The daily business briefing: March 15, 2017
Stock futures edge up ahead of an expected rate hike by the Fed, MSNBC reveals details from Trump's 2005 tax return, and more


1. Stock futures edge up ahead of Fed decision on rates
U.S. stock futures pointed to a slightly higher open on Wednesday ahead of the conclusion of Federal Reserve policy makers' two-day meeting. The Fed, reacting to a steady stream of upbeat employment and inflation data, is expected to announce a quarter-point interest rate hike, its third in 15 months after holding rates near zero for nearly a decade. Analysts will examine the Fed's statement closely for signs of how fast the central bank plans to raise interest rates down the road. Dow Jones Industrial Average and Nasdaq-100 futures rose by 0.2 percent, while S&P 500 futures gained 0.3 percent. The gains roughly offset the main U.S. indexes' declines from Tuesday's downbeat session.
2. Trump's 2005 tax return sent to journalist
President Trump earned more than $150 million and paid $36.5 million in income tax in 2005, MSNBC's Rachel Maddow reported on Tuesday. He paid another $1.9 million in self-employment taxes. Someone mailed Trump's return, unsolicited, to investigative journalist and tax specialist David Cay Johnston, who discussed them with Maddow. Trump also reported a $103 million business loss that year. Trump's earnings and federal income taxes mean he paid an effective 25 percent tax rate, higher than the 10 percent the average American pays but below the 27.4 percent that people earning $1 million a year paid in 2005. Most of what Trump paid was due to the alternative minimum tax, which he has sought to eliminate. The White House noted that "it is totally illegal to steal and publish tax returns," slamming the "dishonest media" for making Trump's taxes "part of their agenda" while Trump focuses on tax reform to "benefit all Americans."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. DOJ reportedly plans to indict four suspects in Yahoo hacking
Federal authorities are preparing to announce that they are issuing indictments against four people in connection with massive hacking attacks against Yahoo, a person briefed on the matter told Bloomberg. One of the suspects is expected to be arrested in Canada. The other three are in Russia. Yahoo and the Justice Department declined to comment on the report. The security breaches, which were revealed last year, affected hundreds of millions of user accounts, and threatened to derail Yahoo's sale of its core internet assets, including its finance, sports, and other websites. The breaches prompted Verizon Communications to demand a reduction in the price it had agreed to pay. It negotiated a $350 million cut, bringing the price to $4.5 billion.
4. Oil prices edge up after losing streak
Oil prices rose early Wednesday, potentially pausing a week-long selling spree. Prices declined slightly on Tuesday on fears that U.S. inventories were too high and a global glut was continuing despite cuts by OPEC and other major oil producers. West Texas Intermediate crude dropped by 1.4 percent on Tuesday but offset that with a 2 percent gain early Wednesday. The U.S. benchmark has fallen from nearly $55 a barrel in late February to $47.72 on Tuesday. The markets will be watching the Federal Reserve's decision on interest rates later in the day. A rate hike could boost the dollar, making oil traded in dollars more expensive.
MarketWatch The Associated Press
5. American Airlines brings back free meals on cross-country flights
American Airlines said Tuesday that it would start offering free meals in economy on some cross-country flights starting May 1. American is matching a similar move by Delta Airlines, which announced earlier this year that it was bringing back meals for economy passengers on long domestic flights. American will offer simple fare on flights between New York and airports in Los Angeles and San Francisco.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
A running list of RFK Jr.'s controversies
In Depth The man atop the Department of Health and Human Services has had no shortage of scandals over the years
By Brigid Kennedy
-
Film reviews: Sinners and The King of Kings
Feature Vampires lay siege to a Mississippi juke joint and an animated retelling of Jesus' life
By The Week US
-
Music reviews: Bon Iver, Valerie June, and The Waterboys
Feature "Sable, Fable," "Owls, Omens, and Oracles," "Life, Death, and Dennis Hopper"
By The Week US
-
Why Russia removed the Taliban's terrorist designation
The Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
By Justin Klawans, The Week US
-
Inside the Israel-Turkey geopolitical dance across Syria
THE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
By Rafi Schwartz, The Week US
-
'Like a sound from hell': Serbia and sonic weapons
The Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
By Abby Wilson
-
The arrest of the Philippines' former president leaves the country's drug war in disarray
In the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
By Justin Klawans, The Week US
-
Ukrainian election: who could replace Zelenskyy?
The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
By Sorcha Bradley, The Week UK
-
Why Serbian protesters set off smoke bombs in parliament
THE EXPLAINER Ongoing anti-corruption protests erupted into full view this week as Serbian protesters threw the country's legislature into chaos
By Rafi Schwartz, The Week US
-
Who is the Hat Man? 'Shadow people' and sleep paralysis
In Depth 'Sleep demons' have plagued our dreams throughout the centuries, but the explanation could be medical
By The Week Staff
-
Why Assad fell so fast
The Explainer The newly liberated Syria is in an incredibly precarious position, but it's too soon to succumb to defeatist gloom
By The Week UK