DoubleLine’s Gundlach says Fed’s ‘pivot’ is following bond market’s lead

Jeffrey Gundlach, chief executive of DoubleLine Capital and the most widely followed bond investor, said the Federal Reserve’s dovish turn in its policy statement on Wednesday took its lead from the…


Reuters: Wealth

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Feds block SALT workarounds that high-tax states favored

The feds blocked a move by blue states to craft a workaround to the Tax Cuts and Jobs Act limiting state and local tax deductions, saying receipt of a SALT credit in return for making such a contribution would constitute a quid pro quo.
Wealth

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The feds have charged Assange with committing … journalism

The day after the federal government indicted WikiLeaks founder Julian Assange on 18 charges related to his publication of secret Pentagon and State Department documents, San Francisco’s police chief apologized for raiding the home of freelance videographer Bryan Carmody. Carmody had obtained a police report, about the death of a former city public defender, which…
Opinion | New York Post

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Man wanted to ‘bomb Trump Tower,’ shoot pro-Israel rally-goers, feds say

The man also said he wanted to “bomb Trump Tower.”
ABC News: Top Stories

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Would-be ‘hit-plot’ victim: Feds had me pretend to be dead

The estranged husband of a New York City police officer accused of trying to have him killed says he found out about the alleged plot from federal authorities who told him to fake his own death during a sting operation
ABC News: US

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Fed’s James Bullard says interest rate policy is ‘a little tight’ right now

Speaking at a time when the White House is pushing the Fed to lower rates, Bullard would not commit to that course.
Economy

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Army Vet Hatched Domestic Terror Plot to Avenge New Zealand Shooting: Feds

REUTERS

A U.S. Army veteran has been arrested for an attempted terror attack in “multiple” Los Angeles locations allegedly in “retribution” for the mosque mass shooting in New Zealand last month, federal prosecutors announced Monday.

Mark Domingo, a 26-year-old former U.S. Army infantryman who served in Afghanistan, was charged with providing and attempting to provide material support to terrorists in his attempt to make an improvised explosive device (IED) “in order to commit mass murder,” according to an U.S. District court indictment filed over the weekend.

The California man was arrested Friday night after receiving what he thought was a live bomb to carry out his attack but was, in fact, a fake explosive delivered by an undercover law-enforcement officer as part of an FBI investigation.

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Fed’s Beige Book Paints Positive Picture But With Notable Caveats

A report released by the Federal Reserve on Wednesday said U.S. economic activity expanded at a slight-to-moderate pace in March and early April. The report, known as the Beige Book, is a compilation of anecdotal evidence on economic conditions in the twelve Fed districts.
RTT – Top Story

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Fed’s Charles Evans tells CNBC rates can stay unchanged into fall of 2020

Chicago Federal Reserve President Charles Evans said on Monday that he'd be comfortable leaving interest rates alone until autumn 2020.
Economy

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College students busted for making $900K in iPhone fraud scheme: Feds

The two Chinese students were lying about refunds.
ABC News: Top Stories

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Taiwanese Woman Lied Her Way Into Mar-a-Lago With Malware, Feds Say

Joe Raedle/Getty Images

The Secret Service arrested a woman with two foreign passports, four cell phones, and a malware-laden thumb drive after she allegedly lied her way past security at President Trump’s Mar-a-Lago club.

A criminal complaint filed in federal court in Florida alleges Yujing Zhang first claimed she was just going to the pool, then said she was attending an event that didn’t actually exist and finally claimed a friend suggested she travel from Shanghai to Palm Beach to speak with a member of the Trump family about Chinese-American economic relations.

Zhang was charged with making false statements and entering a restricted building or grounds. Her attorney did not respond to a request for comment.

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Fed’s Quarles says more rate hikes could be ahead ‘at some point’ as economy improves

Quarles voiced confidence in the economy and said more rate hikes likely will be appropriate, countering the prevailing market wisdom.
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Fed’s Charles Evans says US economy is slowing but downplays recession

Chicago Federal Reserve President Charles Evans says the U.S. economy has slowed but downplayed chances of a recession.
Economy

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Fed’s Powell sees solid but slower U.S. economic growth in 2019

The U.S. economy will grow at a solid though slower pace in 2019 and the Federal Reserve will remain “patient” in deciding whether to further raise interest rates, Fed Chairman Jerome Powell said on Tuesday.


