Fed Chair: Elevated Inflation To Likely Delay Interest Rate Cuts This Year
Federal Reserve Chair Jerome Powell cautioned Tuesday that persistently elevated inflation will likely delay any Fed interest rate cuts until later this year, opening the door to a period of higher-for-longer rates. His comments suggested that without further evidence that inflation is falling, the central bank may carry out fewer than the three, quarter-point reductions its officials had forecast during their meeting in March. (PBS News Hour)
Gateway Tunnel Project Is a Step Closer to Getting Massive Federal Grant
The $16 billion Gateway Tunnel project is a decision away from receiving a record-setting $6.8 billion federal grant. The Gateway Development Commission, the bi-state agency overseeing design and building of the tunnel, submitted the final documents needed for the Federal Transit Administration to decide on awarding the grant. A decision is expected in June. If awarded, it would be the largest federal transportation grant in history. The project includes building two new rail tunnels under the Hudson River between New Jersey and New York, and rehabilitate the existing 114-year-old tunnels. (nj.com)
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A Huge Number of Homeowners Have Mortgage Rates Too Good To Give Up
Something deeply unusual has happened in the American housing market over the last two years, as mortgage rates have risen to around 7%. Rates that high are not, by themselves, historically remarkable. The trouble is that the average American household with a mortgage is sitting on a fixed rate that’s a whopping three points lower. The gap that has jumped open between these two lines has created a nationwide lock-in effect –paralyzing people in homes they may wish to leave – on a scale not seen in decades. These locked-in households haven’t relocated for better jobs or higher pay, and haven’t been able to downsize or acquire more space. They also haven’t opened up homes for first-time buyers. And that has driven up prices and gummed up the market. (The New York Times)
Amazon Starts Selling Smart Grocery Carts to Other Retailers
Amazon will begin selling its smart grocery carts to other retailers, the company said Wednesday, marking its latest bid to turn its Dash Cart technology into a service. A handful of Price Chopper and McKeever’s Market stores located in Kansas and Missouri are testing the smart grocery carts, which track and tally up items while customers shop, Amazon said. Amazon launched the Dash Cart in 2020 at its Fresh supermarket chain before adding it to select Whole Foods stores. As shoppers add and remove items, a display on the cart adjusts the total price in real time. (CNBC)
10 Steps to Preparing Your Business for Sale
Selling your business can stir up emotions and cause overwhelm. Here are some steps to prepare for the sale and eliminate stressors. (U.S. Chamber of Commerce)
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