GDP - Everything From Biden's Capital Gains Tax Proposal Fed's Inflation Indicator To US Economy Growth And Goldman Sachs' Inflation Decline Prediction: Top Economic Updates This Week | Benzinga
As the weekend comes to a close, let’s take a look at the top stories that shaped the week. From a former senator’s skepticism about President Joe Biden’s tax proposal to the Fed’s inflation indicator, here’s a quick recap of the key events that unfolded.
Former Senator Dismisses Biden’s Capital Gains Tax Proposal
Former Democratic senator, Heidi Heitkamp, has expressed doubts about the likelihood of President Joe Biden’s proposed 44% capital gains tax passing. The proposal, part of the Fiscal Year 2025 Budget, aims to raise long-term capital gains and qualified dividends rates to 37% for taxpayers with taxable income above $1 million.
Fed’s Key Inflation Indicator Hits 2.8%
The Federal Reserve’s preferred inflation measure, the Personal Consumption Expenditure (PCE) price index, surged beyond expectations in March. This development has further dampened hopes of a Federal Reserve rate cut, which had already been dwindling in recent weeks. Market-implied probabilities now suggest a 60% chance of a rate cut by September 2024, with only one rate cut priced in by year-end.