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Wednesday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Wednesday’s business headlines with Jane King.

Federal Reserve expected to hike interest rates

The central bank is widely expected to hike rates by 75 basis points for the third straight time at the end of its policy meeting Wednesday.
The Fed will also update how they see inflation and the economy.

Increasing interest rates make debt more expensive. In fact, the average interest rate on credit cards hit 17.96% this month, the highest rate since 1996 according to bankrate.Com.

Rent for single-family homes showing smaller increases

Rents for single-family homes are still higher than they were a year ago, but increases are slowing down.

Miami continues to see the biggest gain, with rents up nearly 31% from the year before.

Rents for single-family homes were 12.6% higher in July compared with the year-earlier month, but the gains continue to shrink from the record high seen in April, according to a new report from CoreLogic.

Lackluster harvest sets back efforts to relieve food supply issues

A lackluster harvest is having a negative impact on efforts to relieve a crunch on the global food supply.

Executives from ADM, Bunge, and other agribusinesses told “The Wall Street Journal” that worldwide crop supplies remain tight, and some said at least two more years of good harvests in North and South America are needed to ease the pressure.

General motors unveils electric grocery carts

General Motors is going from electric cars to electric grocery carts.

The automaker is launching a battery-powered cart designed for grocery delivery.

Kroger has been testing the trace, which is expanding to other retailers and will be widely available in 2024.

Survey: 1 in 4 Americans always go to same vacation spot

A survey by market research company OnePoll found midwesterners have a preference for making the most of their hotel/resort.

Additionally, a majority of those who make itineraries admitted that when they’ve strayed from it, they had a better time than they could have imagined