>>Interest Rate Hike Expected
(Undated) -- The Federal Reserve will likely raise interest rate a quarter-point today, according to most economists. That would put the rate at five-percent, but some analysts think there might be a pause in rate hikes after a series of shocks to the banking system. The fed has been raising rates at a regular clip in an effort to stem inflation. Following today's announcement, Fed Chair Jerome Powell will hold a press conference at 2:30 pm Eastern.
>>Yellen: Bank Failure Situation Is Stabilizing
(Washington, DC) -- The banking system remains sound and the fallout from the recent failure of two banks is stabilizing. That's what Treasury Secretary Janet Yellen told the American Bankers Association summit in Washington, DC. Yellen emphasized the collapse of Silicon Valley Bank and Signature Bank was different from the 2008 financial crisis. She said the financial system is significantly stronger than it was 15 years ago due to reforms put in place after the crisis. Yellen added regulators are continuing to monitor conditions closely and they're working to determine exactly what caused the recent failures.
>>Bill Introduced To Ban Congress From Owning Stocks
(Washington, DC) -- A bipartisan bill is being introduced that would ban members of Congress from owning or trading stocks. Several similar bills have been introduced since it was discovered multiple lawmakers have broken conflict of interest laws while investing. The new measure would prohibit lawmakers and their spouses from owning and trading stocks, commodities, and other securities. Washington Democrat Pramila Jayapal says as long as Congress can trade individual stocks, "the door to corruption remains open."
>>October Trial For JetBlue-Spirit Merger Lawsuit
(Boston, MA) -- A trial will be held later this year as the federal government tries to stop JetBlue from merging with Spirit Airlines. A judge in Boston decided the trial will begin on October 16th. If the deal goes through, it would be worth just under four-billion dollars. The trial is expected to last four weeks and there won't be a jury.
>>Poll: Growing Number Of Americans View US As Top Economy
(Washington, DC) -- A growing number of Americans believe the U.S. is the leading economic power in the world. A new Gallup poll shows 44-percent of respondents say America has the top economy, compared to 42-percent who said China. That's an increase from the 37-percent in 2021 who said the U.S. takes the top spot. Meanwhile, the poll found that 44-percent of Americans said they expect the U.S. over China to be the leading economic power in 20 years.