Partly cloudy this evening. Scattered thunderstorms developing after midnight. Low 63F. Winds SW at 10 to 15 mph. Chance of rain 40%..
Partly cloudy this evening. Scattered thunderstorms developing after midnight. Low 63F. Winds SW at 10 to 15 mph. Chance of rain 40%.
Fed unleashes another big rate hike in bid to curb inflation
WASHINGTON (AP) — The Federal Reserve raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in three decades to tame high inflation. The Fed’s move will raise its key rate, which affects many consumer and business loans, to its highest level since 2018. The central bank’s decision follows a jump in inflation to 9.1%, the fastest annual rate in 41 years. By raising borrowing rates, the Fed makes it costlier to take out a mortgage or an auto or business loan. Consumers and businesses then presumably borrow and spend less, cooling the economy and slowing inflation.
How the Federal Reserve's rate hikes affect your finances
WASHINGTON (AP) — Higher mortgage rates have sent home sales tumbling. Credit card rates have grown more burdensome, and so have auto loans. Savers are finally receiving yields that are actually visible, while crypto assets are reeling. The Federal Reserve’s move to further tighten credit raised its benchmark interest rate by a sizable 0.75 percentage point for a second straight time. The Fed’s latest hike, its fourth since March, will further magnify borrowing costs for homes, cars and credit cards, though many borrowers may not feel the impact immediately.
In rare contact, US offers Russia deal for Griner, Whelan
WASHINGTON (AP) — The Biden administration has offered a deal to Russia aimed at bringing home WNBA star Brittney Griner and another jailed American, Paul Whelan. That's according to Secretary of State Antony Blinken, who also revealed Wednesday that he has asked to speak with his Kremlin counterpart for the first time in months. The statement marked the first time the U.S. government has publicly revealed any concrete action it has taken to secure the release of Griner. It is unclear what the deal is, or whether it will be enough for Russia to release the Americans.
US rocket system enables Ukraine to pummel key supply bridge
KYIV, Ukraine (AP) — The Ukrainian military has used a U.S.-supplied precision rocket system to deliver a morale-lifting knockout punch to a bridge Russia used to supply its forces in an occupied region of southern Ukraine. The deputy head of the Moscow-appointed administration in the Kherson region said Ukrainian artillery struck the Antonivskyi Bridge late Tuesday. He says previous Ukranian attacks damaged the bridge last week but the span had to be closed to vehicles on Wednesday. The Ukrainian military confirmed that “surgical strikes” were carried out on the bridge. While the strike makes only a slight dent in Moscow's Ukraine offensive, it showed Russian forces are vulnerable. Western military assistance has been crucial to Ukraine’s efforts to fend off Russian attacks.
Manchin says he has health, energy, tax deal with Schumer
WASHINGTON (AP) — In an unexpected turnabout, Sen. Joe Manchin has announced that he has reached an expansive agreement with Senate Majority Leader Chuck Schumer on health care costs, energy and climate issues, taxing higher earners and large corporations and reducing federal debt. Manchin, D-W.Va., whose resistance had long derailed sweeping legislation on those issues, abruptly revealed the agreement in a press release. It provided virtually no details on the accord. The deal has eluded Schumer and Manchin for months.
Ex-cops Kueng, Thao sentenced for violating Floyd’s rights
ST. PAUL, Minn. (AP) — The last two former Minneapolis police officers who were convicted of violating George Floyd’s civil rights have been sentenced in federal court. J. Alexander Kueng was sentenced Wednesday to three years and Tou Thao got a 3 1/2-year sentence. They were convicted in February of two counts of violating Floyd’s civil rights. The jury found they deprived the 46-year-old Black man of medical care and failed to stop Derek Chauvin as he knelt on Floyd’s neck for 9 1/2 minutes. Chauvin and another former officer, Thomas Lane, have already been sentenced on federal charges.
Parade attack suspect indicted for murder, attempted murder
CHICAGO (AP) — A grand jury has indicted the man accused of opening fire on an Independence Day parade in suburban Chicago, on 117 felony counts. Prosecutors announced the grand jury’s decision against Robert Crimo III on Wednesday. The indictment lists 21 first-degree murder counts, 48 counts of attempted murder and 48 counts of aggravated battery. Seven people died and dozens were wounded in the July 4 attack. Under Illinois law, a grand jury can determine whether there is probable cause to proceed to trial. Prosecutors say Crimo admitted to the shooting in Highland Park, Illinois, when he was arrested following an hourslong search on July 4. Attorneys for the 21-year-old suspect have not yet formally responded to any of the charges.
Facebook parent Meta posts first revenue decline in history
Facebook and Instagram’s parent company Meta posted its first revenue decline in history Thursday, dragged by a drop in ad spending as the economy falters — and as competition from rival TikTok intensifies. The company earned $6.69 billion, or $2.46 per share, in the April-June period. That’s down 36% from $10.39 billion, or $3.61 per share, in the same period a year ago. Revenue was $28.82 billion, down 1% from $29.08 billion a year earlier. The results were below Wall Street's expectations and Meta's stock fell after-hours.
Mayim Bialik, Ken Jennings to split 'Jeopardy!' host job
LOS ANGELES (AP) — “Jeopardy!” is giving itself two answers to the question of who gets to host the quiz show — Mayim Bialik and Ken Jennings. Bialik and Jennings have been serving as rotating hosts since Mike Richards exited the show amid controversy after a short tenure as the late Alex Trebek’s replacement. Jennings, an all-time “Jeopardy!” champion, and actor Bialik were among those who’d filled in after longtime host Trebek’s death from cancer in 2020. While the stints were seen as tryouts, the job unexpectedly went to Richards, the then-executive producer. Last year, a report of Richards' past podcast comments led to his departure from the show after a week in the host job.
Study casts more doubt on use of high-dose vitamin D pills
More research suggests it's time to abandon the craze over vitamin D. Taking high doses of “the sunshine vitamin” doesn't reduce the risk of broken bones in generally healthy older Americans. That's according to a large study that tracked people given either high-dose vitamin D or dummy pills for five years. The same study had previously found extra vitamin D didn't prevent heart disease, cancer or memory loss either. Millions of Americans use high-dose supplements or take blood tests to check their vitamin D, amid controversy over whether the average person needs either.
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