIV (Reuters) – Power cuts will continue on Saturday in the breakaway Moldovan region of Transdniestria, which has been left without Russian gas supplies following Ukraine’s decision not to extend a contract for Russian gas transit, local authorities said.

Flows of Russian gas via Ukraine to central and eastern Europe were halted on New Year’s Day after the expiry of a transit agreement between the warring countries, and Kyiv rejected doing further business with Moscow.

Transdniestrian officials said the first rolling power cuts had gone into effect on Friday evening.

The mainly Russian-speaking region, which lies along the Moldova-Ukraine border and which split from Moldova in the 1990s, had been receiving Russian gas via Ukraine and used it to produce electricity.

The official Telegram news channel of Transdniestria’s government said power supplies would be cut for three hours between 2 p.m. (1200 GMT) and 5 p.m. in many districts.

The enclave’s self-styled president Vadim Krasnoselsky had earlier said power cuts were inevitable. He said the region had gas reserves to cover 10 days of limited usage in the north and twice as long in the south. He did not say if there were any plans to source supplies after that.

On Saturday, Krasnoselsky said on Telegram that the blackouts could be extended to four hours on Sunday.

Russia denies using gas as a weapon to coerce Moldova, and blames Kyiv for refusing to renew the gas transit deal.

Moldova itself gets around 60% of its gas needs from Romania and produces the rest. But the Transdniestria power cuts are a problem for Moldova particularly because the enclave is home to a power plant which provides most of the power for government-controlled areas of Moldova at a fixed and low price.

Prime Minister Dorin Recean said on Friday his country faced a security crisis after Transdniestria’s imposition of rolling blackouts, but he also said the Chisinau government had prepared alternative arrangements, with a mixture of domestic production and electricity imports from Romania.

Moldova says Russian gas major Gazprom could supply gas bypassing Ukraine but has deliberately chosen not to do so. Even before the halt of supplies via Ukraine, Gazprom had said on Dec. 28 that it would suspend exports to Moldova on Jan. 1 because of what Russia says are unpaid Moldovan debts of $709 million.

Moldova disputes that and put the figure at $8.6 million.

(Reporting by Pavel Polityuk; Editing by David Holmes)

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Trump to be sentenced before inauguration in New York "hush money" case

Trump to be sentenced before inauguration in New York "hush money" case 150 150 admin

Before President-elect Donald Trump is sworn in for a second term, he’ll have to face criminal sentencing in New York City in his so-called “hush money” case, a judge ruled Friday. Ed O’Keefe has details on the judge’s decision.
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Eye on America: First U.S. sub built with women in mind, and veterans gain business skills

Eye on America: First U.S. sub built with women in mind, and veterans gain business skills 150 150 admin

In Virginia, we step aboard the USS New Jersey, the Navy’s first submarine designed with women in mind. And in Washington D.C., we spotlight a program that’s empowering veterans with business skills to kickstart new careers. Watch these stories and more on “Eye on America” with host Michelle Miller.
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Russia-appointed officials in Crimea declare emergency as oil spill reaches Sevastopol

Russia-appointed officials in Crimea declare emergency as oil spill reaches Sevastopol 150 150 admin

Russia-appointed officials in Moscow-occupied Crimea announced a regional emergency on Saturday, as oil was detected on the shores of Sevastopol, the peninsula’s largest city.

Fuel oil spilled out of two storm-stricken tankers nearly three weeks ago in the Kerch Strait, close to eastern Crimea — about 250 kilometers (155 miles) from Sevastopol, which lies on the southwest of the peninsula.

“Today a regional emergency regime has been declared in Sevastopol,” regional Gov. Mikhail Razvozhaev wrote on Telegram.

Oil was found on four beaches in the region and was “promptly eliminated” by local authorities working together with volunteers, Razvozhaev said.

“Let me emphasize: there is no mass pollution of the coastline in Sevastopol,” he wrote.

Razvozhaev’s announcement came after authorities in Russia’s southern Krasnodar region announced a region-wide emergency last week, as the fuel oil continued washing up on the coastline 10 days after one tanker ran aground and the other was left damaged and adrift on Dec. 15.

Krasnodar regional Gov. Veniamin Kondratyev said that almost 7,000 people were still working to clean up the spill on Saturday.

More than 96,000 tons of contaminated sand and soil have been removed along the region’s shoreline since the original spill, he wrote on Telegram.

On Dec. 23, the ministry estimated that up to 200,000 tons in total may have been contaminated with mazut, a heavy, low-quality oil product.

Russian President Vladimir Putin has called the oil spill an “ecological disaster.”

The Kerch Strait, which separates the Russia-occupied Crimean Peninsula from the Krasnodar region, is an important global shipping route, providing passage from the inland Sea of Azov to the Black Sea.

It has also been a key point of conflict between Russia and Ukraine after Moscow annexed the peninsula in 2014. In 2016, Ukraine took Moscow to the Permanent Court of Arbitration, where it accused Russia of trying to seize control of the area illegally. In 2021, Russia closed the strait for several months.

Mykhailo Podolyak, an adviser to the head of Ukrainian President Volodymyr Zelenskyy’s office, described the oil spill last month as a “large-scale environmental disaster” and called for additional sanctions on Russian tankers.

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New York’s first female lieutenant governor, Mary Anne Krupsak, has died at age 92

New York’s first female lieutenant governor, Mary Anne Krupsak, has died at age 92 150 150 admin

GENEVA, N.Y. (AP) — Mary Ann Krupsak, who became the first woman elected to statewide office in New York when she was voted in as lieutenant governor in 1974, has died. She was 92.

Krupsak died Saturday at her home on Seneca Lake, according to an online obituary published Thursday.

The lifelong Democrat served one term with Gov. Hugh Carey before announcing she would challenge him for the Democratic gubernatorial nomination in 1978. She lost in the primary.

Krupsak was born in Schenectady and received a bachelor’s degree from the University of Rochester, a master’s degree from Boston University and a law degree from the University of Chicago. She was elected to the New York state Assembly in 1968 and served in both the Assembly and Senate before running for lieutenant governor.

Among volunteers on her campaign was New York’s current governor, Kathy Hochul, who offered her condolences via X.

“I worked on her campaign while in high school in 1974, and I was proud to follow in her footsteps forty years later,” the Democrat said.

While in office, Krupsak worked to save New York City’s Radio City Music Hall from demolition, helping to secure National Historic Landmark status.

After leaving office, she was a senior partner at the law firm Krupsak & Mahoney and a senior partner and co-founder of Krupsak, Wass deCzege & Associates.

Her husband of 23 years, Edwin Margolis, a former state judge, died in 1993.

Funeral services are scheduled for Monday.

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