Dec 13, 2017

Fed boosts interest rates, mirroring confidence in economy

Federal Reserve Chair Janet Yellen. Photo: Jacquelyn Martin / AP

The Federal Reserve has increased interest rates to 1.25-1.5%, the third boost this year, NPR reports.

Why it matters: The increase indicates that there is confidence in the economy, per NPR. Fed officials are suggesting that the central bank is working to avoid rapid inflation in coming months (as a result of the GOP tax overhaul) by quickening the pace of rate increases.

  • Per CNBC, the Federal Open Market Commitee (FOMC) statement released on Wednesday showed more confidence in in the economy bouncing back after the major hurricanes this year.
  • The October statement said: "Hurricane-related disruptions and rebuilding will continue to affect economic activity, employment, and inflation in the near term, but past experience suggests that the storms are unlikely to materially alter the course of the national economy over the medium term."
  • The new statement says: "Hurricane-related disruptions and rebuilding have affected economic activity, employment, and inflation in recent months but have not materially altered the outlook for the national economy."

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Rebecca Falconer
Updated 11 mins ago - World

China says U.S. is "endangering peace" with high-level visit to Taiwan

Health and Human Services Secretary Alex Azar during a June briefing in Washington, DC. Photo: Joshua Roberts/Getty Images

Health and Human Services Secretary Alex Azar announced Tuesday night he will lead a delegation to Taiwan "in the coming days."

Why it matters: It's the highest-level visit by a U.S. cabinet official to Taiwan since 1979. Azar is also the first U.S. Cabinet member to visit the island state in six years. The visit has angered China, which views Taiwan as part of its territory. Chinese officials accused the U.S. early Wednesday of "endangering peace" with the visit, AFP reports.

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Axios
Updated 55 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3:30 a.m. ET: 18,543,662 — Total deaths: 700,714 — Total recoveries — 11,143,031— Map.
  2. U.S.: Total confirmed cases as of 3:30 a.m. ET: 4,771,236 — Total deaths: 156,807 — Total recoveries: 1,528,979 — Total tests: 57,543,852 — Map.
  3. States: New York City health commissioner resigns in protest of De Blasio's coronavirus response — Local governments go to war over schools.
  4. Public health: 59% of Americans support nationwide 2-week stay-at-home order in NPR poll.
  5. Politics: Trump's national security adviser returns to work after coronavirus recovery — Republicans push to expand small business loan program.
  6. Sports: Indy 500 to be held without fans — Rafael Nadal opts out of U.S. Open.
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Dave Lawler
Updated 2 hours ago - World

At least 100 killed, 4,000 injured after massive explosion rocks Beirut

Photo: Anwar Amro/AFP via Getty Images

A major explosion has slammed central Beirut, Lebanon, damaging buildings as far as several miles away and injuring scores of people.

Driving the news: At least 100 people have been killed and over 4,000 injured in the blast — and the death toll is likely to rise, the Lebanese Red Cross said, per AP. Prime Minister Hassan Diab said the explosions occurred at a warehouse that had been storing 2,750 tons of ammonium nitrate for the past six years.

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