WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell bluntly warned in a speech last month that the Fed’s drive to rein in inflation by aggressively raising interest rates “would be a bit of a pain.” On Wednesday, Americans might get a better sense of the pain that might be in store. The Fed is expected to raise its short-term policy rate by a substantial three-quarters point for the third consecutive time at its last meeting. Another such big hike would take its benchmark rate – which affects many consumer and business loans – to a range of 3% to 3.25%, the highest level in 14 years.
How to get a student loan refund if you paid during the pandemic
NEW YORK (AP) — When President Joe Biden announced a student loan debt forgiveness plan, many borrowers who continued to make payments during the pandemic wondered if they had made the right choice. Borrowers who paid off their debt during a pandemic freeze that began in March 2020 can actually get a refund — and then apply for forgiveness. But the process for doing so has not always been clear. The Department of Education says borrowers who hold eligible federal student loans and have made voluntary payments since March 13, 2020 can get a refund.
US stocks rise ahead of Fed’s planned interest rate hike
NEW YORK (AP) — Stocks closed higher on Wall Street after hovering between small gains and losses for much of the day as investors brace for another sharp rise in interest rates this week from from the Federal Reserve. The S&P 500 rose 0.7% on Monday. The Dow Jones Industrial Average and the Nasdaq also gained ground. Treasury yields rose. Markets were anticipating Wednesday when the Federal Reserve will announce its latest rate decision. It is expected to raise its policy rate, which influences interest rates across the economy, by another three-quarters of a percentage point in its fight against inflation.
Parts shortage forces Ford to lower Q3 profit forecast
DEARBORN, Mich. (AP) — A parts shortage that has thousands of Ford’s top-grossing vehicles sitting in batches waiting to be fully assembled has forced the automaker to cut its third-quarter profit forecast. Ford said Monday it expects as many as 45,000 vehicles will be missing the necessary parts. Most of them are popular SUVs and truck models, some of Ford’s biggest money-makers. The Dearborn, Michigan-based company now expects third-quarter earnings before interest and taxes to be between $1.4 billion and $1.7 billion. It reported adjusted earnings before interest and taxes of $3.7 billion in the second quarter.
Volkswagen pegs Porsche IPO at 9.4 billion euros
FRANKFURT, Germany (AP) — Volkswagen has set the price range for the multibillion-euro sale of a minority stake in luxury brand Porsche. The deal will bring in billions to fund the German automaker’s investments in new technologies and businesses, including electric cars, software and services. The company said it was targeting a listing on the Frankfurt stock exchange on September 29 after placing a minority stake with investors including the Qatar Investment Authority. The preferred share price range translates to 8.71 billion to 9.39 billion euros. Volkswagen has launched a major push into electric vehicles and says future profits will increasingly come from investments in electric cars, software and services as traditional internal combustion cars take a smaller share of the market.
Stolen Grand Theft Auto footage uploaded in hack
NEW YORK (AP) — Video game producer Rockstar Games says early development footage for the next version of its popular Grand Theft Auto title has been stolen in its network hack. A person claiming to be the hacker dumped 90 videos of the theft online and also claimed to have the source code. They were looking to sell the hacked data. The company said in a statement that it does not anticipate any disruption to live gaming services or any impact to ongoing projects. The hacker claimed to have been involved in the recent Uber hack but offered no evidence.
OECD: War, virus and climate in Russia are hurting the world’s poorest
WASHINGTON (AP) — Russia’s war on Ukraine, the lingering coronavirus pandemic and the damage of climate change are placing intense pressure on the world’s poorest, the Organization for Economic Co-operation and Development warns. The Paris-based OECD reported that 60 states, territories and places fell into the category of “fragile contexts” last year, meaning they were exposed to economic, environmental, social and political risks. that they did not have the capacity to absorb. And that was before Russia invaded Ukraine and escalated its burden. Monday’s report named the highest number of places in such dire straits since the OECD began publishing its States of Fragility report in 2015.
FAA rejects airlines’ request to hire less experienced pilots
WASHINGTON (AP) — The federal government has denied a regional airline’s request to hire pilots with half the flight experience typically required. The Federal Aviation Administration says it is in the public interest to meet current standards. Republic Airways asked to hire co-pilots – or co-pilots – with 750 flight hours if they completed Republic’s training program. In most cases, people need 1,500 flight hours to qualify for an airline transport pilot license, although pilots with military experience can qualify at 750 hours. Republic argued that its training would be similar to that of the military.
European Central Bank will use climate scores to buy bonds
FRANKFURT, Germany (AP) — The European Central Bank said it will give companies climate scores before buying their bonds and intends to prioritize those doing the most to reveal and reduce carbon emissions. greenhouse gas. Monday’s announcement details the bank’s efforts to help Europe meet its environmental goals. The Frankfurt, Germany-based central bank said it was taking action to support the European Union’s climate goals. Companies’ scores would measure progress in reducing past emissions, plans to reduce them in the future, and the completeness of reporting the amount of greenhouse gases they emit. The ECB and the Bank of England have taken climate change into account more than the US Federal Reserve.
The S&P 500 rose 26.56 points, or 0.7%, to 3,899.89. The Dow Jones Industrial Average gained 197.26 points, or 0.6%, to 31,019.68. The Nasdaq advanced 86.62 points, or 0.8%, to 11,535.02. The Russell 2000 Small Business Index gained 14.65 points, or 0.8%, to 1,812.84.