Fed attacks inflation with another big hike and expects more
WASHINGTON (AP) — Intensifying its fight against high inflation, the Federal Reserve raised its key interest rate by a substantial three-quarters of a point for a third straight time and signaled more large rate hikes to come — an aggressive pace that will heighten the risk of an eventual recession. The Fed’s move boosted its benchmark short-term rate, which affects many consumer and business loans, to a range of 3% to 3.25%, the highest level since early 2008. The officials also forecast that they will further raise their benchmark rate to roughly 4.4% by year’s end, a full percentage point higher than they had forecast as recently as June.
Trump accused of vast fraud in suit by NY attorney general
NEW YORK (AP) — New York’s attorney general has sued former President Donald Trump and his company, alleging business fraud involving some of their most prized assets, including properties in Manhattan, Chicago and Washington, D.C. Attorney General Letitia James’ lawsuit was filed Wednesday in state court in New York. It is the culmination of the Democrat’s three-year civil investigation of Trump and the Trump Organization. Three of Trump’s adult children, Donald Jr., Ivanka and Eric Trump, were also named as defendants, along with two longtime company executives, Allen Weisselberg and Jeffrey McConney. Alina Habba, an attorney for Trump, said the lawsuit is “neither focused on the facts nor the law.”
Putin orders partial military call-up, sparking protests
KYIV, Ukraine (AP) — Russian President Vladimir Putin has ordered a partial mobilization of reservists in Russia, effective immediately. He risks a deeply unpopular step that follows humiliating setbacks for his troops nearly seven months after invading Ukraine. It’s the first mobilization in Russia since World War II. Western backers of Ukraine derided the move as an act of weakness. The Russian leader also warned the West he isn’t bluffing over using everything at his disposal to protect Russian territory, in what appeared to be a veiled reference to his nuclear arsenal. The partial mobilization came a day after Russian-occupied regions in eastern and southern Ukraine said they would hold votes on becoming part of Russia. Hundreds of people were arrested at protests across Russia.
Biden: Russia ‘shamelessly violated’ UN Charter in Ukraine