Thursday’s business headlines
INDIANAPOLIS (WISH) — Here’s a look at Thursday’s business headlines with Jane King.
Federal Reserve hikes interest rates by quarter percent
The Federal Reserve has raised its key interest rate yet again in its drive to cool inflation, a move that will directly affect most Americans. Anyone borrowing money to make a large purchase, such as a home, car, or large appliance, will likely take a hit. The new rate will also increase monthly payments and costs for any consumer who is already paying interest on credit card debt. The upside is that savings rates will go up a bit.
FTC seeks to ban Meta from using young users’ data
The Federal Trade Commission is seeking a ‘blanket’ ban on Meta’s use of young users’ data. Citing privacy failings by the tech giant, regulators proposed to stop sites like Instagram and Facebook from profiting off the data of users under 18.
Google rolls out password alternatives
Google began rolling out support for passkeys, an alternative sign-in method for apps and websites. With passkeys, Google said users can access their various accounts with a fingerprint, face scan, or pin.
United Airlines hiring more than 20,000 workers
Airlines expecting a hectic summer travel season are planning to hire thousands of new workers this year. United Airlines said it hired 7,000 new workers in the first four months of this year and plans to hit 15,000 new hires by year-end, matching the number it hired last year. Airlines have been in a hiring frenzy since being caught understaffed when air travel bounced back last year.
While the rate increase was expected, some traders felt chairman jerome powell seemed more nervous about the economy than he did at the last meeting.