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Fed cuts key rate, but Powell says future reductions are not locked in

WASHINGTON (AP) — The Federal Reserve cut its key interest rate Wednesday for a second time this year as it seeks to shore up economic growth and hiring, even as inflation stays elevated. But Fed Chair Jerome Powell also cautioned that further rate cuts weren’t guaranteed, citing the government shutdown’s interruption of economic reports and sharp divisions among 19 Fed officials who participate in the central bank’s interest-rate deliberations. Speaking to reporters after the Fed announced its rate decision, Powell said there were “strongly differing views about how to ...

Federal Reserve likely to cut key rate

WASHINGTON (AP) — The Federal Reserve will almost certainly cut its key interest rate on Wednesday and could signal it expects another cut in December as the central bank seeks to bolster hiring. A cut Wednesday would be the second this year and could benefit consumers by bringing down borrowing costs for mortgages and auto loans. Since Fed chair Jerome Powell strongly signaled in late August that rate cuts were likely this year, the average 30-year mortgage rate has fallen to about 6.2% from 6.6%, providing a boost to the otherwise-sluggish housing market. Still, the Fed is ...

Wall Street rallies to more records

NEW YORK (AP) — Stocks climbed to more records on Monday ahead of a week packed with potentially market-moving events for Wall Street. The S&P 500 rose 1.2%. The Dow Jones Industrial Average added 337 points, or 0.7%, and the Nasdaq composite jumped 1.9%. Each of the trio set an all-time high for a second straight day. Stocks also rallied in Asia ahead of a meeting on Thursday between the heads of the United States and China. The hope is that the talks could clear rising tensions between the world’s two largest economies and allow the global economy to keep motoring. U.S. ...

By the Numbers: Why trick-or-treaters may bag more gummy candy than chocolate on Halloween

Ghouls, goblins … and gummy bears. Trick-or-treaters may find more fruity candy than chocolate among their Halloween handouts this year. That should be fine with younger consumers, who have been gravitating for years toward non-chocolate candies like gummies, freeze-dried treats and other sweets that come in a variety of shapes, colors and flavors. Last year, 52% of the total volume of Halloween candy sold in the U.S. was made of chocolate, according to Dan Sadler, a principal for client insights at the market research company Circana. But in the 12 weeks ending Oct. 5, chocolate ...

Wall Street hits records after encouraging update on inflation

NEW YORK (AP) — U.S. stocks hit records on Friday after an update on inflation came in a bit less painful than feared. The S&P 500 rose 0.8% and topped its prior all-time high, which was set earlier this month. The Dow Jones Industrial Average rallied 472 points, or 1%, and the Nasdaq composite climbed 1.1%. Both also set records. The data on inflation is encouraging because it could mean less pain for lower- and middle-income households struggling with still-high increases in prices every month. Even more importantly for Wall Street, it could also clear the way for the Federal ...

Event spotlights family-owned businesses

Staff report Sixteen family-owned businesses from the Mahoning Valley will be honored at the fifth annual Family-Owned Business Recognition Dinner on Feb. 18 at The Lake Club in Poland. The event is being presented by the Youngstown / Warren Regional Chamber and partners Huntington, HBK, Roetzel & Andress and JFS Wealth Advisors. The Family-Owned Business Program was designed to help family businesses of all sizes and industries with succession planning, including maximizing value, understanding tax implications and myriad other aspects during the transition of a business. The ...