The Fed’s reservations. If you’ve been feeling a little skittish about the state of the economy, you’re not alone. Yesterday, the Federal Reserve announced it will hold interest rates steady for the time being, and board members lowered their target rate for upcoming interest rate hikes. The Wall Street Journal looks at exactly what changed in the Fed’s statement since the last meeting. C-SPAN has video of Fed Reserve Chair Janet Yellen’s press conference with reporters.
Court battle. President Obama’s nomination for the Supreme Court vacancy dominated yesterday’s political news. Politico comes through with the money angle on Merrick Garland’s nomination, with news of a planned $2 million ad buy from the Judicial Crisis Network to oppose the nomination. This proves, once again, that the fractured U.S. political system has advantages for at least one sector of the nation’s economy: advertisers.
For the bookshelf. Pacific Standard has a must-read book review of two new well-timed books on the economically fraught, but important, relationship between the United States and Mexico. The first book follows in the footsteps of migrants hoping to cross the border. The second looks at the fates of two towns, Galesburg, Illinois and Reynosa, Mexico. Galesburg is the former home of a Maytag refrigerator factory. Reynosa is where the refrigerators are built now.
Filling up. Rainstorms from El Nino are replenishing northern California’s previously-parched reservoirs, according to the L.A. Times. So far, the weather pattern hasn’t resulted in much rain for the southern part of the state, but the northern part is getting plenty, and that’s helping to fill reservoirs that feed the entire state. But all that rain is also causing trouble. SFGate reports a 50-foot section of highway washed away Monday after heavy rains hit the area.
“Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, listens to the discussion from the audience. To Yellen’s right is former Congressional Budget Office director, Doug Elmendorf.” by Flickr user Brookings Institution cc license CC by-NC-ND 2.0.