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Surge in bond yield may help ease rate hikes

Published Tue, 25 Feb 2025 11:17:38 GMT

WASHINGTON — Two Federal Reserve officials suggested Monday that the central bank may leave interest rates unchanged at its next meeting in three weeks because a surge in long-term interest rates has made borrowing more expensive and could help cool inflation without further action by the Fed.Since late July, the yield, or rate, on the 10-year U.S. Treasury note has jumped from around 4% to about 4.8%, a 16-year high. The run-up in the yield has inflated other borrowing costs and raised the national average 30-year mortgage rate to 7.5%, according to Freddie Mac, a 23-year high.Business borrowing costs have also risen as corporate bond yields have accelerated.Philip Jefferson, vice chair of the Fed’s board and a close ally of Chair Jerome Powell, said in a speech Monday to the National Association for Business Economics that he would “remain cognizant” of the higher bond rates and “keep that in mind as I assess the future path of policy.”U.S. stock pric...

Ticker: Oil jumps on war in Israel; DreamWorks cuts 70 jobs amid strike

Published Tue, 25 Feb 2025 11:17:38 GMT

Oil surged nearly 5% after Hamas’ surprise attacks on Israel over the weekend, the broadest and bloodiest in decades, threatened to inflame tensions in the Middle East, home to almost a third of global supply.West Texas Intermediate traded near $87 a barrel as a war-risk premium returned to markets. U.S. crude rose 4.46% to $86.48 per barrel and Brent was at $88.04, up 4.09% on the day.Monday’s rise in crude helped oil and gas stocks to some of Wall Street’s biggest gains. Marathon Oil rose 6.6%, and Halliburton climbed 6.8%.The broader market also rose with the S&P 500 up 0.6%. The Dow added 197 points, and the Nasdaq composite climbed 0.4%. They perked higher after two officials at the Federal Reserve suggested they may not need to raise interest rates again at their next meeting at the end of this month.DreamWorks cuts 70 jobs amid strikeDreamWorks Animation cut about 70 positions, as many entertainment companies have adjusted their staffing levels amid rising productio...

11 Americans dead in violence between Hamas and Israel

Published Tue, 25 Feb 2025 11:17:38 GMT

At least 11 Americans have died in bloody violence in Israel, President Biden said Monday, the third day since Palestinian militants launched a stunning and complex surprise attack in Israel.In a statement, Biden described the deaths as the “heart wrenching” results of an “appalling terrorist assault against Israel.” He said the U.S. believes that the Hamas militant group is likely holding American citizens as prisoners, and he added that the U.S. is working with Israel to handle the hostage crisis.“This is not some distant tragedy,” the president said in his statement. “The ties between Israel and the United States run deep. It is personal for so many American families who are feeling the pain of this attack.”The identities of the dead Americans were not immediately released, and it was unclear if any were from New York, which is home to about 1.6 million Jews. In New York City, there was a heavy police presence at synagogues on Monday.Major U.S. airlines have canceled flights into...

California campsite reservation bill signed by governor. Here's what changes it makes

Published Tue, 25 Feb 2025 11:17:38 GMT

SAN DIEGO (KSWB) -- A bill that would make it easier for outdoor enthusiasts to reserve a campsite in California state parks was signed into law by Gov. Gavin Newsom Sunday night.Assembly Bill 618, introduced by Assemblymember Rebecca Bauer-Kahan (D-Orinda), proposed amendments to the state's campsite reservation system to deter no-shows and cancellations, freeing up spots for campers that would otherwise go unused.The bill was sent to Newsom's desk for signature about three weeks ago after it passed through the legislature with unanimous support."California's public parks and beaches are treasures that should be enjoyed by all Californians and demand for them has increased greatly," Bauer-Kahan said in a release on Monday. California says no to ‘magic mushrooms’ for now "Unfortunately, our current outdated reservation system has led to a situation where many campsites are left empty," she continued. "By promoting responsible reservation practices, we can increase access to ...

Russia reports coolant leak in backup line at space station and says crew not in danger

Published Tue, 25 Feb 2025 11:17:38 GMT

MOSCOW (AP) — Coolant leaked from a backup line at the International Space Station, Russian officials said Monday, adding that there was no risk to the crew or the outpost.Russian space agency Roscosmos said that coolant leaked from an external backup radiator for Russia’s new science lab. The lab’s main thermal control system was working normally, the agency emphasized.“The crew and the station aren’t in any danger,” Roscosmos said.NASA confirmed that there is no threat to the station’s crew of seven and that operations are continuing as usual.Roscosmos said engineers were investigating the cause of the leak. The incident follows recent coolant leaks from Russian spacecraft parked at the station. Those leaks were blamed on tiny meteoroids.The lab — named Nauku, which means science — arrived at the space station in July 2021.Last December, coolant leaked from a Soyuz crew capsule docked to the station, and another similar leak from a Progress supply ship was discovered i...

