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    Inflation Concerns Loom as Trumponomics Revs Up

    Investors are bracing for the latest data as the president-elect’s economic agenda of cutting immigration and taxes, while raising tariffs takes shape.Progress on tamping down inflation has stalled in recent months. Will today’s data show more of the same?David Zalubowski/Associated PressTrump puts inflation on the agenda The inflation risk stalking the markets eased over the summer, but it never really went away. It’s front and center again as investors contend with a Trumponomics crackdown on immigration, a rising trade-war risk and a potential bonanza of tax cuts.An important inflation measure comes out at 10 a.m. Eastern: the Personal Consumption Expenditures index report. It’s the Fed’s preferred inflation gauge and one of the last big data releases of the year that the central bank will consider as it ponders when to lower borrowing costs further. (Next week’s jobs report is another.)Donald Trump’s latest trade threats show how uncertain the outlook could be. Since the president-elect this week vowed to impose tariffs on Canada, China and Mexico — the United States’ three biggest trade partners — analysts have been gaming out the potential impact. Economists fear that it could add bottlenecks and costs to supply chains and reignite inflation, and that it could scramble the Fed’s policy on interest rates.A worst-case scenario from Deutsche Bank economists: that core P.C.E. next year would jump by an additional 1.1 percentage points if the Trump tariffs were fully enacted. Is the tariff talk an opening salvo for trade negotiations, or a fait accompli? That uncertainty can be felt in the $28 trillion market for U.S. Treasury notes and bonds: Yields hit a four-month high this month, though they are down on Wednesday. Yields climb when prices fall, and have been especially sensitive to concerns that fiscal policy could fuel inflation.Here’s what to watch for in Wednesday’s P.C.E.:Core P.C.E., which excludes volatile food and food prices, is forecast to come in at 2.8 percent on an annualized basis. That would be 0.29 percent above September’s reading.Such a rise would represent a second straight month of inflation trending higher, putting the level further above the Fed’s 2 percent target. The report “should show another ‘bump in the road’ on the path to 2 percent inflation,” Veronica Clark, an economist at Citigroup, wrote in an investor note this week.The culprits are thought to be shelter inflation — especially house prices, with mortgage rates soaring — and used car prices, as well as higher portfolio management fees.Futures traders on Wednesday were pricing in roughly 60 percent odds of a Fed rate cut next month. But their calculations have been volatile in recent months, and a surprisingly hot number could cause a shift in thinking once again.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Mystery Drones Spotted Over U.S. Air Bases in Britain

    Small unmanned craft were seen flying over four bases in England, the U.S. Air Force in Europe said in a statement. The Pentagon noted that there had not been “any significant mission impact.”A number of unidentified drones have been sighted flying over four bases used by the United States Air Force in Britain.The Air Force said in a statement that “small unmanned aerial systems continue to be spotted in the vicinity of and over” four air bases in England. It named the bases as R.A.F. Lakenheath and R.A.F. Mildenhall, both of which are in Suffolk; R.A.F. Feltwell in Norfolk; and R.A.F. Fairford in Gloucestershire.“To date, installation leaders have determined that none of the incursions impacted base residents, facilities or assets,” the statement added. “The Air Force is taking all appropriate measures to safeguard the aforementioned installations and their residents.”Asked about the drones in a news briefing on Tuesday, Maj. Gen. Patrick Ryder, the Pentagon press secretary, said that they were being “actively monitored.”He added: “The bottom line is it’s something that we’re going to take seriously. We’re continuing to look into it, but as of right now it has not had any significant mission impact.”The British Ministry of Defense said in a statement: “We take threats seriously and maintain robust measures at defense sites. We are supporting the U.S. Air Force response.”This is a developing story. More

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    Cease-Fire Deal Leaves Beleaguered Palestinians in Gaza Feeling Forgotten

