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Powell speaks after Federal Reserve interest rate decision

admin - Latest News - December 10, 2025
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Watch live coverage as Fed Chair Jerome Powell holds a press conference after the Federal Reserve announces its interest rate decision. The Fed is expected to cut interest rates for the third time this year.



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Dec. 10, 2025, 5:00 AM EST / Updated Dec. 10, 2025, 2:00 PM ESTBy Steve KopackThe Federal Reserve on Wednesday cut its influential interest rate for the third time this year as it tries to balance rising inflation with a labor market that appears to have weakened in recent months.The move could provide a boost to the U.S. economy, but Fed Chair Jerome Powell has recently warned that there is no risk-free path for the central bank to take.The cut of a quarter point — a cautious move by the Fed — could make it cheaper for average Americans who hold a mortgage, have credit card debt or need to take out or refinance a personal loan. It would also help businesses borrow at lower rates.The rate cut had been anticipated by investors, but some doubt remained after a few members of the Fed’s committee expressed concerns that lower interest rates could push consumer prices higher. Three Fed officials dissented against the cut. Fed governor Stephen Miran, who is on temporary leave from the White House, voted for a half point cut. Regional presidents Jeff Schmid and Austan Goolsbee voted for no change to rates at all.The three dissents were the most for the normally united committee since September 2019.In economic projections released alongside Wednesday’s interest rate statement, Fed officials said they saw growth picking up next year more than previously expected, to 2.3%. Fed officials also projected one more interest rate cut next year and another in 2027. Fed officials also said that they expected inflation to decline to 2.4% next year, down from their previous expectation of 2.6%.“Available indicators suggest that economic activity has been expanding at a moderate pace,” the Fed said in a statement. “Job gains have slowed this year, and the unemployment rate has edged up through September.”“Inflation has moved up since earlier in the year and remains somewhat elevated,” members of the Fed’s open market committee added.Affordability has remained a major issue across the U.S., with President Donald Trump — who has repeatedly and vociferously called for the Fed to continue to cut interest rates — recently downplaying those concerns after having campaigned on them. Doubt about the overall economic picture lingers thanks in part to the fog of a data blackout, the result of the prolonged federal government shutdown this fall. Meanwhile, alternative data has consistently pointed to a slowing labor market. The payroll processor ADP’s most recent monthly private jobs report showed small businesses shed a whopping 120,000 jobs in November. Stocks jumped to their highs of the day after the Fed’s announcement, with the S&P 500 rising about a quarter of a percent. The Fed also announced Wednesday that it would buy billions of dollars of U.S. Treasury bonds per month, a move aimed at bolstering the plumbing of the financial system. This also helped push stocks higher.Steve KopackSteve Kopack is a senior reporter at NBC News covering business and the economy.
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Dec. 10, 2025, 2:38 PM ESTBy Daniel ArkinThe fundraising website GoFundMe saw a sharp uptick this year in the number of people using the platform for help covering the cost of housing, food and other day-to-day necessities, according to the company’s annual analysis of campaigns.GoFundMe’s self-published “Year in Help” report found that the number of campaigns launched to assist people with rent, utilities and groceries climbed 20% over the previous year. The platform’s fastest-growing category was “Charity,” followed by “Monthly Bills.”GoFundMe’s analysis underlines growing worries across the U.S. about affordability. In recent months, some economists and lawmakers have sounded alarms about softer wage growth for lower-income workers, declining consumer confidence and tepid hiring.The affordability issue is also staring to loom larger in national politics. President Donald Trump regularly insists that consumer prices have come down since his return to the White House in January. This week, Trump gave the economy during his second term an “A-plus-plus-plus-plus-plus-plus” grade in an interview with Politico.In GoFundMe’s “community causes” category, more fundraisers were launched this year to support food banks than any other cause, the company said in a news release accompanying the report.Between the end of October and early November, GoFundMe saw a nearly sixfold increase in food-related fundraisers on the site. The timing coincided with a federal government shutdown that abruptly halted SNAP food assistance benefits and forced tens of thousands of federal employees to go without paychecks for several weeks.“In a year marked by natural disasters and growing everyday needs, the power of help united communities like never before: with 2.5 donations made every second on average, people across the globe came to GoFundMe to lift up others, support nonprofits, and strengthen communities,” the company said in the release.The “most generous” day of the year was Jan. 10, in the midst of the Los Angeles wildfires. GoFundMe users in all 50 states raised a combined $265 million for wildfire relief, according to the company’s statistics.Ireland topped the list of the “most generous countries” for the seventh year in a row, followed by the U.S. and the United Kingdom.Daniel ArkinDaniel Arkin is a senior reporter at NBC News.
