The Federal Reserve (Fed) announced on Wednesday that it is raising interest rates by a quarter of a percentage point, the ninth rate hike since March 2022. This decision is part of its ongoing efforts to slow the economy and battle stubbornly high inflation, but it runs contrary to the government's recent efforts to stabilize banks. Mark Zandi, chief economist of Moody’s Analytics, said that the Fed’s decision is “incongruous with efforts to re-establish the stability of the financial system.” It is unclear how the recent bank failures will affect the Fed’s decision-making going forward.
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A Manhattan grand jury has been delayed and will not assemble Wednesday, as it was expected to bring historic charges against former President Donald Trump. The grand jury has been meeting to probe whether Trump falsified business records when he allegedly directed his then-lawyer to pay adult film star Stormy Daniels in exchange for her silence. The cancellation comes amid reports that the grand jury has been preparing to indict Trump, and the Supreme Court has ruled that Trump must turn over his tax returns and other financial records to the Manhattan District Attorney's office.
The Federal Reserve has raised its key interest rate by 0.25%, continuing its campaign against inflation. This rate hike is intended to help keep inflation at a rate of 2%, but could also make it more difficult for households and businesses to access credit, which could weigh on economic activity. The Fed's rate-setting committee noted that the U.S. banking system is sound and resilient, but cautioned that recent developments could have a negative effect on the economy.
Lori Vallow Daybell, known as the "Doomsday Mom," will not face the death penalty if convicted of murder in the deaths of her two children, 7-year-old Joshua “JJ” Vallow and 16-year-old Tylee Ryan. Attorneys for Vallow filed a motion earlier this month citing media saturation, multiple discovery violations by the government, Vallow’s mental status and other factors. The judge's ruling today means that if Vallow is convicted of murder, she will not face the death penalty and the trial is expected to begin in August 2021.
A new report released by the Senate Homeland Security and Governmental Affairs Committee has revealed a concerning trend of worsening drug shortages in the United States, with new drug shortages increasing by nearly 30% from 2021 to 2022. The report identified three main causes of the shortages: economic drivers, reliance on foreign sources, and poor visibility of the pharmaceutical supply chain. The committee has called for more transparency in the pharmaceutical supply chain and for the government to take steps to address the underlying causes of the shortages.
Delaware Judge Eric Davis is set to decide whether to allow a defamation case against Fox News and Fox Corp. to proceed to a jury trial next month. Dominion Voting Systems allege that Fox News promoted false claims that the company rigged the 2020 election, and both sides argued their cases in a two-day hearing. Judge Davis is expected to make a ruling soon, which could have significant implications for the future of defamation law.
On Wednesday morning, a male student under 18 years of age shot two school administrators at East High School in Denver, Colorado. The student had been under a school safety plan and fled the scene after the shooting. The Denver Police Department is working with other law enforcement agencies to locate the student and is asking for the public’s help in the investigation. The school district has released a statement expressing their sadness and commitment to ensuring the safety of their students and staff.
Two inmates, John M. Garza and Arley V. Nemo, escaped from a Newport News, Virginia jail Monday night by using primitive-made tools constructed from a toothbrush and metal object. The two were found at an IHOP restaurant early Tuesday morning and taken back into custody without incident. The Sheriff's Office is conducting an investigation and the two inmates will face additional charges.