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Fed leaves interest rate unchanged but with 3 dissents as Warsh praises ‘good family fight’

WASHINGTON (AP) — The Federal Reserve left its key interest rate unchanged Wednesday, although three officials dissented in favor of higher rates as the central bank wrestles with how to deal with persistently high inflation. The Fed’s rate-setting committee reached its decision after two days of deliberations, marking the fifth straight meeting at which the benchmark rate was kept at around 3.6%. Some economists and Wall Street analysts had predicted the Fed would hike its rate by a quarter point. But while the decision to stand pat could be seen as good news for consumers, they ...

Financial news

FirstEnergy Corp. FirstEnergy Corp. on Tuesday reported second-quarter net income of $288 million. On a per-share basis, the Akron-based company said it had net income of 50 cents. The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 49 cents per share. The utility company posted revenue of $3.68 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $3.56 billion. FirstEnergy expects full-year earnings in the range of $2.62 to $2.82 per ...

Americans’ confidence in US economy falls

WASHINGTON (AP) — Americans’ confidence in the economy fell this month as gas prices resumed their climb after the U.S. and Iran stepped up their fighting. The Conference Board said Tuesday that its consumer confidence index fell to 90.8 in July from 92.2 in June. That’s essentially the same tepid range its been in since the beginning of the year. In late 2024 and early 2025 the readings were well above 100. Consumer attitudes had improved modestly in June as gas prices came down to around $3.70 a gallon from more than $4.50 a gallon in late April and early May. But as fighting ...

Johnson & Johnson agrees to $5.5 billion talc settlement

Johnson & Johnson has agreed to pay $5.5 billion to tie up remaining lawsuits that claim its talc products caused ovarian cancer. The drugmaker, which has been fighting talc-related lawsuits for more than a decade, said that the settlement is conditioned on at least 95% of remaining claimants participating. A U.S. bankruptcy court judge denied a $9 billion settlement proposed by company subsidiary Red River Talc last year that would have been one of the biggest mass tort settlements in history. Johnson & Johnson decided not to appeal that ruling and instead fight on in court. A ...

Cracker Barrel CEO steps down a year after logo debacle

Cracker Barrel’s CEO is stepping down nearly a year after an attempted rebrand of the chain led to a fierce customer backlash. Cracker Barrel said Monday that CEO Julie Masino will step down next month but remain with the company until Oct. 9 in an advisory capacity. David Deno will succeed Masino on Aug. 10 as CEO. Deno served as the CEO of Bloomin’ Brands, which owns Outback Steakhouse and other chains, from 2019 until he retired in 2024. He has also held executive roles as Best Buy and Yum Brands, which is the parent company of KFC and Taco Bell. Lebanon, Tennessee-based ...

Fuel costs unchanged across Northeast Ohio

Staff report Gas prices are stable in Northeast Ohio this week at $3.917 per gallon, according to AAA East Central’s Gas Price Report on Monday. A year ago, average prices in the region were $3.143 per gallon. The average price of unleaded self-serve gasoline Monday in Niles was $3.882 per gallon and $3.90 in Youngstown. According to GasBuddy.Com, motorists reported the following prices Monday afternoon involving Sheetz convenience stores: Austintown — North Canfield-Niles Road, $3.85, and Mahoning Avenue, $3.89; Boardman — Boardman-Poland Road, $3.73; Calcutta — St. ...