Montreal man among those killed in attack on Israel by Hamas militants, family says

Published Tue, 25 Feb 2025 11:17:38 GMT

MONTREAL — A Montreal man says his son is among the victims of an attack by Hamas militants on Israel over the weekend. Alain Haim Look says in a social media post that his son Alexandre Look was killed in Israel on Saturday while trying to save those around them.Look describes his son as a force of nature with unique charisma, and says he died a hero.A spokeswoman for the Chabad of Westmount Education Centre says she knows Look’s parents, who are part of the centre’s community, and she confirms the authenticity of the post.Devorah Shanowitz, the centre’s director of education, says the centre’s rabbis have visited the family, and the organization is starting an emergency fund to help them.Global Affairs Canada says in a statement Sunday afternoon that it is aware of reports of one Canadian who has died amid the fighting and two others who are missing, but has not yet confirmed the death. The attack by Hamas and Israel’s response have left more than 1,1...

What is Hamas? The group that rules the Gaza Strip has fought several rounds of war with Israel

Published Tue, 25 Feb 2025 11:17:38 GMT

BEIRUT (AP) — Hamas, which has ruled the Gaza Strip since 2007, launched an attack inside Israel over the weekend, killing hundreds and taking others hostage. Its unprecedented breach of the border sent fighters inside border communities and military installations, shocked Israel and its allies, and raised questions about the group’s capabilities and strategy. WHAT IS HAMAS? The group was founded in 1987 by Sheikh Ahmed Yassin, a Palestinian refugee living in Gaza, during the first intifada, or uprising, which was marked by widespread protests against Israel’s occupation. Hamas is the Arabic acronym for the Islamic Resistance Movement, and a recognition of the group’s roots and early ties to one of the Sunni world’s most prominent groups, the Muslim Brotherhood, founded in Egypt in the 1920s. The group has vowed to annihilate Israel and has been responsible for many suicide bombings and other deadly attacks on civilians and Israeli soldiers. The U.S. State Department has designated ...

Palestinians gather in Toronto for rally, more demonstrations expected across Canada

Published Tue, 25 Feb 2025 11:17:38 GMT

TORONTO — Pro-Palestinian demonstrators spilled onto downtown Toronto streets and marched toward the Israeli consulate in Toronto on Thanksgiving Day, following a weekend of deadly fighting in the Middle East.Protesters gathered at Nathan Phillips Square in front of Toronto city hall on Monday afternoon, many draped in or waving Palestinian flags as the crowd chanted, “From the river to the sea, Palestine will be free,”in a demonstration that was denounced by the city’s mayor. One sign read, “Occupation is a crime, resistance is a response.”The gathering came after Hamas militants out of Gaza launched an attack on Israel on Saturday, firing thousands of rockets and sending dozens of fighters to infiltrate the heavily fortified border by air, land and sea. The attack has been called the deadliest on Israel in years, with the incursion and counteroffensive killing hundreds on both sides and injuring thousands more. In the war’s third day, Israel was...

It’s now a 2-person Mississippi governor’s race, but independent’s name still appears on ballots

Published Tue, 25 Feb 2025 11:17:38 GMT

JACKSON, Miss. (AP) — An independent candidate running a low-budget campaign for Mississippi governor said Monday she is dropping out and endorsing Democratic nominee Brandon Presley as he tries to unseat Republican incumbent Tate Reeves.But Gwendolyn Gray’s decision was announced more than two weeks after absentee voting had already begun, with ballots that list her along with Reeves and Presley.Gray’s name will appear on the remaining absentee ballots and on the ballots that people cast on Election Day, Nov. 7, meaning that people can still vote for her.“Once ballots are printed, it is what it is,” said Elizabeth Holbert Jonson, spokesperson for Secretary of State Michael Watson, the state’s top elections official.In a statement released by the Presley campaign, Gray said she agrees with his pledge to invest in public education and to expand Medicaid to people who work in jobs that provide modest wages and no private health insurance.“I trust Brandon Presley beca...

Chef and TV personality Michael Chiarello dies at 61 after being treated for allergic reaction

Published Tue, 25 Feb 2025 11:17:38 GMT

NEW YORK (AP) — Michael Chiarello, a chef known for his Italian-inspired Californian restaurants who won an Emmy Award for best host for “Easy Entertaining With Michael Chiarello” and appeared on Bravo’s “Top Chef” and “Top Chef Masters,” has died. He was 61.Chiarello died Friday at Queen of the Valley Medical Center in Napa due to an allergic reaction that resulted in anaphylactic shock, according to Chiarello’s restaurant group Gruppo Chiarello. He had been at the hospital receiving treatment for the allergic reaction over the past week. Details on how he developed the allergic reaction were not immediately available. “We deeply mourn the loss of our beloved patriarch Michael. His culinary brilliance, boundless creativity, and unwavering commitment to family were at the core of his being,” the restaurant group said in a statement.Chiarello, a graduate of the Culinary Institute of America in New York, opened his first restaurant at just 22 — Toby’s, in Miami. He would go on t...