Editors USA TODAY Published 8:16 p.m. UTC Aug 1, 2018 Monster fire still wrecking havoc in Northern California Firefighters will work around the clock Wednesday to combat the intense blaze that has devastated Redding, California, killing at least six people and charring more than 112,000 acres. Thus far, the so-called Carr Fire remains just 30 percent contained. At the moment, the state of California has spent $114.7 million fighting the blazes like the Ferguson and Carr fires. With nearly 10,000 firefighters battling the dozen wildfires across the state, they're making headway in containing the blaze — even as intense heat, strong winds and "firenadoes" threaten the area. The rising cost of fighting California blazes Carr Fire 6th most destructive in California history 'He loved what he was doing': Firefighter who died in blaze captained elite team Amid 'apocalyptic' Carr Fire, local newspaper informs … [Read more...] about California wildfires, Pence heads to Hawaii, interest rates: 5 things to know Wednesday
Martin Crutsinger, Ap Economics Writer Updated 10:19 pm PDT, Tuesday, July 31, 2018 Photo: Pablo Martinez Monsivais, AP Image 1of/1 CaptionClose Image 1 of 1 FILE - This Wednesday, Aug. 2, 2017, file photo shows the Federal Reserve Building on Constitution Avenue in Washington. The Federal Reserve is likely to point to strong growth in the economy, low unemployment and rising inflation as reasons to keep on its current path of gradually raising interest rates. The Fed's statement at the end of its two-day meeting will be released Wednesday afternoon, Aug. 1, 2018, in the form of a brief policy statement. less FILE - This Wednesday, Aug. 2, 2017, file photo shows the Federal Reserve Building on Constitution Avenue in Washington. The Federal Reserve is likely to point to strong growth in the economy, low unemployment ... more Photo: Pablo … [Read more...] about Fed expected to keep interest rates unchanged
By Lindsay Dunsmuir WASHINGTON (Reuters) - The Federal Reserve is expected to keep interest rates unchanged on Wednesday but solid economic growth combined with rising inflation are likely keep it on track for another two hikes this year even as President Donald Trump has ramped up criticism of its push to raise rates. The U.S. central bank so far this year has increased borrowing costs in March and June, and investors see additional moves in September and December. Policymakers have raised rates seven times since December 2015. The Fed will announce its decision on Wednesday at 2 p.m. EDT (1800 GMT). No press conference is scheduled and only minor changes are anticipated compared with the Fed's June policy statement, which emphasized accelerating economic growth, strong business investment and rising inflation. "They've got expectations pretty much where they want them," said Michael Feroli, an economist with JPMorgan. "They may need to finesse how they word the language on inflation … [Read more...] about Fed set to hold interest rates steady, remains on track for more hikes
After each rate hike, I get a handful of questions from bankers who are anticipating the needs of their business customers. “What does this mean for long-term commercial mortgage rates?” “How do I prepare my customers for higher interest rates?” “Should I work with my customers to refinance their loans now?” Here’s how I help them understand the interest-rate environment and impact to local business owners. Let’s start by breaking down short-term versus long-term interest rates. Short-term rates The Fed controls the short-term market rates by setting the federal funds rate, the rate at which banks borrow from each other overnight on an uncollateralized basis. The latest five rate hikes have affected short-term variable rates, such as the prime rate, which immediately impacts the rate of credit card and line of credit borrowing for consumers and businesses alike. However, for installment loans used to purchase business equipment, for … [Read more...] about Spooked by rising interest rates?
WASHINGTON — The Federal Reserve will meet this week to assess an economy that has just enjoyed a healthy spurt of growth but faces a flurry of trade fights pushed by President Donald Trump that could imperil that growth over time. If those concerns weren’t enough, Trump has openly expressed his displeasure at the Fed’s interest rate increases — something no president has done publicly in more than two decades. No one expects the Fed to announce a rate increase when its latest policy meeting ends Wednesday. But the central bank is widely expected to set the stage for tightening credit again in September for a third time this year and then likely raise rates once again by December. This year’s rate increases follow three hikes in 2017 and one each in 2015 and 2016. The central bank’s rate increases — to a still-low level — reflect the economy’s resilience and are intended to prevent growth from overheating or inflation from … [Read more...] about Fed is set to leave interest rates alone