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S&P 500, Nasdaq end lower after Fed rate decision, Powell press conference ReutersFed Holds Rates Steady, Noting Lack of Progress on Inflation The New York TimesUS Fed keeps interest rates at 23-year high amid stubborn inflation Al Jazeera EnglishStagflation: What is it, and is the U.S. economy in it right now? NBC NewsWill mortgage interest rates fall in May? CBS News
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A double beat on earnings, plus raised bottom-line guidance, made the company a hot item on Hump Day.
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FANG earnings call for the period ending March 31, 2024.
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The Beigie Awards are back to recognize the regional Federal Reserve Bank with the best Beige Book entry. This time, we shine a spotlight on one entry that explains how some businesses are feeling the impacts of higher for longer interest rates.
Related episodes:
The interest-ing world of interest rates (Apple / Spotify)
The Beigie Awards: Why banks are going on a "loan diet" (Apple / Spotify)
Where are interest rates going?
For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money via Apple Podcasts or at plus.npr.org.
Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.
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Etsy Inc.'s stock plunged 16% in after-hours trading Wednesday after the company posted quarterly results that included a decline in gross merchandise sales.
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Informatica Inc.'s stock was flat in after-hours trading Wednesday after the software company posted quarterly results.
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"Skelly" has been a fan-favorite since his debut in 2020.
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The pharmaceutical giant's quarterly results also benefited from a smaller-than-feared drop in sales for its Covid antiviral pill Paxlovid.
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CVS and other insurers have seen medical costs spike as many Medicare Advantage patients return to hospitals to undergo procedures they delayed during Covid.
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China Releases CGI Video of Moon Base and It Contains Something Very Strange FuturismChina's dream moon base has a NASA Space Shuttle. The VergeChang'e-6 launch: What to expect The Planetary SocietyChina unveils video of its moon base plans, which weirdly includes a NASA space shuttle Yahoo! VoicesChina on track for crewed moon landing by 2030, space official says SpaceNews
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Northwestern University's deal with student protesters offers example of successful negotiations ABC NewsNorthwestern professor, whose school gave in to anti-Israel agitators, is son of notorious terrorist radicals Fox NewsAs pro-Palestinian protests at some U.S. colleges devolve into violence, Chicago campuses remain peaceful Chicago Tribune‘I think we need a widespread, systemic response': Critics condemn NU's agreement with pro-Palestinian demonstrators WGN TV Chicago
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Here are more details of the four main takeaways from Powell's press conference.
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Demand is high in the sectors the company supplies, and it looks as if it'll stay that way.
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A retired teacher saw inspiration in Columbia's protests. Eric Adams called her an outside agitator The Associated PressPolice on campus at Columbia and UCLA as protests disrupt colleges nationwide: Live updates CNNFour UCLA student reporters attacked by counterprotesters Los Angeles TimesThe 63-Year-Old Career Activist Among the Protesters at Columbia The New York TimesPro-Palestinian protests intensify across U.S. college campuses. Here's where things stand. Yahoo! Voices
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Tesla Is Pulling Back From EV Charging, and People Are Freaking Out The Wall Street JournalIn surprise move, Musk axes the team building Tesla's EV charging network CNNMusk tweets plans to slow Tesla supercharger growth Yahoo FinanceTesla's Head of Human Resources Exits as Staff Upheaval Spreads BloombergTesla's top HR executive has left the company, sources say Fortune
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CEO Joseph Otting took over NYCB in April after an investor group led by former Treasury Secretary Steven Mnuchin injected more than $1 billion into the lender.
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Police on campus at Columbia and UCLA as protests disrupt colleges nationwide: Live updates CNNPresident Biden stays mostly silent amid college campus chaos USA TODAYCollege protest live updates: Nearly 300 arrested at Columbia and CUNY, UCLA cancels classes, as campus demonstrations intensify Yahoo! VoicesColumbia University faculty ‘horrified' by mass arrests of student protesters The GuardianS
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United Methodist Church Reverses Ban on Practicing Gay Clergy The New York TimesUnited Methodist Church lifts 40-year ban on LGBTQ clergy CNNUnited Methodist Church lifts bans on LGBTQ clergy and same-sex weddings NPRUnited Methodists, at major conference, repeal their church's longstanding ban on LGBTQ clergy ABC NewsUMC funding ban removed in first steps toward LGBTQ inclusion Tennessean
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Investors cheered Amazon's latest earnings report. Here's what you need to know.
