The Daily Money: Fed expected to hike rates again to cool inflation

After a brief pause, the Fed is expected to resume the most aggressive streak of rate hikes in decades in an attempt to slow inflation.

Advertisement Read in browser Read in browser The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW Wed Jul 26 2023 Bailey Schulz | Money Reporter @bailey_schulz Happy Wednesday, Daily Money readers. It's Bailey Schulz here to bring you the day's top headlines. Today is Fed Day, which means we'll learn the Federal Reserve's plans for interest rates this afternoon. After a brief pause, the Fed is expected to resume the most aggressive streak of rate hikes in decades in an attempt to slow inflation. Economists are predicting a quarter of a percentage point boost to the range of 5.25% to 5.5%, the highest level in 22 years.  The Fed hinted in June that it would implement increases at least two more times this year, but some economists are questioning whether more hikes are necessary as inflation continues to wane –  a trend they say is driven more by supply chains flowing more smoothly and other post-pandemic factors than the central bank's actions. Federal Reserve Board Chairman Jerome Powell testifies before a House Financial Services Committee hearing on the Federal Reserve's Semi-Annual Monetary Policy Report, on Capitol Hill in Washington, DC, on June 21, 2023. Stefani Reynolds, AFP via Getty Images UPS, Teamsters reach new labor contract agreement With less than a week before a possible strike, UPS and Teamsters reached a tentative agreement yesterday on a five-year labor contract. The agreement avoided what would have been the largest single employer strike in U.S. history and came after the groups resumed talks earlier this week. Existing full- and part-time UPS Teamsters will get $2.75 more per hour in 2023, and $7.50 more per hour over the length of the contract. Other highlights for union workers from the contract include: • Driver classification changes • Days off and seasonal work • Heat safety in vehicles • UPS plans to add more jobs and fill open positions 📰 More stories you shouldn't miss 📰 Another Fed rate increase may hurt borrowers, but savers might cheer. Here's why. AI, automation could kill your job sooner than thought.How COVID sped things up. The IRS has ended in-person visits, but scammers still have ways to trick people X's and Xeets: What we know about Twitter's rebrand, new logo so far Most and least expensive destinations: Try these off-the-beaten-path spots 🍔 Today's Menu 🍔 Skittles? Good. Mustard? Good. But mustard Skittles … In anticipation of National Mustard Day on Aug. 5, Skittles is partnering with French's to create mustard-flavored Skittles. This is French's fifth year going all out to celebrate the holiday – the mustard brand in previous years has pushed mustard donuts and ice cream.  Now until National Mustard Day, candy enthusiasts can visit the French's website for a chance to win a pack of French's Mustard Skittles. You can also follow French's or Skittles on social media to find out how to get your hands on this unique candy.   About The Daily Money Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. Fed meeting live updates: Interest rates expected to rise after pause After a brief pause, the Fed is expected to raise interest rates on Wednesday, resuming the most aggressive streak of rate hikes in decades. READ MORE Advertisement 5 things to know about UPS, Teamsters contract agreement UPS and Teamsters reached a tentative agreement on a five-year labor contract Tuesday following months of negotiations that could've led to a strike. READ MORE French's launches mustard Skittles in honor of National Mustard Day French's has collaborated with Skittles to roll out fun-sized packets of mustard flavored skittles to celebrate National Mustard Day on August 5. READ MORE Powell may announce another Fed rate hike. What it may mean for your wallet. Another 0.25 percentage point Fed rate hike could further squeeze weary consumers but give savers a boost. Stocks are up, but some remain cautious. READ MORE Automation is likely to kill jobs more rapidly than expected Due to COVID, automation and generative AI are likely to eliminate jobs sooner than expected. Another 12M workers are likely to switch fields by 2030. READ MORE IRS scams to watch out for now that in-person visits have stopped The IRS has stopped in-person visits, but there are still ways scammers can trick people into thinking they owe the IRS money. READ MORE PacWest, Banc of California to merge on heels of banking crisis After the deal is complete, the bank will have $36 billion worth of assets and operate more than 70 branches under the Banc of California name. READ MORE The most and least expensive places to visit A new analysis shows the best places to travel on a budget, and also suggests that ski vacations are among the most costly. READ MORE X's and Xeets: What we know about Twitter's rebrand so far Elon Musk set into action plans to rebrand Twitter as simply "X" on Monday. What you need to know about the changes happening beyond the new logo. READ MORE Mega Millions jackpot rises to $910 million: When is the next drawing? Ahead of the next drawing on Friday, the Mega Millions jackpot is approaching $1 billion, sitting at an estimated $910 million. READ MORE Advertisement Sign up for the news you want Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. SEE ALL NEWSLETTERS ➔ SEE ALL NEWSLETTERS ➔ Newsletters   |    eNewspaper   |   Crosswords Follow Us Problem viewing email? View in browser Unsubscribe  •   Manage Newsletters  •  Terms of Service  •   Privacy Policy/Your California Privacy Rights  •  Privacy Notice  •   Do Not Sell My Info/Cookie Policy  •  Feedback