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Dec. 10, 2025, 4:03 PM ESTBy Allan Smith and Matt LavietesAdalberto Rodriguez wasn’t someone who paid much attention to politics — until President Donald Trump faced a criminal trial in New York City last year.Rodriguez, a 30-year-old who lives in Brooklyn, felt he saw similarities between his own legal troubles and what he believed was “political lawfare” Trump dealt with in his city. Soon, he was all-in on Trump, attending rallies in the Bronx and Philadelphia and at Madison Square Garden. He proudly voted for Trump in 2024.This year, Rodriguez became enthralled with another New York City political figure on the rise: Zohran Mamdani, now the mayor-elect.“I pray for these two guys specifically,” Rodriguez said in an interview. “And that’s pretty much the first time in my life I’ve ever had such a level of excitement towards any politician. It’s funny, because a lot of people think that I’m joking or trolling or trying to stir the pot. I get that all the time. I know it’s going to sound silly, but it actually is the opposite.” The Oval Office meeting between Mamdani and Trump last month turned heads, with some observers stunned at what a warm reception the right-wing Republican president gave to the democratic socialist mayor-to-be. But in New York City, this wasn’t so surprising to Rodriguez. And he wasn’t alone.NBC News exit polling from the November vote showed 9% of 2024 Trump voters who showed up at the polls backed Mamdani, a phenomenon highlighted by one voter’s “MAGA for Mamdani” T-shirt that went viral in the run-up to Election Day. Trump himself was fascinated by the development, citing the statistic to reporters following his meeting with Mamdani.“A lot of my voters actually voted for” Mamdani, Trump said. “One in 10, and I’m OK with that.”Mamdani and his allies see their success winning over a segment of Trump voters as a sign of how other Democrats can win back parts of the electorate that spurned the party for Trump in 2024, including young men and immigrants who felt the party was unresponsive to their needs. But Republicans who spoke to NBC News said that while they were surprised by both the number of Trump-Mamdani voters and the congeniality of the president’s meeting with the mayor-elect, they did not feel as if Mamdani unlocked a road map to reconfigure the electorate.The affordability overlapIn an interview with NBC News, Mamdani said he mentioned the exit polling stat to the president at their November meeting to explain how both men had made appeals to some of the same voters. Mamdani also highlighted a campaign video he shot right after Trump’s victory — and soon after launching his own bid — in which he spoke with voters in the Bronx and Queens about why they voted for the president.“I told the president that while our campaign began on Oct. 23, there were far more people who learned of us after his victory because of the video that we shared, where I went to two of the neighborhoods that saw the largest swings towards him in the election,” Mamdani said. “And I asked New Yorkers who they voted for and why, and the vast majority of the New Yorkers that I spoke to voted for the president. And when I asked them why, they came back to cost of living, cost of living, cost of living.”“And I told the president that one of my focuses had been, in the campaign was how to win these voters back, and chief among them was not just young men, but also Asian voters, immigrant voters,” Mamdani continued. “There were so many obituaries being written about the Democratic Party’s ability to engage with these voters or win them ever again. And when I asked these voters what it would take to come back, they told me it was a focus on an economic agenda.”Mamdani said the lessons he took away from those exchanges served as a “through line in our entire campaign,” adding that he made the case to Trump that affordability “would continue to be my focus” in office.In front of the cameras, Trump ultimately praised Mamdani as “a very rational person” who “really wants to see New York be great again.” Reached after the meeting, a senior White House official said the discussion “couldn’t have gone better!”But as operatives and political leaders on the progressive left and the MAGA right seek to nationalize Mamdani’s image for the midterm elections and beyond, Republicans didn’t express worry that Trump was throwing a wrench in their plans. Sen. Chuck Grassley, R-Iowa, said he thinks Trump “ought to be open to meet with anybody,” while Sen. John Cornyn, R-Texas, said he felt the confab was “what I’d call a courtesy meeting.”