The Daily Money: Should Harvard pay taxes?
Good morning! It’s Daniel de Visé with your Daily Money.
This news puts a fresh spin on the term "for-profit education": The IRS may revoke Harvard University's tax-exempt status after the Ivy League university refused to meet President Donald Trump's wide-ranging demands for changes to its policies.
Trump and Harvard are battling over his allegations the university failed to adequately protect Jewish students during pro-Palestinian protests last year, along with his claim that the university is a bastion of diversity, equity and inclusion programs. Harvard contends the federal government is, in effect, attempting an unlawful takeover.
Fed chair Powell in no hurry to lower rates
President Donald Trump’s on-again, off-again tariffs have roiled markets and raised recession fears.
But Federal Reserve Chair Jerome Powell on Wednesday stuck to his slow and steady message: Let’s keep inflation contained and wait for greater clarity on a hazy outlook.
With Trump’s tariffs predicted to both increase inflation and slow the economy, leaving the Fed torn between its two missions, Powell reiterated that the central bank’s main job is to keep prices in check.
Click here for Paul Davidson's analysis.
Trump thinks Powell should be in a hurry
President Trump responded with vitriol to Powell's comments, saying his "termination cannot come fast enough!" in a social-media reply to the Fed chair's warning about tariffs, and urging him to lower interest rates.
The Fed is supposed to act independently of politicians, including presidents. But Trump frequently suggests otherwise.
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer and financial news from Paste BN, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.
Daniel de Visé covers personal finance for USA Today.