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Biden White House closely watching Federal Reserve following bank failures

Published Wed, 26 Feb 2025 17:55:19 GMT

(CNN) — All eyes are trained on the Federal Reserve as it prepares to announce another potential interest rate hike Wednesday afternoon — exactly 10 days after the Biden administration stepped in with dramatic emergency actions to contain the fallout from two bank failures.Biden White House officials will be closely watching the highly anticipated rate decision — and monitoring every word of Fed Chairman Jerome Powell’s public comments — for any telling clues on how the central bank is processing what has emerged one of the most urgent economic crises of Joe Biden’s presidency.The moment creates a complex, if carefully observed, dynamic for the administration’s top economic officials who have spent much of the last two weeks engaged in regular discussions and consultations with Powell and Fed officials as they’ve navigated rapid and acute risks to the banking system.The Fed’s central role is not only...

Billie Eilish, Kendrick Lamar, Red Hot Chili Peppers among featured acts at Lollapalooza 2023

Published Wed, 26 Feb 2025 17:55:19 GMT

(CNN) — The lineup for this year’s Lollapalooza was announced on Tuesday, and it features some major musical acts set to perform at Chicago’s popular music festival.Billie Eilish, Kendrick Lamar, the Red Hot Chili Peppers and Lana Del Rey are all slated to headline the fest, along with The 1975, Odesza, Karol G and Tomorrow x Together.Tomorrow x Together, also known as TXT, is the first K-pop act to headline Lollapalooza. TXT’s historic appearance will follow fellow K-pop group Blackpink’s previously announced milestone as the first K-pop group to headline the Coachella music festival in Indio, California in April.Over 170 bands are set to grace the stage in Chicago’s Grant Park on nine different stages during the Lollapalooza festival, which will run from August 3 to August 6.Other acts confirmed to perform in the Windy City this summer are Jared Leto’s band 30 Seconds to Mars, Maggie Rogers, Carly Rae Jepson, Suki Waterhouse, Lil Yachty an...

PMQs scorecard: Police reform in the spotlight as Boris and Brexit vote loom

Published Wed, 26 Feb 2025 17:55:19 GMT

Prime minister’s questions: a shouty, jeery, very occasionally useful advert for British politics. Here’s what you need to know from this week’s session in POLITICO U.K.’s weekly run-through.What they sparred about: Not Brexit or Boris Johnson, surprisingly. Keir Starmer — the U.K.’s former top prosecutor, in case you somehow didn’t know — used all six of his questions to press Rishi Sunak on the arguably more serious issue of reforming the Met police and policing across the U.K., in the wake of this week’s damning Casey review revealing a culture of misogyny, racism and homophobia. The Labour leader accused the government of negligence and Sunak of being out of touch, pointing to low levels of charges for rape charges and burglary. The PM reached for an old classic — he called Labour “soft on crime, soft on criminals.”Which left it to: The SNP’s Stephen Flynn to mention today’s looming Brexit vote. “What worries the PM most about Brexit; the 4 percent ...

10 days that shook the financial world

Published Wed, 26 Feb 2025 17:55:19 GMT

Izabella Kaminska is senior finance editor at POLITICO Europe.Over the span of 10 days, the global financial system was once again shaken.The time frame between the collapse of Californian lender Silicon Valley Bank, America’s 16th largest bank, and that of the 167-year-old lender Credit Suisse was approximately just that — 10 days. And as we witness the fallout, so far it appears contained. Stock markets are up, bank stocks seem stabilized and government bonds are in high demand. Officials reassure ad nauseam that the financial system remains strong and stable.But the truth is, even if so, what happened in this period of time has changed the financial system forever — and worryingly, most people haven’t even noticed.Governments and central banks would have you believe that in both cases, private sector solutions were found to resolve the failures. No taxpayer funds were used.But that is likely not true.In the United States, growing calls from the country’s top bil...

Fire in Maynard sends two people to the hospital

Published Wed, 26 Feb 2025 17:55:19 GMT

At least two people were taken to the hospital Wednesday after a fire broke out in an apartment complex in Maynard. The fire started at the complex on Powder Mill Circle around 7:15 a.m., drawing emergency crews to the scene. Fire crews were seen at one point using ladder trucks to battle flames. Of the two people hospitalized, one is a firefighter who hurt his back.Maynard police said the fire had grown to three alarms by 7:30 a.m. Police initially asked drivers to avoid nearby Powder Mill Road before announcing the road had reopened just after 9 a.m.The cause of the fire remained under investigation as of Wednesday morning.No additional information was immediately available.This is a developing news story; stay with 7NEWS on-air and online for the latest details.

