>>Federal Reserve Holds Rates Steady
(Washington, DC) -- The Federal Reserve is holding interest rates steady. Wednesday's decision delays any rate cuts to later in the year. The Fed will meet again in March. The central bank's rate hiking campaign last year created an increase in borrowing costs for things like mortgages, credit card and auto loans. Fed Chair Jerome Powell told reporters, however, the central bank needs to see more evidence inflation is easing before cutting back rates.
>>President Biden Heads To Michigan
(Washington, DC) -- President Joe Biden will meet with United Auto Workers union members today in Michigan. The meeting comes after the UAW endorsed Biden for a second term on January 24th, drawing the ire of former President Donald Trump. The state's primary election for president is February 27th.
>>GOP Senator Cotton Defends Asking TikTok CEO If He Has Ties To CCP
(Washington, DC) -- A U.S. senator from Arkansas is facing criticism for asking the CEO of TikTok if he had ties to the Chinese Communist Party. CEO Shou Zi Chew was one of five social media leaders who testified before the Senate Judiciary Committee on Wednesday at a hearing about online child exploitation. During the hearing, Republican Senator Tom Cotton asked twice if Chew had any ties to the Chinese Communist Party, and both times Chew said no, he was from Singapore. Cotton defended his questioning later on Fox News, and claimed Singapore has one of the highest degrees of influence by the Chinese communists.
>>Hulu To Ban Password Sharing
(Santa Monica, CA) -- Hulu is going to start banning password sharing. The streaming service notified customers on Wednesday that it will ban people sharing accounts outside of a household starting in March. Netflix started doing the same thing last year and despite fears of losing subscribers, the service has actually seen subscriber growth.
>>Universal Music Group Pulls Music Off TikTok
(London) -- Music from many of the biggest artists will no longer be available to use on TikTok. Universal Music Group, which owns labels that represent the likes of Taylor Swift, Ariana Grande and Rihanna among many others, said in a statement that it's not renewing its licensing agreement with the social media app. Their current agreement expires today. According to the company, TikTok proposed paying a "fraction" of the rate that other similarly-sized social media platforms pay. TikTok responded, saying Universal is pushing "false narratives and rhetoric" and accused the music corporation of putting "their own greed above the interests of their artists and songwriters."
>>Quit Rates Declining
(New York, NY) -- Just as the weekly jobless claims reports is set to come out today, there's word that workers are calling it quits less frequently, a possible sign that Americans aren't confident in finding another job. According to the Labor Department, Americans quit six-point-one million fewer jobs last year than in 2022, which is a decline of 12-percent. Just three industries, leisure and hospitality, government and healthcare, accounted for the bulk of job creation in 2023. Most economists say job openings right now are at a healthy level. The Federal Reserve uses this data to determine if there should be any additional rate hikes to help curb inflation. There are about one-point-four open jobs for every unemployed person, and while not quitting as much, most workers aren't being forced out either. Economists expect growth to cool significantly in 2024.
>>Walmart To Open 150 New Stores
(Bentonville, AR) -- Walmart is opening 150 new stores in the U.S. and remodeling existing ones. The retail giant announced Wednesday that the process will continue over the next five years. The company's President and CEO John Furner says the "efforts represent millions of dollars in capital investment of labor, supplies and tax revenue, which benefit their respective communities." The plans are a sign of Walmart investing in physical stores despite saying previously it would focus more online sales.
