ibt-mailNov 14, 2024, 9:51 AM

Republicans Complete Power Sweep With Control Of The House

Newsletter Nov 14, 2024 Quick Six Republicans complete power sweep with control of House The Republican Party has officially won a majority in the House of Representatives, media projected Wednesday,

Newsletter Nov 14, 2024

Quick Six

Republicans complete power sweep with control of House
The Republican Party has officially won a majority in the House of Representatives, media projected Wednesday, completing their clean sweep of Congress, which will hand President-elect Donald Trump vast legislative power. After more than a week of counting, CNN and NBC projected that the Republicans had reached the 218 seats needed to retain their majority in the 435-seat lower chamber, having already secured control over the Senate. Having control of both chambers of Congress will clear the way for him to confirm his nominations for key positions in his administration.
WHAT THE GOP SWEEP WILL MEAN FOR TRUMP'S AGENDA

US consumer inflation ticks up due to rise in housing costs
US consumer inflation edged higher last month, spurred by a rise in already elevated housing costs, according to government data published Wednesday, complicating the US Federal Reserve's plans to cut interest rates. The consumer price index (CPI) rose to 2.6% in October from a year ago, up from 2.4% in September, the Labor Department said, which is in line with median forecasts of economists surveyed by Dow Jones and The Wall Street Journal.
HOW THE DATA WILL IMPACT THE FED'S RATE CUT PLANS

Luxury goods market declines as 50M customers disappear
Global sales of luxury goods are projected to decline around 2% this year, marking the first drop since the 2008 financial crisis. A study by Bain & Company says global luxury spending is forecast to land near $1.6 trillion for the year. The report warns that luxury consumers are cutting back on discretionary items. The luxury consumer base has declined by about 50 million in the past two years, as consumers have opted out or simply can't afford them.
SEE WHY GEN Z IS PLAYING A MAJOR ROLE IN THE TREND

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Markets

DJIA	43,958.19	0.11%
S&P 500	5,985.38	0.02%
Nasdaq Composite	19,230.73	-0.26%
Japan: Nikkei 225	38,761.02	0.10%
UK: FTSE 100	8,030.33	0.06%
Crude Oil Futures	68.19	-0.35%
Gold Futures	2,568.30	-0.70%
Yen	155.84	0.23%
Euro	1.06	-0.11%
* As of market close

Biden, Trump play nice in White House chat

Political rivals President-elect Donald Trump and President Joe Biden met at the White House on Wednesday in order to discuss the peaceful transition of power between the two administrations. The President-elect, who emerged victorious over Vice President Kamala Harris on Election Day, met with the incumbent President on Wednesday and thanked him for his cooperation. The visit is a traditional ritual to symbolize the peaceful transition of power but Trump refused to take part four years ago after he made baseless claims of a stolen election.

SEE WHY A SMOOTH TRANSITION IS CRITICAL TO US POLICY

Trump taps Gaetz as attorney general pick

President-elect Donald Trump announced Florida Rep. Matt Gaetz, who is under investigation for allegedly having sex with a minor, as his nominee for attorney general. The House Ethics Committee is looking into whether Gaetz "engaged in sexual misconduct and illicit drug use, accepted improper gifts, dispensed special privileges and favors to individuals with whom he had a personal relationship, and sought to obstruct government investigations of his conduct," which Gaetz denies.

SEE HOW REPUBLICANS REACTED TO GAETZ'S NOMINATION

Kraft Heinz pulls Lunchables from schools

Kraft Heinz has pulled its once popular Lunchables meal from schools months after a report by Consumer Trends found they contained high levels of sodium and lead, the company announced Wednesday. In April, Consumer Trends released a report that found the Lunchable kits had "relatively high levels of lead, cadmium and sodium," Brian Ronholm, director of food policy at Consumer Reports told USA Today.

WHY LOSING LUNCHABLES IS A MINOR BLOW TO KRAFT HEINZ

Extra point

When did Kraft and Heinz merge? What is the company's top brand?

Tuesday's answer: New Smyrna Beach, Fla., consistently ranks No. 1 in the world for shark attacks, with over 300 on record since 1882.

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