Health officials investigating Legionnaires’ disease cases in N.H.

Published Wed, 26 Feb 2025 17:55:19 GMT

An investigation is underway into a series of Legionnaires’ disease cases in New Hampshire, health officials said on Tuesday. Officials with the New Hampshire Department of Health and Human Services said five people contracted Legionella pneumonia between the fall of 2021 and January of this year. In each case, officials said individuals stayed at the Meredith Woods and Clearwater Campground in Meredith, N.H. before falling ill. Officials said each of the five individuals had to be hospitalized, though they have since recovered. In a statement, the Department of Health and Human Services said its Division of Public Health Services is working with the state’s Department of Environmental Services  to investigate recent cases “to identify water system contamination and implement corrective actions to prevent further infections.” As part of their investigation, officials asked anyone who was diagnosed with Legionnaires’ disease after visiting Meredit...

Victor Oladipo’s Heat time had come, then it was gone (unsure of what comes next)

Published Wed, 26 Feb 2025 17:55:19 GMT

Victor Oladipo could have retreated to the locker room and it would have been understood. Assuredly, he had to know the questions that were coming after being benched in two of the previous three games.Instead, he waited patiently by a training table, still glistening from post-practice sweat, while coach Erik Spoelstra offered comments in advance of Wednesday night’s game against the New York Knicks at Miami-Dade Arena.For Oladipo. patience not only has been a virtue these past several injury-racked seasons but practically a necessity.It is again.“I just didn’t know,” Oladipo said of lack of advance notice when he was held out of last week’s victory over the Memphis Grizzlies, the first time he was listed as “Did Not Play – Coach’s Decision” this season. “So I was just sitting there and sat there and supported my team. I think after a while I could tell I wasn’t going in. And can’t really control that. Just got...

ASK IRA: Is disappointment a factor of Heat expectations?

Published Wed, 26 Feb 2025 17:55:19 GMT

Q: I think Pat Riley bounces back in a big way next year. Born winner. Made Heat relevant the moment he walked through the doors. Not Dwyane Wade, not LeBron James, Pat. It all started with him. – Douglas.A: This arrived with Pat Riley turning 78 this week. But I’m not sure how much Pat has to “bounce back” from this season. The problem since Riley’s arrival in 1995 – and it’s not an actual problem – are the expectations. The Heat, entering Tuesday, stood tied with the NBA’s 10th-best record. So, in other words, even in what is being considered a down season, the Heat are ahead of two-thirds of the field. Still, anticipation of a “bounce back” seemingly would be justified, considering what the Heat achieved in the 2020 and 2022 playoffs coming off uneven seasons. But don’t limit those expectations just to Pat. Andy Elisburg, Adam Simon and the rest of the front office also have a way of creating turnarounds. And...

Wind gusts reached speeds over 80 mph in this San Diego area

Published Wed, 26 Feb 2025 17:55:19 GMT

SAN DIEGO -- Widespread rain and strong winds have swept San Diego County this week with some particular areas receiving the brunt of the storm.A high wind warning was in effect until midnight Tuesday and rightfully so as winds speeds outpaced the forecast in some sectors of the county.Some San Diegans may be faced with downed trees and debris following the the windy weather. More rain moves into San Diego The highest reported wind gust from 10:15 p.m. Monday to the same time Tuesday was recorded on Palomar Mountain and clocked in at 83 mph, according the the National Weather Service.Trailing in second place, the Oak Grove area in North County, which is located about 22 miles east-southeast of Temecula, clocked winds speeds at 67 mph during that same timeframe. Here's a 24-hour breakdown of some of the top wind speeds in the coastal, mountains, valleys and dessert areas as of 10:15 p.m. Tuesday, according to NWS data. San Diego Weather Radar Coastal areasGeneral areaWind gusts s...

Police besiege gunman in Thailand who killed at least 3

Published Wed, 26 Feb 2025 17:55:19 GMT

BANGKOK (AP) — Police in Thailand said Wednesday they cordoned off a neighborhood in a city southwest of the capital and trapped a gunman inside his house after he shot dead at least three people and wounded several others.Thai television showed images of police taking positions on a quiet street in Phetchaburi, about 170 kilometers (105 miles) southwest of Bangkok, some carrying weapons and others with protective shields.Police confirmed that three people, including a motorcycle delivery driver, had been killed in the incident, which began early Wednesday afternoon. At one point, a body spotted by a police drone in front of the house could not be retrieved because it was in the line of fire.At least two injured people, one a local official who rushed to the site when he was notified of the shooting, were taken to a hospital.Police evacuated children from nearby schools and care centers and surrounded the gunman’s house while waiting for specially trained officers to try to resolve ...