The Congressional Budget Office says that high inflation will persist into next year. This will likely cause the federal government to pay higher interest rates on its debt. The nonpartisan agency expects that the consumer price index will rise 6.1% this year and 3.1% in 2023. This forecast …
Stocks rose in choppy trading on Wall Street Wednesday afternoon following the release of minutes from the Federal Reserve’s most recent interest rate policy meeting. The S&P 500 rose 0.6%, the Dow Jones Industrial Average rose 0.2% and the Nasdaq rose 1.2%. Retailers had some of the str…
Police believe an overnight fire in Wyoming that damaged a building being renovated to house a new abortion clinic was deliberately set. Authorities are trying to determine the identity of a possible suspect seen running away from the buildng before dawn Wednesday who was carrying what appea…
The head of the Food and Drug Administration testified about a series of setbacks that led to a months-long delay in inspecting the plant at the center of a nationwide baby formula shortage. FDA Commissioner Robert Califf is facing questions Wednesday from House lawmakers probing the formula…
Beto O’Rourke interrupted a press conference about the school shooting in Uvalde, Texas, calling the shooting “totally predictable when you choose not to do anything.” O’Rourke was escorted out while members of the crowd yelled at him, with one man shouting profanities at O’Rourke. The Democ…
Residents of Bakersfield are concerned for their health and safety after a state agency found that six idle oil wells near homes were leaking methane in the past several days. State and regional inspectors found concentrations of methane in the air around some of the wells at levels consider…
President Joe Biden and three former presidents have paid tribute to late Veterans Administration chief and U.S. senator Max Cleland, who lost limbs while serving in Vietnam. Cleland died of congestive heart failure in November at age 79, but his memorial service was delayed until Wednesday …
The Ohio Supreme Court has heard arguments for and against Gov. Mike DeWine's decision to end the state's participation in a federal pandemic unemployment aid program ahead of a government deadline for stopping the payments. The program provided $300 in weekly coronavirus unemployment funds …
Wednesday marks the second anniversary of the police killing of George Floyd in Minneapolis, which sparked a global protest movement and calls for a racial reckoning to address structural racism that has created long-standing inequities impacting generations of Black Americans. But Floyd’s s…
Research in U.S. veterans provides fresh evidence that long COVID-19 can happen even after breakthrough infections following vaccination. In the study published Wednesday, about 1% who had COVID-19 shots had breakthrough infections. And about one-third of that group showed signs of long COV…
Former U.S. Vice President Al Gore is calling for stronger gun legislation in the wake of the mass shooting in Texas that killed 21 people, mostly children. Speaking on a climate panel Wednesday at the World Economic Forum meeting in Davos, Switzerland, Gore said the latest mass shooting rep…
Twitter’s regularly scheduled shareholder meeting Wednesday won’t include a vote on Tesla billionaire Elon Musk’s $44 billion bid for the social platform. That vote will take place at a yet-undetermined date in the future. But the drama surrounding that offer — almost all of it created by Mu…
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The Congressional Budget Office says that high inflation will persist into next year. This will likely cause the federal government to pay higher interest rates on its debt. The nonpartisan agency expects that the consumer price index will rise 6.1% this year and 3.1% in 2023. This forecast suggests that inflation will slow from current annual levels of 8.3%, yet it would still be dramatically above a long term baseline of 2.3%. The 10-year estimates do contain positive news as this year’s annual budget deficit will be $118 billion lower than forecast last year. That’s a byproduct of the end of pandemic-related spending and the solid job growth it helped to spur.
Stocks rose in choppy trading on Wall Street Wednesday afternoon following the release of minutes from the Federal Reserve’s most recent interest rate policy meeting. The S&P 500 rose 0.6%, the Dow Jones Industrial Average rose 0.2% and the Nasdaq rose 1.2%. Retailers had some of the strongest gains after getting beaten down in recent days over concerns that soaring inflation was eating into their profits. Some of those concerns dissipated after the high-end department store operator Nordstrom reported higher sales and raised its profit forecast. The yield on the 10-year Treasury, which helps set mortgage rates, held steady at 2.76%.
Police believe an overnight fire in Wyoming that damaged a building being renovated to house a new abortion clinic was deliberately set. Authorities are trying to determine the identity of a possible suspect seen running away from the buildng before dawn Wednesday who was carrying what appeared to be a gas can and a black back. The blaze damaged the inside of the building under renovation to house the clinic in Casper, the second-biggest city in a state where opposition to abortion is widespread. The clinic had been set to open in June as only the second place in the state to offer abortions.
The head of the Food and Drug Administration testified about a series of setbacks that led to a months-long delay in inspecting the plant at the center of a nationwide baby formula shortage. FDA Commissioner Robert Califf is facing questions Wednesday from House lawmakers probing the formula shortage. Califf faced fury from members of Congress over the slow response, which has rattled parents and snowballed into a major political controversy. Califf called the response “too slow" and “not optimal.” Lawmakers will also hear from an executive from Abbott Nutrition, whose factory has been shuttered due to contamination.
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