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Inflation drops to 3% and Biden hopes to turn a weakness with voters into a strength

Published Wed, 26 Feb 2025 06:31:06 GMT

WASHINGTON (AP) — The politics of inflation took a sharp turn Wednesday with a report showing consumer prices rose at the slowest pace since the early months of Joe Biden’s presidency. Republicans have hammered Biden over the cost of groceries, gasoline, utilities and more, saying his $1.9 trillion pandemic relief package and push for electric vehicles were responsible for pushing inflation to a four-decade high. The GOP argument has resonated with voters, but the report on consumer prices for June suggests that inflation has eased dramatically without any of the job losses that some economists and Republican leaders said would occur.Prices have risen just 3% from a year ago, compared with 9.1% in June 2022, and it’s the lowest reading since March 2021. Unlike a year ago, inflation is mainly coming from a government measure of shelter based on what it would cost to rent a home. This makes the inflation argument somewhat nuanced as data from AP VoteCast, a sweeping survey of t...

S&P/TSX composite up almost 200 points, U.S. stock markets also rise

Published Wed, 26 Feb 2025 06:31:06 GMT

TORONTO — Canada’s main stock index was up almost 200 points Wednesday on broad-based gains led by utilities and base metals after the central bank raised interest rates to five per cent, while U.S. stock markets also rose after a new report showed inflation cooling last month.The S&P/TSX composite index was up 192.21 points at 20,070.77.In New York, the Dow Jones industrial average was up 86.01 points at 34,347.43. The S&P 500 index was up 32.90 points at 4,472.16, while the Nasdaq composite was up 158.26 points at 13,918.96.The Bank of Canada’s rate hike was not a surprise to investors, said Lesley Marks, chief investment officer of equity at Mackenzie Investments.“Over the last week or so, it looked more and more likely that the Bank of Canada was going to move. So I think that this was generally priced into the market,” she said.The announcement by the central bank came on the heels of hotly anticipated inflation data in the U.S., which showed price growth slowed s...

Quebec judge says three-month sentence could trivialize promotion of hate

Published Wed, 26 Feb 2025 06:31:06 GMT

MONTREAL — A Quebec court judge says he fears a jail sentence of just three months for a man convicted of promoting hatred against Jews would trivialize the crime.Both the prosecution and the defence today recommended a three-month sentence, followed by probation, for Gabriel Sohier Chaput, who was convicted in January in connection with an article he wrote for the neo-Nazi Daily Stormer website.Defence lawyer Antonio Cabral told a Montreal court that his client is a changed man and is no longer involved with online neo-Nazis.However, Judge Manlio Del Negro says a pre-sentencing report indicates that Sohier Chaput continues to hold the same views he did when he wrote the antisemitic article.Del Negro also described an apology given by Sohier Chaput during the sentencing hearing as “opportunistic.”The judge says he’ll deliver his sentence on Sept. 22.This report by The Canadian Press was first published July 12, 2023.The Canadian Press

Tornado Watch issues for Northern Illinois, most of Northwest Indiana

Published Wed, 26 Feb 2025 06:31:06 GMT

CHICAGO — A Tornado Watch is in effect for the Chicago area as heavy rain and storms move through the region Wednesday.A Tornado Watch has been issued for Cook, De Kalb, DuPage, Grundy, Kane, Kankakee, La Salle, McHenry and Will counties in Illinois until 10 p.m. In Northwest Indiana, Jasper, Lake, Newton and Porter counties are under a Tornado Watch until 10 p.m.A Flood Watch is in place until 7 p.m. for Cook County, DuPage County, Will County and some parts of Northwest Indiana. There is a slight risk of severe weather. Interactive Radar: Track showers and storm here Mostly cloudy conditions with heavy rain showers expected throughout the day. High temperature of 76 degrees and 73 degrees lakeside. Low of 66 degrees tonight.Thunderstorms will push eastward and waves of storms racing through Iowa will progress toward our area throughout the afternoon and evening. Storms look to move quickly, however some will have high rainfall rates, some of which may be 1-2" per ...

NASA celebrates anniversary of Webb Space Telescope: reveals moment of stellar birth, dramatic close-up of 50 baby stars

Published Wed, 26 Feb 2025 06:31:06 GMT

CAPE CANAVERAL, Fla. (AP) — The Webb Space Telescope is marking one year of cosmic photographs with one of its best yet: the dramatic close-up of dozens of stars at the moment of birth.NASA unveiled the latest snapshot Wednesday, revealing 50 baby stars in a cloud complex 390 light-years away. A light-year is nearly 6 trillion miles (9.7 trillion kilometers).The region is relatively small and quiet yet full of illuminated gases, jets of hydrogen and even dense cocoons of dust with the delicate beginnings of even more stars.All of the young stars appear to be no bigger than our sun. Scientists said the breathtaking shot provides the best clarity yet of this brief phase of a star’s life.“It’s like a glimpse of what our own system would have looked like billions of years ago when it was forming,” NASA program scientist Eric Smith told The Associated Press.Smith pointed out that the starlight visible in the image actually left there 390 years ago. On Earth in 1633, Italian astronomer Ga...

