1/ The EPA proposed tougher tailpipe emissions limits that could require up to 67% of new vehicles sold in the U.S. to be all-electric by 2032 – the nation’s most ambitious climate regulations to date. The new rules are expected to eliminate 7.3 billion tons of CO2 through 2055 – the equivalent of eliminating all greenhouse gas emissions from the entire U.S. transportation sector for four years. The limits would also surpass Biden’s previous commitment to have EVs make up roughly 50% of cars sold by 2030. Last year, EVs accounted for 5.8% of the 13.8 million new vehicles sold in the U.S. The White House has also set aside $7.5 billion to expand the EV charging network – as part of the 2021 $1 trillion bipartisan infrastructure bill. And, the 2022 Inflation Reduction Act will provide tax credits up to $7,500 for car buyers to incentive EV adoption and affordability. The U.S. is the world’s third-largest market for EVs behind China and Europe. (New York Times / Wall Street Journal / CNBC / NPR)
2/ The Federal Reserve projects the nation’s economy to fall into a “mild recession” by year’s end, according to minutes from the Fed’s March meeting minutes. Central bank officials scaled back their economic expectations for future rate hikes this year due in part to the string of bank failures and instability in the banking sector. Although Fed officials considered skipping a rate increase at their March meeting, they raised their benchmark lending rate a quarter point to a range of 4.75% to 5%. (Wall Street Journal / Bloomberg / Forbes / CNBC)
3/ U.S. inflation fell to its lowest level in nearly two years. The consumer price index rose 0.1% from February to March, and 5% from a year ago. Despite the lower prices, inflation is still running more than two-and-a-half times the Fed’s target of 2% and the central bank is on track to raise interest rates at least once more before what they say will be an extended pause to let their work filter through the economy. Economists expect that the federal funds rate to settle around 5.25% and stay there through 2023. The central bank will announce its next policy decision on May 3. (Bloomberg / New York Times / Washington Post / Wall Street Journal / NPR / CNBC)
4/ Trump sued Michael Cohen for $500 million over allegations that his former attorney violated their attorney-client relationship and breached a confidentiality agreement. Trump accused Cohen – a key witness in the criminal case against him – of revealing “confidences” in an “embarrassing or detrimental way,” including “falsehoods” about Trump “with malicious intent and to wholly self-serving ends.” A Trump lawyer added without evidence that Cohen “lied to the judge. He’s lied to the prosecutors. He’s lied to his employers. He’s lied to his own attorneys.” Cohen’s lawyer, meanwhile, said Trump “appears once again to be using and abusing the judicial system as a form of harassment and intimidation.” The lawsuit comes after Trump pleaded not guilty to 34 felony charges that he falsified business records to conceal $130,000 in reimbursement payments to Cohen, who paid Stormy Daniels days before the 2016 election in order to buy her silence about her sexual encounter with Trump. (ABC News / CNN / NBC News / Washington Post / Politico / Wall Street Journal)
- Trump said he would continue campaigning for the White House even if convicted of a crime. “I’d never drop out, it’s not my thing,” Trump said when asked on Fox News about a potential conviction. (New York Times)
5/ A Delaware Superior Court judge sanctioned Fox News for withholding evidence in the $1.6 billion defamation lawsuit by Dominion Voting Systems. Judge Eric Davis said Fox lawyers had previously “represented to him more than once” that Rupert Murdoch was only an officer at Fox Corp. and didn’t have any role in Fox News. The distinction may have narrowed what Fox turned over as part of the discovery process, like Murdoch’s internal emails and text messages. Davis also said the network has a “credibility problem” and such information “could have” led him to make different rulings earlier in the case, adding: “By the way, an omission is a lie.” Davis also said he would appoint a so-called “special master” to investigate whether the network lied to the court and withheld key evidence. The sanctions imposed against Fox will allow Dominion to conduct additional depositions of some Fox witnesses or redo any already done and that “Fox will do everything they can to make the person available, and it will be at a cost to Fox.” The trial in the $1.6 billion defamation lawsuit is scheduled to begin Monday. Meanwhile, a Fox Corp. shareholder sued Murdoch and four other board members, accusing them of failing to stop Fox News from “reporting false and dangerous misinformation” about the 2020 presidential election. (NBC News / New York Times / CNN / Washington Post / USA Today / NPR / The Hill / Reuters)
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