Daily Rewind: A very busy White House
President Trump pushed his infrastructure plan today while speaking in Cincinnati. Meanwhile, Washington and Wall Street were focused on former FBI Director James Comey’s highly anticipated testimony tomorrow. Here’s what you should know:
- Trump’s $1 trillion infrastructure plan proposes grants for rural areas to repair crumbling bridges, roads and waterways. Trump also wants to cut permitting time for infrastructure projects from 10 years to two years.
- He touted the plan today as part of the White House’s Infrastructure Week. On Monday, Trump proposed privatizing U.S. air traffic control, saying it would cut down on flight delays and other issues.
- While Trump doubled down on infrastructure, his aides were focused on Comey’s congressional hearing tomorrow.
- Comey will say that Trump asked him to drop the FBI’s Russia investigation into former NSA chief Michael Flynn. That’s according to Comey’s planned opening statement.
- Stocks could fall if Comey’s testimony spooks investors. Comey’s claim that Trump told him to abandon the probe was first reported by the New York Times on May 16. The next day, the Dow closed down more than 370 points, the worst single-day slump in eight months.
Other business news to know:
Markets prepare for a busy Thursday. Today was the calm before the ⛈🙀, as they say. Not only will Comey testify tomorrow (see above), but voters in the U.K. will be casting their ballots in the parliamentary election. Whoever wins will control the Brexit process (a.k.a how the U.K. leaves the EU). Prime Minister Theresa May is expected to dominate, though some polls show Labour Party Leader Jeremy Corbyn in the lead. The European Central Bank is also meeting. The ECB will reportedly cut its inflation forecast for 2017, but it isn’t expected to touch interest rates. Read more from Bloomberg.
Want more news? Check these stories out:
*Trump picks Christopher Wray to replace Comey as head of the FBI (NYT)
*Security bosses testify on Trump campaign’s alleged Russia ties (CNN Politics)
*Elon Musk’s Tesla joins Fortune’s 500 list for the first time (Fortune)
You’re all caught up for now. We’ll see you again tomorrow!
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