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AM Business Notebook

>>The Federal Reserve Expected To Announce Tenth Straight Rate Hike

(New York, NY) -- Wall Street is awaiting the Fed rate hike decision today. The Federal Reserve is expected to raise interest rates a quarter percentage point in an effort to combat inflation. It would be the tenth straight rate hike. Rate hikes often translate into higher home and credit card finance prices.


>>Writers' Strike Effects

(Undated) -- Several television shows are being affected by the current Hollywood writers' strike. Other productions like films could also be impacted depending on how long the strike lasts. The last Writers Guild of America strike, started in 2007, lasted three months. The first impact is being felt by late-night talk shows that are written daily based on current events. The Late Show" on CBS, "Jimmy Kimmel Live!" on ABC, "The Tonight Show" on NBC, "Late Night" on NBC and Comedy Central's "The Daily Show," have all stopped production for now. When it comes to scripted shows and movies, the effects of the strike likely won't be felt until well after it's over. Many shows already have several episodes ready to go so a viewer won't immediately notice. Writers are demanding more equitable pay with the prevalence of streaming content.


>>McConnell Will Attend WH Debt Ceiling Meeting

(Washington, DC) -- The two top Republican congressional leaders will attend a White House meeting to discuss the debt ceiling next week. Both Senate Minority Leader Mitch McConnell and House Speaker Kevin McCarthy will meet with President Biden and Democratic leaders on May 9th. While speaking to reporters, McConnell said McCarthy and Biden will need to take the lead on talks to raise the debt ceiling and avoid a looming default ahead of June 1st. The White House has called for a "clean" limit increase while Republicans want to tie spending cuts to any increase.


>>Morgan Stanley To Cut 3,000 Jobs

(New York, NY) -- More pink slips are flying on Wall Street. Morgan Stanley reportedly plans to cut about three-thousand jobs by the end of June. According to Bloomberg, most of the layoffs will affect the banking and trading staff. Morgan Stanley, Bank of America and Citigroup are among the top advisory firms doing some belt-tightening amid the slump in IPOs and mergers.


>>Starbucks Beats 2Q Earnings Estimates

(Seattle, WA) -- Starbucks beat estimates with its second-quarter earnings report Tuesday. The coffee chain posted same-store U.S. sales up 12 percent. In China, those sales were up three percent against an expected loss of nearly ten percent.


>>Home Goods Stores Tuesday Morning Go Out Of Business

(New York, NY) -- Home décor discount store Tuesday Morning is going out of business. The retailer announce its 30-percent-off sale on Facebook in its about 200 stores still standing. Customers have until May 13th to use up their gift cards before locations begin shutting down. The news follows another major home goods retailer, Bed Bath and Beyond, also closing up shop. After nearly half a century, Tuesday Morning said earlier this year that it was suffering from its "exceedingly burdensome debt."

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