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The offer is the company's third attempt to resolve tens of thousands of claims that its baby powder caused ovarian cancer and mesothelioma.
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Marjorie Taylor Greene says she'll trigger no-confidence vote on Johnson next week The IndependentDid MTG go too far for MAGA? Even Democrats offer to save Johnson USA TODAYIn Bid to Oust Johnson, Greene Tries to Reclaim a Powerful Perch on the Fringe The New York TimesDemocrats Defang the House's Far Right The AtlanticBoebert: ‘It makes no difference to me' if Jeffries or Johnson is Speaker The Hill
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The Treasury Department released guidance on the tax credit available for producers of sustainable aviation fuel, a measure established as part of Biden's landmark climate law.
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Treasury Secretary Janet Yellen came under fire from Republicans over a quip from President Biden about letting tax cuts enacted by Donald Trump expire.
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Schneider Sues ‘Quiet on Set' Producers for Defamation The New York TimesDan Schneider sues 'Quiet on Set' producers for defamation, calls docuseries 'a hit job' USA TODAYFormer Nickelodeon producer Dan Schneider files defamation lawsuit against 'Quiet on Set' producers NBC NewsFormer Nickelodeon showrunner Dan Schneider sues ‘Quiet on Set' filmmakers for defamation Fox NewsDan Schneider Defamation Lawsuit: 'Quiet on Set' Producer Sued Over Docuseries
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A weekly look at the most important news and moves in crypto, and what's on the horizon in digital assets.
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Demand and raw material prices are sapping profitability.
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Shares of Nio Inc. sped higher Wednesday, after the Chinese electric-vehicle maker reported April deliveries that more than doubled to outperform its peers by a wide margin.
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Starbucks Corp. worse-than-expected quarter and grim predictions for the year brews a mix of discontent and hope on Wall Street.
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Miami Heat @ Boston Celtics 5 |#NBAplayoffs presented by Google Pixel Live Scoreboard NBABoston Celtics vs Miami Heat Apr 29, 2024 Box Scores NBA.comCeltics vs. Heat odds, score prediction, time: 2024 NBA playoff picks, Game 5 best bets from proven model CBS SportsMiami Heat vs. Boston Celtics Player Prop Picks: Can Derrick White, Bam Adebayo Put Up Points in Game 5? OddsCheckerHow to watch the Miami Heat vs. Boston Celtics NBA Playoffs game tonight: Game 5 streaming options, more CBS News
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The company's initial public offering coincides with a strong rebound in cruise bookings.
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Over 242,600 Ford Maverick trucks recalled due to risk of tail light failure Fox BusinessFord recalls 242,669 Mavericks, NHTSA says Detroit Free Press2022-2024 Ford Maverick recalled for taillights that could fail AutoblogFord recalls nearly 243,000 Maverick pickups for tail light problem NPRFord recalls 242669 US vehicles, NHTSA says Reuters
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Officials warn of risks to people with possible exposure amid bird flu outbreak in cows POLITICOOpinion | Dairy Workers Are the Most Vulnerable Population to Bird Flu The New York TimesCats died after drinking raw milk from cows infected with bird flu: CDC The HillUpdates on Highly Pathogenic Avian Influenza (HPAI) FDA.govAmerica's Infectious-Disease Barometer Is Off The Atlantic
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There's no way to sugarcoat this: Small and midsize businesses should be scared to death about the consequences of the Inflation Reduction Act. Unless they provide goods and services to the green energy industry, the law's unforeseen consequences could increase their operating expenses in two ways. Here's what to expect — and how to prepare.
SEE MORE Audit-Proof Your Small Business
The Inflation Reduction Act is essentially a climate change law with some health care benefits. While the new legislation doesn't include any direct tax increases on small and midsize businesses, some of its provisions have the potential to raise costs for these companies significantly.
First Reason Why Cost of Business Could Be Going Up
For one, your chances of being audited may be going up. The new bill substantially expands the Internal Revenue Service's budget: More than half of the $80 billion increase in the IRS budget over 10 years will be used to beef up enforcement through new technology and new hires. That means more audits for companies that are the least able to financially manage them. I worry for businesses that gross $5 million or less since they usually don't have excess funds to pay a lawyer $50,000 to fight the IRS if their matter proceeds to court.
In a letter to the Senate, the agency's commissioner said, "These resources are absolutely not about increasing audit scrutiny on small businesses or middle-income Americans." Even so, with the hire of new auditors, it's likely that people with little or
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