Housing slowdown leads to first annual drop in U.S. homeowner equity since 2012
All told, U.S. homeowners with a mortgage lost a combined $108.4 billion in home equity between the first quarter of last year and the first three months of 2023.
Associated Press
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FDA advisers consider changing COVID vaccine to target latest omicron strain
COVID-19 vaccines are on track for a big recipe change this fall. Regulators will be making their best guess which strain to include, just like they do every year in setting the recipe for the fall flu vaccine.
Number of Americans filing for jobless claims elevated for second straight week
The four-week moving average of claims, which flattens some of the week-to-week fluctuations, rose to its highest level since November 2021.
Retail sales rise 0.3%, helped by stronger sales at auto dealers
Spending increased at online retailers and at restaurants and bars. Department stores, electronic stores, and furniture stores also posted increases.
Fed Chair Powell sees progress on inflation, though not enough
Chair Jerome Powell offered a nuanced view Wednesday of how the Federal Reserve intends to address its core challenge at a time when inflation is both way below its peak but still well above the central bank’s 2% target.
Ex-congressman Buyer seeks to avoid prison for insider trading conviction
Former Indiana congressman Steve Buyer of Noblesville was convicted by a jury in Manhattan federal court in March of four securities fraud charges.
Bud Light, top U.S. seller since 2001, loses sales crown after backlash
Mexican lager Modelo Especial overtook Bud Light in U.S. retail dollar sales in the month ending June 3.
Ex-Starbucks manager awarded $25.6M in suit over firing
Jurors in federal court have awarded $25.6 million to a former Starbucks regional manager who alleged that she and other white employees were unfairly punished after the high-profile arrests of two Black men at a Philadelphia location in 2018.
Judge hears bid to block Indiana’s ban on gender-transition care for minors
A federal judge in Indianapolis made no immediate ruling after hearing about 90 minutes of arguments from the Indiana attorney general’s office and the American Civil Liberties Union of Indiana, which is seeking a preliminary injunction.
Fed keeps rates unchanged for first time in 15 months, but signals more hikes
The Fed’s move to leave its benchmark rate at about 5.1%, its highest level in 16 years, suggests that it believes the much higher borrowing rates it’s engineered have made some progress in taming inflation.
Inflationary pressures ease, as producer prices drop 0.3%
On a month-to-month basis, overall producer prices have now dropped three of the last four months.
AI chip race heats up as AMD introduces rival to Nvidia technology
AMD joins a growing list of technology companies trying to take advantage of a broader interest from businesses looking for new AI tools that can analyze data, help make decisions and potentially replace some tasks currently performed by human workers.
Federal Reserve is likely to skip rate hike this month, yet signal more to come
The Federal Reserve, having raised interest rates at the fastest pace in four decades, is poised Wednesday to leave rates alone for the first time in 15 months to allow time to gauge the impact of its aggressive drive to tame inflation.
Trump pleads not guilty to federal charges that he illegally kept classified documents
The indictment unsealed last week charged Trump with 37 felony counts—many under the Espionage Act—that accuse him of illegally storing classified documents in his bedroom, bathroom, shower and other locations at Mar-a-Lago.
Amazon Web Services suffers outage that leaves publishers unable to operate sites
Amazon’s cloud computing unit experienced the outage shortly after 3 p.m. Tuesday and it lasted more than two hours. Customers including The Associated Press and Delta Air Lines were affected.
Bunge to buy Viterra in $18B deal, creating ag powerhouse
Bunge Ltd.—which is spending $550 million to build a soybean processing plant in Shelby County—could find itself in the crosshairs of antitrust regulators in the United States due to the scale of the deal.
Indiana lawmaker to keep seat after pleading guilty to drunken driving
Rep. Jim Lucas signed an agreement with the prosecutor in Jackson County in which he pleaded guilty to misdemeanor charges of driving while intoxicated and leaving the scene of an accident.
Analysis: More than $400B in COVID-19 relief aid was stolen or wasted
An Associated Press analysis found that fraudsters potentially stole more than $280 billion in COVID-19 relief funding, while another $123 billion was wasted or misspent.
SEC lawsuits against cryptocurrency companies raise questions about industry’s future
The SEC filed lawsuits last week against the world’s biggest cryptocurrency exchanges, Binance and Coinbase, deepening tensions between the government and a volatile industry that has been marred by scandals and market meltdowns.
NCAA made ‘big mistake’ by not setting up framework for NIL money, new prez says
NCAA President Charlie Baker said Thursday he wants a federal law to regulate the way college athletes can be compensated for endorsement deals that creates a registry of deals, agent certification and uniform contract standards.