Americans will likely see rate hikes in the new year as the Federal Reserve fights against inflation. The Federal Open Market Committee (FOMC) said in a statement, “In light of inflation developments and the further improvement in the labor market, the Committee decided to reduce the monthly pace of its net asset purchases by $20 billion for Treasury securities and $10 billion for agency mortgage-backed securities.” This comes as President Joe Biden’s roughly $2 trillion spending bill may not pass by the self-imposed Christmas deadline. Sen. Lindsey Graham (R-S.C.) had some thoughts on the bill: “My belief is that Build Back Better never gets better. It will never get better.”
The White House has a new plan to deal with the trucker shortage. The Supply Chain Disruptions Task Force aims to attract more truckers amid the worker shortage. It’s an effort to address a shortage that some industry insiders say has grown to 80,000 unfilled jobs. According to the American Trucking Associations, that could grow to 160,000 by 2030. The plan will earmark $30 million to expedite commercial driver’s licenses. The plan also establishes a joint initiative between the departments of Labor and Transportation to recruit new drivers.
The Senate approves the National Defense Authorization Act (NDAA) with a bipartisan vote. Included in it is an amendment to protect servicemen and women from getting dishonorably discharged. Sen. Roger Marshall (R-Kan.), who put forward the amendment, said “As a former Army doctor, I am proud the NDAA passed the Senate and included my amendment to ensure service members will be protected from a dishonorable discharge for choosing not to get the COVID vaccine.”
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