Reuters: Business News

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Fed’s Message Of Patience Extends Early Rally On Wall Street – U.S. Commentary

With traders reacting positively to the Federal Reserve’s monetary policy announcement, stocks moved sharply higher over the course of the trading session on Wednesday. With the rally on the day, the major averages reached their best closing levels in nearly two months.
RTT – Top Story

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Cosplaying Supervillain Roger Stone Meets Robert Mueller’s Real-Life Feds

Joe Skipper/Reuters

They were two ways Roger Stone’s morning arrest could have played out.

The first scenario is the one Roger rehearsed in his mind a hundred times; his attorney would have been notified well in advance, giving America’s number one parody cartoon supervillain time to assemble some typically foppish confection: perhaps a purple morning coat, spats, hand-tooled lemur-skin calf boots, a jaunty top hat, a monocle, and an exotic cravat tied in a knot typically used only in vigorous German fesselspiele games. He would stride toward the waiting federales with a louche swagger, his bejeweled walking stick in hand. He would smile for the assembled cameras and toss off some bon mot that communicated both searing contempt and breezy insouciance.

Instead, a second, real-world scenario obtained. A frowzy, shocked Roger Stone woke to the sound of “FBI, WARRANT! OPEN THE DOOR!” in the predawn hours. The FBI may not be getting paid, by that didn’t stop them from rolling hard on Stone’s lair, arresting him, and booking him into the Broward County jail. Stern but polite FBI agents arrested Stone on seven counts of lying to Congress and Special Counsel Robert Mueller.  

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http://www.acrx.org -As millions of Americans strive to deal with the economic downturn,loss of jobs,foreclosures,high cost of gas,and the rising cost of prescription drug cost. Charles Myrick ,the President of American Consultants Rx, announced the re-release of the American Consultants Rx community service project which consist of millions of free discount prescription cards being donated to thousands of not for profits,hospitals,schools,churches,etc. in an effort to assist the uninsured,under insured,and seniors deal with the high cost of prescription drugs.-American Consultants Rx -Pharmacy Discount Network News

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Wells Fargo won’t be allowed to grow unless problems fixed: Fed’s Powell

Wells Fargo & Co must keep a lid on its growth until the bank has hardened its risk management policies to prevent any further abuse of its customers, said Jerome Powell, chairman of the Federal…


Reuters: Wealth

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Fed’s Bullard becomes first on central bank to suggest delaying December rate hike

St. Louis Federal Reserve President James Bullard says the central bank could consider postponing its widely anticipated December rate hike by one month because of an inverted yield curve.
Economy

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WATCH: World News 12/07/18: Feds Recommend ‘Substantial Prison Term’ For Michael Cohen

Trump calls former secretary of state ‘dumb as a rock’; Man accused of possible ballot fraud in North Carolina
ABC News: World News Tonight

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http://www.acrx.org -As millions of Americans strive to deal with the economic downturn,loss of jobs,foreclosures,high cost of gas,and the rising cost of prescription drug cost. Charles Myrick ,the President of American Consultants Rx, announced the re-release of the American Consultants Rx community service project which consist of millions of free discount prescription cards being donated to thousands of not for profits,hospitals,schools,churches,etc. in an effort to assist the uninsured,under insured,and seniors deal with the high cost of prescription drugs.-American Consultants Rx -Pharmacy Discount Network News

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Feds Order More Weekend Inspections Of Nursing Homes To Catch Understaffing

The federal government announced plans Friday to crack down on nursing homes with abnormally low weekend staffing by requiring more surprise inspections be done on Saturdays and Sundays.

The federal Centers for Medicare & Medicaid Services said it will identify nursing homes for which payroll records indicate low weekend staffing or that they operate without a registered nurse. Medicare will instruct state inspectors to focus on those potential violations during visits.

“Since nurse staffing is directly related to the quality of care that residents experience, CMS is very concerned about the risk to resident health and safety that these situations may present,” the agency said in a notification to state inspection offices.

The directive comes after a Kaiser Health News analysis found there are 11 percent fewer nurses providing direct care on weekends on average, and 8 percent fewer aides.

Residents and their families frequently complain the residents have trouble getting basic help — such as assistance going to the bathroom — on weekends. One nursing home resident in upstate New York compared his facility to a weekend “ghost town” because of the paucity of workers.

Richard Mollot, executive director of the Long Term Care Community Coalition, an advocacy group in Manhattan, welcomed the new edict but said it was only necessary because state inspectors have not been properly enforcing the rules already on the books.

“The basic problem is the states don’t take this seriously,” Mollot said. “How many studies do we have to have, year after year, decade after decade, saying it all comes down to staffing, and there are very few citations for inadequate staffing and virtually all of them are identified as not causing any resident harm?”

