Ford expands recall on full-size vans
Ford is expanding a full-size van recall to fix wiring that could cause fires, and it’s warning drivers to park the vans outside until repaired.
The company on Wednesday added 26,000 Transit vans from 2015 through 2017 to an October recall, bringing the total to almost 100,000 in North America.
The recall covers vans with a trailer tow computer module that can become corroded and cause a fire even if the ignition is off. Ford knows of two fires in Canada but no injuries. Corrosion also can cause seat- belt pretensioner activation, rapid turn-signal flashing and other problems.
Dealers will add a fuse and a drain hole in the driver’s door step well. Parts are available now.
Dylan embraces Tennessee whiskey
Music icon Bob Dylan is partnering with a distillery to make whiskey at a 140-year-old Tennessee church and bottle it under the name Heaven’s Door.
News outlets report Dylan has partnered with Angel’s Envy Bourbon co-founder Marc Bushala in the venture. The New York Times first reported on the plan.
Dylan recorded four albums in Nashville.
The Tennessean reports Heaven’s Door’s first whiskey releases include a Tennessee straight bourbon whiskey, a double barrel whiskey and a straight rye whiskey.
The whiskeys initially will be available in Tennessee, Texas, California, Florida, New York and Illinois.
Fed keeps key rate steady, but notes rising inflation
The Federal Reserve is keeping its benchmark interest rate unchanged but says that inflation is climbing after years of being stuck below the Fed’s target level. The decision Wednesday, which had been expected, came on an 8-0 vote.
The Fed left its key short-term rate at 1.5 percent to 1.75 percent, the level it set in March after its sixth increase since December 2015. It is gradually tightening credit to control inflation against the backdrop of a tight labor market and a pickup in consumer prices.
In a statement, the central bank said it expects “further gradual increases” in rates and says recent data show it’s edging close to achieving its annual 2 percent target for annual inflation.
Analysts said the statement made it clearer the Fed intends to resume raising rates at its next meeting in mid-June. Some Fed watchers say it suggests the central bank foresees four hikes for 2018, up from the three it predicted in March.
Stocks closed sharply lower, with the Dow Jones industrial average dropping 174.07 points.
The Fed’s statement noted the U.S. job market has continued to strengthen along with a steady economy, but household spending has slowed.
Selected local stocks
Alcoa Inc., 53.031.04
Aqua America, .20 35.21 -0.28
Chemical Bank, .2854.93-0.40
Community Health Sys.5.101.13
Cortland Bancorp, .1122.250.00
Farmers Nat., .0715.17 0.02
First Energy, .3633.960.08
First Niles Financial, .0510.750.00
FNB Corp., .1212.95-0.11
General Motors, .3836.19-0.23
General Electric, .1214.170.12
Huntington Bank, .1114.65-0.15
iHeartMedia Inc.,0.52 0.04
JP Morgan Chase, .56107.82-0.95
Key Corp, .1119.75-0.16
LaFarge, 2.01— —
Macy’s, .38 31.310.57
Parker Hannifin, .76 167.990.02
Simon Prop. Grp., 2.88159.06-0.68
United Comm. Fin., .06 10.15-0.06
Selected prices from Tuesday’s 4 p.m. close.