Rising inflation, falling overdraft fees


WASHINGTON (AP) – Under President Jerome Powell, the Federal Reserve is poised this week to make a sharp turn to tighter interest rate policies with accelerating inflation and falling unemployment faster than expected . The Fed will likely announce that it will cut its monthly bond purchases to double the rate Powell indicated just six weeks ago. These bond purchases are meant to lower long-term rates, so cutting them faster – likely in early spring – will reduce some of the economic assistance provided by the Fed after the outbreak of the pandemic the last year. Fed officials should also forecast that they will hike their short-term benchmark rate two or three times next year.

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Banks Slowly Reconsider Overdraft Fees, Under Public Pressure

NEW YORK (AP) – The banking industry appears to have exaggerated on overdraft fees. After decades of accumulating billions of dollars of mostly cash-strapped poor Americans in their accounts, the biggest banks – under pressure from lawmakers and regulators – are slowly decreasing their reliance on it. largely unpopular practice. A number of major banks have taken steps this year to reduce the amount they withdraw from overdraft fees, which they charge when customers make payments or withdrawals that exceed their account balance. Still, the financial services industry is unlikely to get rid of such a cash cow anytime soon.

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Wholesale price inflation breaks record 9.6% in past 12 months

WASHINGTON (AP) – Wholesale prices jumped a record 9.6% in November from a year earlier, an indication of lingering inflationary pressures The Labor Department said its producer price index , which measures inflation before it reaches consumers, rose 0.8% in November from October, the highest monthly reading since June. Food prices, which fell 0.3% in October, jumped 1.2% in November. Energy prices rose 2.6% after rising 5.3% in October.

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Opioid-ravaged cities close to $ 26 billion settlement

McMINNVILLE, Ore. (AP) – Thousands of cities across the United States that have been rocked by the opioid crisis are set to receive billions of dollars in second-largest legal settlement in state history -United. The $ 26 billion from three drug distributors and one pharmaceutical manufacturer would solve the damage caused by the opioid epidemic, which the federal government declared a public health emergency in 2017. States, counties and cities face a three-week deadline to sign the settlement, and most have agreed to do so. But a few holdouts remain, including Oregon, where disagreements have arisen between state and local authorities.

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Kroger Ends Certain COVID-19 Benefits for Unvaccinated Staff

Kroger, the country’s largest traditional grocery chain, is ending some benefits for unvaccinated workers as large employers try to force more people to get vaccinated as COVID-19 cases rise again. A company spokesperson said on Tuesday that unvaccinated workers would no longer be eligible to receive up to two weeks of paid emergency leave if they were infected. This policy was put in place last year when vaccines were not available. The company also confirmed that unvaccinated salaried employees or management would be asked to pay a monthly supplement of $ 50 for their company health plan to cover costs incurred by the Kroger.

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Hard Rock International buys Operation Mirage in Vegas

LAS VEGAS (AP) – Hard Rock International says it wants to see how a guitar-shaped hotel will perform in the heart of the Las Vegas Strip. The sale of the Mirage by MGM Resorts marks the end of an era for a property recognized for helping transform Las Vegas from a gaming center into an ultra-luxury resort destination. The cash deal is worth nearly $ 1.1 billion and is expected to close next year. Hard Rock chairman Jim Allen said on Monday that the Florida-based hospitality and entertainment company plans to build a hotel shaped like a guitar. It is not immediately clear whether the iconic volcanic fountain of the Mirage and the Polynesian theme will remain at the site.

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Dutch extend COVID lockdown; school holidays to start early

THE HAGUE, Netherlands (AP) – The Dutch government has ordered elementary schools to close a week earlier for the Christmas holidays as authorities fight to curb coronavirus infections amid concerns over the rapid spread of the omicron variant. Acting Prime Minister Mark Rutte also extended the country’s current lockdown until January 14 on Tuesday. Rutte said the government needs to be mindful of the new variant. He said the measures were “of course not the good news you’re hoping for on Christmas.” Rutte says the school holidays will be extended from two weeks to three. Young children saw the biggest increase in infections in a recent outbreak in the Netherlands.

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Treasury grants $ 8.7 billion for loans to minority communities

WASHINGTON (AP) – The Treasury Department will release $ 8.7 billion to help increase lending to small and minority-owned businesses and people living in poorer communities with limited access to banking services. Funds from the Emergency Capital Investment Program will go to 186 community financial institutions. Vice President Kamala Harris and Treasury Secretary Janet Yellen spoke about investments on Tuesday. Black Americans make up 13.4% of the US population, but Federal Reserve figures show they only control 4.3% of household wealth. More than half of black household wealth comes in the form of pension entitlements. This makes it more difficult for people living in predominantly black communities to qualify for business loans and mortgages.

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Insider Q&A: Christa Pitts, Elf On Shelf Co-CEO

It all started with an elf named Fisbee. In the 1970s, when her three children were growing up, Carol Aebersold would put her childhood toy in a new place every day before Christmas. The family tradition was that Fisbee watched over them, ready to report to Santa if the children were mean or nice. The family has self-published a book and since then over 19 million people around the world have purchased “The Elf on the Shelf”. There are derivative toys, like Elf Pets, as well as games based on apps and live experiences. Last year, the family business signed a multi-year agreement with Netflix to develop content for The Elf on the Shelf.

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Wall Street closes lower after latest inflation report

Stocks closed lower on Wall Street on Tuesday as traders took notice of the latest sign that inflation is still high ahead of the last Federal Reserve meeting of the year. The S&P 500 fell 0.7% and the Nasdaq fell 1.1%. The Dow Jones Industrial Average fell 0.3%. The latest inflation report showed wholesale prices jumped a record 9.6% in November from the previous year. Federal Reserve policymakers have entered a two-day meeting in which they are expected to speed up the withdrawal of economic stimulus measures. Tech stocks were the biggest drag in the market. Bond yields have increased.

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The S&P 500 lost 34.88 points, or 0.7%, to 4,634.09. The Dow Jones Industrial Average lost 106.77 points, or 0.3%, to 35,544.18. The Nasdaq lost 175.64 points, or 1.1%, to 15,237.64. The Russell 2000 Small Business Index fell 20.85 points, or 1%, to 2,159.65.


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