CMS said it will identify potential violators by analyzing payroll records that nursing homes are now required to submit. Those records, which became public this year, showed lower staffing than what facilities had previously told inspectors during their visits, according to the KHN analysis.

“CMS takes very seriously our responsibility to protect the safety and quality of care for our beneficiaries,” CMS Administrator Seema Verma said in a statement.

The nursing home industry criticized the heightened scrutiny.

“Unfortunately, today’s action by CMS will enforce policies that makes it even more difficult to meet regulatory requirements and hire staff,” said Dr. David Gifford, senior vice president of quality and regulatory affairs at the American Health Care Association, an industry trade group, in a written statement. “Rather than taking proactive steps to address the national workforce shortage long-term care facilities are facing, CMS seems to be focusing on a punitive approach that will penalize providers and make it harder to hire staff to meet the shared goal of increasing staffing.”

Currently, a tenth of inspections must occur during “off hours,” which can be either a weekend, or during a weekday before 8 a.m. or after 6 p.m. But for facilities that Medicare identifies as having lower weekend staffing, half of those off-hour inspections—or 5 percent of the total — must be performed on Saturdays or Sundays.

Medicare requires nursing homes to have a registered nurse on site for at least eight hours every day, but according to the payroll records, a quarter of nursing homes reported no registered nurses available at least one day during a three-month period. Since July, Medicare’s Nursing Home Compare website for consumers has highlighted homes that lack sufficient registered nurses and lowered their star ratings. Nursing Home Compare has downgraded ratings for 1,402 of 15,600 facilities for gaps in registered nurse staffing, records show.

The new directive instructs inspectors to more thoroughly evaluate staffing at facilities Medicare flags. The edict does not mean a flurry of sudden inspections. Instead, Medicare wants heightened focus on those nursing homes when inspectors come for their standard reviews, which take place roughly once a year for most facilities.

But what may appear to be staffing scarcities in payroll records may instead be clerical problems in which nurse hours are not properly recorded, say some nursing home officials.

Katie Smith Sloan, president of LeadingAge, an association of nonprofit providers of aging services, said in a statement that some homes are still struggling to adapt to the new data collection rules.

“We’ve been voicing our concerns to CMS and will continue to do so,” she said.


KHN’s coverage of these topics is supported by
John A. Hartford Foundation
and
The SCAN Foundation

Kaiser Health News

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Fed’s Kashkari says rates should not go up when job creation is strong and inflation is tame

Hiking rates too forcefully before necessary could risk causing a recession in the U.S. economy, says Minneapolis Fed President Neel Kashkari.
Economy

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Companies struggling to fill jobs ‘should try paying more,’ Fed’s Kashkari says

Companies should try digging in their pockets if they're looking to find workers for unfilled jobs, Minneapolis Fed President Neel Kashkari said Tuesday.
Economy

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Mercedes-Benz sent recall notices too late: feds

Federal regulators are investigating Mercedes-Benz over whether it was too slow to mail out notices for a recall of 1.4 million cars in 2017. The National Highway Traffic Safety Administration sent the German carmaker a 14-page letter asking it to explain why customers weren’t informed of the recall within the federally mandated time period. The…
Business | New York Post

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Fed’s new Vice Chair Clarida backs more rate hikes in first major policy speech

Federal Reserve Vice Chairman Richard Clarida, in his first major policy speech since being seated at the central bank, said more interest rate increases are likely warranted as the economy continues to gather strength.
Economy

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The Federal Reserve doesn’t need to ‘keep our foot on the gas pedal’ anymore, Fed’s Bostic says

The risk of a powerful economy overheating is the reason the Fed should stick to its schedule of interest rate increases, Atlanta Federal Reserve President Raphael Bostic said Tuesday.
Economy

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Feds crack down on e-cigarettes amid ‘epidemic’ of teen use

The feds are stepping up an industrywide crackdown on e-cigarettes, concerned over what they have called an “epidemic” of young nicotine addicts. The Food and Drug Administration has sent letters to 21 manufacturers, demanding proof that they legally introduced their vaping devices. The letters, mailed on Friday, target e-cigarettes introduced after Aug. 8, 2016, noting…
Business | New York Post

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The Fed’s interest rates push could slow down the economy

When will rising interest rates be a real problem for the stock market? Nobody has the answer to that question, although a lot of people are venturing guesses now that rates are climbing steadily. The problem with those guesses is that a complex combination of factors is at work. The stock market suffered sizeable declines…
Business | New York Post

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