How much ‘pain’? The Fed announces more rate hikes in the future

WASHINGTON — Federal Reserve Chairman Jerome Powell bluntly warned in a speech last month that the Fed’s campaign to curb inflation by aggressively raising interest rates “would bring some pain.” On Wednesday, Americans may get a better idea of ​​how much pain could be in store. The Fed at its latest meeting is expected to raise its key short-term rate by a substantial three-quarters of a point for the third time in a row. Another hike that big would lift its benchmark rate, which affects many consumer and business loans, to a range of 3% to 3.25%, the highest level in 14 years.

How to get a student loan refund if you paid during the pandemic

NEW YORK — When President Joe Biden announced a plan to forgive student loan debt, many borrowers who kept paying through the pandemic wondered if they had made the right decision. Borrowers who paid off their debt during a pandemic freeze that began in March 2020 can actually get a refund and then apply for forgiveness. But the process for doing so has not always been clear. The Department of Education says that borrowers who have eligible federal student loans and have made voluntary payments since March 13, 2020, can get a refund.

US Stocks Rise Ahead of Fed’s Expected Interest Rate Hike

NEW YORK (AP) — Stocks closed higher on Wall Street after oscillating between small gains and losses for much of the day as investors brace for another big interest rate hike this week by the Federal Reserve. The S&P 500 rose 0.7% on Monday. The Dow Jones Industrial Average and the Nasdaq also gained ground. Treasury yields rose. Markets were looking forward to Wednesday, when the Federal Reserve will announce its latest rate decision. It is expected to raise its benchmark rate, which influences interest rates across the economy, another three-quarters of a percentage point in its fight against inflation.

Parts shortage forces Ford to cut its Q3 profit forecast

DEARBORN, Mich. — A parts shortage that has thousands of Ford’s most profitable vehicles sitting in batches waiting to be fully assembled forced the automaker to cut its third-quarter earnings forecast. Ford said Monday that it expects about 45,000 vehicles to be short of parts. Most of them are popular SUVs and truck models, some of Ford’s biggest moneymakers. The Dearborn, Michigan-based company now expects third-quarter earnings before interest and taxes to be between $1.4 billion and $1.7 billion. It reported adjusted earnings before interest and taxes of $3.7 billion in the second quarter.

Volkswagen sets Porsche initial public offering at up to 9.4 billion euros

FRANKFURT, Germany — Volkswagen has set the price range for the multimillion-dollar sale of a minority stake in luxury brand Porsche. The deal will generate billions to fund the German automaker’s investments in new technologies and businesses, including electric cars, software and services. The company said it aims to list on the Frankfurt stock exchange on September 29 after placing a minority stake with investors including the Qatar Investment Authority. The price range of preferred shares translates to €8.71 billion to €9.39 billion. Volkswagen has launched a big push into electric vehicles and says future profits will increasingly come from investments in electric cars, software and services as traditional internal combustion cars take a smaller share of the market.

Stolen Grand Theft Auto footage dumped online in hack

NEW YORK (AP) — Video game maker Rockstar Games says the first images from the development of the next version of its popular title Grand Theft Auto were stolen in the hack of its network. A person claiming to be the hacker downloaded 90 videos of the theft online and claimed to have the source code as well. They were trying to sell the hacked data. The company said in a statement that it did not anticipate any disruption to live gaming services or any impact to ongoing projects. The hacker claimed to have been involved in the recent attack on Uber, but provided no evidence.

OECD: Russia, war, virus and climate harm the world’s poorest

WASHINGTON — Russia’s war against Ukraine, the lingering coronavirus pandemic and the damage from climate change are putting intense pressure on the world’s poorest, warns the Organization for Economic Co-operation and Development. The Paris-based OECD reported that 60 states, territories and locations fell into the category of “fragile contexts” last year, meaning they were exposed to economic, environmental, social and political risks that they did not have the capacity to address. absorb. And that was before Russia invaded Ukraine and stepped up its charges. Monday’s report designated the most places in such dire straits since the OECD began issuing its States of Fragility report in 2015.

FAA rejects airline’s request to hire less experienced pilots

WASHINGTON — The federal government has rejected a request by a regional airline to hire pilots with half the flight experience generally required. The Federal Aviation Administration says it is in the public interest to maintain current standards. Republic Airways requested to hire first officers, or co-pilots, with 750 hours of flight time if they completed Republic’s training program. In most cases, people need 1,500 hours of flight time to qualify for an airline pilot’s license, although pilots with military experience may qualify with 750 hours. Republic argued that their training would be similar to that of the military.

Europe’s central bank to use climate scores when buying bonds

FRANKFURT, Germany — The European Central Bank says it will give corporations climate scores before buying their bonds and intends to prioritize those that do the most to disclose and reduce greenhouse gas emissions. Monday’s announcement completes the details of the bank’s efforts to help Europe meet its environmental goals. The Frankfurt, Germany-based central bank said it was taking the step to support the European Union’s climate goals. The companies’ scores would measure progress in reducing past emissions, plans to reduce them in the future, and the completeness of reporting on the amount of greenhouse gases they are emitting. Both the ECB and the Bank of England have taken climate change more seriously than the US Federal Reserve.

The S&P 500 rose 26.56 points, or 0.7%, to 3,899.89. The Dow Jones Industrial Average gained 197.26 points, or 0.6%, to 31,019.68. The Nasdaq advanced 86.62 points, or 0.8%, to 11,535.02. The Russell 2000 index of smaller companies added 14.65 points, or 0.8%, to 1,812.84.