“To minimize headaches and get this money to eligible taxpayers, we’re making these payments automatic, meaning these people will not be required to go through the extensive process of filing an amended return to receive it,” said Werfel.
But some better news came later in the day when a report said the measure ofin March. Inflation decelerated to 2.3%, closer to the Fed’s goal of 2%, from February’s reading of 2.7%. Stocks began paring their losses almost immediately after the report.
If inflation keeps trending lower, it would give the Fed more leeway to cut interest rates in order to juice the economy. Expectations are building for the Fed to cut its main interest rate at least four times by the end of this year, according to data from CME Group, though it likely won’t begin at its next meeting next week.Much of Wednesday’s economic data raised concerns about a weakening economy. A report on the job market from ADP suggested employers outside the government may have hired far fewer workers in April than economists expected, less than half.It’s discouraging because a relatively solid job market has been one of the linchpins keeping the U.S. economy stable. A more comprehensive report on the job market from the U.S. government will arrive on Friday.
Wednesday’s reports add to worries that Trump’s trade war may drag the U.S. economy into a recession. The president’s on-again-off-again rollout of tariffs has created deep uncertainty about what’s to come, which could cause damage by itself.“I’m not taking a credit or discredit for the stock market,”
. “I’m just saying we inherited a mess.”
Uncertainty around Trump’s tariffs has already triggered“New York City deserves a Penn Station that reflects America’s greatness and is safe and clean. The MTA’s history of inefficiency, waste, and mismanagement also meant that a new approach is needed,” Duffy said in a prepared release.
The administration did not immediately provide details of how the reconstruction would proceed or how long it would take.Gov. Kathy Hochul called the move “a major victory for New Yorkers” that would save them tax money. Hochul said she had asked Trump for federal funding.
“I want to thank the President and Secretary Duffy for taking on the sole responsibility to deliver the beautiful new $7 billion station that New Yorkers deserve,” Hochul said in a prepared release.Authority Chair and CEO Janno Lieber said he was glad the federal government was focusing on the project, and that he expected the MTA to participate in the plans as the station’s major leaseholder.