>>Fed Leaves Interest Rates Unchanged
(Washington, DC) -- The Federal Reserve is leaving interest rates unchanged but cuts could come later this year. Federal Reserve Chair Jerome Powell said Wednesday that inflation has eased substantially while the labor market remains strong. He added, however, that inflation is still too high and the central bank is committed to bringing inflation down to two-percent. He warned that if the fed cuts rates too soon inflation could come back. But if the central bank waits too long to cut rates, it could lead to higher unemployment. In the end, the Fed indicated three rate cuts were likely coming before the end of the year.
>>New Biden "Tailpipe" Rule Puts Focus On EVs And Hybrids
(Washington, DC) -- The Biden administration is announcing a new "tailpipe" rule that calls for the majority of new passenger cars and light trucks sold in the U.S. to be either hybrid or all-electric by 2032. The new rule calls for a target of 35 to 56-percent electric vehicle production by eight years, and a target of 13 to 36-percent for hybrids. That's a reduction from the administration's previous target of 67-percent EV production, after getting pushback from auto workers in the political battleground state of Michigan.
>>Reddit IPO Valued At $34 A Share
(San Francisco, CA) -- Reddit is pricing its initial public offering at 34-dollars a share. The online forum site's offering Wednesday brought in about 519-million dollars and values the company at nearly six-point-five billion dollars. The company debuts on the market today under the ticker RDDT.
>>FCC Investigating Sales Of Signal Jammers
(Washington, DC) -- Amazon and other retailers are under investigation by the FCC for the alleged sale of wireless signal jammers. Those are devices that block or disrupt signals used by other electronics like cellphones and GPS units and they are illegal to sell and advertise in the U.S. The FCC did not specify which other retailers are included in the investigation.
>>Mercedes-Benz Recalling More Than 116-Thousand Vehicles
(Undated) -- Mercedes-Benz is recalling over 116-thousand vehicles over a fire risk. According to a regulatory filing, loose electrical wiring underneath the passenger seat can overheat, increasing the risk of fire. The recall includes some GLE, Maybach sedans and AMG GLE vehicles. Mercedes-Benz says no crashes or injuries were caused by the issue.
>>Unilever Spins Off Ice Cream Unit, Cuts 7.5K Jobs
(Englewood Cliffs, NJ) -- Unilever has announced plans to spin off its ice cream business as part of an overall restructuring of the company. The company is also laying off some 75-hundred employees worldwide as part of the restructuring. The move will set up Unilever with four divisions -- beauty and well-being, personal care, home care and nutrition. Officials with Unilever say they think the ice cream business can perform better on its own. The ice cream unit includes brands such as Ben and Jerry's, Good Humor and Magnum.
