Fed set for largest rate hike in decades
The Federal Reserve is expected to announce the biggest interest rate hike since 1994 on Wednesday after an alarming inflation report and a stock market meltdown upended the central bank’s plans. The Federal Open Market Committee (FOMC), the panel of Fed officials responsible for setting monetary policy, was on track to announce a 0.5 percentage point hike to its baseline interest rate range at the end of its two-day meeting Wednesday. It would have been the second 50 basis point hike issued by the FOMC in consecutive meetings as the bank struggles to get ahead of rising pri
Read MoreNew shipping legislation targets supply chain bottleneck
Legislation aimed at curbing the power of the container shipping industry, which has seen prices increase tenfold during the pandemic, breezed through the House Monday and could head to the Oval Office for a signature as soon as this week. The administration is hoping the law, which is designed to slash the bargaining power of container shipping companies and their industry alliances, will address a critical bottleneck in global supply chains — an issue economists widely believe is a key factor driving inflation. But experts caution that supply chain fixes for inflatio
Read MoreFive takeaways from races in Nevada, South Carolina and Texas
Voters from different sides of the country headed to the polls on Tuesday evening, lending some new insight into what to expect going into the general election in November. Former President Trump saw his endorsement put to the test in two key races in South Carolina, while Republicans saw victory in a South Texas congressional district that could bode well for their strategy in the region. Meanwhile, progressives saw yet another defeat, this time in Nevada. Here are five takeaways from the June 14th primaries. Trump’s endorse
Read MoreTitus fends off progressive challenger inn Nevada House primary
Incumbent Rep. Dina Titus (D-Nev.) is projected to win her primary for the state’s 1st Congressional District on Tuesday, successfully fending off a progressive challenge from Amy Vilela. The Associated Press called the race at 1:05 a.m. ET. Titus’ victory marks yet another loss for progressives, who have fallen short in a number of primary contests this cycle. Vilela served as Sen. Bernie Sanders’ (I-Vt.) co-chair in his 2020 presidential race. Sanders endorsed her last week. Titus has represented the 1st District, which includes most of Las Vegas and parts of
Read MoreLaxalt wins Nevada GOP Senate primary
Former Nevada Attorney General Adam Laxalt is projected to win the state's GOP Senate primary on Wednesday, setting up a matchup with Sen. Catherine Cortez-Masto (D-Nev.). The Associated Press called the race at 1:02 a.m. ET. Laxalt, who was backed by former President Trump, defeated seven candidates in the primary. He had been widely viewed as the frontrunner, though businessman and retired Army Capt. Sam Brown moved up in polling ahead of Tuesday’s primary, in addition to spending more on television. But Laxalt had big GOP names behind him in addition to Trum
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