5 things you need to know Wednesday
1. CNN hosts GOP debate at Reagan Library
Eleven presidential hopefuls — including Donald Trump, Ben Carson, Carly Fiorina and Jeb Bush — will vie for the Republican nomination during CNN's prime-time debate Wednesday. Trump, the Republican front-runner, faces opposition from Carson, the only candidate to gain on Trump in a recent poll. Along with Fiorina, the self-proclaimed outsiders will cast their lack of government experience as assets. The more established Republicans — candidates such as Bush, John Kasich and Scott Walker — plan to counter Trump and other outsiders by trumpeting their experience and records in public office. Jake Tapper, host of CNN's State of the Union, will moderate. You can watch this debate, and an earlier debate with the rest of the GOP field, on CNN and online.
2. Fed meets to consider first rate hike in a decade
Tensions are high going into Wednesday's two-day Federal Reserve meeting. Economists are divided on whether the central bank on Thursday will raise its benchmark interest rate for the first time in a nearly a decade. Supporting the case for Fed action is a 5.1% unemployment rate that's already below the Fed's year-end forecast. But some say the recent market selloff has lessened the Fed's need to act, reducing job growth by about 500,000 and pushing up the unemployment rate by 0.2 percentage points over the next 18 months. Others worry that the Fed hasn't hiked rates in nearly a decade and has kept short-term rates near 0% for so long that investors and markets have become addicted to so-called cheap money.
3. iOS 9 update now available for Apple users
Apple product users rejoice — the iOS 9 update should take less space and download time when it releases Wednesday. Apple said iOS 9 needs about 1.4 gigabytes of space, down from 4.6 GB from the previous update. It includes a battery-saving low-power mode, a six-digit passcode, multi-tasking for the iPad Air 2, a News app and smarter Siri searches. It also includes tools for developers that can block mobile Web ads, which could threaten publishers' ad revenue. The update is is compatible with older version of the iPhone, starting with the 4s.
4. Pot gets a tax holiday in Colorado
Recreational marijuana will be tax-free in Colorado on Wednesday due to a loophole in the state's Taxpayer's Bill of Rights. Overall, tax collections in Colorado exceeded projections for this year, which caused the one-day tax waiver. The quirk in the state's tax law means that the 10% sales levy and the 15% excise tariff will not be collected. The break is expected to shave $20 off the price of a midgrade ounce of pot in the Denver area, where ounces have been selling for about $200 before tax. State officials said it could cost the state $3 million to $4 million.
5. Execution expected for Oklahoma inmate
Death row inmate Richard Glossip faces execution Wednesday in Oklahoma for masterminding a murder at a motel in 1997. It's the fourth time a date has been set for his death. The state halted executions in January after controversial results using a three-drug lethal injection protocol. Critics questioned whether the method rendered prisoners completely unconscious and incapable of feeling pain. In June, the Supreme Court ruled 5-4 that Oklahoma can use the sedative midazolam as part of the injection method, putting executions including Glossip's and Oklahoma prisoners John Grand and Benjamin Cole back on schedule.
And, the essentials:
Weather: On Tuesday, rain covers the West Coast, while the sun shines in the East.
Stocks: World stock markets were higher Wednesday, as investor optimism mounted ahead of a Federal Reserve decision on whether to raise interest rates.
TV tonight: Wondering what to watch tonight? TV critic Robert Bianco looks at America's Got Talent and The Middle.
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