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President-elect Donald Trump campaigned on the promise that his policies would reduce high borrowing costs and lighten the financial burden on American households. But what if, as many economists expect, interest rates remain elevated, well above their pre-pandemic lows? Trump could point a finger at the Federal Reserve, and in particular at its chair, Jerome Powell, whom Trump himself nominated to lead the Fed. During his first term, Trump repeatedly and publicly ridiculed the Powell Fed, complaining it kept interest rates too high. Trump’s attacks on the Fed raised widespread concern about political interference in the Fed’s policymaking. Powell, for his part, emphasized the importance of the Fed’s independence: “That gives us the ability to make decisions for the benefit of all Americans at all times, not for any particular political party or political outcome.” Political clashes might be inevitable in the next four years. Trump’s proposals to cut taxes and impose steep and widespread tariffs are a recipe for high inflation in an economy operating at close to full capacity. And if inflation were to reaccelerate, the Fed would need to keep interest rates high. Because Powell won’t necessarily cut rates as much as Trump will want. And even if Powell reduces the Fed’s benchmark rate, Trump’s own policies could keep other borrowing costs — such as mortgage rates — elevated. The sharply higher tariffs that Trump vowed to impose could worsen inflation. And if tax cuts on things like tips and overtime pay — another Trump promise — quickened economic growth, that, too, could fan inflationary pressures. The Fed would likely respond by slowing or stopping its rate cuts, thereby thwarting Trump’s promises of lower borrowing rates. The central bank might even raise rates if inflation worsens. “The risk of conflict between the Trump administration and the Fed is very high,” Olivier Blanchard, former top economist at the International Monetary Fund, said recently. If the Fed increases rates, “it will stand in the way of what the Trump administration wants.” Yes, but with the economy sturdier than expected, the Fed’s policymakers may cut rates only a few more times — fewer than anticipated just a month or two ago. And those rate cuts might not reduce borrowing costs for consumers and businesses very much. The Fed’s key short-term rate can influence rates for credit cards, small businesses and some other loans. But it has no direct control over longer-term interest rates. These include the yield on the 10-year Treasury note, which affects mortgage rates. The 10-year Treasury yield is shaped by investors’ expectations of future inflation, economic growth and interest rates as well as by supply and demand for Treasuries. An example occurred this year. The 10-year yield fell in late summer in anticipation of a Fed rate cut. Yet once the first rate cut occurred Sept. 18, longer-term rates didn’t fall. Instead, they began to rise again, partly in anticipation of faster economic growth. Trump also proposed a variety of tax cuts that could swell the deficit. Rates on Treasury securities might then have to be increased to attract enough investors to buy the new debt. “I honestly don’t think the Fed has a lot of control over the 10-year rate, which is probably the most important for mortgages,” said Kent Smetters, an economist and faculty director at the Penn Wharton Budget Model. “Deficits are going to play a much bigger role in that regard.” Occasional or rare criticism of the Fed chair isn’t necessarily a problem for the economy, so long as the central bank continues to set policy as it sees fit. But persistent attacks would tend to undermine the Fed’s political independence, which is critically important to keeping inflation in check. To fight inflation, a central bank often must take steps that can be highly unpopular, notably by raising interest rates to slow borrowing and spending. Political leaders typically want central banks to do the opposite: keep rates low to support the economy and the job market, especially before an election. Research has found that countries with independent central banks generally enjoy lower inflation. Even if Trump doesn’t technically force the Fed to do anything, his persistent criticism could still cause problems. If markets, economists and business leaders no longer think the Fed is operating independently and instead is being pushed around by the president, they’ll lose confidence in the Fed’s ability to control inflation. Once consumers and businesses anticipate higher inflation, they usually act in ways that fuel higher prices — accelerating their purchases, for example, before prices increase further, or raising their own prices if they expect their expenses to increase. “The markets need to feel confident that the Fed is responding to the data, not to political pressure,” said Scott Alvarez, a former general counsel at the Fed. He can try, but it would likely lead to a prolonged legal battle that could even end up at the Supreme Court. At a November news conference, Powell made clear that he believes the president doesn’t have legal authority to do so. Most experts think Powell would prevail in the courts. And from the Trump administration’s perspective, such a fight might not be worth it. Powell’s term ends in May 2026, when the White House could nominate a new chair. It is also likely the stock market would tumble if Trump attempted such a brazen move. Bond yields would probably increase, too, sending mortgage rates and other borrowing costs up. Financial markets might also react negatively if Trump is seen as appointing a loyalist as Fed chair to replace Powell in 2026. Yes, and in the most egregious cases, it led to stubbornly high inflation. Notably, President Richard Nixon pressured Fed Chair Arthur Burns to reduce interest rates in 1971, which the Fed did, as Nixon sought reelection the next year. Economists blame Burns’ failure to keep rates sufficiently high for contributing to the entrenched inflation of the 1970s and early 1980s. Thomas Drechsel, an economist at the University of Maryland, said that when presidents intrude on the Fed’s interest rate decisions, “it increases prices quite consistently and it increases expectations, and ... that worries me because that means inflation might become quite entrenched.” Since the mid-1980s, with the exception of Trump in his first term, presidents have scrupulously refrained from public criticism of the Fed. “It’s amazing, how little manipulation for partisan ends we have seen of that policymaking apparatus,” said Peter Conti- Brown, a professor of financial regulation at the University of Pennsylvania’s Wharton School. “It really is a triumph of American governance.” Get local news delivered to your inbox!The Evolving Future of Work Requires HR's Strategic Partnership to Achieve Organizational Success in 2025: New Research Snapshot From McLean & Company

