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Fed hikes interest rates by quarter point
The Federal Reserve raised interest rates Wednesday for the first time in several years in the face of stubborn inflation. The central bank's Federal Open Market Committee (FOMC), under Fed Chair Kevin Warsh, voted unanimously to increase the central bank's benchmark interest rate to a range of 3.75 percent to 4 percent. It marks the...
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Vance to AI leaders: 'If you're building Frankenstein, stop'
Vice President Vance weighed in on the ongoing AI safety debate Tuesday, pressing those behind the technology to be careful. “The president, I think, is very rightly asking the question, why is it that the people who are at the frontier of the AI economy are throwing up their hands and saying, 'Well, we've built...
How the Fed’s move affects your finances.
The Federal Reserve is widely expected to increase its key rate by a quarter of a percentage point, but mortgages and other consumer loans have already trended higher.
Minneapolis driverless car ordinance would require human monitors
The proposal would require autonomous vehicle companies to put a paid "safety monitor" in the driver's seat of every car.
Amazon increases minimum starting pay, adds new discount for employees
The move bumps the company's average hourly wage to almost $24 an hour.
EU chief wants Canada as bloc's first associate member
European Commission President Ursula von der Leyen said Wednesday she wants Canada to join the European Union as an associate member, as the North American nation is embroiled in a trade war with the U.S. “I would like to work with you on opening the door for Canada to being the first associate member of...
Federal employees were paid nearly $7B not to work under DOGE effort: GAO
The Trump administration paid outgoing employees an estimated nearly $7 billion to not work as it encouraged them to leave the federal service, a government watchdog found in a Tuesday report. Federal workers' use of paid leave increased 435 percent under the first two years of the Trump administration, a dynamic the Government Accountability Office...
Warsh under pressure as Fed considers rate hike
Federal Reserve Chair Kevin Warsh finds himself in a tricky position as the central bank commences its September meeting, as rising expectations of an interest rate hike clash with President Trump’s demands for cuts. Warsh gave himself wiggle room for a rate hike in late August, saying the central bank had “work to do” if underlying inflation was not moving toward its 2 percent target. But Trump, who...
Benchmark bond yield reaches highest level in nearly 20 years
The yield on the 10-year U.S. Treasury bond reached its highest point since before the 2008 financial crisis on Tuesday, portending increased borrowing costs for millions of Americans. The 10-year Treasury bond yield peaked at 5.041 percent Tuesday morning, the note’s highest intraday mark since July 2007. The note closed at above 5 percent for...