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10 months ago

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The nations economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households.

Thursdaysreport from the Commerce Departmentsaid the gross domestic product the economys total output of goods and services decelerated from its sizzling 4.9% growth rate the previous quarter.

But the latest figures still reflected the surprising durability of the worlds largest economy, marking the sixth straight quarter in which GDP has grown at an annual pace of 2% or more.

Consumers, who account for about 70% of the total economy, drove the fourth-quarter growth.

Their spending expanded at a 2.8% annual rate, for items ranging from clothing, furniture, recreational vehicles and other goods to services like hotels and restaurant meals.

The GDP report also showed that despite the robust pace of growth in the October-December quarter, inflationary measures continued to ease.

Consumer prices rose at a 1.7% annual rate, down from 2.6% in the third quarter.

And excluding volatile food and energy prices, so-called core inflation came in at a 2% annual rate.

Those inflation numbers could reassure the Federal Reserves policymakers, who have already signaled that they expect to cut their benchmark interest rate three times in 2024, reversing their 2022-2023 policy of aggressively raising rates to fight inflation.

Although GDP growth came in hotter than expected in the fourth quarter, underlying inflation continued to slow,’ said Paul Ashworth, chief North America economist at Capital Economics. The upshot is that an early spring rate cut by the Fed is still the most likely outcome.

The state of the economy is sure to weigh on peoples minds ahead of the November elections. Afteran extended period of gloom, Americans are starting to feel somewhat better about inflation and the economy a trend that could sustainconsumer spending, fuel economic growth and potentially affect voters decisions.

Ameasure of consumer sentimentby the University of Michigan, for example, has jumped in the past two months by the most since 1991.

There is growing optimism that the Fed is on track to delivera rare soft landing keeping borrowing rates high enough to cool growth, hiring and inflation yet not so much as to send the economy into a tailspin.

Inflation touched a four-decade high in 2022 buthas since edged steadily lowerwithout the painful layoffs that most economists had thought would be necessary to slow the acceleration of prices.

The economy has repeatedly defied predictions that the Feds aggressive rate hikes would trigger a recession.

Far from collapsing last year, the economy accelerated expanding 2.5%, up from 1.9% in 2022.

Our expectation is for a soft landing, and it looks like things are moving that way, said Beth Ann Bovino, chief economist at US Bank. Still, Bovino expects the economy to slow somewhat this year as higher rates weaken borrowing and spending.

People are going to get squeezed, she said.

The economys outlook had looked far bleaker a year ago.

As recently as April 2023, an economic model published by the Conference Board, a business group, had pegged the likelihood of a US recession over the next 12 months at close to 99%.

Even as inflation in the United States has slowed significantly, overall prices remain nearly 17% above where they were before the pandemic erupted three years ago, which has exasperated many Americans.

That fact will likely raise a pivotal question for the nations voters, many of whom are still feelingthe lingering financial and psychological effects of the worst bout of inflation in four decades.

Which will carrymore weight in the presidential election: The sharp drop in inflation or the fact that most prices are well above where they were three years ago?

The Fed began raising its benchmark rate in March 2022 in response to the resurgence in inflation that accompanied the economys recovery from the pandemic recession.

By the time its hikes ended in July last year, the central bank had raised its influential rate from near zero to roughly 5.4%, the highest level since 2001.

As the Feds rate hikes worked their way through the economy, year-over-year inflation slowed from 9.1% in June 2022, the fastest rate in four decades, to 3.4% as of last month.

That marked a striking improvement but still leaves that inflation measure above the Feds 2% target.

The progress so far has come at surprisingly little economic cost.

Employers have added a healthy 225,000 jobs a month over the past year.

And unemployment hasremained below 4% for 23 straight months, the longest such streak since the 1960s.

The once red-hot job market has cooled somewhat, easing pressure on companies to raise pay to keep or attract employees and then pass on their higher labor costs to their customers through price hikes.

Its happened in perhaps the least painful way: Employers are generally posting fewer job openings rather than laying off workers.

That is partly because many companies are reluctant to risk losing workers after having been caught flat-footed when the economy roared back from the brief but brutal 2020 pandemic recession.

Businesses are getting rid of job openings, but theyre holding onto workers, Bovino said.

Another reason for the economys sturdiness is that consumers emerged from the pandemic in surprisingly good financial shape, partly because tens of millions of households had received government stimulus checks.

As a result, many consumers have managed to keep spending even in the face of rising prices and high interest rates.

Some economists have suggested that the economy will weaken in the coming months as pandemic savings are exhausted, credit card use nears its limits and higher borrowing rates curtail spending.

Still, the government reported last week thatconsumers stepped up their spending at retailersin December, an upbeat end to the holiday shopping season.

