Fed raises rates signaling faster hikes this year
Washington bureau reports the Federal Reserve raised the short term rate by a quarter point to 1.75 to 2 percent. Officials now forecast four rate hikes this year and three next year as growth accelerates and inflation edges toward 2 percent, with unemployment at 3.8 percent in May and wage gains continuing. Trade tensions and tariffs are noted as potential price pressures. Powell to speak at a news conference.
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Associated Press
Comcast bids $65 billion for Fox entertainment unit
After AT&T Time Warner clearance, Comcast offers cash to buy Fox as Disney fights for Fox assets. The move sparks a potential consolidation wave across pay TV and streaming, with fears of higher bills and reduced online competition. Fox shares jump while Disney and Comcast move to outbid for control of major studios and content.
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Stocks slip as Fed signals more rate hikes this year
Wall Street retreated after the Federal Reserve raised interest rates and projected two additional increases this year. Investors noted a stronger economy with May wholesale prices rising while AT and Time Warner deal cleared, boosting sentiment on media assets. Time Warner rose while AT&T fell on the news as market movers, with major indices dipping.
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Richard Leon
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