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1 House Votes To Launch Impeachment Inquiry Against President Biden
The House voted to formalize an impeachment inquiry into President Joe Biden yesterday as expected. The 221 to 212 party-line vote will help Republicans investigation into Biden’s alleged connections to his son Hunter’s business dealings, including giving them the power to issue subpoenas, request documents, and compel testimony from witnesses. Republican Rep. Tom Cole of Oklahoma said yesterday “The procedures we’re adopting today closely parallel those the Democrats created in 2019,” referring to the impeachment inquiry into then-President Donald Trump. Democrats are saying that the inquiry into Biden is retaliation for the impeachments of Trump, but House Speaker Mike Johnson said last week that authorizing the probe was necessary because of “stonewalling” from the White House. In response to yesterday’s vote, President Biden issued a statement that said in part, “Instead of doing anything to help make Americans’ lives better, they are focused on attacking me with lies.”
2 Dow Breaks Record After Federal Reserve Holds Interest Rates Steady, WIll Cut Them Next Year
The stock market’s on the way up because interest rates aren’t. The Dow Jones Industrial Average set a new record yesterday, closing over 37,000 for the first time after a 512-point jump. The S&P 500 went up 1.4-percent, and the Nasdaq composite rose 1.4-percent. The overall increase in the market was driven by Federal Reserve Chair Jerome Powell’s announcement that interest rates will not be increased this month, with Powell remarking during his press conference yesterday that rates were most likely at their peak. The jump was also fueled by another part of Powell’s announcement. The Fed chair said that members of the Federal Reserve expect to make at least three rate cuts in 2024, but people may start seeing some economic differences before then. On speculation that the overall rates will be close to 4-percent by this time next year, treasury yields dropped yesterday. Drops in those yields make it easier for Americans to get a cheaper mortgage and for businesses to borrow money to expand.
3 Hunter Biden Defies Congressional Subpoena
Hunter Biden turned up in Washington yesterday in response to a congressional subpoena, but instead of testifying he called a press conference. Talking to reporters outside the Capitol, Biden said he would only testify in public, saying “Republicans do not want an open process where Americans can see their tactics,” adding, “What are they afraid of? I am here.” In response to the move, Republican Rep. James Comer said the House Oversight and Accountability Committee he chairs would start looking at contempt of Congress proceedings against Hunter Biden for not answering the subpoena.