    As a tenuous cease-fire between Israel and Hezbollah began to take hold early Wednesday, some Palestinians in Gaza said they felt forgotten, nearly 14 months into a war that has shattered the enclave and killed tens of thousands of Gazans.Announcing the deal on Tuesday, President Biden said he hoped it could pave the way to an end to the war in Gaza. But for months, cease-fire talks between Israel and the Palestinian armed group Hamas, which sparked the war with its deadly October 2023 attack on Israel, have stalled as Israeli airstrikes and shelling have continued to pound Gaza. Palestinians there say they have lost hope that the war will ever end.Majed Abu Amra, a 26-year-old displaced from his home and living in Deir al Balah in central Gaza, said he was frustrated that the international community had managed to secure a cease-fire agreement between Israel and Hezbollah, the Lebanese militant group, while Gazans were still trying to survive relentless Israeli bombardment.“There is no global pressure to achieve an agreement here,” he said. “It is not only the occupation that is killing us — the world is complicit in what we are suffering,” Mr. Abu Amra added, referring to the presence of Israeli forces in Gaza.“The blood of Gazans has become cheap,” he said.A lasting cease-fire has proved harder to reach in Gaza because the hostages held by Hamas give it more leverage in negotiations, and because any deal with the group could create political peril for Prime Minister Benjamin Netanyahu of Israel.That leaves Gazans heading into a second straight winter of war. United Nations agencies have repeatedly warned that Gazans face a worsening crisis, with falling temperatures adding to the plight of hundreds of thousands living in makeshift shelters. The war in has displaced the majority of the enclave’s 2.2 million people, many of them multiple times.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Trump Picks Stanford Physician Dr. Jay Bhattacharya to Head N.I.H.

    President-elect Donald J. Trump said on Tuesday evening that he had selected Dr. Jay Bhattacharya, a Stanford physician and economist whose authorship of an anti-lockdown treatise during the coronavirus pandemic made him a central figure in a bitter public health debate, to be the director of the National Institutes of Health.“Together, Jay and RFK Jr. will restore the NIH to a Gold Standard of Medical Research as they examine the underlying causes of, and solutions to, America’s biggest health challenges, including our Crisis of Chronic Illness and Disease,” Mr. Trump wrote on social media, referring to Robert F. Kennedy Jr., his choice to lead the N.I.H.’s parent agency, the Department of Health and Human Services.If confirmed by the Senate, Dr. Bhattacharya would lead the world’s premier medical research agency, with a $48 billion budget and 27 separate institutes and centers, each with its own research agenda, focusing on different diseases like cancer and heart disease.Dr. Bhattacharya is the latest in a series of Trump health picks who came to prominence during the coronavirus pandemic and who hold views on medicine and public health that are at times outside the mainstream. The president-elect’s health choices, experts agree, suggest a shake-up is coming to the nation’s public health and biomedical establishment.Dr. Bhattacharya is one of three lead authors of the Great Barrington Declaration, a manifesto issued in 2020 that contended that the virus should be allowed to spread among young healthy people who were “at minimal risk of death” and could thus develop natural immunity, while prevention efforts were targeted to older people and the vulnerable.Through a connection with a Stanford colleague, Dr. Scott Atlas, who was advising Mr. Trump during his first term, Dr. Bhattacharya presented his views to Alex M. Azar II, Mr. Trump’s health secretary. The condemnation from the public health establishment was swift. Dr. Bhattacharya and his fellow authors were promptly dismissed as cranks whose “fringe” policy prescriptions would lead to millions of unnecessary deaths.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Mississippi Supreme Court District 1, Position 3 Runoff Election Results 2024

    Source: Election results are from The Associated Press.By The New York Times election results team: Michael Andre, Emma Baker, Neil Berg, Andrew Chavez, Michael Beswetherick, Matthew Bloch, Lily Boyce, Irineo Cabreros, Nico Chilla, Nate Cohn, Alastair Coote, Annie Daniel, Saurabh Datar, Leo Dominguez, Tiff Fehr, Andrew Fischer, Martín González Gómez, Joyce Ho, Will Houp, Jon Huang, Junghye Kim, K.K. Rebecca Lai, Jasmine C. Lee, Joey K. Lee, Vivian Li, Alex Lemonides, Ilana Marcus, Alicia Parlapiano, Jaymin Patel, Dan Simmons-Ritchie, Charlie Smart, Jonah Smith, Urvashi Uberoy, Isaac White and Christine Zhang
    Additional contributions by Grace Ashford, Luke Broadwater, Mathew Brownstein, Amanda Cordero Kenan Davis, Karoun Demirjian, Robert Draper, Catie Edmondson, Nick Fandos, Lalena Fisher, Patrick Hays, Robert Jimison, Annie Karni, Maya Miller, Julie Walton Shaver, Tracey Tully, Lisa Waananen Jones and Jessica White
    Edited by Wilson Andrews, Lindsey Rogers Cook, William P. Davis, Jonathan Ellis, Thomas Gaffney, Amy Hughes, Ben Koski, Allison McCartney and Rachel Shorey
    Source: Election results are from The Associated Press. More

