Washington Comes for the U.S. Steel Deal
Summary
Criticism of the deal is bipartisan: • None In a letter on Tuesday to Treasury Secretary Janet Yellen (who chairs CFIUS, the interagency committee that reviews investments on national security grounds), three Republican senators recommended blocking the sale. The administration isn’t showing its hand: Karine Jean-Pierre, the White House press secretary, said that Biden was aware of the deal and added that it could face regulatory review, without elaborating. Details about the contract weren’t disclosed, though Southwest pilots have sought to match hefty pay raises and improvements in working conditions reached by counterparts at other airlines. The disconnect between the Fed and the markets The S&P 500 is within about a half-percentage point of a record on Wednesday morning as investors bet that a wave of interest rate cuts is coming next year. Lisa Shalett, the chief investment officer at Morgan Stanley Wealth Management, warned investors in a research note on Monday that there has been little progress lately in bringing core inflation, which strips out food and fuel prices, closer to the Fed’s 2 percent target.