US President-elect Donald Trump has chosen Brooke Rollins, president of the America First Policy Institute, to be agriculture secretary. Login or signup to continue reading "As our next Secretary of Agriculture, Brooke will spearhead the effort to protect American Farmers, who are truly the backbone of our Country," Trump said in a statement on Saturday. If confirmed by the Senate, Rollins would lead a 100,000-person agency with offices in every county in the country, whose remit includes farm and nutrition programs, forestry, home and farm lending, food safety, rural development, agricultural research, trade and more. It had a budget of $US437.2 billion ($A672.6 billion) in 2024. The nominee's agenda would carry implications for American diets and wallets, both urban and rural. Department of Agriculture officials and staff negotiate trade deals, guide dietary recommendations, inspect meat, fight wildfires and support rural broadband, among other activities. "Brooke's commitment to support the American Farmer, defence of American Food Self-Sufficiency, and the restoration of Agriculture-dependent American Small Towns is second to none," Trump said. The America First Policy Institute is a right-leaning think tank whose personnel have worked closely with Trump's campaign to help shape policy for his incoming administration. She chaired the Domestic Policy Council during Trump's first term. As agriculture secretary, Rollins would advise the administration on how and whether to implement clean fuel tax credits for biofuels at a time when the sector is hoping to grow through the production of sustainable aviation fuel. The nominee would also guide next year's renegotiation of the U.S.-Mexico-Canada trade deal, in the shadow of disputes over Mexico's attempt to bar imports of genetically modified corn and Canada's dairy import quotas. Trump has said he again plans to institute sweeping tariffs that are likely to affect the farm sector. Australian Associated Press DAILY Today's top stories curated by our news team. Also includes evening update. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Get the editor's insights: what's happening & why it matters. WEEKLY Love footy? We've got all the action covered. WEEKLY Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. WEEKLY Get the latest property and development news here. WEEKLY Going out or staying in? Find out what's on. WEEKDAYS Sharp. Close to the ground. Digging deep. Your weekday morning newsletter on national affairs, politics and more. WEEKLY Follow the Newcastle Knights in the NRL? Don't miss your weekly Knights update. TWICE WEEKLY Your essential national news digest: all the big issues on Wednesday and great reading every Saturday. WEEKLY Get news, reviews and expert insights every Thursday from CarExpert, ACM's exclusive motoring partner. TWICE WEEKLY Get real, Australia! Let the ACM network's editors and journalists bring you news and views from all over. AS IT HAPPENS Be the first to know when news breaks. DAILY Your digital replica of Today's Paper. Ready to read from 5am! DAILY Test your skills with interactive crosswords, sudoku & trivia. Fresh daily!Capitals Reveal Alexander Ovechkin Will Miss Multiple Weeks With Signifcant Injury

NUST’s new rector assumes office This image taken on December 18, 2024, shows academician Dr Muhammad Zahid Latif. — Facebook@nustofficial Islamabad: Celebrated academician Dr Muhammad Zahid Latif assumed the office of Rector National University of Sciences & Technology (NUST). googletag.cmd.push(function() { googletag.display('div-gpt-ad-1700472799616-0'); }); Holding a Doctorate from the prestigious Peking University, China, an MPhil degree with distinction, and four master’s degrees, Dr Zahid brings with him extensive experience of research & development and has been on the faculty of some of the leading higher education institutions at home and abroad. He is also a retired three-star general and erstwhile Federal Secretary Defence Production with hands-on experience in cutting-edge technologies and domestic as well as international defence industries. Dr Zahid also holds the honour of delivering lectures at the universities and think tanks across USA, UK, and China. He is also a former Senior Research Fellow of Beijing Foreign Studies University, China, and is currently a Senior Fellow with the prestigious Chinese think-tank Taihe Institute.

