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Fed Pauses Interest Rate Cuts Despite Trump's Push For Immediate Reduction Fed Pauses Interest Rate Cuts Despite Trump's Push For Immediate Reduction
Fed Pauses Interest Rate Cuts Despite Trump's Push For Immediate Reduction The Federal Reserve kept its key interest rate in place, pausing further cuts and ignoring a demand by President Donald Trump to immediately drop rates. After three months of reductions, the Fed decided to keep the key interest rate target at 4.25 to 4.5 percent. The Fed announced the decision on Wednesday, Jan. 29, after its first meeting since President Trump returned to the White House. Chair Jerome Powell said the Fed is monitoring inflation and economic stability under the Trump administration. "We remain committed to supporting maximum employment, bringing inflation sustain…

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by Chris Spiker
Business
American Express To Pay $230M For Misleading Small Business Customers American Express To Pay $230M For Misleading Small Business Customers
American Express To Pay $230M For Misleading Small Business Customers American Express said it will pay $230 million to resolve federal investigations into deceptive sales tactics and recordkeeping violations involving small business credit card and wire transfer products. The credit card company agreed to pay a $108.7 million civil penalty, the Department of Justice said in a news release on Thursday, Jan. 16. The settlement resolved claims against American Express of deceptive marketing and "dummy" account information. American Express was accused of engaging in unlawful sales tactics and falsifying records between 2014 and 2021. "When financial companies …

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by Chris Spiker
Business
Fairfield County Commercial Market Ends Year On 'Generally' Positive Note, Report Says Fairfield County Commercial Market Ends Year On 'Generally' Positive Note, Report Says
Fairfield County Commercial Market Ends Year On 'Generally' Positive Note, Report Says A new report shows that the Fairfield County commercial market ended the year in a good place. Bolstered by the Greenwich office and retail markets, the Fairfield County commercial market completed 2023 on "a generally positive note," according to the Houlihan Lawrence Fairfield Commercial Market report released on Tuesday, Feb. 6. According to the report, Greenwich retail rental rates ended 2023 at the best levels ever seen in late Spring. Greenwich office occupancy and lease rates remained remarkably stable over the second half of 2023.  However, the greater…

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by Kathy Reakes
Real Estate
Home Sales Down, Prices Up Along Fairfield County's Gold Coast Home Sales Down, Prices Up Along Fairfield County's Gold Coast
Home Sales Down, Prices Up Along Fairfield County's Gold Coast Home sales are down and prices are up along Fairfield County's Gold Coast due to a lack of inventory over the past few years. The areas most affected by the challenges included Darien, New Canaan, and Rowayton markets, according to Houlihan Lawrence Real Estate Brokerage. A report released on Tuesday, Jan. 9, said despite the sales decline, median sale prices increased in all three markets by nine percent on average, offering sellers favorable returns. “Amidst the inventory scarcity, we continue to benefit from the diverse offerings of recreation, cultural amenities, and vibrant …

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by Kathy Reakes
News
COVID-19: NYC Public Schools Close Until At Least April 20; Fed Cuts Interest Rate To Near Zero COVID-19: NYC Public Schools Close Until At Least April 20; Fed Cuts Interest Rate To Near Zero
Covid-19: NYC Public Schools Close Until At Least April 20; Fed Cuts Interest Rate To Near Zero New York City's public school system, the largest in the nation, will be closed for more than a month due to the outbreak of the novel strain of the coronavirus (COVID-19). The closure starts on Monday, March 16 and lasts through at least Monday, April 20, New York City Mayor Bill de Blasio made the announcement late Sunday afternoon, March 15. Five people -- all with underlying health issues -- have died in New York City due to COVID-19, accounting for all but one of the fatalities in the state linked to the virus. The other death, in Rockland County, was a Suffern resident. "It is time t…

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by Joe Lombardi
Politics
Ocasio-Cortez Joins Bernie Sanders' Call For 15 Percent Cap On Credit Card Interest Ocasio-Cortez Joins Bernie Sanders' Call For 15 Percent Cap On Credit Card Interest
Ocasio-Cortez Joins Bernie Sanders' Call For 15 Percent Cap On Credit Card Interest Freshman Congresswoman Alexandria Ocasio-Cortez’s latest major bill since taking office has a powerful backer. The 2007 Yorktown High School graduate and presidential hopeful Bernie Sanders just introduced a proposal to cap credit card interest rates at 15 percent this week, which would rein in the profits major banks can capitalize on. The legislation has been dubbed the “Loan Shark Prevention Act.” Currently, the national average annual percentage rate his 17.73 percent, while the median was sitting at 21.36 percent, according to CreditCards.com. “Despite the fact that banks can borro…

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by Zak Failla
Business
Wells Fargo To Pay States $575M To Resolve Customer Ripoff Claims: NJ, NY, CT Get $34M Wells Fargo To Pay States $575M To Resolve Customer Ripoff Claims: NJ, NY, CT Get $34M
Wells Fargo To Pay States $575M To Resolve Customer Ripoff Claims: NJ, NY, CT Get $34M Wells Fargo Bank has agreed to pay $575 million – including more than $34 million combined to New Jersey, New York and Connecticut – to settle charges that it engaged in a variety of sales, lending, and other improper business practices for more than a decade. The bank also has agreed to pay more than $385 million to 850,000 auto finance customers who were wrongly charged premiums, interest, and fees for forced-place collateral protection insurance, even though they already had the coverage. That includes payments to more than 51,000 customers whose cars were repossessed, according to the m…

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by Jerry DeMarco