“I don’t think he’s going to become too close with him,” added Cornyn, who’s facing re-election in Texas.But Mamdani recently had another discussion with the president. The mayor-elect told NY1’s “Inside City Hall” last week that the two men had “spoken briefly” since their initial meeting.Sen. John Hoeven, R-N.D., told NBC News he was surprised the meeting last month between the two men was as “collegial” as it was, chalking it up to how much the president “cares about New York City.”As for Trump-Mamdani voters, Hoeven said he believed they were spurred by concerns over affordability.”“In the case of President Trump, his policies really will help with affordability,” Hoeven said. “And I think some of them are hoping Mamdani’s will because he says they will. But they won’t.”‘Just had a vibe that they will get along’Cost of living was front of mind for Rodriguez, who said that although he cast a ballot for Sen. Bernie Sanders, I-Vt., in the 2020 Democratic presidential primary, he did not feel “represented or seen” by political leaders aside from Trump and Mamdani, both of whom rose to power as antiestablishment outsiders from Queens. But so far in Trump’s first year in office in his second term, Rodriguez says he’s yet to have his economic concerns addressed by the president. Rodriguez also described Trump’s handling of the release of information surrounding the late convicted sex offender and financier Jeffrey Epstein to be “absurd.” “It’s a situation where I’m still hanging in there,” Rodriguez said of his support for Trump. “I mean, being realistic, because I am a realistic person, I feel like the numbers aren’t showing. Much hasn’t really changed. … I’m still riding with him, because I’m giving him the chance.”Rodriguez acknowledged that “it takes time for the effects” of Trump’s agenda “to kick in,” but, he added, “it’s not really seeming like a lot is going on.”“I heard that he’s going to go around the country trying to explain to voters … what they’re doing,” he said, noting that the recent disruption of food stamps during the government shutdown hit him directly. “That was one of the times I was personally affected. You’ve got to look at yourself and be like, wait a minute, this is really not what I voted for. But like I said, I’m still hanging in there. I’m not sure what it’ll take for me to completely sever ties. I still think there’s a shot that a lot could be done.” On Mamdani, Rodriguez said he first caught wind of his candidacy when former classmates were engaging with the 34-year-old’s content on social media. And what really garnered his attention was seeing Mamdani earlier this year confront Trump’s border czar, Tom Homan, in Albany, which Rodriguez said showed “this guy’s got balls.” He wants to see Mamdani achieve his agenda on housing, child care and free bus service.Recalling the Oval Office meeting between the president and the mayor-elect, Rodriguez said he enjoyed when the two men discussed rate hikes by Consolidated Edison, the utility company in New York City. “From the Oval Office meeting alone, I saw the Queens in them both,” he said, adding, “I just had a vibe that they will get along.”Ron Barba, an actor and stock trader who went viral in the run-up to Election Day for sporting a “MAGA for Mamdani” T-shirt at campaign events, backed Mamdani after supporting Trump in 2020 and 2024. He described himself as a “reluctant” Trump voter last year who was worried the president was at least partially responsible for further dividing the country, though he said he “could not stand” then-Vice President Kamala Harris.“I was going to vote for Robert Kennedy because he was in the middle at the time,” Barba said. “But then all of a sudden, he shifted over to the right and went to Trump. And so then I said, ‘Well, now I have no one that I really want, so I’m just going to vote for Trump again.’ And immediately, about three months in, I was like, ‘Here we go again with the fighting.’”“So I was looking for someone new,” Barba said. “I didn’t realize that I was, but I was looking for someone new. And when Zohran won in the primary mayoral election, I started to research him, and I fell in love with him. … I love an underdog.”Both Barba and Rodriguez expressed a desire for the country to be more united — and they see a Mamdani partnership with Trump as something that could bridge divides.Where Trump and Mamdani go from hereFor his part, Mamdani has said that while he is open to working with Trump on cost-of-living issues, he said he expressed deep concerns about increased immigration enforcement in the city. And in an interview with NBC News’ “Meet the Press” following his meeting with Trump last month, Mamdani said he still believes the president is a “fascist” and a “despot.”Zohran Mamdani says he still believes Trump is a ‘fascist’ after meeting: Full interview17:09A former White House official, granted anonymity to speak candidly about the meeting, said the two hit it off as well as they did “because they have no reason to beef right now.”