Powell says Federal Reserve more confident inflation slowing toward target
In his remarks Monday, Federal Reserve Chair Jerome Powell stressed that the Fed did not need to wait until inflation actually reached 2% to cut borrowing costs.
Associated Press
Articles
Team Penske on hot streak headed into Indy for return of Brickyard 400
NASCAR heads to Indianapolis this week for the much-anticipated return of the Brickyard 400 on the historic oval at Indianapolis Motor Speedway.
Trump announces Ohio Sen. JD Vance as vice president pick
The 39-year-old Vance rose to national fame with the 2016 publication of his memoir, “Hillbilly Elegy.” He was elected to the Senate in 2022 and has become one of the staunchest champions of the former president’s “Make America Great Again” agenda.
Federal judge dismisses Trump classified documents case over concerns about prosecutor
The judge’s order is a mammoth legal victory for Trump as he recovers from a weekend assassination attempt and prepares to accept the Republican nomination in Milwaukee this week.
Macy’s ends takeover talks with investment firms, citing substandard offer
Macy’s said Monday it will focus on its own turnaround effort, a plan that includes closing 150 Macy’s stores over the next three years and upgrading the remaining 350 stores.
Trump heads to convention as authorities investigate motive, security in assassination attempt
Former President Donald Trump called for unity and resilience Sunday after an attempt on his life injected fresh uncertainty into an already tumultuous presidential campaign.
UPDATE: Trump injured in rally shooting; gunman and spectator dead
Former President Donald Trump, appearing at a rally in Pennsylvania, was injured but “fine” after what’s believed to be the first attempt to assassinate a president or presidential candidate since Ronald Reagan was shot in 1981.
U.S. wholesale inflation picked up in June more than expected
The increase, the sharpest year-over-year increase since March 2023, comes at a time when other price indicators are showing that inflation has continued to ease.
Data of nearly all AT&T customers downloaded to third-party platform in security breach
Approximately 109 million customer accounts were impacted, according to AT&T, which said that it currently doesn’t believe that the data is publicly available.
Appeals court says some NCAA athletes might qualify as employees under federal wage laws
The court, in the latest challenge to the Indianapolis-based NCAA’s long-held notion of “amateurism” in college sports, said a test should be developed to differentiate between students who play college sports for fun and those whose effort “crosses the legal line into work.”
Here’s what’s in the NBA’s upcoming 11-year, $76 billion media rights deal
The NFL remains the top attraction because of its ratings and advertising prowess, but the NBA is a firm second and can command top dollar due to its younger viewers as well as having a ton of content.
Inflation cools again, potentially paving way for Fed to cut interest rates soon
The June figures will qualify as another installment of the more good inflation data the central bank has been seeking. Should inflation remain low through the summer, most economists expect the Fed to begin cutting its benchmark rate in September.
Biden administration awards $325M to upgrade Indiana plants for EV components production
The grants to Cummins and Stellantis are among $1.7 billion in funding the Energy Department announced Thursday morning.
Is inflation still cooling? Thursday’s report on June prices will provide clues.
Optimism is rising among economists, investors and Federal Reserve officials that U.S. inflation is nearly under control, with the latest report on consumer prices expected to show another month of mild increases.
Congress OKs bill overhauling oversight of troubled federal Bureau of Prisons
Sen. Jon Ossoff, D-Ga., and the bill’s two other sponsors, Judiciary Committee Chair Sen. Dick Durbin, D-Ill., and Sen. Mike Braun, R-Ind., launched the Senate Bipartisan Prison Policy Working Group in February 2022 amid turmoil at the Bureau of Prisons.
Federal regulators fine Citigroup $136M for failing to fix internal control issues
The Federal Reserve and the Office of the Comptroller of the Currency said Citigroup had failed to meet its obligations stemming from a 2020 consent order related to the bank’s risk and control issues.
Costco raises annual membership fees for the first time since 2017
The company disclosed the forthcoming 8% increase in the fee to gain entry into its more than 700 warehouses in the U.S. and Canada as part of a monthly sales report Wednesday.
Toyota investing in EV charging network Ionna
Ionna, based in Durham, North Carolina, plans to install at least 30,000 charge ports in North America by 2030. Other automakers supporting Ionna include BMW, GM, Honda, Hyundai, Kia, Mercedes-Benz and Stellantis.
Caitlin Clark leads Angel Reese in race for Rookie of the Year, voters say
Clark and Reese have garnered national attention with record-setting rookie seasons—leading to them being the first rookie duo to make the All-Star team since 2014—so it’s no surprise that they’re the leading candidates for the award.
Target to stop accepting personal checks from shoppers
Check usage has been in decline for decades as Americans have largely switched to paying for their services with credit and debit cards.