The Daily Money: A game changer for electric vehicles?

The Fed raised rate by 0.5 points, slowing the pace, but it forecast that it will keep hiking to a higher level than planned -- about 5.1%. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW   Thursday, December 15 Good morning, Daily Money readers. It's Paul Davidson bringing you Thursday's money and tech headlines. Let's start with a potential game changer for the EV market. Are you hesitant to buy an electric vehicle because you're worried about the cost as well as battery charging hassles? A project launching in Detroit next summer will place charging coils under about a mile of roadway near the downtown. Car batteries will charge wirelessly while motorists drive, eliminating the need for stops, especially on long trips, and reducing vehicle costs by allowing for smaller, shorter-range batteries. The project is being conducted by the state of Michigan, the city of Detroit and several private companies. Smaller rate hikes but more of them? The Federal Reserve on Wednesday raised its key interest rate by half a percentage point to fight high inflation, signaling a slower pace, but forecast that it will keep hiking until the rate reaches about 5.1%. That's a good bit higher than the 4.6% peak rate the Fed forecasted in September. If the Fed makes good on the projection, it would mean higher rates on credit cards, auto loans, adjustable-rate mortgages and other types of borrowing. Fed Chair Jerome Powell noted inflation eased in October and November but the labor market is still too strong and officials need to see more evidence that price increases are moderating. 📰More stories you shouldn't miss📰  Pharmacies are cutting hours and closing stores: What it means for customers. Twitter @ElonJet account that tracks Elon Musk's private jet flights suspended again: Move raises questions about billionaire's free speech promise for platform Not so secret Santa: How to keep gifts a secret when you're holiday shopping online Recall alert About 11,000 at-home COVID tests were recalled this week because they may yield false negative results, the U.S. Food and Drug Administration said. Detect, the maker, has recalled three lots, totaling 11,102 tests that were shipped to customers from July 26 to Aug. 26. 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. 'Electrified roadways': Public streets could charge EVs in motion Inductive charging coils in roadways are the first step toward an EV world where there is no need to stop to charge because the road does it for you. Fed hikes interest rate again and signals higher peak ahead Pharmacies are trimming hours and stores. What it means for customers. What are the holiday 2022 shipping deadlines for UPS, FedEx, USPS? Twitter Elon Musk private jet tracker suspended again How to keep holiday gifts a secret in the age of Amazon Fed's slower pace of rate hikes isn't much solace for those with debt. When does the Fed meet in 2023? Here's Federal Reserve schedule. Over 10,000 COVID tests recalled for potentially false negative... Who is the richest person in the world? Elon Musk bumped from top.   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 © 2022 USA TODAY, a division of Gannett Satellite Information Network, LLC. 7950 Jones Branch Drive, McLean, VA 22102