Fed hikes rates again to 2.25 2.50 amid inflation fight
The Federal Reserve raised its benchmark rate by 0.75 percentage points for the second straight time, lifting the target range to 2.25 percent to 2.5 percent. Powell said inflation pressures ease but recession risks linger as housing and borrowing costs climb, and consumer confidence declines amid upcoming midterm elections.
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New York bodega bacon egg and cheese price rise hits wallets
Inflation pushes up the cost of the classic New York breakfast sandwich from $2.50 to $4.50 at Bronx and other city bodegas. Owners cite high wholesale and service price gains while shoppers cope by stretching breakfasts and rearranging meals.
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New York
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Hector Perez
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Buffett firm redlined mortgages in minority neighborhoods
The Department of Justice and CFPB say Trident Mortgage Co. a Berkshire Hathaway unit discriminated against Black and Latino homebuyers in Philadelphia West Philadelphia Camden New Jersey and Wilmington Delaware The settlement requires 20 million set aside for loans in underserved areas and bans future discriminatory lending practices.
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Wall Street rally as Fed rate hike fuels gains
Technology shares led a broad market surge with the S&P 500 up 2.6 percent and the Nasdaq up 4.1 percent as investors priced in a fourth rate increase this year. Bond yields fell with the two year at 2.98 percent and the 10 year at 2.77 percent while Ford Motor Co. posted a 19 percent jump in Q2 net income to 667 million on stronger chip supply and higher vehicle prices.
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