The Daily Money: Fed expected to raise interest rates again to cool inflation
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.
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
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🍔 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 Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.