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The Lid: The 2016 Implications of Fed’s Decision to Raise Rates

Welcome to The Lid, your afternoon dose of the 2016 ethos… Our new NBC/Wall Street Journal poll finds that national news media ranks among the least trusted institutions in the country, behind even social networking websites. To regain your trust, we’re proud to announce The Lid will begin posting on Facebook as a long and ranting paragraph ending with a gif from Saved By The Bell.

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‘16 from 30,000

We’re going to take a wild guess that Americans’ knowledge of the decisions of the Board of Governors of the Federal Reserve System is more limited than their opinion on - for example - whatever Donald Trump just said. But the former may have a much more important effect on the coming election. The Fed’s decision to raise short-term interest rates for the first time since the financial crisis was long anticipated, and its impact on regular Americans’ wallets will likely be modest and gradual. On the one hand, the move is a vote of confidence for the economic recovery led by the Obama administration. But it could also tap the breaks on the economy before many Americans start to feel a real difference in their wallets. Democrats have to be happy about the fundamentals so far when it comes to the low unemployment rate. But especially with wage growth still slow, the Fed decision injects uncertainty and puts a little bit more pressure on the party in power to convince Americans that things are on the upswing.

POPPING ON NBC POLITICS

  • Marco Rubio acknowledged his immigration stance is unpopular within the GOP in an interview with NBC News fresh off the fifth Republican debate.
  • Hillary Clinton formally received the endorsement of Warren Buffett on Wednesday in the hometown of the “Oracle of Omaha.” During a rally she voiced support for the “Buffett Rule” and pledged to go "even further" to ensure that the wealthiest Americans are shouldering more of the tax burden, NBC’s Monica Alba reports.
  • NBC News' partner Politifact examined the true, the false and the somewhere in-between statements made during last night’s debate.
  • The Senate Intelligence Committee said Wednesday afternoon that it will not formally investigate whether Ted Cruz revealed classified information during the debate, NBC’s Frank Thorp reports.
  • Americans are more confident in law enforcement agencies than they were a year ago, but deep partisan and racial differences still remain, according to a new NBC News/Wall Street Journal poll.
  • And First Read has your recap of the Fight Night in Vegas.

FOR THE RECORD…

“I didn’t watch it, ‘The Voice’ was on, it was the final episode.”

  • GOP Sen. Richard Burr on why he missed last night’s Republican debate.

TOMORROW’S SKED

Hillary Clinton will be joined by Bill Clinton for a Democratic National Committee fundraiser in New York City.

Marco Rubio, Ben Carson, John Kasich and Mike Huckabee are in Iowa.

Ted Cruz hold rallies in Las Vegas and Saint Paul, Minnesota.