Himachal BJP divided in factions creating hurdles in state's progress Sukhu

Apple is in discussions with Tencent and ByteDance to potentially integrate AI models into iPhones sold in China, according to sources. The talks come as Apple's market share in China wanes. Regulatory barriers have prevented ChatGPT's availability, prompting Apple to seek local partnerships for AI integration. The absence of AI features in Chinese iPhones has placed Apple at a disadvantage as it competes with domestic brands. Huawei's recent AI-powered phone release has contributed to its 42% sales surge in Q3, contrasting Apple's 0.3% decline. Meanwhile, Apple's negotiations with Baidu face setbacks over technical issues. (With inputs from agencies.)gorodenkoff Micron Technology, Inc. ( NASDAQ: MU ) reported fiscal Q1 earnings after the close on Wednesday amidst fears that both DRAM and NAND might be approaching oversupply territory despite strong growth in AI applications and a nascent memory Analyst’s Disclosure: I/we have a beneficial long position in the shares of MU either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.Pakistan rejects new US sanctions on its missile programme as ‘discriminatory’ While US opposes Pakistan’s missile programme, analysts believe it treats India’s long-range missiles programme differently Military personnel stand beside a Shaheen III surface-to-surface ballistic missile during Pakistan Day military parade in Islamabad, Pakistan March 23, 2019.— Reuters KARACHI: Pakistan has strongly reacted to the US decision to impose sanctions on the National Development Complex and three commercial entities, calling the move “unfortunate and biased” and warning that such policies have dangerous implications for strategic stability of the South Asian region and beyond. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1700472799616-0'); }); The new sanctions have been imposed weeks before the inauguration of US President-elect Donald Trump. While the US opposes Pakistan’s missile programme, analysts believe it treats India’s long-range missiles programme differently. A Ministry of Foreign Affairs statement tweeted by Deputy Prime Minister and Foreign Minister Ishaq Dar late on Wednesday night said: “Pakistan’s strategic capabilities are meant to defend its sovereignty and preserve peace and stability in South Asia.” “The latest installment of sanctions defies the objective of peace and security by aiming to accentuate military asymmetries. Such policies have dangerous implications for strategic stability of our region and beyond,” the statement said. The Ministry of Foreign Affairs emphasized the fact that Pakistan’s strategic programme is a sacred trust bestowed by 240 million people upon its leadership. “The sanctity of this trust, held in the highest esteem across the entire political spectrum, cannot be compromised.” The statement further said: “We also regret the imposition of sanctions on private commercial entities. Similar listings of commercial entities in the past were based on mere doubts and suspicion without any evidence whatsoever. While claiming strict adherence to non-proliferation norms, licensing requirement for advanced military technology to other countries have been waived off in the past.” It said: “Such double standards and discriminatory practices not only undermine the credibility of non-proliferation regimes but also endanger regional and international peace and security.” Earlier on Wednesday, the United States said it was imposing additional sanctions related to Pakistan’s ballistic missile programme, targeting four entities that it said were contributing to the proliferation or delivery of such weapons. “The United States will continue to act against proliferation and associated procurement activities of concern,” the US Department of State said in a statement. “In light of the continuing proliferation threat of Pakistan’s long-range missile development, the United States is designating four entities for sanctions pursuant to Executive Order (E.O.) 13382, which targets proliferators of weapons of mass destruction and their means of delivery,” it said. The statement further said, “Pakistan’s National Development Complex – which is responsible for Pakistan’s ballistic missile program and has worked to acquire items to advance Pakistan’s long range ballistic missile program – and Affiliates International, Akhtar and Sons Private Limited, and Rockside Enterprise – which have worked to supply equipment and missile-applicable items to Pakistan’s ballistic missile program, including its long range missile program – are being designated pursuant to E.O. 13382 Section 1(a)(ii) for having engaged, or attempted to engage, in activities or transactions that have materially contributed to, or pose a risk of materially contributing to, the proliferation of weapons of mass destruction or their means of delivery (including missiles capable of delivering such weapons), including any efforts to manufacture, acquire, possess, develop, transport, transfer, or use such items, by Pakistan.” In September, Mathew Miller had said in a press briefing that “it has been our longstanding policy to deny support to Pakistan’s long-range ballistic missile program, and we will continue to use our sanctions and other – our other tools to ensure our national security cannot be – cannot be impacted, and that the US financial system cannot be used by proliferators.”

