Fed Holds Rates Steady See Slow Gradual Hikes Ahead
The Federal Reserve kept its key rate unchanged amid global risks to the U.S. economy and signaled two modest increases in 2016 instead of four. Fed Chair Janet Yellen noted inflation may reach 2 percent in two to three years as the job market strengthens and wage growth remains sluggish. The Dow rose 75 points on the news.
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Stocks inch higher after Fed holds rates steady
U S stocks rose modestly after the Federal Reserve kept rates unchanged and signaled a more gradual path to tightening. The Dow gained 74.23 to 17,325.76, the S&P 500 added 11.29 to 2,027.22, and the Nasdaq rose 35.30 to 4,763.97, aided by the Fed’s softer outlook.
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Avon siding contractor fined for fall hazard violations
Holmes Siding Contractors of Millersburg received 69 300 in penalties after OSHA found workers at an Avon home exposed to about 15 feet falls on improper ladder jack scaffolds. Workers lacked safety harnesses and nets. OSHA plans ongoing monitoring and enforcement. The firm has 15 business days to respond.
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Chipotle weighs more freebies as sales slide
Chipotle plans to expand promotions including free burritos and buy one get one free offers as it faces a forecast first quarter loss. Execs cited slow recovery after multiple food safety outbreaks and higher costs, with established restaurant sales down 26.1 percent last month.
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Judge rules Chipotle policy violates labor law in Kennedy case
An administrative judge ruled Chipotle violated federal labor laws by firing James Kennedy after his Twitter criticism. The Colorado chain must offer to rehire Kennedy and compensate lost wages. Kennedy, 38, posted a reply to a customer in January 2015 and was dismissed two weeks after circulating a workers’ petition about break rights.
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Overtime pay rule heads to final White House review
The Labor Department has sent its overtime pay extension to the White House for final review. The rule would raise the minimum salary to 970 dollars per week 50 440 annually from 23 660 and could affect 4.7 million workers. Senate Republicans fail to move on GM food labeling preemption as Vermont plans summer labels.
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Airlines dodge bill aimed at curbing fees
Senate commerce committee approved an aviation policy bill to extend the FAA’s authority through October 1 2017 after a partisan clash over prohibiting airline fees. Democrats sought a headline protecting consumers from unreasonable charges. the amendment failed on a party line vote.
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