interest rate: Federal Reserve Chairman Jerome Powell said at a news conference yesterday afternoon that while inflation is moderating, it remains high enough for the Fed to keep raising rates. In its latest move, the Fed raised interest rates by 0.25%, down from previous hikes of 0.5% and 0.75%. Powell said the Fed believes the deflationary process has already begun. The Fed wants to bring inflation down to 2%.
Police Legislation: Rev. Al Sharpton calls for police reform and Congress to pass George Floyd policing justice bill as he delivers eulogy at Tire Nichols funeral in Memphis . Sharpton said the outcome would have been different if Nichols had been White. Vice President Harris, Nichols’ mother and other family members also called on Congress to pass the measure. Its features include banning the use of chokeholds, improving police training, funding the creation of local police reform task forces and removing many of the barriers to prosecuting misbehaving officers.
FBI searches: The FBI failed to find any classified government documents during a search of President Biden’s home in Rehobeth Beach, Delaware yesterday. Biden has consented to the search, so no warrant is required. FBI agents were there for about three and a half hours.
Meta Finance: Meta, the company that owns Facebook, led by Mark Zuckerberg, reported $116.6 billion in revenue and $23.2 billion in net income in 2022. Facebook had 2 billion daily users in December. The company said it plans to make another round of spending cuts in 2023. The company plans to buy back $40 billion in stock.
human Resources: Healthcare giant Humana reported that 625,000 new members would enroll in its Medicare Advantage plans in 2022. According to reports, there are approximately 9 million Medicare Advantage members. Humana’s revenue for the fiscal year ending Dec. 31, 2022 was $92.9 billion, with a pre-tax profit of $3.4 billion.
Russian attack: Ukrainian President Volodymyr Zelensky said last night that the Russians were stepping up attacks on civilian targets in the eastern province of Donetsk. He said the Russians were trying to cause as much damage and as many casualties as possible before the one-year anniversary of the Feb. 24 invasion of Ukraine.
More winter: In Gobbler’s Knob, Pennsylvania, about 80 miles northeast of Pittsburgh, groundhog Punxsutawney Phil came out of his burrow on a tree stump this morning and saw his own shadow. According to legend, that means six more weeks of winter, which will actually be in full force tomorrow and Saturday when an arctic blast blows across the northeast.