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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 Federal Bureau of Investigation is warning holiday shoppers to be aware of increasingly aggressive and unorthodox scams designed to steal money and personal information.Online shopping scamsIf a deal looks too good to be true, officials say it probably is.FBI Pittsburgh said Monday that consumers should steer clear of unfamiliar websites that offer unrealistic discounts on brand name merchandise. Scammers frequently prey on holiday bargain hunters by advertising “one-day only” promotions from recognized brands.“Without a skeptical eye, consumers may end up paying for an item, giving away personal information, and receive nothing in return except a compromised identity,” the FBI wrote in a press release.Payment red flagsThe FBI says to be cautious of sellers and websites that demand payment solely through gift cards.“Scammers sometimes encourage shoppers to conduct wire transfers, allowing criminals to quickly receive illicit funds,” the bureau wrote.It’s best to use credit cards, because they provide several layers of security against fraud and are typically the safest way to conduct online shopping.Charity scamsWhile others are focused on giving during the holiday season, others are ready to take advantage of that generosity.“Charity-related frauds increase during the holidays as individuals seek to donate money to those less fortunate,” said the FBI.Criminals have been known to use phone calls, email campaigns, and fake websites to solicit on behalf of fraudulent charities. These scammers target people who want to donate to charity, then hoard their well-intentioned donations while those most in need never see a dime.FBI tips to avoid holiday fraud schemes:Before shopping online, secure all financial accounts with strong passwords or passphrases. Additionally, the FBI recommends using different passwords for each financial account.Check bank and credit card statements routinely, including after making online purchases and in the weeks following the holiday season.Never give personal information— such as your date of birth, Social Security number, or billing addresses— to anyone you do not know.Be wary of promotions and giveaways that request your personal information.Prior to donating to any charity, verify that they have a valid Taxpayer Identification number by visiting their website or calling the charity directly. 2373

The Dow Jones Industrial Average sank more than 900 points on Wednesday , mirroring drops in European markets.The Dow Jones had its worst day since June 11. U.S. stocks recorded historic losses in February and March, fueled by shutdown measures to prevent the spread of COVID-19. However, since the shutdowns, U.S. markets have recovered to nearly the levels that were at prior to the pandemic.Despite stock recoveries, other important economic measuring sticks like unemployment remain historically high.Recent losses come as COVID-19 cases spike again across the country. Health experts warn that the U.S. is at a perilous point in the pandemic with rising hospital and death rates ahead of winter months. 715
The Federal Bureau of Investigation said in an email to E.W. Scripps that a civil rights investigation has been opened into the fatal shooting of an Overland Park, Kansas, teen by a police officer.FBI spokeswoman Bridget Patton said the Kansas City Field FBI Field Office, the Civil Rights Division, and the US Attorney's office for the District of Kansas are looking into the death of John Albers, who was fatally shot in January 2018.According to USA Today, Albers was backing out of his family's garage towards former Overland Park officer Clayton Jenison, who yelled him to stop and then fired 13 times.The shooting was later ruled justified by the Johnson County District Attorney, USA Today reported.After the shooting, Albers' family settled a wrongful death lawsuit against the city for .3 million."The FBI will collect all available facts and evidence and will ensure that the investigation is conducted in a fair, thorough, and impartial manner," Patton said. 979
The entire cast of the "Guardians of the Galaxy" films signed an open letter in support of James Gunn, the director of the series' first two films.Gunn was recently fired as the director of the upcoming third movie after it was revealed he made a number of offensive jokes on Twitter between 2008 and 2012.We are not here to defend his jokes of many years ago but rather to share our experience having spent many years together on that set making Guardians of the Galaxy 1 and 2. The character he has shown in the wake of his firing is consistent with the man he was every day on set, and his apology, now and from years ago when first addressing these remarks, we believe is from the heart, a heart we all know trust and love," the letter reads in part.The letter was signed by actors Dave Bautista, Bradley Cooper, Vin Diesel, Sean Gunn, Karen Gillan, Pom Klementieff, Karen Killan, Christ Pratt, Zoe Saldana and Michael Rooker.Read the letter in its entirety in the tweet below. 1005
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