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Janet Yellen's House Testimony in Two Minutes

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The bad news: The world’s biggest iceberg just broke off an ice shelf in Antarctica.
The good news: It’s not as apocalyptic as it sounds, and scientists say climate change isn’t to blame for this one.

The good news: Economic growth has picked up and the job market is hot.
The bad news: Policymakers are still stumped and growing concerned over why the low unemployment rate isn’t pushing up wages or stimulating inflation.
Here’s the rest of the news of the day.—Katie Robertson

Yellen sidesteps questions on her future while Trump weighs his options. Fed Chair Janet Yellen had plenty to say about a strong U.S. job market, but added little clarity about her own employment status come the end of her term in February 2018. During her testimony to Congress, she subtly shifted her take on inflation, expressing deeper concerns over how persistent that weakness might prove.

Trump’s credibility was dealt a sharp blow by his son’s emails. Even before Donald Trump Jr. released those emails, the president had already seen his political clout depleted by a stymied agenda in Congress and approval ratings consistently under 40 percent. Now, inside the White House, there’s growing concern that there is more trouble to come.

How much flooding is too much? Local governments around the coastal U.S. will face this question sooner than they realize. A new report used federal data to project when communities will suffer chronic flooding. By 2100, a third of Savannah, Georgia, could be flooded twice a month, and parts of Connecticut could be under water.

What health insurance coverage could look like in 2018. Based on the latest data, most of the 12 million people who got insurance through Obamacare’s individual marketplaces will have the same number of companies to choose among next year as they did in 2017. Bloomberg is analyzing how the marketplaces for 2018 are shaping up, state by state.

Dov Charney couldn’t keep American Apparel, so he restarted it. His new company, Los Angeles Apparel, launched late last year as a wholesale business, just like American Apparel did in 1989. He’s using the same fabric, same sewing machines, and has the same customers. But is the controversial CEO any different?

United wants to sell your seat to someone else for more money. The airline is piloting a way to buck the trend of involuntary bumping (and avoid another publicity debacle) by offering buyouts for seats on overbooked flights earlier—up to five days in advance. The upside for United is a chance to resell your ticket at a wider profit margin.

Beer brewed with Lucky Charms? Lobster? It’s possible—and delicious. The “German Beer Purity Law” of 1516 codified that beer could only be made with barley, hops, and water. There’s no such dogma in the contemporary world of craft brewing, however, where producers have been perversely pushing the envelope with unorthodox ingredients, including bacon, tobacco, frozen pizza, and even money.

 

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