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Surprisingly durable US economy poses key question: Are we facing higher-for-longer interest rates?

Published Wed, 26 Feb 2025 05:23:30 GMT

WASHINGTON (AP) — A year ago, Chair Jerome Powell delivered a stark warning: To fight persistently high inflation, the Federal Reserve would continue to sharply raise interest rates, bringing “some pain” in the form of job losses and weaker economic growth.Since Powell spoke at last summer’s annual conference of central bankers in Jackson Hole, Wyoming, the Fed has followed through, raising its benchmark rate to 5.4%, its highest level in 22 years. Substantially higher loan rates have followed, making it harder for Americans to afford a home or a car or for businesses to finance expansions.Yet so far, broadly speaking, not much pain has arrived.Instead, the economy has powered ahead. Hiring has remained healthy, confounding legions of economists who had forecast that the spike in rates would cause widespread layoffs and a recession. The unemployment rate is near a half-century low. Consumer spending keeps growing at a healthy rate.As Powell and other central bankers return to ...

A tanker collision disrupts traffic at Egypt’s Suez Canal, authorities say

Published Wed, 26 Feb 2025 05:23:30 GMT

CAIRO (AP) — Two tankers carrying oil products and liquefied natural gas collided in the Suez Canal, disrupting traffic through the global waterway, Egyptian authorities said Wednesday. The Suez Canal authority said in a statement that the BW Lesmes, a Singapore-flagged tanker that carries liquefied natural gas, suffered a mechanical malfunction on Tuesday night and ran aground while transiting through the canal. The Burri, a Cayman Island-flagged oil products tanker, collided with the broken vessel.The collision disrupted traffic, the statement said. The two tanker were part of a convoy transiting through from the Mediterranean Sea to the Red Sea.“We’ve immediately handled the breakdowns … and traffic will go back to normal in both directions within the coming hours,” said Adm. Ossama Rabei, the head of the canal authority, in the statement.About 10% of world trade flows through the canal, a major source of foreign currency for the Egyptian government.In March 2021, the Panam...

Champions Week: Ravena

Published Wed, 26 Feb 2025 05:23:30 GMT

RAVENA, NY (NEWS10) -- Champions Week rolls on on NEWS10 ABC. The next stop? The kings of Class B, Ravena. Get the latest news, weather, sports and entertainment delivered right to your inbox! Ravena took Class B by storm last season, winning the Class B Super Bowl and making it to the semifinal round of the playoffs for a second consecutive season. Senior quarterback Kaden Potter believes Ravena can go even further. “I think if everyone focuses up, we could go farther than the last two years," said Potter. "I mean we have the speed, the strength, the talent. We could win everything this year.”  Ravena returns six starters from last season. That experience will bode well for this run-heavy offense that will have to replace last year’s bell cow, Aidan Lochner. Lucky for them they have a quick solution. “Dom Paljusaj," said Potter. "I think we have the t...

The field is set: 154th Travers Stakes drawing results

Published Wed, 26 Feb 2025 05:23:30 GMT

SARATOGA, NY (NEWS10) -- The field is set for the 154th running of the Travers Stakes. The drawing was held Tuesday at the Adelphi Hotel. Get the latest news, weather, sports and entertainment delivered right to your inbox! It's a star-studded field features the winners of each of the Triple Crown races. Mage won the Kentucky Derby, Arcangelo won the Belmont Stakes, and National Treasure won the Preakness Stakes. All three horses will run in the Travers. The full field can be found below, along with the post positions and the morning line odds: Forte (7-5); Trainer: Todd Pletcher; Jockey: Irad Ortiz Jr. Arcangelo (5-2); Trainer: Jena Antonucci; Jockey: Javier Castellano. Tapit Trice (12-1); Trainer: Todd Pletcher; Jockey: Jose Ortiz. Mage (4-1); Trainer: Gustavo Delgado; Jockey: Luis Saez. National Treasure (8-1); Trainer: Bob Baffert; Jockey: John Velazquez.Disarm (8-1); Trainer: Steve Asmussen, Jockey: Joel Rosario. Scotland (12-1); Trainer: Bill Mott; Jockey: Junior Alvarado.

Commission clears acquisition of Equity Inmuebles S.L by Coral Reef and MHI

Published Wed, 26 Feb 2025 05:23:30 GMT

The European Commission has approved, under the EU Merger Regulation, the acquisition of: (i) joint control of 12 properties and businesses of Equity Inmuebles S.L (‘Equity') by Coral Reef E 2023 S.A. (‘Coral Reef') and Melia Hotels International S.A. (‘MHI'), all three of Spain; (ii) sole control of three Equity properties and businesses by Coral Reef; and (iii) sole control of two Equity properties and businesses by MHI.Equity owns the real estate of a 17-hotel portfolio spread across the Spanish mainland and the Canary Islands. Coral Reef is an indirect wholly owned subsidiary of the Abu Dhabi Investment Authority, an independent investment institution, and is holding and administrating companies and financial instruments. MHI operates hotels in Asia, Europe, Middle East, Africa, South, Central and North America, and the Caribbean.The Commission concluded that the proposed acquisition would raise no competition concerns because of its limited impact on the market. The transaction...

