Business News

Federal Reserve minutes: Inflation is cooling, but more evidence is needed for rate cuts

WASHINGTON (AP) — Federal Reserve officials at their most recent meeting welcomed recent signs that inflation is slowing and highlighted data suggesting that the job market and the broader economy could be cooling. Both trends, if they continued, could lead the Fed to cut its benchmark interest rate in the coming months from its 23-year peak. The minutes of the Fed’s June 11-12 meeting showed that the policymakers saw several factors that could further ease inflation in the coming months. These factors included the slower growth of wages, which reduces pressure on companies to raise prices to cover their labor costs.

GM will pay $146 million in penalties because 5.9 million older vehicles emit excess carbon dioxide

WASHINGTON (AP) — General Motors will pay nearly $146 million in penalties to the federal government because 5.9 million of its older vehicles don’t comply with emissions and fuel economy standards. The National Highway Traffic Safety Administration said in a statement Wednesday that certain GM vehicles from the 2012 through 2018 model years didn’t comply with federal fuel economy requirements. The fine comes after the Environmental Protection Agency said its testing showed the GM pickup trucks and SUVs emit 10% more carbon dioxide on average than GM’s initial compliance testing claimed. GM says it complied with all regulations in pollution and mileage certification of its vehicles.

From ‘latte makeup’ to ‘girl dinners,’ TikTok has launched tons of trends. Will its influence last?

NEW YORK (AP) — TikTok and its bite-sized videos arrived in the United States as a global version of the Chinese app Douyin. Less than six years later, the social media platform is deeply woven into the fabric of American consumerism, having shortened the shelf life of trends and revamped how people engage with food and fashion. The popularity of TikTok coupled with its roots in Beijing led Congress, citing national security concerns, to pass a law that would ban the video-sharing app unless its Chinese parent company sells its stake. Both the company, ByteDance, and TikTok have sued on First Amendment grounds. But while the platform faces uncertain times, its influence remains undisputed and for now, arguably unrivaled.

Confused by all the TikTok trends? This glossary might help

Anyone who shops or uses the internet probably has encountered a TikTok trend, whether they know it or not. Since the social media platform made its U.S. debut almost six years ago, short videos posted there have created a rapidly changing menu of fads. Even while inspiring sales of countless products and shaping news coverage, many style, beauty and food trends have names that can confuse those who are not chronically online. If that’s you, here’s a glossary that could help.

The July 4th holiday rush is on. TSA expects to screen a record number of travelers this weekend

WEST PALM BEACH, Fla. (AP) — A long Fourth of July holiday weekend in the United States is expected to create new travel records. The Transportation Security Administration predicts that its officers will screen more than 3 million travelers at U.S. airports on Sunday. That would break the record of just under 3 million set on June 23. Auto club AAA predicts that holiday travel will be 5% higher than it was last summer. Most of the 70.9 million people AAA expects to travel at least 50 miles (80 kilometers) from home over a nine-day stretch that began June 27 are driving. AAA says traffic will be the worst between 2 p.m. and 7 p.m. on most days.

Stock market today: Wall Street hits records as a slowing economy boosts hopes for lower rates

NEW YORK (AP) — Wall Street’s record-breaking rally kept going after weak reports on the economy kept the door open for possible cuts to interest rates. The S&P 500 rose 0.5% Wednesday to set an all-time high for the 33rd time this year. The Dow Jones Industrial Average slipped 0.1%, and the Nasdaq composite rose 0.9% to push its own record higher. Treasury yields slid following weaker-than-expected reports on both the job market and U.S. services companies. The data bolstered bets for the Federal Reserve to cut its main interest rate as soon as September.

Caesar salad, invented in Mexico by Italian immigrants, is still pleasing palates after 100 years

Caesar salad has something to celebrate: It’s turning 100. According to legend, Italian immigrant Caesar Cardini invented the dish on July 4, 1924, at his restaurant in Tijuana, Mexico. It was a steamy night, and Cardini was struggling to feed an influx of Californians who had crossed the border to escape Prohibition. This month, Tijuana will commemorate the anniversary with a three-day festival and the unveiling of a statue of Cardini. Experts say Caesar remains popular because it combines two favorite textures: creamy and crunchy. In the U.S., 35% of U.S. restaurants have Caesar salad on their menus, according to Tecnnomic.

A simple recipe for Caesar salad on its 100th birthday

It’s 100 years since the Caesar salad is said to have been invented on the Fourth of July at a restaurant in Tijuana, Mexico. Over the years, it’s been flexible enough to accommodate a wide variety of toppings and ingredients. For her recipe, AP food writer Katie Workman takes her lead from a Caesar dressing created by Brooklyn restaurateur Frank Falcinelli. It relies on mayonnaise, which has cooked eggs built in, so no worries about using raw egg yolks. Even if you think you don’t like anchovies, Workman suggests trying a small amount. They give Caesar dressing its inimitable flavor. She suggests topping the Caesar salad with sliced chicken, grilled salmon, tuna steak, or poached or grilled shrimp. Or roll it in a wrap. And wish it Happy Birthday.

Average rate on a 30-year mortgage climbs for the first time since late May to just under 7%

LOS ANGELES (AP) — The average rate on a 30-year mortgage rose this week, pushing up borrowing costs on a home loan for the first time since late May. The rate rose to 6.95% from 6.86% last week. That’s according to mortgage buyer Freddie Mac on Wednesday. A year ago, the rate averaged 6.81%. The uptick follows a four-week pullback in the average rate, which has mostly hovered around 7% this year. When rates rise they can add hundreds of dollars a month in costs for borrowers. The elevated mortgage rates have been a major drag on home sales, which remain in a slump dating back to 2022.

US filings for jobless claims inch up modestly, but continuing claims rise for ninth straight week

WASHINGTON (AP) — The number of Americans filing for unemployment benefits inched up last week, but remain at historically healthy levels despite elevated interest rates. The Labor Department reported Wednesday that jobless claims for the week ending June 29 rose by 4,000 to 238,000 from 234,000 the previous week. The total number of Americans collecting unemployment benefits rose for the ninth straight week, to 1.86 million, for the week of June 22. That’s the most since November of 2021. Weekly unemployment claims are widely considered as representative of layoffs. The data was issued one day earlier than its regular Thursday release due to the July Fourth holiday.