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Real-time News
Fitch: The impact of new energy sources has disrupted Germanys fragile recovery.Fitch: Germany’s general government debt is expected to continue to rise and exceed 70% of GDP by 2029.Fitch affirmed Germanys rating at AAA with a stable outlook. Fitch stated that German public finances will weaken significantly as defense and infrastructure spending growth outpaces still robust revenue growth.On May 15 local time, the Federal Reserve issued a statement saying that current Chairman Jerome Powell will temporarily serve as "interim chairman" until Kevin Warsh is officially sworn in as chairman. Powells term as chairman expires this Friday.May 16 – According to the New York Times, the Trump administration is considering establishing a $1.7 billion fund to compensate allies investigated by the Justice Department during former President Bidens term, a move that would create a moral, legal, and political minefield for Republicans and Justice Department leadership. According to three people familiar with the matter, this unusual plan has not yet been finalized or approved. Democrats and former administration officials have criticized the plan as a massive, taxpayer-funded secret political fund. The proposal is a response to various allegations brought by President Trump against the federal government he controls. He has sought compensation for leaked tax returns during his first term, post-leave investigations into his handling of classified documents, and investigations into potential ties between his 2016 campaign and Russia. The idea of establishing a government fund to pay Trumps political allies has gained increasing support internally as the Justice Department and the White House attempt to resolve Trumps $10 billion lawsuit against the IRS, which he filed in January. Officials familiar with the details revealed that establishing a compensation fund for Trumps allies, but not for the president himself, could provide a short-term solution, allowing the president to obtain tangible benefits from the lawsuit before a judge dismisses it.