Ask Amy: Must I reveal my unpleasant history with his father?

Published Wed, 26 Feb 2025 05:23:30 GMT

Dear Amy: My younger cousin, “Thomas,” recently moved close enough to make visits between us possible.Thomas is married to a lovely woman. They’ve extended an invitation to me, my husband and adult children to come to their new place for dinner.This would be lovely, except that his father, who was married to my mother’s sister, sexually molested me and my sister when we were young.I have no desire to be anywhere near this creepy uncle. I never let him near my own children, unsupervised, when they were young, and they have no relationship with him.My mother and her sister are both long-deceased, and I have no idea if they knew what was going on when my sister or I would babysit for Thomas and sleep at the house overnight.My dad mentioned knowing about this before he died. I am sad that he didn’t confront his brother-in-law and protect his own daughters.How do I beg off visiting my cousin without opening up this can of worms?They have no children, so at least that’s not something I ne...

Harriette Cole: Should I tell the truth about why I ditched them on our trip?

Published Wed, 26 Feb 2025 05:23:30 GMT

DEAR HARRIETTE: I went on a group trip with some family and family friends. During the trip, I spent most of my time with the group that was my age. However, halfway through the trip, I decided to spend my time with a different group because the people my age could not simply stick to the itinerary.Related ArticlesAdvice | Harriette Cole: My Sunday excess spilled over into work hours Advice | Harriette Cole: Will I be able to convince my fiance we should have babies? Advice | Harriette Cole: This disagreement over my luxury car might break our engagement Advice | Harriette Cole: We went on one date, and he’s so gross every time I see him Advice | Harriette Cole: I learned that my new friend used to badmouth me. What should I do? Several times, we would show up late or miss the activities altogether because nobody could make a solid decision, and nobody would listen to me.Now that the trip is over, ...

Lo más reciente en el caso de interferencia electoral del condado de Fulton, Georgia. Esto es lo que debe saber

Published Wed, 26 Feb 2025 05:23:30 GMT

(CNN) — Los primeros cuatro coacusados del expresidente Donald Trump se entregaron en la cárcel del condado de Fulton, en Georgia, Estados Unidos, mientras que un par de acusados intentaron trasladar sus casos a un tribunal federal, señales de cómo el extenso caso avanzará en múltiples direcciones esta semana.Y dos exfuncionarios de la administración Trump, incluido el ex secretario general de la Casa Blanca, Mark Meadows, pidieron a un tribunal federal que interviniera para bloquear sus arrestos pendientes en Georgia.La fiscal de distrito del condado de Fulton, Fani Willis, acusó a Trump y a otras 18 personas de participar en planes para entrometerse en los resultados electorales de Georgia. Se espera que los 19 coacusados se entreguen antes de la fecha límite de este viernes establecida por Willis cuando dio a conocer la amplia acusación de la semana pasada sobre los intentos de revertir la derrota electoral de 2020 de Trump ante Joe Biden.Trump, quien aceptó una fianza de U...

Unsealed documents detail how authorities justified the raid of a Kansas newspaper

Published Wed, 26 Feb 2025 05:23:30 GMT

Editor and Publisher Eric Meyer goes through the latest edition of his newspaper, the Marion County Record, during a news conference about the aftermath of a raid on its offices and his home by local police, Wednesday, Aug. 18, 2023, at its offices in Marion, Kan. The local prosecutor and Kansas Bureau of Investigation say computers and personal cell phones seized in the raids are being returned. (AP Photo/John Hanna)(AP/John Hanna) Editor and Publisher Eric Meyer goes through the latest edition of his newspaper, the Marion County Record, during a news conference about the aftermath of a raid on its offices and his home by local police, Wednesday, Aug. 18, 2023, at its offices in Marion, Kan. The local prosecutor and Kansas Bureau of Investigation say computers an...

How DC businesses are coming together to help Maui recover from wildfires

Published Wed, 26 Feb 2025 05:23:30 GMT

D.C. is a long way from Maui, but on Wednesday night, a long list of businesses from around the region are coming together to raise money for the ongoing crisis following the deadly wildfires there earlier this month.Doron Petersan, the owner of Sticky Fingers. (Courtesy Sticky Fingers Diner)A fundraising event is being held at Sticky Fingers Diner on H Street NE on Wednesday. It’ll feature food and drink specials, entertainment and a charity auction with donations from across the cultural spectrum: D.C.-area food, art and experiences will all go to the highest bidder, as businesses work to raise money for Maui Rapid Response and the Maui Humane Society.Doron Petersan, the owner of Sticky Fingers, has never actually been to Hawaii. But her good friend, Tiffany MacIsaac, who owns the renowned Buttercream Bake Shop, is a native of Maui, and this is another instance of D.C.’s hospitality industry coming together.“We all sort of know each other, and if we don’t k...