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The Federal Reserve is warning that an escalating trade war would pose a big threat to the economy.But for now, it's sticking with its plan to raise interest rates — whether President Donald Trump likes it or not.In minutes of its most recent meeting, released Wednesday, central bankers warned that a "major escalation" of trade disputes could speed inflation and cause businesses to pull back on investment.Such an escalation could also reduce household spending and disrupt companies' supply chains, participants noted.Some business leaders reported that recent tariff increases have already begun to cause higher prices. Others have reduced or delay investment spending because of uncertainty about future trade policy.Still, some Federal Open Market Committee members noted that most businesses concerned about trade disputes hadn't cut back their spending or hiring, but "might do so if trade tensions were not resolved soon."In the meantime, the central bank is standing by its plan for higher rates as the economy strengthens, according to the minutes.The Fed is expected to raise rates twice more this year, starting in September.The Fed meeting, held July 31 and August 1, was the first after Trump began lashing out at Fed Chairman Jerome Powell for hiking rates. The president told CNBC in July that was "not thrilled" with the Fed's actions.He used similar language on Monday in an interview with Reuters, arguing the central bank should be doing more to help the economy."I should be given some help by the Fed," said the president, who himself appointed Powell to lead the central bank.Presidents have historically avoided commenting on Fed policies. The central bank is designed to be independent from political interference.The Fed's minutes made no mention of Trump's criticism as a factor in its decision-making.Since Trump took office, the Fed has raised rates five times, including twice this year under Powell. The Fed has been carefully and gradually raising rates over the past several years to keep inflation in check and prevent the economy from overheating.After two further rate hikes in 2018, it has penciled in three more rate hikes in 2019.Fed Chairman Jerome Powell told the "Marketplace" radio show in July that he was "deeply committed" to maintaining Fed independence."We do our work in a strictly nonpolitical way, based on detailed analysis, which we put on the record transparently, and we don't take political considerations into account," Powell said in the interview.Powell is expected to speak on Friday at an annual economic symposium in Jackson Hole, Wyoming. 2611

The girlfriend of the man killed Thursday after a shooting in a Nashville mall was taken into custody on gun charges. According to an affidavit from Metro Nashville Police, Alexandria Lavender was arrested on two counts of theft of property, ,000 or less, and unlawful gun possession for having two stolen guns with her. The shooting happened just before 2:30 p.m. local time Thursday inside a hallway near an Auntie Anne's pretzel shop, just across from an Old Navy store. Police said two men – identified as Justin Golson and Demarco Churchwell – got into an argument that led to gunfire.Churchwell was taken to Skyline Medical Center in critical condition, where he later died. Golson was arrested and charged with criminal homicide. According to police documents, Churchwell’s girlfriend – Alexandria Lavender – was with him as he was being extracted from the mall. A witness said she had a gun in her purse, which police said could be seen in plain view from the top of the bag. Authorities said she did not have a valid handgun permit. The guns were checked by police records and were found to be reported stolen out of Dickson and Davidson counties.   1238

The Coca-Cola Co. says it’s laying off 2,200 workers, or 17% of its global workforce, as part of a larger restructuring aimed at paring down its brands.The company said around 1,200 of the layoffs will occur in the U.S., with around 500 of those eliminated in Atlanta, where the company is based.These layoffs come after the beverage company offered buyouts to about 4,000 employees in August. At the time, the company said their operating model had 17 business units, and they would consolidate that to just nine.The voluntary and involuntary separations, and severance packages are expected to cost the company between 0 million to 0 million, according to CNN.Coke employed 86,200 people worldwide at the end of 2019.The coronavirus pandemic has hammered Coke’s business, forcing the company to accelerate a restructuring that was already underway.Coke is reducing its brands by half, to 200, so it can focus on bigger sellers like Minute Maid juices and energy drinks. Earlier this year, they announced ZICO coconut water, Tab, Odwalla juices, and some regional sodas will be discontinued. 1106

The E.W. Scripps Company is a partner with The Associated Press and has been following guidance from their election desk on 2020 race updates.Until Saturday morning, Pennsylvania was not called despite Biden gaining a lead on Friday.The Associated Press declared Democrat Joe Biden the winner of his native Pennsylvania at 11:25 a.m. EST. The AP called the race for Biden, who held a 30,952-vote lead after it determined that the remaining ballots left to be counted would not allow Trump to catch up. Under Pennsylvania law, a recount is automatic when the margin between two candidates in a statewide race is less than 0.5 percentage points. Biden’s lead over Trump was on track to stay outside of that margin. The AP called the race for Biden after it determined that the remaining ballots left to be counted would not allow Trump to catch up. 854

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