Dolphins Parlays for SundayAfter Trump's Project 2025 denials, he is tapping its authors and influencers for key roles

Emilia Reyes image via Fresno EOC The Fresno Economic Opportunities Commission has a new acting CEO and another CEO “on a leave of absence” – and “no additional information to share,” a spokesperson told Fresnoland late Tuesday. Michelle Tutunjian, most recently the nonprofit’s chief operating officer, took over as acting CEO on Nov. 20, spokesperson Jose Moreno said in an email. “To ensure clarity, Emilia Reyes remains the CEO of Fresno EOC, while Michelle Tutunjian serves as Acting CEO,” Moreno said. “Ms. Reyes is currently on a leave of absence, and I have no additional information to share.” It’s unclear whether Reyes is still drawing a salary from Fresno EOC. Moreno has refused to answer questions about Reyes, citing personnel rules, including refusing to disclose copies of the nonprofit’s policies and procedures. He also declined to provide a timeline for when information would be released publicly. The quiet leadership shakeup comes in the midst of a $3.2 million deficit at the nonprofit poverty-fighting organization. Fresnoland first made inquiries about Reyes’ role with Fresno EOC on Nov. 26, but didn’t get an answer back until Dec. 10, when Moreno said he couldn’t comment on personnel matters. Moreno also said Tutunjian and Fresno EOC Board Chair Oliver Baines were not available for interviews “at this time.” The Fresno EOC’s Dec. 16 board meeting had a sobering atmosphere, as the commission’s 24-member board learned the organization’s deficit rose from about $2.7 million in November to about $3.2 million this month. Commissioners asked Fresno EOC’s administrators a range of questions, with many not getting concrete responses. For example, Fresno EOC’s administrators did not have available a breakdown of each department’s funding sources for programs and positions. “Every department should have a flow chart that shows the organization’s funding sources that correspond.” Baines, the board chair, said at the Monday meeting. “That just seems like a good practice — apparently, we haven’t been doing that. It’s a very appropriate question, and it should be a standard practice.” Commissioner Joaquin Arambula asked about the financials of the organization, based on attachments to the Dec. 16 agenda packet. “The total fund balance from ‘23 to ‘24 went down from 12.7 million to 7 million,” Arambula said. “Is that to suggest that we’ve lost $5.8 million this year?” Chief Financial Officer Hemanta Mungur couldn’t answer the question Monday night. “I have to look into it further,” Mungur said. Nearly 33 million companies in the U.S. may be required The Fresno Economic Opportunities Commission has a new acting CEO Attorneys for a Bakersfield baker took her case to a The Picayune Rancheria of Chukchansi Indians has weighed in onAfter Trump's Project 2025 denials, he is tapping its authors and influencers for key rolesLA VERGNE TENN. (WTVF) — You may have seen these pictures floating on social media after La Vergne police asked for the public’s help to solve a suspected kidnapping case. We're happy to tell you the police say they've located both people pictured here and no charges will be filed at this time. La Vergne investigators believe it was a domestic situation. Police say this investigation came about because a good Samaritan spoke out and are encouraging others to do the same. A neighbor was awoken by a frantic ring of her doorbell early in the morning in a La Vergne neighborhood. That neighbor said even in the early hours of the morning, she felt compelled to help another. “Basically I was in the bed sleeping. My doorbell it just kept going off and kept going off and it woke me up,” the neighbor said. We are hiding this good Samaritan’s identity out of concern for her safety. She says even through the language barrier, she could tell through her doorbell camera a plea for help came to her doorstep. “I couldn't understand everything but I heard her say something about ‘policia’... he grabbed her and she was screaming,” she said. “I don't know if I did any help being that I couldn't give too much detail.” Her instinct told her someone may be in trouble. While others may sit idly by she picked up the phone for police. “I mean, I would hope that somebody would help if I was in a situation like that,” she said. “It’s definitely unusual when you get a third party caller asking for police assistance for somebody coming asking for police assistance at their residence, that's not a normal occurrence here,” said La Vergne police lieutenant David Durham. La Vergne police increased patrols in the neighborhood near Percy Street and eventually found both of those pictured in the doorbell camera images. “I think this is more of an isolated incident at this point in time,” said Durham. “I don't think we have a massive kidnapping person out here, but we still want to be diligent in our efforts as a law enforcement agency to investigate every lead, every possible avenue we can go down.” Police say they're proud at least this time "see something say something" may have saved someone. “I just hope that she's okay,” said the neighbor. Police remind you if you have any information about this investigation or another to report the information. You do not have to give your name. If you have more information about this story, please email me at Amanda.Roberts@newschannel5.com.

Brendan Rodgers hails Celtic’s international travellers but refuses to look closer to home after moving clear in league

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