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Matt Gaetz: Speaker Mike Johnson will request report into Trump’s attorney general pick is kept secret

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November 16, 2024

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Matt Gaetz: Speaker Mike Johnson will request report into Trump's attorney general pick is kept secret

US House Speaker Mike Johnson has said he will “strongly request” a report into allegations of sex trafficking against Matt Gaetz, who is the president-elect’s choice of attorney general, should not be released.

Mr Johnson said he was against publishing the House Ethics Committee report on Mr Gaetz, 42, who if approved by the Senate will become the nation’s top prosecutor once Donald Trump is sworn in as president on 20 January.

That’s despite Mr Gaetz having previously faced a nearly three-year Justice Department investigation into sex trafficking allegations involving a 17-year-old girl. He denies the allegations and has not faced criminal charges.

Mr Gaetz has also never worked as a prosecutor and has only worked in law for a few years at a local level.

He stepped down from Congress after Mr Trump announced him as his attorney general pick.

His resignation brought the investigation by the House Ethics Committee to an end – two days before it had been expected to release its report into the trafficking claims.

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Why is Matt Gaetz a controversial pick?

House Speaker Mr Johnson, a Louisiana Republican, said of the probe: “I’m going to strongly request that the Ethics Committee not issue the report, because that is not the way we do things in the House.”

Politicians of both parties on the Senate Judiciary Committee have said they want to see the report on Mr Gaetz, as part of a Senate confirmation process for cabinet nominees that would start next year with public hearings.

Democrats have described the MAGA loyalist as “a gonzo agent of chaos” and his appointment a “red alert moment for our democracy”, while some Republican senators have also raised doubts about his suitability for the role.

Read more:
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Mr Johnson said he planned to urge House Ethics Committee chairman Michael Guest not to provide the report to the Senate Judiciary Committee.

“The rules of the House have always been that a former member is beyond the jurisdiction of the Ethics Committee,” said Mr Johnson, who returned on Friday morning from meeting Mr Trump at the president-elect’s Mar-a-Lago resort in Florida.

“I think it’s a terrible breach of protocol and tradition and the spirit of the rule,” he added. “I think that would be a terrible precedent to set.”

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Mr Johnson had said on Wednesday that as Speaker he could not be involved in deciding whether or not to release the report.

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Jake Paul v Mike Tyson: How to watch, undercard and event details

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38 mins ago

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November 16, 2024

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Jake Paul v Mike Tyson: How to watch, undercard and event details

YouTuber-turned-boxer Jake Paul is taking on one of boxing’s greatest-ever fighters tonight in former undisputed world champion Mike Tyson.

The heavyweight bout is being labelled by some as Paul’s toughest test yet, despite the 30-year age gap between him and Tyson.

The fight was originally scheduled for 20 July, but was delayed after Tyson fell ill on a flight due to an ulcer flare up in May.

It’s going to be a co-main event alongside a highly-anticipated rematch between undisputed super lightweight champion Katie Taylor and unified featherweight champion Amanda Serrano.

Katie Taylor, Mike Tyson, Jake Paul and Amanda Serrano, from left, pose for photos during a news conference promoting their upcoming bouts. Pic: AP
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(Left to right) Katie Taylor, Mike Tyson, Jake Paul and Amanda Serrano. Pic: AP

Here’s everything you need to know about the hotly anticipated fight and how to watch.

Who are the fighters?

Jake Paul, 27, is an American YouTube star who made a name for himself on social media platform Vine. He made his professional boxing debut in 2020.

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His most high-profile fight so far was his clash with Tyson Fury’s brother Tommy Fury last year, which he lost by split decision.

“The Problem Child” has since defeated former UFC contender Nate Diaz, professional boxer Andre August, former Gold Gloves champion Ryan Bourland and most recently MMA fighter Mike Perry to earn himself a boxing record of 10-1.

“Iron Mike” Tyson, 58, retired from professional boxing in 2005 with a 50-6 record and as a former undisputed heavyweight champion.

The legendary fighter, who knocked out 44 opponents during his career, returned to the ring after 15 years in 2020 for a bout against fellow boxing icon Roy Jones, which ended in an unofficial draw.

Mike Tyson (black trunks) fights Roy Jones, Jr in 2020 bout. Pic: Joe Scarnici/USA TODAY Sports
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Mike Tyson (left) fights Roy Jones Jr in 2020 bout. Pic: Joe Scarnici/USA Today Sports via Reuters

Tyson’s fighting skills place him among the best heavyweight boxers of all time, but the age gap between him and Paul along with some potential ring rust are expected to level the playing field.

When is the fight and where will it be?

The bout is due to take place at the AT&T Stadium in Arlington, Texas, on Friday 15 November. The 80,000-seat capacity stadium is home of the Dallas Cowboys and is the biggest NFL stadium in the US.

The event is set to begin at 1am GMT on 16 November, with Taylor v Serrano scheduled for 3am GMT and Tyson v Paul at 4am GMT.

