Stocks little changed…Fed raises key rate, hints at more…AP Investigation finds fishy business
NEW YORK (AP) – Stocks are little changed in afternoon trading on Wall Street after the Federal Reserve raised its benchmark interest rate for the second time this year, as expected. It also signaled that it may step up its pace of rate increases because of solid economic growth and rising inflation. Traders are also reacting to a federal court ruled that AT&T’s $85 billion purchase of Time Warner can proceed.
WASHINGTON (AP) – The Federal Reserve has raised its short-term federal fund rate – what banks charge each other- by 0.25 points to a range of 1.75 to 2 percent. Fed officials voted unanimously to increase this key rate, which influences the flow and supply of money in the U.S. economy. The statement by Fed officials explaining the vote also hinted at a slightly faster pace for future rate increases. It’s the second rate increase of this year and Fed officials anticipate one or two additional hikes before 2019.
MONTAUK, New York (AP) – An Associated Press investigation finds that a leading sustainable seafood distributor who promised wild-caught, domestic fish traceable back to a dock has been duping chefs across the U.S. Reporters traced the supply chain of New York-based Sea To Table to migrant fishermen in foreign waters who described labor abuses, poaching and the slaughter of sharks, whales and dolphins. Other seafood promoted as “just landed” at one dock was actually trucked in from other states.
UNDATED (AP) – Unions representing professional athletes are starting to lobby states that are considering legal sports gambling. The unions are seeking protection for athletes from threats and harassment and from those who might seek to manipulate their performance on the field for monetary gain. In a document being circulated to state and federal lawmakers and obtained by The Associated Press, attorneys for five players’ unions are urging states to approve laws and regulations that protect players who report contact with people seeking to influence games.
WASHINGTON (AP) – President Donald Trump’s top economic adviser has been released from the hospital after what the White House had described as a “very mild” heart attack. The White House says Larry Kudlow was discharged from Walter Reed National Military Medical Center today. Kudlow joined the Trump administration this year as director of the National Economic Council. He was with Trump in Canada last week for the meeting of the Group of Seven world leaders.