WASHINGTON - Since the Federal Reserve last met in July, inflation continues to ease, growth remains solid and the job market cools.
The Fed panel meets again on Sept. 20. Policymakers may decide to take a wait-and-see approach, to raising interest rates again, to see if that progress continues.
Signs seem to indicate they will leave their key interest rate unchanged when by the end of the meeting.
The cooling of inflation suggests that the Fed is edging toward a peak in the series of rate hikes it unleashed in March 2022 - the fastest pace in 40 years, one that has made borrowing costlier for consumers and businesses. (The AP 09/18/23) Federal Reserve is poised to leave rates unchanged as it tracks progress toward a 'soft landing' | AP News
UAW threatens to expand strike against automakers
The United Auto Workers president says the union is prepared to expand its strike against Detroit's 'Big Three' s automotive manufacturing companies unless major progress is made in contract negotiations by Sept. 22.
In a video statement, UAW President Shawn Fain said workers at more factories will join the 13,000 currently on the 5-day picket line at three plants in Wayne, Mich.; Wentzville, Mo,; and Toledo, Ohio.
“We're not going to keep waiting around forever while they drag this out ... and we’re not messing around," Fain said.
Ford, General Motors and Stellantis said they want to settle the strike, but did not directly criticizing the union's threat.
However, the carmakers have warned there could be layoffs at other locations as the strike crimps the industry's supply chain. (The AP 09/19/23) United Auto Workers threaten to expand targeted strike if there is no substantive progress by Friday | News | meridianstar.com
National debt exceeds $33B - first time in history
The U.S. national debt exceeded $33T for the first time ever, according to the Treasury Department, surpassing a critical milestone at a time when government spending is in the national spotlight.
By comparison, that figure hovered around $907B just 40 years ago.
The country has added an additional $1T to the national debt in just the past three months. (Scripps News 09/19/23) US national debt surpasses $33 trillion for first time (katc.com)
The focus for Wall Street investors and analysts now is shifting toward what comes next. Some clues could come in the updated interest rate projections it releases each quarter and at a news conference with Chair Jerome Powell.
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