The Federal Reserve kept interest rates steady Wednesday, holding off on another increase despite two consecutive months of accelerating inflation. The Federal Open Market Committee (FOMC), the panel of Fed officials responsible for setting interest rates, said Wednesday it will keep the bank’s baseline borrowing costs at a range of 5.25 percent to 5.5 percent….
Author: Sylvan Lane
What to know about the August inflation spike
The final inflation report of the summer came in hotter than expected, but prices still seem on track to keep cooling off in the fall. Consumer prices rose 0.6 percent in August and 3.7 percent over the past 12 months, according to Consumer Price Index (CPI) data released Wednesday. The August report marked the second…
High gas prices fuel August inflation spike
Inflation jumped in August thanks largely to a sharp increase in gasoline prices, according to data released Wednesday by the Labor Department. The Consumer Price Index (CPI), a key gauge of inflation, rose 0.6 percent last month and 3.7 percent over the past year, in line with economists’ expectations. Gas prices were responsible for more…
Kaiser Permanente frontline workers to vote on strike
Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Kaiser Permanente frontline workers to vote on strike More than 85,000 health care workers announced Thursday that they would vote on whether to authorize a strike in the coming weeks. © AP Photo/Jeff Chiu Voting starts…
The Trump-Powell drama continues
Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Trump-Powell drama still simmering Former President Trump said he would not reappoint Federal Reserve Chair Jerome Powell for another term if he wins the White House in 2024. © AP Photo/Mary Altaffer “I would not reappoint him….
Rising risk of bank downgrades
Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Possible bank downgrade on the horizon Fitch Ratings analyst Chris Wolfe warned dozens of U.S. banks including JPMorgan Chase could face downgrades if the rating agency’s assessment of the industry’s health declines further. © AP Photo/Henny…
Biden boosts auto workers union
Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy PRESENTED BY The Big Story Biden calls for ‘fair’ deal for autoworkers In a Monday statement, the president urged a key union and big U.S. automakers to reach a new contract swiftly. © Greg Nash President…
Fitch downgrades US credit rating over rising debt, repeated standoffs
Fitch Ratings downgraded the credit rating of the U.S. on Friday, saying the country’s growing debt and repeated standoffs over the borrowing limit make it less trustworthy then before. Fitch downgraded the U.S. from a rating of “AAA” to “AA+” after several years of high-risk partisan battles over the debt limit. Those battles, Fitch said,…
Americans brace as Fed hikes rates
Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Consumers crunched by Fed interest rate hike The Federal Reserve punched interest rates to their highest level in 22 years, its eleventh escalation since March 2022, and Americans are feeling the hit even as they experience…
Shutdown watch starts as August looms
Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Top Democrat warns of looming shutdown Sen. Chris Coons (D-Del.) warned Friday that he thinks Congress is on track to its first government shutdown in years as both sides appear to be moving further apart on federal…