Lawmakers have suspended the debt ceiling -- a limit on government borrowing to pay for bills already incurred -- until January 1 next year.
The US consumer confidence index slipped to 104.7 in December, down from a revised 112.8 last month, The Conference Board announced in a statement.
The Fed is also tipped to signal a slower path of cuts going forward amid uncertainty over the impact of President-elect Donald Trump's economic proposals
The consumer price index (CPI) rose to 2.7 percent last month from a year ago
The lame-duck president's speech comes after Trump won a second term largely on the back of US voters' anger at high costs of living under Democrats.
The labour market's resilience is driving the economy through strong consumer spending, with the closely watched employment report from the Labor Department on Friday showing solid wage growth last month
Holiday shoppers largely browsed at brick-and-mortar stores, making more online purchases at some retailers, snapping up such items as pre-owned Rolex watches,
The Federal Reserve has a dual mandate from Congress to keep both inflation and unemployment under control, and recently began rolling back high interest rates in order to better support the labor market
New York Fed President John Williams said inflation was now "within striking distance" of two percent.
Trump, who won a crushing presidential victory this week, vowed during his campaign to slap 60 percent tariffs on all Chinese goods entering the United States in an attempt to balance trade between the two nations.
It was clear from the beginning of this presidential race that the biggest thorn in Harris’s side was the poor economic record of the Biden-Harris administration.
Although Europe's public reaction to the Republican's return has been cautious, officials are on full alert over the implications for the European Union's economy if he delivers on his threats and slaps higher tariffs
India is the ninth-largest trading partner of the United States, with a trade surplus of more than $30 billion in the 2023-24 financial year.
The impact of inflation on the cost of everyday items was pronounced, with consumer prices rising cumulatively by more than 20 percent during President Joe Biden's time in office, triggering a backlash from voters.
This will not be the first time Trump has used tariffs to exert pressure on other countries
American voters who cared more about the economy than other issues - their choice for the next president appeared resoundingly clear: Republican Donald Trump.
The world's biggest economy added just 12,000 jobs last month, far below expectations and down from a revised 223,000 in September
Two years into the US government’s attempt to lure manufacturing of semiconductors and renewable energy back home, the president’s top national security aide, Jake Sullivan, offered a defense of his boss’s major economic choices.
IMF raised its 2024 and 2025 economic growth forecasts for the US - the only developed economy to see its outlook marked up for both years
