In 1894, the Ironton cargo vessel collided with a grain hauler in the Thunder Bay area of northern Lake Huron, sinking both ships and taking the lives of the Ironton's captain and six sailors. In 2019, the wreckage of the Ironton was located by a team of historians and underwater archaeologists. The Thunder Bay National Marine Sanctuary is now working to document and preserve the Ironton and other shipwrecks in the area, as well as educate the public about the history of the Great Lakes.
Posts tagged as “Cleveland Fed”
The Federal Reserve has raised its benchmark interest rate for the eighth consecutive time in an effort to subdue inflation. This brings the federal funds rate to its highest level since late 2007, and Fed chair Jerome Powell has indicated that more rate hikes are on the way. Investors have responded positively to the news, with the Dow and other major indexes climbing steadily since the announcement.
The Rock & Roll Hall of Fame has announced its 2023 nominees for induction, featuring a diverse mix of country, soul, hip-hop, metal, pop, rap-rock and grunge artists such as Missy Elliott, Willie Nelson, Kate Bush, Iron Maiden, Cyndi Lauper and more. More than half of the nominees are first-time inductees, and the institution has been inducting artists since 1986. Fans can look forward to the announcement of the inductees in the coming months.
Key takeaways: Republican leadership is facing a difficult task of instructing their rank-and-file on the difference between debt default and a government shutdown. Tax cuts,…
At the end of 2022, the U.S. economy was on solid footing with a 2.9% annual growth rate, buoyed by consumer spending and businesses restocking supplies. However, economists are warning that the economy could slow further in the current quarter and slide into a mild recession by midyear. The Federal Reserve has indicated it is unlikely to raise interest rates this year, and may even lower them to help stimulate the economy.
The Federal Reserve is signaling that it will continue to raise interest rates, despite signs of slowing economic activity and inflation. At a press conference, Vice Chair Lael Brainard noted that inflation is still high and Cleveland Fed President Loretta Mester said the policy rate may need to go higher than 5%. The Fed will discuss the policy rate at their upcoming meeting and monitor economic activity and inflation to determine the appropriate rate.