Powell says inflation, economy still too hot, Fed may raise rates further

Happy Friday, Daily Money readers! It's Paul Davidson bringing you the latest headlines.

The head of the Federal Reserve says officials aren’t letting up in their battle against inflation.

In a speech at the Fed’s annual conference in Jackson Hole, Wyoming, Fed Chair Jerome Powell noted that inflation has eased but is still too high. He also said the economy hasn’t cooled as much as expected and that too could lead the central bank to raise interest rates again this year following its most aggressive flurry of rate hikes in four decades.

But Powell tried to strike a balanced tone, noting the Fed doesn’t want to lift rates too sharply and hurt the economy. He said officials will “proceed carefully” as they decide whether to approve another increase this year or hold rates steady.

Subway sold for nearly $9B

Do you want a drink with that sandwich company?

Subway has been acquired by Roark, a private-equity firm, for $8.95 billion in one of the largest fast- food deals ever.

For the purchase to be completed at that price, Subway must meet cash flow milestones within two or more years after the deal is finalized, according to Reuters.

Roark is a heavyweight in the fast food and restaurant business, with investments in Arby’s, Auntie Anne’s, Buffalo Wild Wings, Carvel, Sonic and others.

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Recall alert

Twin City Food, which supplies Kroger and Food Lion supermarkets, is voluntarily recalling some batches of frozen vegetables because of potential listeria poisoning.

The recall affects Twin City’s “Not-Ready-to-Eat” Individually Quick Frozen Super Sweet Cut Corn and Mixed Vegetables in retail bags.

No illnesses have been reported so far, but people who bought the vegetables are urged not to eat them and to throw them out or return them to the store for a refund.

Listeria is an organism that can cause serious or fatal infections in children, the elderly and people with weakened immune systems.

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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.