“There’s no friction point, but there will be eventually,” this person said. “POTUS was really nice to Biden during their transition [meeting]. I’m not holding my breath thinking they’re going to be bros for the coming years.”Social media users ran wild online when, one day after the two men met in the Oval Office, the president was seen on the White House grounds wearing an overcoat with a large red scarf, prompting comparisons with Mamdani’s style.“We did not discuss style,” Mamdani told NBC News. “We kept our conversation to cost of living, by and large.”Still, Mamdani has felt a newfound warmth and “increased openness” from his onetime opponents “not simply since the meeting itself, but also since the election.”“For everyone’s different set of opinions on the competing visions for this city, New Yorkers also understand themselves as being New Yorkers and are therefore committed to the success of that city and I’ve been heartened by that,” he said.Mamdani added that he spoke with Trump about Barba, who was wearing his “MAGA for Mamdani” shirt at his Forest Hills rally in October.“There are many New Yorkers for whom their question is less how you describe your politics, and it’s more of, ‘Does your politics include me in it?’” Mamdani said. “And the inclusion is not just of a sense of self, but rather of the struggle that that person is facing.”For Rodriguez, he’s hopeful that Trump’s meeting with Mamdani might mark a new, less-heated chapter in politics.“I would love more unity,” he said. “No more fighting, please.”Allan SmithAllan Smith is a political reporter for NBC News.Matt LavietesMatt Lavietes is a reporter for NBC News.
December 3, 2025
Dec. 3, 2025, 4:42 PM ESTBy Kayla SteinbergIf you order products from abroad this holiday season, you could end up with an unwanted surprise: a pricey tariff bill.This is the first holiday shopping season since the Trump administration made a major change to customs rules, extending tariffs and customs fees to low-value packages that had long been exempt.Since the new policies went into effect in late August, shoppers have reported being hit with surprise tariff charges on everything from rugs and computers to vitamins — sometimes costing hundreds of dollars.Now, as the busiest shopping season of the year gets underway, the stakes are high for both consumers and retailers. The National Retail Federation estimates that U.S. holiday sales will top $1 trillion for the first time this season, and Adobe Analytics expects shoppers will spend a record $253.4 billion online this holiday season. Shoppers who buy gifts from overseas should be prepared to pay tariffs before they can put their presents under the tree. And those who dispute an unexpected tariff bill should be ready for a potentially monthslong back-and-forth with major shippers — while late fees pile up.The $657 tariff billBonnie Hardy-Compagno thought she’d be paying a standard 15% import duty from Europe when she ordered $431 worth of skincare products in late August that were shipped from Belgium.Instead, when her package arrived via UPS in September, she was told that she owed customs charges and fees that were more than the items were worth.“I was very shocked when it showed up and the delivery driver was like, ‘This is going to be $657 to collect your package,’” said Hardy-Compagno. Hardy-Compagno refused her package of skincare products and reached out to UPS for clarification.The end of the “de minimis” tariff exemption for small packages has inundated shippers like UPS with customs paperwork for shipments that didn’t used to require it. Michael Nagle / Bloomberg via Getty Images fileAccording to forms and emails she received from UPS, the shipping company said the face creams and serums she ordered had triggered a 200% tariff because they contained aluminum that was either from Russia or from an unknown country, as well as a separate 50% steel tariff.“It is chaos trying to get it resolved,” she said. “I’ve been calling at least once a week for two months. I have been emailing.”