AT&T Stadium is shown in the fog before an NFL football game between the Green Bay Packers and Dallas Cowboys, Sunday, Jan. 15, 2017, in Arlington, Texas. (AP Photo/Tony Gutierrez)
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AT&T Stadium. Pic: AP

How can I watch it?

It will be aired on Netflix in what will be the first live fight ever on the streaming platform.

Jake Paul, who co-founded Most Valuable Promotions (MVP) in 2021, said his company signed with Netflix because it is “the biggest streaming platform in the world”.

Fellow MVP co-founder Nakisa Bidarian added: “Partnering with Netflix for this deal presents an unparalleled opportunity to bring Jake Paul v Mike Tyson to the world on an unprecedented scale.”

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Do I need to pay for the fight?

Some good news for Netflix users; there is no additional cost for the streaming platform’s subscribers.

It’s not a pay-per-view event, but you won’t be able to watch it unless you have a Netflix account, which costs between £4.99 and £17.99 depending on what sort of plan you subscribe to.

Can I buy tickets?

Tickets are still available throughout the stadium via SeatGeek, with prices for regular seats ranging from $60 (£47.32) to about $7,400 (£5,914).

What are the rules?

The Texas Athletic Commission has sanctioned it as a professional fight which will count on the pair’s boxing records, but it has put some sanctions in place due to Tyson’s age.

There will be eight rounds lasting a maximum of two minutes rather than three, and both boxers will wear 14-ounce gloves, heavier than the usual 10-ounce.

What you need to know about Taylor v Serrano

Taylor and Serrano produced an epic when they became the first ever women fighters to headline at Madison Square Garden back in 2022, with the former edging a split decision that could have arguably fallen either way after 10 rounds.

Now over two years on from one of the greatest fights in the history of female boxing, undisputed super-lightweight world champion Taylor, 38, will put her belts on the line against unified featherweight champion Serrano, 36.

Katie Taylor, left, and Amanda Serrano pose for photos during a news conference in May. Pic: AP
Image:
Katie Taylor (left) and Amanda Serrano during a news conference in May. Pic: AP

The contest will mark a step in three weight classes from Serrano’s usual featherweight division as she seeks the biggest win of her glittering career.

Taylor will enter 23-1 having avenged her loss to Chantelle Cameron in May last year by winning November’s rematch via majority decision to become undisputed super-lightweight champion and a two-weight undisputed champion.

Serrano is meanwhile 46-2-1 having won all four of her fights since losing to Taylor, most recently beating Danila Ramos via unanimous decision after their 12-rounder in October.

Who is on the undercard?

There are five other fights on the bill besides the two co-main events – and two of them will see titles on the line. Here’s how it looks:

  • Mario Barrios v Abel Ramos – WBC welterweight title
  • Shadasia Green v Melinda Watpool – WBO super-middleweight title
  • Lucas Bahdi v Corey Marksman – lightweight
  • Bruce Carrington v Dana Coolwell – featherweight
  • Neeraj Goyat v Whindersson Nunes – middleweight

‘The fight of a lifetime’

Paul is not typically known for showing respect to his opponents. In the lead-up to his last fight against Tommy Fury, which he lost on points, Paul said Tyson Fury’s brother “boxes because he was told to do so by his dad”.

“He doesn’t have that real heart, that real fighter inside of him,” he added.

Few, however, would question Mike Tyson’s credentials, with Paul having adopted a more respectful approach to promoting the fight so far.

“My sights are set on becoming a world champion, and now I have a chance to prove myself against the greatest heavyweight champion ever – the baddest man on the planet and the most dangerous boxer of all time,” he said, adding: “This will be the fight of a lifetime.”

In a face-to-face posted on his YouTube channel on 10 November, Paul said winning would be “bittersweet” due to the respect he has for Tyson, but said it was “my time to shine”.

‘I plan to finish him’

Critics of the fight have said there is simply too big of an age gap between the two, with Tyson falling ill in May stoking talks over the fight being a mistake for the 58-year-old.

But the veteran has insisted he still has fuel left in the tank, claiming his body is “in better overall shape than it has been since the 1990s”.

“I’m very much looking forward to stepping into the ring with Jake Paul,” Tyson said – promising to “finish him” and his boxing career.

During the face-to-face, Tyson warned: “I’m not going to lose. I can’t even fathom losing.

“I think he thinks this is going to be a very easy night. It’s not going to be an easy night.”

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Low and inside: O’s will again alter LF dimensions

Published

57 mins ago

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November 15, 2024

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Low and inside: O's will again alter LF dimensions

  • Associated Press

Nov 15, 2024, 06:30 PM ET

BALTIMORE — The Orioles are ready to adjust their wall in left field again.

The team moved the wall at Camden Yards back and made it significantly taller before the 2022 season. General manager Mike Elias said Friday the team “overcorrected” and will try to find a “happier medium” before the 2025 season.

The team sent out a rendering of changes showing the wall moved farther in — particularly in left-center field near the bullpens — and reduced in height.

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