Biggest rate hike since last century expected as Fed tackles inflation
A series of sizable increases would heighten borrowing costs for consumers and businesses, likely leading to an economic slowdown and raising the risk of a recession.
Associated Press
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Zoo elephant named Happy isn’t a person, court rules
The zoo and its supporters warned that a victory in the closely watched case could open the door to more legal actions on behalf of animals, including pets, farm animals and other species in zoos.
Microsoft sending Internet Explorer to retirement after 27 years
As of Wednesday, Microsoft will no longer support the once-dominant browser that legions of web surfers loved to hate—and a few still claim to adore.
Committee chief: U.S. failed to stop fraud in COVID-19 loan program
The SBA’s Office of the Inspector General has estimated that at least $80 billion distributed from the $400 billion Economic Injury Disaster Loan program could have been fraudulent, much of it in scams using stolen identities.
U.S. producer prices soar 10.8% as energy costs spike
The producer price data captures inflation at an earlier stage of production and can sometimes signal where consumer prices are headed. It also feeds into the Federal Reserve’s preferred measure of inflation, the personal consumption expenditures price index.
As inflation rises, Indiana casino revenue shrinks for second month
This spring’s decline in casino earnings largely tracks with the nation’s soaring inflation rate and the end of various federal COVID-19 relief and economic stimulus programs aimed at shoring up the post-pandemic economy.
Explainer: What it means for S&P 500 to be in bear market
Wall Street is back in the claws of a bear market as worries about inflation and higher interest rates overwhelm investors.
Hot inflation dims likelihood Fed can achieve ‘soft landing’
The prospect that the Fed will accelerate its credit tightening, further raising borrowing costs for households and businesses, drove the stock market sharply lower Monday. The broad S&P 500 index fell into bear-market territory.
Bitcoin plunges as major crypto lender halts operations
Crypto lender Celsius halted all withdrawals, citing “extreme market conditions.” It is the second collapse of a part of the crypto world in the last two months.
Automakers ask Congress to lift electric vehicle tax cap
In a letter to leaders of the Senate and House of Representatives on Monday, the chief executives of Ford, Toyota, GM and Stellantis asked that tax credits be extended to anyone who seeks to buy a qualified vehicle.
Several factors converging to push gasoline prices higher
There is little evidence that gasoline prices, which hit a record national average of $5 a gallon on Saturday, will drop anytime soon.
Senate negotiators announce deal on guns, breaking logjam
The agreement would offer money to states to enact and put in place “red flag” laws that make it easier to temporarily take guns from people considered potentially violent, plus funds to bolster school safety and mental health programs.
U.S.: Pfizer COVID-19 shot appears effective for children under 5
The Food and Drug Administration posted its analysis of the Pfizer shot ahead of a Wednesday meeting where outside experts will vote on whether the shots are ready for the nation’s 18 million babies, toddlers and preschoolers.
Stocks dive to another losing week as inflation worsens
The S&P 500 sank 2.9% to lock in its ninth losing week in the last 10, and tumbling bond prices sent Treasury yields to their highest levels in years.
Small businesses facing ‘summer of uncertainty’
Consumers likely have a lot of pent-up demand after more than two years of the pandemic. But they’re also facing some significant financial headwinds because of the highest inflation in decades. And COVID-19 remains a looming presence.
U.S. inflation rises again, hitting 40-year high of 8.6%
Some evidence in recent weeks had suggested that inflation might be moderating, particularly for long-lasting goods that were caught up in supply chain snarls and shortages last year. But that trend appeared to reverse itself in May.
Capitol riot panel blames Trump for 1/6 ‘attempted coup’
Testimony showed Thursday how Trump clung to his own false claims of election fraud, beckoning supporters to the Capitol on Jan. 6 when Congress would certify the election results.
Weekly applications for U.S. jobless benefits rise by 27,000
More Americans applied for jobless aid last week, but the total number of Americans collecting unemployment remains at a five-decade low.
Mortgage rates jump again, sending homebuyers to the sidelines
The brisk jump in rates, along with a sharp increase in home prices, has been pushing potential homebuyers out of the market.
Reports: Twitter to provide Musk with raw daily tweet data
Twitter plans to offer Elon Musk access to its “firehose” of raw data on hundreds of millions of daily tweets in an effort to push forward the Tesla billionaire’s agreed-to $44 billion acquisition, according to multiple news reports.