US unveils roadmap to study, shift government spectrum for wireless use
The Biden administration on Tuesday released a detailed timeline for studying significant government-owned spectrum with the aim of helping to expand wireless and other technology uses.
The Commerce Department's National Telecommunications and Information Administration (NTIA), which in November announced steps to repurpose spectrum currently set aside for parts of the federal government, said it was setting detailed timelines for studying several spectrum bands including "the potential for repacking, compression and relocation of airborne radars and other federal systems in the Lower 3 GHz to allow for commercial use."
The Lower 3 GHz study is expected to be completed by October 2026 as will a study on the 7/8 GHz spectrum band.
US February budget deficit climbs on interest costs, tax refunds
The U.S. federal budget deficit grew in February with outlays surging as annual tax-filing season kicked into gear and interest costs on the national debt kept rising, the U.S. Treasury Department said on Tuesday.
The deficit last month was $296 billion, 13% larger than the $262 billion shortfall in February 2023. Outlays for the month grew 8% to $567 billion - a record for the month - while receipts rose 3% to $271 billion. Economists polled by Reuters had expected a deficit of $299 billion in February.
For the first five months of the fiscal year, the deficit rose by $106 billion, or 15%, to $828 billion as interest costs on the national debt rose. The Treasury said both receipts and outlays were records on a year-to-date basis, with receipts up 7% to $1.856 trillion, and outlays up 9% to $2.684 trillion.
Souce:
https://www.reuters.com/business/media-telecom/us-unveils-roadmap-study-shiftgovernment-spectrum-wireless-use-2024-03-12/
US regulator says trade groups judge-shopped for credit fee lawsuit
The U.S. Consumer Financial Protection Bureau (CFPB) said business and banking groups, including the Chamber of Commerce, engaged in "forum shopping" when they sued in Fort Worth, Texas to block a rule aimed at lowering credit card late fees.
The CFPB urged a federal judge there to deny an injunction blocking the rule while the case is in progress. The regulator said the lawsuit is likely to fail in part because it was filed in the wrong place
The late fee rule passed last week applies only to around 35 of the largest card issuers, none of which is based in Fort Worth, the regulator said.
Only one of the groups that sued, the Fort Worth Chamber of Commerce, is based in the court district, and the member it claims was harmed is a bank in Utah, the regulator said in court papers filed on Tuesday.
"Far-flung entities cannot just pay membership fees to an association in their venue of choice to gain access to that venue," the CFPB wrote.
Souce:
https://www.reuters.com/legal/us-regulator-says-trade-groups-judge-shoppedcredit-fee-lawsuit-2024-03-13/
Gasoline, food boost US producer prices in February
U.S. producer prices increased more than expected in February amid a surge in the cost of goods likegasolineandfood, whichcouldfanfears that inflation was picking up again.
The producer price index for final demand rose 0.6% last month after advancing by an unrevised 0.3% inJanuary, theLaborDepartment's Bureau of Labor Statistics said on Thursday. Economists polled by Reuters had forecast the PPI climbing 0.3%.
A 1.2% jump in the prices of goods accounted for nearly two-thirds of the increase in the PPI. Goods prices were driven by energy products, which surged 4.4% after declining 1.1% in January. Goods prices had edged down 0.1% in January.
In the 12 months through February, the PPI shot up 1.6% after advancing 1.0% in January.
US economy cooling in first quarter; inflation appears sticky
U.S. retail sales rebounded less than expected in February, suggesting a slowdown in consumer spending in the first quarter amid rising inflation and high borrowing costs.
The signs of slowing economic activity are, however, unlikely to spur the Federal Reserve to start cutting interest rates before June as other data on Thursday showed a larger-than-expected increase in producer prices last month.
The labor market also remains fairly tight. Fewer Americans applied for unemployment benefits last week and annual revisions to the weekly claims data showed laid-off workers were quickly finding new work and not spending as long a period of time on jobless benefits as had been previously thought.
"When the Fed is contemplating a series of rate cuts and is confronted by suddenly slower economic growth and suddenly brisker inflation, they will respond to the new news on the inflation side every time," said Chris Low, chief economist at FHN Financial. "After all, this is not the first time in the past couple of years consumers have paused spending for a couple of months to catch their breath."
Souce:
https://www.reuters.com/markets/us/us-retail-sales-rebound-february-weeklyjobless-claims-fall-2024-03-14/