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The Federal Reserve will almost certainly raise interest rates Wednesday at Jerome Powell's first meeting as chairman.The question is what his plans will be for the central bank later this year, as the Fed wrestles with how to prevent the economy from overheating.Some hints may come when Powell and members of the Federal Open Market Committee release their revised economic forecasts. The Fed is likely to stick with its three planned rate hikes this year for now, but may hint at a fourth.The Fed will release its rate hike decision and updated forecasts at 2 p.m. ET. Powell will take questions from reporters at his first press conference a half-hour later at 2:30 p.m. ET.Powell, who began a four-year term last month, has expressed confidence that the next few years will be "good years for the economy" and that many challenges for the economy have faded into the background.That message has been echoed by Powell's colleagues on the Fed board.Fed Governor Lael Brainard, who has advocated slower rate hikes, has more recently expressed optimism about the trajectory of the economy. Those cheery comments suggest she may support faster action by the Fed to tighten monetary policy."Many of the forces that acted as headwinds to US growth and weighed on policy in previous years are generating tailwinds currently," she said earlier this month in a speech pointing to the recent fiscal stimulus from tax cuts and higher spending.Fed officials are assessing the impact of the .5 trillion tax cut enacted earlier this year. The Fed is also watching for signs that inflation is coming closer to the central bank's target of 2%.  1647

The Centers for Disease Control and Prevention ensemble forecast projects will be 207,000 to 218,000 COVID-19 deaths in the United States by Oct. 10.As of Thursday, 197,364 Americans have already perished from the coronavirus, according to Johns Hopkins University.With the new forecast, that means approximately 9,600 to 20,600 more people could die in the next three weeks.Two previous ensemble forecasts have already been published: one Sept. 3 and another on Sept. 10.The Sept. 3 forecast projected up to 211,000 deaths by Sept. 26. The Sept. 11 one projected up to 217,000 deaths by Oct. 3. 603

The first day of fall is just one week away and restaurants are preparing to take another hit.“A lot of us are going into these months thinking, you know, how many more days can I survive until I have to close my restaurant?” said Kevin Boehm, a co-founder of the Boka Restaurant Group, an independent restaurant coalition.Boehm is also a restaurant owner in Chicago, where COVID-19 restrictions have slashed indoor capacity. And he says outdoor seating won't be possible much longer.The National Restaurant Association surveyed owners around the country. About three quarters say they're using patio space right now and hope to continue doing so for a least a few more weeks.Outdoor dining is bringing in nearly half of their daily sales but keeping customers outside will soon get more costly.“Equipment for outdoor dining, especially when it gets cold, get expensive, be it a tent for a parking lot, be it heaters or anything like that, that starts adding up in costs,” said Mike Whatley, VP of State and Local Affairs at the National Restaurant Association.The association wants local governments to start grant programs for buying that equipment to keep temporary regulations in place that allow for more outdoor service.The coalition hopes to see increased indoor capacity for cooler months. They're also lobbying for Congress to pass the Restaurants Act, which would create a 0 billion grant program for independent restaurants.Boehm says there could be rolling closures through the winter.“By the time we get to next summer, we're going to be looking at a much smaller array of restaurants, a lot less choices, a lot more chains, and the independent restaurant is going to be an endangered species,” said Boehm.The National Restaurant Association says owners that are innovative are the ones that will make it through this crisis. 1849

The cost of education can last a lifetime, as many people into their 50s and 60s are finding out.According to Federal Reserve, 2.8 million people in the U.S. over the age of 60 are sitting on some amount of student debt, a number that quadrupled from 700,000 in 2005 and continues to grow.“This is really a sledgehammer against the older generation in more ways than one,” says Alan Collinge, creator of online advocacy group for borrowers Student Loan Justice.Collinge has been campaigning for change surrounding laws for student loans since 2005, after trying to figure out a way to pay off his own crippling college costs.“It’s a really devastating phenomenon, and I’m seeing it destroy, literally wreck, families across the country,” Collinge says. In 2018, Americans over the age of 50 owed more than 0 billion in student loans, up from billion in 2004, according to the Federal Reserve.And most can’t afford to pay, forcing retirees to continue to work well past retirement age.“The problem has become exponentially worse since we began this fight 13 years ago,” he says.In Collinge’s group, he hears stories from people ages 18 to 80 years old, who can hardly afford to live, let alone retire.“The federal government can and does garnish Social Security from seniors as a result of their student loans, so we’re hearing stories from people who at the end of the month they’re unable to buy medicine even unable to pay their rent,” Collinge says, “What kind of country does this to their senior people?”On top of that, Collinge says more people in their 50s and 60s are taking out Parent Plus loans to help their children and grandchildren pay for college, which adds to the financial burden.“This is a nationally threatening phenomenon,” he said. Through his advocacy group, he tries to offer help and resources to folks who are struggling. He’s currently on a road tour talking to legislators around the country, encouraging them to reform borrower laws, expand their rights and get colleges to crack down on sky-high tuition costs.“Student loans are the only loans in the country not subject to bankruptcy, why is that? The numbers are just getting so astonishing now, I can only hope that the new Congress puts this issue front and center and doesn’t get distracted by the palace intrigue because this is a problem affecting real people it just won’t wait any longer.” 2413

The five suspects accused of abusing 11 children at a New Mexico compound were training them to commit school shootings, prosecutors said Wednesday.If the defendants were to "be released from custody, there is a substantial likelihood defendants may commit new crimes due to their planning and preparation for future school shootings," according to the court filings.The complaints did not provide further details about the alleged training.Allegations against the suspects come in the wake of the discovery that 11 starving children had been living in a filthy compound in Amalia, New Mexico, that lacked electricity or plumbing.Authorities raided the compound on Friday as part of their search for Abdul-Ghani Wahhaj, a child with severe medical problems who was allegedly abducted from Georgia by his father, Siraj Wahhaj, about nine months ago.A boy's remains were found at the compound on Monday, police said, although it is not yet clear whether the remains are those of 4-year-old Abdul-Ghani.Five adults -- including Siraj Wahhaj, another man and three women who are thought to be the children's mothers -- each face 11 charges of child abuse related to the neglect and abuse of the children.None of the defendants has been formally charged. All five defendants appeared in court Wednesday afternoon in Taos. 1324

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