1 Federal Reserve Raises Interest Rates For The First Time Since 2023
The Federal Reserve raised its benchmark interest rate by a quarter of a percentage point yesterday, marking its first increase since 2023. The move brings the federal funds target range to 3.75-percent to 4-percent, its highest level since December 2025. Fed officials said inflation remains too high, with consumer prices up 3.4-percent over the past year, well above the central bank’s 2-percent target. Higher energy costs tied to the Iran war have added new pressure, with diesel reaching a record $6.31 a gallon and regular gas averaging $4.37. Credit card rates, auto loans, and personal loans can rise when the Fed raises rates.
2 House Cancels Votes Planned For Today, Won't Return Until After Midterms
House leaders canceled votes scheduled for today, meaning lawmakers will leave Washington early and will not take up a resolution to impeach Defense Secretary Pete Hegseth until after the November elections. Republican Rep. Thomas Massie filed the resolution as privileged, which normally requires House action within two legislative days. Speaker Mike Johnson called the effort a publicity stunt and said leaders plan to table it when lawmakers return on November 9th. GOP leaders said the early departure was not connected to the impeachment push and that members should return home to campaign.
3 Bill To Shield Consumers From Data Center Energy Price Hikes Passed By House
The House overwhelmingly passed a bipartisan bill aimed at keeping data center expansion from raising household electricity bills. The Ratepayer Protection Act passed 417-3 and now goes to the Senate. It would push state utility regulators to consider rules requiring large power users, including major data centers, to pay the cost of new electricity generation and grid upgrades needed to serve them. Supporters say families and small businesses should not be stuck paying for infrastructure built mainly for AI companies. The measure comes as data center growth raises concerns about power demand and higher utility costs.