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Fed raises key interest rate a quarter-point, may halt further hikes

Published Tue, 25 Feb 2025 17:26:12 GMT

By Christopher Rugaber | Associated PressWASHINGTON — The Federal Reserve reinforced its fight against high inflation Wednesday by raising its key interest rate by a quarter-point to the highest level in 16 years. But the Fed also signaled that it may now pause the streak of 10 rate hikes that have made borrowing for consumers and businesses steadily more expensive.In a statement after its latest policy meeting, the Fed removed a previous sentence that had said that “some additional” rate hikes might be needed. It replaced that sentence with language that said it will consider a range of factors in “determining the extent” to which future hikes might be needed.The Fed’s rate increases over the past 14 months have more than doubled mortgage rates, elevated the costs of auto loans, credit card borrowing and business loans and heightened the risk of a recession. Home sales have plunged as a result. The Fed’s latest move, which raised its benchmark ra...

Big Tech turns up heat on California bill to make internet companies pay for news

Published Tue, 25 Feb 2025 17:26:12 GMT

A California bill that would make Big Tech pay for the news articles that help drive its profits has advanced out of a second legislative committee with bipartisan backing as industry critics ramp up opposition.Assembly Bill 886, the California Journalism Preservation Act by Assemblywoman Buffy Wicks, an Oakland Democrat, passed out of the Assembly Judiciary Committee unanimously on Tuesday with Riverside Republican Assemblyman Bill Essayli added as a co-author along with Los Angeles Democrat Josh Lowenthal.“I don’t believe in corporate welfare, I don’t believe in transferring wealth,” Essayli said at Tuesday’s Judiciary Committee hearing. “But I also don’t believe in unjust enrichment. And I do think Big Tech is being unjustly enriched off the backs of journalists.”The bill proceeds next to an Assembly floor vote, which hasn’t yet been scheduled but must occur by June 2.Wicks’ bill follows the December collapse in Congress...

Man wounded in gunfire exchange with Oakland Housing Authority police

Published Tue, 25 Feb 2025 17:26:12 GMT

OAKLAND — A man was wounded in an exchange of gunfire Tuesday night with Oakland Housing Authority police officers at an apartment complex, authorities said.The man was reported to be in critical but stable condition. His name and age were not released.No officers were injured.The shooting happened about 10:23 p.m. Tuesday at an an OHA apartment complex in the 1700 block of 85th Avenue.In a news release, OHA officials said the officers were responding to “an emergency call for service,” but did not elaborate on the nature of the call.When police arrived at the complex, the man began shooting at them as he stood outside, prompting them to return fire and wound the man, authorities said. A gun was recovered.No other information was released, including the names of the officers.As per protocol, the shooting was being investigated by the Oakland police homicide unit. The OHA officers have been placed on administrative leave and the agency is doing an administrative inv...

Elon Musk’s Twitter threatens to reassign NPR’s account

Published Tue, 25 Feb 2025 17:26:12 GMT

By Wyatte Gratham-Philips | Associated PressWASHINGTON — Elon Musk threatened to reassign NPR’s Twitter account to “another company,” according to the non-profit news organization, in an ongoing spat between Musk and media groups since his $44 billion acquisition of Twitter last year.“So is NPR going to start posting on Twitter again, or should we reassign @NPR to another company?” Musk wrote in one email late Tuesday to NPR reporter Bobby Allyn.NPR stopped tweeting from its main account after Twitter abruptly labeled NPR’s main account as ” state-affiliated media ” last month, a term that’s also been used to identify outlets controlled or heavily influenced by authoritarian governments. Twitter then changed the label to ” government-funded media.”NPR said that both labels were inaccurate and undermined its credibility — noting the nonprofit news company operates independently of the U.S. government. Federal funding f...

Text of the Federal Reserve’s policy statement Wednesday

Published Tue, 25 Feb 2025 17:26:12 GMT

WASHINGTON (AP) — Below is the statement the Fed released Wednesday after its policy meeting ended:Economic activity expanded at a modest pace in the first quarter. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated.The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks.The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 5 to 5-1/4 percent. The Committee will closely monitor incoming information and assess the implications for monetary policy. In determining the extent to which additional policy firming may be appropriate to return inflation to...