“They finally sent me a form to fill out about quantities of aluminum in the product, which I have no idea,” she continued. “If you go look at the product to pull up ingredients, it’s just the ingredients that’s in the skincare product.”Last month, UPS sent her another invoice for a $65 late fee. She said the company had also sent the bill to collections.“At this point, I’m like, ‘It would have been cheaper for me to fly to Paris,’” Hardy-Compagno said.Ripple effects around the world For nearly a century, low-value packages have been allowed to enter the United States duty-free, under what’s known as the “de minimis” exemption. Since 2016, that threshold value has been $800.But this summer, President Donald Trump ended the exemption, saying it had been used to bring illegal drugs, including fentanyl, into the United States. Starting Aug. 29, low-value packages shipped to individuals have been subject to the same tariffs and fees as large commercial shipping imports. The change is part of a bigger push by the Trump administration to reshape global trade with a constantly shifting mix of blanket tariff rates on U.S. trade partners and separate tariffs on specific products and materials. The president has said his tariff-based economic policy will boost domestic manufacturing and improve the U.S. economy in the long run. But in the meantime, American businesses and consumers are paying a price.Many U.S. retailers have decided to raise their prices to account for these higher import costs. Some international businesses have stopped shipping to the United States altogether, saying it’s not financially feasible to pay big tariffs in order to ship small items. And several major companies — including Costco, cosmetics giant Revlon and eyeglasses maker EssilorLuxottica — have sued the Trump administration over the tariffs.Chaos at customsThe new requirements for smaller packages have caught consumers in a customs nightmare.Thousands of packages every week are getting stuck in customs limbo at global shipping hubs across the country. UPS, the world’s largest courier, has told some customers that it has been “disposing of” their packages.Packages that do make it through customs clearance and to customers can still arrive with the hefty tariff price tags. And shipping companies typically tack on additional processing fees, too.A UPS worker delivers packages in New York City on Dec. 1.Bess Adler / Bloomberg via Getty ImagesThe factors influencing a shipment’s eventual tariff charges include “where it comes from, what it’s made out of, and what the finished product is classified as,” said John Pickel, vice president of supply chain policy at the National Foreign Trade Council.But these questions are more complicated than they sound.In a statement to NBC News, UPS said, in part: “UPS’s brokers are highly trained and use sophisticated technology to ensure accuracy in calculating the appropriate duty and fees due. If you feel there is an error in the calculation of the duty and taxes assessed to your U.S. import shipment, you can contact the UPS Billing group by using the number listed on your UPS billing invoice or contact the UPS Post Entry Department.”“Our agents are working hard to address every customer’s inquiry as recent tariff policy changes have led to a significant rise in the number of brokerage-related inquiries,” UPS added.How to avoid surprise tariffsRetail experts advise anyone planning to order products from abroad this holiday season to be careful.“If you are ordering overseas, the first thing that I would do is search for that item elsewhere to see if they have a U.S. warehouse, another retailer,” said Trae Bodge, a shopping expert at truetrae.com. “It makes me very nervous to be ordering overseas right now, because it’s kind of all up in the air,” she said. “But if you must have that item and it’s only available overseas, read the fine print, especially at checkout.”Consumers should be on the lookout for labels indicating “delivery duty paid,” or DDP. This typically means shipping costs have been included in the final price of the item. Bodge also recommended searching for any mention on retailers’ websites of tariffs, taxes, shipping fees or other charges.Shoppers can also check to see if the websites list where items are shipping from and reach out to retailers directly for any clarification or additional details.Kayla SteinbergKayla Steinberg is a producer at NBC News covering business and the economy.Vicky Nguyen and Isa Morales contributed.
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