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MSNBC Katy Tur Reports June 4, 2024 19:34:00

Some big news now that could impact your wallet, federal reserve chair jerome powell says they are no longer forecasting a recession. this comes as the u.s. central bank announced yet another interest rate hike, raising rates to a target range of 5 1/4 to 5 1/2%. that makes this the highest borrowing rate we have seen since 2001, and it also marks the 11th hike in the u.s. central bank s past 12 policy meetings. it s a little bit of a mixed bag on the news here. joining us is cnbc senior analyst, and commentators, and coe-ceo of contrast capital partners, and jeffrey wilfurs at the university of michigan. no longer forecasting a recession, that s significant news. i think it was a hedge statement, in the sense that powell said there s a path to a so called soft landing in which ....

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MSNBC Andrea Mitchell Reports June 4, 2024 16:10:00

Just two weeks, that s how long before the nation could default on its debt. democrats are voicing new frustration with the direction of the negotiations. as a result, some want the president to invoke an obscure provision in the constitution, the 14th amendment, an untested legal theory that the president can raise the ceiling without going through congress. the provision reads that the validity of the public debt of the united states, authorized by law, shall not be questioned. using the provision is something president biden says he has been considering. if he does, the president would direct secretary treasury secretary janet yellen to hold an auction raising money to cover our debt, something that happens routinely. but in this case, buyers would offer less at the auction, because the bonds would be much riskier. that means the government effectively pays a higher borrowing rate. there s an added risk, because invoking the 14th amendment has never been done before. ....

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