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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 Democratic National Convention featured a video on Tuesday highlighting the friendship between former Senate colleagues John McCain and Joe BidenThe video featured Cindy McCain, Sen. McCain’s widow.“My husband and Vice President Biden enjoyed a 30+ year friendship dating back to before their years serving together in the Senate, so I was honored to accept the invitation from the Biden campaign to participate in a video celebrating their relationship,” Cindy McCain tweeted.The Biden-McCain relationship has been well documented over the years.In 2017, following Sen. McCain’s brain cancer diagnosis, Biden appeared on ABC’s “The View,” which is co-hosted by the senator’s daughter Meghan McCain. The segment was emotional, as Biden discussed how he lost his son Beau in 2015 from the same type of cancer that ultimately killed Sen. McCain.McCain died in August 2018 from brain cancer.The Democratic Party has used the convention to paint Biden as a bipartisan candidate who can attract moderate Republicans. On Night 1 of the convention, Democrats featured former Ohio Gov. John Kasich among other Republicans to display their support for Biden.While McCain was once the standard bearer for the Republican Party, his influence in the party dwindled in his later years. In 2017, shortly after his cancer diagnosis, McCain joined just two other GOP senators in striking down legislation that would have repealed parts of the Affordable Care Act. McCain’s vote drew scorn from Republican leaders including President Donald Trump.The frosty relationship between Trump and McCain became evident following McCain’s death, when he opted in his will not to invite Trump to his funeral, but extended invitations to former Presidents Bill Clinton, George W. