Powell: Rates Likely To Be Higher Than Previously Anticipated
(Washington, DC) -- The Federal Reserve is likely to increase interest rates higher than previously thought to tame inflation. That's what Fed Chairman Jerome Powell said while testifying before a Senate committee. Powell said while inflation has been moderating in recent months, the process of getting it down to the Fed's goal of two-percent has a long way to go and is "likely to be bumpy." The central bank's preferred inflation gauge heated up unexpectedly in January, as did consumer spending. The Fed slowed its pace of rate hikes last month to a quarter percentage point after several months of three-quarter-point hikes and a half-point jump. Powell said the Fed is prepared to increase the pace of rate increases if needed.
>>Senators Push For Changes To Social Security Language
(Washington, DC) -- A bipartisan group of senators is introducing legislation to help prevent Americans from claiming their Social Security too early. Many retirees claim Social Security at age 62, even though their checks would be larger if they claimed their benefits at a later age. Now, lawmakers are hoping to change the language of Social Security materials to better communicate the advantages of waiting. For example, the bill would change the terms in informational materials to refer to age 62 as the "minimum benefit age," rather than "early eligibility age." Ages 66 to 67, currently referred to as "full retirement age," would be changed to "standard benefit age." Lawmakers are also proposing regularly sending Social Security statements to everyone with a Social Security number regularly through the mail.
>>Norfolk Southern Paying Millions To PA Fire Companies, Businesses After OH Derailment
(Harrisburg, PA) -- Norfolk Southern says they'll be paying millions to Pennsylvania fire companies and businesses affected by the East Palestine, Ohio train derailment last month. Pennsylvania Governor Josh Shapiro said he met with Norfolk Southern CEO Alan Shaw last week and secured a commitment for financial aid. The money will be used to help with the still ongoing cleanup in the areas near the Ohio border where the derailment happened. The governor says five-million will reimburse fire departments for contaminated equipment and another one-million will go to two counties to help businesses and residents.
>>AK Boasts Cheapest Tax Rate In U.S.
(Undated) -- The cheapest tax rate in the U.S. can be found in Alaska. That's according to a new study out by financial website WalletHub. Their report compared the state and local tax rates of all 50 states against national medians. Alaska came out on top. The state also boasts the lowest tax on gas per gallon and no sales tax on food. The state with the highest tax rate was Illinois.
>>Amazon To Close 8 "Go" Stores
(Seattle, WA) -- Amazon reports it's planning to close eight of its "Go" cashier-less convenience stores across three cities. That's includes two in New York City, two in Seattle, and four in San Francisco. In a statement, the online retail giant said the move was part of a periodic assessment of its portfolio. Amazon went on to say it's committed to the format, and plans on opening up more "Go" stores in the future. The first locations opened up back in 2018.
>>SiriusXM Laying Off 8% Of Workforce
(New York, NY) -- SiriusXM is laying off part of its workforce. The satellite radio company said it's laying off 475 people, or about eight-percent of its workforce, as it's looking to reorganize its business. CEO Jennifer Witz told employees the layoffs are being made as the company is "entering a new phase" on top of "today's uncertain economic environment." This comes as the media and tech industry have seen a string of layoffs in recent months.
