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Fed’s Powell: More rate hikes are likely this year to fight still-high inflation

Published Wed, 12 Feb 2025 21:53:20 GMT

WASHINGTON (AP) — With inflation in the United States still excessive, most Federal Reserve officials expect to raise interest rates further this year, Chair Jerome Powell said in prepared testimony to be delivered to a House committee Wednesday. “Inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go,” Powell said on the first of two days of semi-annual testimony on Capitol Hill. Even so, the Fed last week kept interest rates unchanged after 10 straight hikes so it could take time to gauge how higher borrowing rates have affected the economy, Powell said. The contrast between the Fed’s stated concern over still-high inflation and its decision to skip a rate hike has heightened uncertainty about its next moves. The hazier messaging suggests that Powell is seeking to balance competing demands from those Fed officials who want to keep raising rates and others who feel the central bank has done enough.In his remarks Wed...

Stock market today: Wall Street quiet ahead of Powell testimony

Published Wed, 12 Feb 2025 21:53:20 GMT

BANGKOK — U.S. markets are largely unmoved early Wednesday ahead of Federal Reserve Chair Jerome Powell’s appearance before Congress, where he’s expected to field questions about the central bank’s inflation-fighting interest rate policies.Futures for the Dow Jones Industrial Average and S&P 500 each ticked down about 0.1% before the opening bell Wednesday. Oil prices are flat.Markets are concerned the Fed will return to raising rates next month and may have to keep them higher for longer, which would pressure the economy and potentially bring on a recession. Powell will testify before a committee in the House on Wednesday and another in the Senate on Thursday. Last week, the Fed opted to leave its benchmark lending rate alone, the first time in more than a year that it didn’t announce an increase. But it also warned it could raise rates twice more this year.“Investors are turning cautious ahead of another hefty dose of Fedspeak amidst a relatively light data d...

Will the Titanic claim more victims a century later?

Published Wed, 12 Feb 2025 21:53:20 GMT

In today’s Big Story podcast, a submersible intended to take five people to visit the wreck of the Titanic has been missing since June 18. The expedition is a commercial venture led by OceanGate, a company based in St. John’s, that takes prospective explorers more than three kilometres beneath the surface to catch a glimpse of the legendary wreck. The trip costs $250,000 per person.If the occupants are still alive, they are likely to be running out of air. A massive search operation is currently underway, but the vastness of the Atlantic Ocean makes locating the vehicle incredibly challenging.Leyland Cecco is a Canadian reporter for The Guardian, he says that the hope right now is that the vehicle has surfaced and is bobbing somewhere on the surface of the ocean.“Recovery effort would be next to impossible if it was still deep below,” says Cecco.What information do we have at this point about the watercraft, and the company responsible for its construction? And why does ...

18-year-old boy dies after being pulled from water at Porter Beach

Published Wed, 12 Feb 2025 21:53:20 GMT

PORTER, Ind. — An 18-year-old boy has died after drowning in Lake Michigan at Porter Beach in Indiana.According to the Porter Police Department, emergency crews were dispatched to the beach for two teens in need of a rescue.A 14-year-old girl was rescued from the water by a Good Samaritan. Police said the 18-year-old boy was lost for approximately 20 minutes before he was pulled to shore.Life saving measures were performed on the teen, including CPR.Both teens were transported to a nearby hospital, where the 18-year-old later died, according to authorities. His identity has not yet been released. 4 pedestrians in hospital after hit-and-run near Guaranteed Rate Field; man in custody The 14-year-old girl is reportedly "doing fine."In a statement on Facebook, the Porter Police Department extended its deepest condolences to the 18-year-old's family.An investigation is being conducted into the teen's drowning.

Investigation continues after 146 dead dogs found in home of animal rescue president

Published Wed, 12 Feb 2025 21:53:20 GMT

MANTUA, Ohio (WJW) – Investigators with the Portage County Animal Protective League in Ohio are still working to determine the cause of death of more than 140 dogs found dead in a home owned by the founder and president of an animal rescue.Emergency crews responded to the home of Barbara Wible, the founder of Canine Lifeline, after shew as found collapsed in her Parma home, the organization said in a written release. Wible was transported to a hospital.Dog crates are piled outside of an Ohio residence after investigators found more than 140 dead dogs in a home belonging to the founder of an animal rescue. (WJW photo)A subsequent investigation found "overwhelming evidence of ongoing fatal animal neglect" at the home, as well as Wible's other home in Mantua, the organization wrote. In the Mantua home, humane officers found "146 deceased dogs in varying stages of decay," many of which were still locked in their crates, the Portage APL said."No volunteers were aware of any medical condi...

