Newsletter Sep 22, 2022

3 things you must know

Fed raises interest rate by 75 bps in hopes of taming inflation
The Federal Reserve raised the benchmark interest rate again Wednesday and said more hikes are coming as it battles soaring prices -- an aggressive stance that has raised fears of recession. It was the third consecutive increase of 0.75% by the Fed's policy-setting FOMC in an effort to tamp down inflation that has surged to the highest in 40 years. Soaring prices are putting the squeeze on American families and businesses and have become a political liability for President Joe Biden ahead of the midterm elections.
FIND OUT WHAT THE RATE HIKE MEANS FOR AMERICANS

Gas prices edge up for first time since $5 per gallon in June
Gas prices inched up a penny on Wednesday after 98 days of continuous declines following record pricing in June. The national average of $3.681 per gallon, up from $3.674 per gallon on Tuesday, had been on a steady decline since it peaked at $5.016 per gallon on June 14. Despite the steady string of declines, gas is still higher than it was a year earlier when it was $3.192 per gallon, with some states still seeing prices nearing $5 per gallon.
HOW YOUR STATE COMPARES TO THE REST OF THE US

Walmart, Target gearing up for holiday shopping season
Retail giants Target and Walmart are already preparing for what they hope is a profitable holiday shopping season. Target announced Thursday that Deal Days will be held Oct. 6-8, and it is extending its Holiday Price Match Guarantee from Oct. 6 to Dec. 24. Walmart is making three updates to its holiday return policy to make returns "easier and more convenient" for shoppers.
RETAILERS HIRE HELP IN HOPES OF HOT HOLIDAY SEASON

Markets

DJIA	30,043.31	-0.47%
S&P 500	3,753.18	-0.97%
Nasdaq Composite	11,044.75	-1.56%
Japan: Nikkei 225	27,153.83	-0.58%
UK: FTSE 100	7,172.70	-0.90%
Crude Oil Futures	83.43	0.59%
Gold Futures	1,679.20	0.21%
Yen	142.16	-1.33%
Euro	0.98	-0.24%
* As of market close

Trump, children slapped with fraud lawsuit

The New York state attorney general's office filed a $250 million lawsuit Wednesday against former President Donald Trump, his family and the Trump Organization for committing "staggering" real estate fraud. The over 200-page lawsuit alleges Trump "falsely inflated his net worth by billions of dollars to further enrich himself and cheat the system." The lawsuit claims Trump inflated the values of his properties and golf courses, including his Florida home at Mar-a-Lago, which Trump valued at $739 million. The lawsuit alleges that Mar-a-Lago generated less than $25 million in revenue and its actual valuation is $75 million.

SEE TRUMP'S RESPONSE TO THE NY AG'S $250M LAWSUIT

NY allows patients to grow legal cannabis

The New York State Office of Cannabis Management passed a proposal Tuesday that allows patients using medical marijuana to grow their own plants at home. the new regulations allows patients to grow a maximum of three mature and three immature plants, beginning Oct. 5. However, the minimum age to do so is 21. It is not yet legal to grow cannabis for recreational purposes in the state, and the state's first public dispensaries aren't due to open until the end of the year.

SEE THE NEW REGULATIONS REGARDING GROWING CANNABIS

FDA weighs in on Sleepy Chicken Challenge

The FDA issued a new warning about a viral social media challenge, which it called "unappetizing" and "unsafe." The Sleepy Chicken Challenge, which urges people to film themselves cooking chicken in NyQuil, an over-the-counter cold medicine, has been circulating on social media. Videos of the stunt have gone viral with the hashtag #sleepychicken on TikTok. The platform has now published a warning.

FIND OUT THE DANGERS OF THE SLEEPY CHICKEN CHALLENGE