The Federal Reserve hiked its benchmark interest rate by 50 basis points Wednesday, marking the seventh hike of the year in the committee’s efforts to battle inflation. The federal funds target rate is now between 4.25% and 4.5%, the highest it has been since the start of 2008. The less aggressive half-point rise in December…

Three years in, people in China are finally feeling freedom from the country’s most rigorous COVID-19 protocols. But some worry that freedom is sending COVID-19 cases surging, putting pressure on subpar health care systems with the potential to stall growth. What then happens to the world’s second largest economy? For the first time, people in…

Georgia Sen. Raphael Warnock wins his Senate runoff election; Trump organization found guilty; airlines pay for pollution; and San Francisco calls off its killer robots. These stories and more highlight the morning update for Wednesday, Dec. 7, 2022. Raphael Warnock retains Georgia Senate seat Democratic Sen. Raphael Warnock defeated Republican challenger Herschel Walker in the…

The labor market isn’t cooperating with Fed Chairman Jay Powell’s mission to bring down inflation. Employment in November held at 3.7%, remaining close to its 50-year low. But the consequences of such a tight labor market are higher wages. Hourly pay rose by a sharp 0.6% over October, to an average of $32.82. Year-over-year, wages…

Congress avoids a looming rail strike; Alex Jones files for bankruptcy; and a vaccine is unveiled for fentanyl. These stories and more highlight the midday rundown for Friday, Dec. 2, 2022. Rail strike avoided, Congress bill signed The president has signed a bill that will prevent railroad workers from going on strike, despite their unions…

The Senate voted to approve a labor agreement between rail workers and the companies they work for, 80-15. The agreement has now been fully approved by Congress and can now go onto President Biden’s desk for a signature. This should avert a rail strike that was projected to cost the U.S. economy $2 billion dollars…

With the help of the Biden administration, the House voted to avert a rail strike that would have crippled the U.S. economy to the tune of up to $2 billion daily. The legislation, which now goes to the Senate, approves new contracts that give workers a 24% pay raise from 2020 through 2024. However, some…

Today marks a grim COVID-19 milestone; Tesla unveils its electric semitruck; and Amazon hits record high. These stories and more highlight the midday rundown for Thursday, Dec. 1, 2022. First COVID-19 case in China 3 years ago Today is the three year anniversary of the first COVID-19 patient in China. It’s been three years since…

China’s “zero-COVID” policy is one of the most stringent in the world. Things could soon change, however, for China’s 1.4 billion residents. For the last week, unprecedented protests have occurred in at least 23 cities across China, including Shanghai and Beijing. The protests started after a fire on Nov. 24 killed 10 people and injured…

Pennsylvania’s Democratic Attorney General Josh Shapiro won the gubernatorial race by 14 points in a swing state. Shapiro is the first candidate to succeed a governor of the same party there since 1966. Shapiro made his Jewish faith a central part of his campaign, pitting him against his Republican competitor, Doug Mastriano, who employed Christian themes…