Dean's Home Video: Second season of 'The Bear'

Published Wed, 12 Feb 2025 21:53:20 GMT

CHICAGO — After an award-winning first season, a comedy-drama based in Chicago and concerning one of the city's favorite foods is back for a second season.New episodes of "The Bear" are set to be released on Thursday on Hulu as people continue to follow "Carmy" Berzatto, portrayed by Jeremy Allen White as he builds up an Italian Beef shop in Chicago.Dean Richards previews the release of that show on this edition of "Dean's Home Video" on Wednesday's WGN Morning News. He also takes a look at the upcoming streaming release of season 2 of "And Just Like That," "Marvel Studios' Secret Invasion," a "Walking Dead" spinoff, "Glamorous," "World's Best," and more.You can watch this edition of "Dean's Home Video" on the June 21 show in the video above.Get Dean's reviews and A-List interviews delivered right to your inbox. Sign up for Dean's Downloads weekly newsletter. You'll also get his Dean Cooks recipes too!

$3.8 million lottery winner wants a new vacuum

Published Wed, 12 Feb 2025 21:53:20 GMT

DENVER (KDVR) — "What would you do if you won the lottery?" An age-old question where many might dream of spending their theoretical earnings on a luxury vacation, buying a new house or splurging on a nice car. However, one Colorado man would be happy to spend part of his $3.8 million winnings on a new vacuum.Sixty-nine-year-old Bill S., of Carbondale, is Colorado's latest millionaire. The Colorado Lottery said Bill won $3,896,039 million on the June 10 drawing of Colorado Lotto+. His winning ticket matched all six numbers: 5-13-14-16-30-33. How this Colorado man plans to spend his $5.5M winning lotto ticket The lucky $2 Colorado Lotto+ ticket was sold at the City Market at 905 Highway 133 in Carbondale. Bill S. of Carbondale won $3.8 million on the Colorado Lotto+ jackpot. (Colorado Lottery)Bill said he has been playing the lottery weekly for 10 years, but this is of course his biggest prize by far. He told the Colorado Lottery that when he saw he hit the jackpot, he was "beyond ...

How suspected 'serial killer' Raul Meza's civil case impacted Texas justice system

Published Wed, 12 Feb 2025 21:53:20 GMT

AUSTIN (KXAN) – Raul Meza Jr. has been an infamous, headline-grabbing name for years in Central Texas, after he pleaded guilty to the 1982 murder of 8-year-old Kendra Page. Meza resurfaced in May when he was charged with two more murders and described by one local official as a “serial killer.”Compared to those high-profile murder cases, relatively little attention was paid to a 2005 civil rights lawsuit Meza filed against state prison and parole officials. But legal experts say that civil case has had a lasting impact on the system.Meza, now 62, sued Texas Department of Criminal Justice and TDCJ’s parole division officials, roughly three years after his mandatory 2002 release from prison. In 2002, Meza was placed under mandatory supervision and housed in the Travis County Jail in Del Valle. In his 2005 suit, Meza argued his civil rights were trampled by overly restrictive supervision rules and sex offender conditions imposed on him, even though he was not convicted of a sex offense...

Georgetown car club makes donation for school lunch deficit

Published Wed, 12 Feb 2025 21:53:20 GMT

GEORGETOWN, Texas (KXAN) -- The Georgetown Texas Area Car Club donated $750 to help pay off some of the lunch deficit balances in the Georgetown Independent School District. In total, the school district received $5,700 from various donors in the past year to help pay off the lunch deficit, but there is still a negative balance of $9,250 across all student accounts, according to a district spokesperson. Reduced or free lunch program The district spokesperson said the pandemic and high inflation impacted family budgets, and families can not always pay for the school lunch. In fact, 42% of the student population in GISD qualify for a reduced or free lunch program, but there still may be more families who qualify for the program and have not filled out the proper paperwork, according to the spokesperson. GISD said it will not let kids go hungry and will take on any deficit to provide a meal. If the school district does not get enough donations to pay remaining deficit, it will cover th...

Girl, 8, wounded in shooting in St. Paul’s Payne-Phalen

Published Wed, 12 Feb 2025 21:53:20 GMT

A shooting injured an 8-year-old girl in St. Paul Tuesday night.Officers were called about 10:15 p.m. to a home in the Payne-Phalen neighborhood in the 800 block of Bradley Street on a report of a shooting. As they were responding, they received updated information that a child was injured by the gunfire.The girl was apparently in the yard when shots were fired toward the house, said Sgt. Mike Ernster, a police spokesman.Paramedics took the girl to a hospital for treatment and preliminary information indicated her injuries were not life-threatening, according to Ernster.No one was immediately under arrest. Police said they’re investigating the circumstances of the shooting and who was responsible. Related ArticlesCrime & Public Safety | Dru Sjodin’s killer moved to Florida prison to served life sentence Crime & Public Safety | 3 southern Minnesota men charged with January 2021 attack on U.S. Capitol Crime & Public Safety | ...