Wednesday, January 31, 2024

Fed Declines to Cut Rates at Latest Meeting, May Cut in Future

The Federal Reserve kept interest rates unchanged after their latest meeting Wednesday, but future cuts may in store as inflation declines and concerns over an economic slowdown grow.

In the latest statement from the Fed, they expressed that rate cuts were not warranted currently as inflation remains elevated, but they dropped a reference to ‘additional policy firming,’ possibly signaling the cuts could come in the future and that additional rate increases are unlikely unless higher inflations returns.

The latest economic growth numbers remain strong, with job growth continuing, even amid notable layoffs at large companies this January.

 

Sunday, December 31, 2023

In Memoriam: Those Lost in the Final Weeks of 2023

Charlie Munger (1924-2023)

Chares “Charlie” Munger, the longtime vice president of Berkshire Hathaway and right-hand man to fellow investing legend Warren Buffett, died on November 28, just weeks shy of his 100th birthday. Born on January 1, 1924, in Omaha, Nebraska, he served as a weather forecaster in World War II. After the war, he received his law degree from Harvard, even though he never completed his undergraduate degree. He became a successful corporate lawyer before pivoting to becoming a businessman himself.

He met Buffett in 1959 at a dinner, becoming inseparable business partners and friends. Together, they grew Berkshire Hathaway, once a struggling textile manufacturer, into an corporate juggernaut, investing in myriad companies and posting outsized returns for decades.


Henry Kissinger (1923-2023)

Henry Kissinger, one of the central figures in 20th century American diplomacy, died November 29 at 100. Kissinger, who was born in Germany, came to the US in 1938, his family fleeing Nazi rule. His accounting studies interrupted by World War II, Kissinger served in the army. He later studied political science at Harvard, eventually earning his Ph.D. He became a noted foreign policy expert by the time Richard Nixon appointed him as National Security Adviser in 1969 and later as Secretary of State in 1973.

His diplomatic contributions include establishing relations with communist China and negotiating a peace with the North Vietnamese. His controversial actions include advocating for bombing Cambodia, support for Argentina’s military during the Dirty War, and support for the coup which led to Augusto Pinochet’s dictatorship in Chile.

Kissinger remained an influential voice on diplomacy in the decades after his public service, most recently making a surprise visit this year to China to speak with leader Xi Jinping amid growing tensions between the US and China.

 

Sandra Day O’Connor (1930-2023)

Sandra Day O’Connor, the first woman appointed to the United States Supreme Court, died December 1 at 93 following a five-year battle with Alzheimer’s, the same disease that afflicted her late husband, who died in 2009.

O’Connor, born in El Paso, Texas, in 1930, graduated from Stanford Law School, but found difficulty finding work following graduation. She eventually found work with the San Mateo County DA’s office and started her involvement in Republican politics. She and her husband later moved to Arizona, where she ran for state senate, rising up to majority leader. After her stint in the legislature, she became a judge.

In 1981, President Ronald Reagan appointed her as the first female Supreme Court, fulfilling a campaign promise. O’Connor became known as a conservative-leaning moderate, retiring in 2006. In retirement, she launched a project to teach kids about civics.


Norman Lear (1922-2023)

Norman Lear, television pioneer and political activist, died December 5 at 101. Lear was a prolific creator of television shows, with some of his best known including ‘All in the Family,’ ‘The Jeffersons,’ and ‘Good Times,’ often including commentary on social issues.

Lear was also noted for his activism, most notably founding the progressive advocacy group People for the American Way.

 

Saturday, November 25, 2023

Former First Lady Rosalynn Carter Dies at 96

Image of Rosalynn Carter

Former First Lady Rosalynn Carter died last Sunday at her Plains, Georgia, home at 96. She was the second oldest first lady ever, after Bess Truman, and her marriage to her husband former President Jimmy Carter was the longest presidential marriage in US history at 77 years.

Carter was born in Plains, Georgia, on August 18, 1927. She started dating her future husband Jimmy in 1945, and they married in 1946. They would have four children together.

Carter became first lady of Georgia in 1971 and first lady of the US in 1977. She took an active role her husband's administration, acting as an adviser and attending cabinet meetings. She was a fierce advocate for mental health reform, both as first lady and during her husband’s post-presidency.