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The Federal Reserve on Wednesday raised interest rates by 0.75% as the central bank attempts to avoid a deep recession. The decision to move by 0.75% matched the magnitude of the Fed’s last move in June, which was its largest single-meeting rate increase since 1994. Wednesday’s decision was unanimously agreed upon by voting members of the Federal Open Market Committee. The Fed has now moved in four consecutive meetings to increase borrowing costs in America, extending its effort to dampen… Source link

Brandon Brown’s embrace of the right-wing slogan that involves his first name hasn’t reaped any financial rewards in 2022. Brown is stepping out of his No. 68 car for Saturday’s Xfinity Series race at the Indianapolis Motor Speedway road course and may not compete in many more races the rest of the season. Brown’s team is looking to field drivers who have sponsorship money after a deal with a now-defunct political cryptocurrency didn’t flourish. And that lack of sponsorship is why… Source link

This summer has seen a steady parade of tech CEOs quietly heading to Capitol Hill. Apple (AAPL) CEO Tim Cook stopped by recently, as did Google (GOOG, GOOGL) CEO Sundar Pichai and Amazon (AMZN) CEO Andy Jassy. Microsoft (MSFT) President Brad Smith joined in with a reported sit-down with Senate Majority Leader Chuck Schumer (D-NY) in Washington state. Their reason for calling on U.S. lawmakers? The tech CEOs are fighting a bill called the American Innovation and Choice Online Act, which would… Source link

Not even three events into its first season, LIV Golf is preparing an aggressive expansion for its second year and beyond. Beginning in 2023, the LIV Golf invitational series will become the LIV Golf League, a 14-event series of events featuring 12 four-player teams competing on both individual and team levels. While the breakaway tour did not announce specific dates, tournaments would be sited in North America, Europe, Asia, Australia and the Middle East. LIV Golf, which competes this week at… Source link

Shortly before 3 p.m. on Wednesday, a cadre of Russian police officers escorted Brittney Griner into a cramped courtroom outside Moscow and led her to her customary spot inside a metal defendant’s cage. Griner, clad in a long-sleeved black Phoenix Mercury T-shirt, held out her hands so that one of her guards could remove her shackles. Then, as cameras flashed, the WNBA star shook hands with her attorneys through the bars of the cage, flashed a thumbs-up sign and held up a sheet of paper… Source link

The Golden State Warriors are in a bit of a money quandary this summer. They have four players who will all need new contracts soon – Draymond Green, Andrew Wiggins, Klay Thompson and Jordan Poole – and would have to pay a ridiculous luxury tax if they kept most of them. Green, the boisterous big man who just claimed his fourth NBA Finals championship trophy with the Warriors since their dynasty began in 2014 is eligible for a new contract as soon August 3, and sources told The Athletic’s… Source link

Mercedes-Benz Group (MBG) reported higher revenue and adjusted earnings before interest and taxes (EBIT) for the second quarter compared to last year, despite the effects of “semiconductor bottlenecks and supply-chain disruptions.” The supply disruptions led to a 7% drop in sales, Mercedes said, but revenue still rose 8% from a year ago, and adjusted EBIT spiked 20%. Better pricing and margins boosted both for Mercedes. The German automaker also upped its guidance for the year, now seeing… Source link

Donald Trump’s widely expected 2024 campaign — which he could formally announce as early as this year — appears likely to focus on upending Washington’s bureaucracy. The former president and his allies would put thousands of government employees in their sights who are traditionally insulated from politics. On Tuesday, during a summit in Washington, Trump and his top political allies sketched out an economic component of their attacks on bureaucracy, targeting an old GOP villain:… Source link

Democrats during the Joe Biden presidency have earned a reputation for big plans that go unfulfilled. Biden’s “build back better” legislation has withered to nothing. Efforts to address climate change, improve health care, expand the social-safety net and raise new revenue from businesses and the wealthy have flopped as Democrats failed to unify in support. Yet Americans still view the Democratic Party as the one more likely to have their backs. A new Yahoo Finance / Morning Consult… Source link

By summer end, Mr. Market could be back to taking souls. But a few more weeks, one top Wall Street strategist argues, conditions are in place for July’s rally to be extended, “We had expected ‘face-ripping’ rallies followed by ‘soul-crushing’ sell-offs,” Wells Fargo Head of Equity Strategy Chris Harvey wrote in a recent note to clients. “Those sell-offs may be delayed until late summer. With the 10-year U.S. Treasury now an unexpected 2.81% (we hear of massive short covering), and 1- year… Source link