French constitutional body rejects pension referendum call

Published Tue, 25 Feb 2025 17:26:12 GMT

PARIS (AP) — France’s top constitutional body rejected on Wednesday a last-ditch effort by opposition lawmakers to undo President Emmanuel Macron’s law to raise the retirement age to 64, deeming that a proposed bill doesn’t meet the needed criteria. It was the second time that the Constitutional Council has rejected the plan to restore the retirement age to 62, notably via a possible referendum or new bill. Had it passed muster, the process called for would be long and wouldn’t stop Macron’s law from taking effect.The council ruled that the proposed legislation doesn’t address a required “reform regarding social policy … and therefore judges that it does not satisfy conditions” set out in the French Constitution.Opposition lawmakers, mainly from the left, wanted to launch a complex process in hopes of rejecting Macron’s unpopular pension law that was enacted last month. The Constitutional Council’s role was to assess whether the opposition’s...

Man dies after being placed in headlock on NYC subway

Published Tue, 25 Feb 2025 17:26:12 GMT

NEW YORK (AP) — A man suffering an apparent mental health episode aboard a New York City subway died this week after being placed in a headlock by a fellow rider, according to police officials and video of the encounter.Jordan Neely, 30, was shouting and pacing aboard an F train in Manhattan on Monday afternoon, witnesses and police said, when he was taken to the floor by another passenger.Video of the altercation posted online by a freelance journalist showed the man lying beneath Neely, holding him in a headlock position for several minutes as Neely tried and failed to break free. A second passenger pinned Neely’s arms while a third held down his shoulder. It was unclear why the group had moved to restrain him.Neely lost consciousness during the struggle, according to a New York City Police Department spokesperson. EMTs and police arrived after the train stopped at a station. Neely was pronounced dead at a Manhattan hospital shortly after. The city’s medical examiner i...

Summer Movies: 6 breakout performances to watch

Published Tue, 25 Feb 2025 17:26:12 GMT

Anonymity can be an actor’s best friend, but this summer several talents are primed to make themselves known in major film roles, whether it’s losing the alien makeup, the protective shield of character work or the comforts of niche small-screen fandoms. Here are six actors bound to have audiences buzzing this summer at the movies.GRETA LEE IN “PAST LIVES”Greta Lee cried through her first reading of Celine Song’s “Past Lives, ” out June 2. The writer-director had written a deeply personal story about childhood friends, and possible soulmates, who reconnect in New York decades later. Nora’s in a relationship but wondering “what if” in this aching romance.“Telling a love story from that point of view felt so radical to me,” Lee said. “It read so quiet, but I was struck by how cosmic it was too. It’s connective. It’s universal. It’s just about life and how short life is and how do we reconcile this.”Lee, a stylish chameleon with comedic chops, has always made the most of every sc...

Juventus and Vlahovic end negative streaks in win over Lecce

Published Tue, 25 Feb 2025 17:26:12 GMT

ROME (AP) — Dusan Vlahovic ended a long scoring drought with the decisive goal and Juventus ended a five-match winless streak across all competitions with a 2-1 victory over visiting Lecce in Serie A on Wednesday.The victory moved Juventus into second place and two points ahead of Lazio, which was hosting Sassuolo later.Lazio needs to beat Sassuolo to prevent Napoli from sealing its first Italian league title in 33 years.Diego Maradona led Napoli to its only two Serie A championships in 1987 and 1990.Juventus, which was already eliminated from title contention, is 16 points behind Napoli.Vlahovic scored before the break to end a run of 773 minutes without a goal in the Italian league. And the Serbia international did it in style, using a half-volley from the edge of the area to find the target.Leandro Paredes had given Juventus an early lead with a free kick around Lecce’s wall before Assan Ceesay converted a penalty to equalize for Lecce.Danilo nearly added another for Juventus wit...

Stock market today: Markets steady after Fed’s rate hike

Published Tue, 25 Feb 2025 17:26:12 GMT

NEW YORK (AP) — Stocks aren’t moving much on Wall Street following the latest hike to interest rates by the Federal Reserve. The S&P 500 was 0.1% higher immediately following the Fed’s announcement. The move was widely expected, and it’s supposed to slow the economy in hopes of getting inflation under control. Wall Street hopes this is the final hike, and the Fed may have given a nod toward that possibility in its statement. Fed Chair Jerome Powell will speak later in the afternoon. The economy has already slowed, and the U.S. banking system has begun to crack under the weight of much higher rates.THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.NEW YORK (AP) — Stocks are drifting Wednesday ahead of what Wall Street hopes will be the last hike to interest rates for a long time.The S&P 500 was up 0.1% in midday trading after slumping the prior day. The Dow Jones Industrial Average was down 9 points, or less than 0.1%, at 33,675, as of noon Eastern time, while ...