Wednesday’s business headlines

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

Federal Reserve likely to skip June rate hike

Federal Reserve officials have indicated that they are likely to skip a hike in June. A hike is different from a pause, since it suggests that the central bank could raise rates as soon as July after taking a break this month.

The move would mean a break on rising credit card and car loan rates.

Social Security increase could be less than 3% as inflation cools

New government data for May shows inflation is cooling.

For Social Security beneficiaries, that may be bittersweet news. Although some prices may come down, their cost-of-living adjustment next year may be lower.

The Senior Citizens League estimates that the increase could be 2.7% in 2024, based on the latest consumer price index data.

Biggest rent drop in three years

Renters are about to catch a break as rents post their biggest drop in three years. Redfin says the median U.S. rent saw its largest annual decline since March 2020.

Amazon resolves web outage

Amazon’s cloud computing arm, AWS, said it resolved an outage that had disrupted a swath of companies and organizations, including Southwest Airlines and New York’s transit agency.

AWS is the world’s largest seller of on-demand computing power and software services, which it delivers from a network of vast server farms.

Its outages can ripple across the internet, creating headaches for a range of companies and industries.

Disney delays release of several films

Disney revealed a shake up of its movie release calendar, delaying several films in the Avatar, Marvel and Star Wars franchises.

The company didn’t say why they are being delayed, but the writers strike has led to production shutdowns that could impact release deadlines.