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    Mississippi Runoff Election Results 2024

    Source: Election results and race calls are from The Associated Press.By The New York Times election results team: Michael Andre, Emma Baker, Neil Berg, Andrew Chavez, Michael Beswetherick, Matthew Bloch, Lily Boyce, Irineo Cabreros, Nico Chilla, Nate Cohn, Alastair Coote, Annie Daniel, Saurabh Datar, Leo Dominguez, Tiff Fehr, Andrew Fischer, Martín González Gómez, Joyce Ho, Will Houp, Jon Huang, Junghye Kim, K.K. Rebecca Lai, Jasmine C. Lee, Joey K. Lee, Vivian Li, Alex Lemonides, Ilana Marcus, Alicia Parlapiano, Jaymin Patel, Dan Simmons-Ritchie, Charlie Smart, Jonah Smith, Urvashi Uberoy, Isaac White and Christine Zhang
    Additional contributions by Grace Ashford, Luke Broadwater, Mathew Brownstein, Amanda Cordero Kenan Davis, Karoun Demirjian, Robert Draper, Catie Edmondson, Nick Fandos, Lalena Fisher, Patrick Hays, Robert Jimison, Annie Karni, Maya Miller, Julie Walton Shaver, Tracey Tully, Lisa Waananen Jones and Jessica White
    Edited by Wilson Andrews, Lindsey Rogers Cook, William P. Davis, Jonathan Ellis, Thomas Gaffney, Amy Hughes, Ben Koski, Allison McCartney and Rachel Shorey
    Source: Election results and race calls are from The Associated Press. More

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    NYT Crossword Answers for Nov. 27, 2024

    Jill Singer’s triple words score.Jump to: Today’s Theme | Tricky CluesWEDNESDAY PUZZLE — At any traditional Thanksgiving table, you can rely on finding some combination of the beige trinity: turkey, potatoes and pie. New York Times Cooking offers a few colorful additions to the menu, but so does today’s crossword, constructed by Jill Singer. If you observe the U.S. holiday, consider incorporating the ingredients in this grid (in-grid-ients, you might say).The theme’s revealer, incidentally, is also the title of a certain Chekhov play about boredom and listlessness — but neither of those feelings apply to the experience of solving Ms. Singer’s puzzle. Shall we entertain it together?Today’s Theme[Corn, beans and squash, in Mesoamerican tradition] are known as THE THREE SISTERS. That’s a hint to six answers in this puzzle, where two groups of three famous sisters can be found. The clue [Member of an 1800s literary family] solves to ANNE at 5A, CHARLOTTE at 17A and EMILY at 18A — the Brontë sisters.Farther down, [Member of a 2000s showbiz family] solves to three Kardashians: KOURTNEY (45A), KIM (50A) and KHLOE (61A).And if this theme just left you hungry for some corn, beans and squash, you’re in luck: Sam Sifton has a recipe for a Thanksgiving-ready Three Sisters stew. No actual sisters were harmed in the making of the dish.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Trump Selects Jamieson Greer as Trade Representative

    President-elect Donald J. Trump on Tuesday picked Jamieson Greer, a lawyer and former Trump official, to serve as his top trade negotiator. The position will be crucial to Mr. Trump’s plans of issuing hefty tariffs on foreign products and rewriting the rules of trade in America’s favor.Mr. Greer is a partner in international trade at the law firm King & Spalding. During Mr. Trump’s first term, Mr. Greer served as chief of staff to Robert E. Lighthizer, the trade representative at the time. He was involved in the Trump administration’s trade negotiations with China, as well as the renegotiation of the North American Free Trade Agreement with Canada and Mexico.Before that, Mr. Greer served in the Air Force, where he was a lawyer who prosecuted and defended U.S. airmen in criminal investigations. He was deployed to Iraq.“Jamieson will focus the Office of the U.S. Trade Representative on reining in the Country’s massive Trade Deficit, defending American Manufacturing, Agriculture, and Services, and opening up Export Markets everywhere,” Mr. Trump said.The position of trade representative has historically been fairly low profile, but it has taken on greater importance under Mr. Trump. In his first term, the office helped wage a trade war against China, imposed substantial tariffs on its products and negotiated a series of trade deals.In his next term, Mr. Trump has promised to again make aggressive use of the government’s authority over trade. On Monday, he said he would impose tariffs on all products coming into the United States from Canada, Mexico and China on his first day in office.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More