Lil Uzi Vert heading back to Chicago this fall

Published Wed, 26 Feb 2025 06:31:06 GMT

CHICAGO -- One of the faces of modern hip-hop will be performing in the Windy City this October.Lil Uzi Vert will be stopping at the Chicago's Byline Bank Aragon Ballroom on Monday, October 23 as part of his "PINK TAPE TOUR." ‘The Warehouse’: The birthplace of house music receives landmark status The three-time Grammy nominated artist broke into the mainstream with his 2017 debut studio album "Luv Is Rage 2" and his feature on Migos' "Bad And Boujee." He was also nominated for his contributions Justin Bieber's sixth studio album "Justice (Triple Chucks Deluxe)."Lil Uzi Vert has over 39.4 million monthly listeners on Spotify, with his feature on Chicago's Juice WRLD's "Lucid Dreams Remix" having nearly 2.3 million plays. Trippie Redd to perform in Chicago this fall This tour comes on the heals of the Philadelphia rapper's third studio album the "Pink Tape" that was released on Friday, June 30. The 27-year-old was in Chicago the weekend prior to the release date as he was a headli...

Desperate search for missing Oklahoma boys comes to heartbreaking end: 'A very tragic event'

Published Wed, 26 Feb 2025 06:31:06 GMT

OKLAHOMA CITY (KFOR) - Two boys died after getting swept into the current at a dam in Oklahoma Monday. According to Oklahoma City Fire Captain Scott Douglas, four boys were celebrating a birthday at Lake Overholser, when two decided to go swimming. One boy lost his shoe, and when the others tried to help him get it back, they got swept up in the current. “It's just a very tragic event. We hate that it happened,” said Oklahoma City Fire Captain Scott Douglas. “Some boys just trying to have fun, do some fishing for a birthday and it had a tragic ending.” ‘Matter of seconds’: Two dead after boys swept into Lake Overholser When the fire department got to the scene, it was around 5:45 p.m. Monday. "We saw two boys who were standing on a concrete ledge,” said Douglas. "We quickly went to rescue those two boys and we got them to safety."Meanwhile, there was an all-out search for the remaining two boys, 10 and 11 years old. Crews scoured the water and searched from the sky ...

What to know about the potential actors strike looming at midnight

Published Wed, 26 Feb 2025 06:31:06 GMT

(The Hill) - If last-ditch mediation fails on Wednesday, the union representing many Hollywood actors will go on strike at midnight, joining the already-striking television and film writers union. SAG-AFTRA, the largest union for actors representing 160,000 people, including many of Los Angeles's biggest stars, has been in negotiations with movie studios on renewing the union’s contract for months without reaching an agreement.Why strike?The union is demanding higher compensation and mandates to limit the use of artificial intelligence in the industry. They say that the rise of streaming and economic inflation has lowered members’ wages.Before streaming, much of a successful actor's income came from TV and movie royalties, payouts given when re-runs of a show or movie are shown. But those royalties have dramatically decreased as TV revenues fall due to the rise of streaming. MyPillow auctions off equipment amid ‘massive cancellation,’ CEO Lindell says SAG-AFTRA wants to re-b...

Patches the cat, who once weighed 42 pounds, continues weight-loss journey

Published Wed, 26 Feb 2025 06:31:06 GMT

MECHANICSVILLE, Va. (WRIC) — Kay Ford's dream came true on April 19 when she adopted a 40-pound cat named Patches.At first glance, one might wonder why someone would be so eager to adopt a cat in such a state, but for Ford there was a purpose behind it.About three years ago, she had been spending time with her grandchildren when she saw a post about an overweight cat up for adoption.Ford quickly decided that she "had to have the cat," but that wish did not come true."I saw it, and I said, 'Boys, I've got to go get that fat cat, I just have to. I can help that fat cat.'" But by the time she reached out, it was too late, and someone else had adopted the animal. Though she couldn't adopt that cat, she had a second chance three years later. She was watching TV in April when she received a text from her daughter about an adoption posting for a cat named Patches.Patches initially weighed an estimated 40.3 pounds in April 2023. The RACC says he is now on a regulated diet and exercise plan ...

Prices for these items rose and fell the most in June

Published Wed, 26 Feb 2025 06:31:06 GMT

(The Hill) -- Inflation fell to an annual rate of 3 percent in June, according to data released Wednesday by the Labor Department, giving consumers more breathing room after nearly two years of high prices.The latest rate is still shy of the Federal Reserve’s 2 percent target. A series of aggressive interest rate hikes by the Fed has helped cool price increases across the U.S. economy over the past 12 months. “The Central Bank has been on a campaign to rein in inflation for nearly a year and a half, pausing a beat last month to let things simmer. They’ve signaled two more rate increases before the end of the year, but this clear sign of slowed growth could be fodder for ending hikes sooner,” NerdWallet data analyst Elizabeth Renter said in a note on the latest consumer price index.The prices of these items are among those that rose and fell the most from May to June 2023.Housing costs are driving inflationA "For Rent" sign is displayed outside a building in Philadelphia, June 2...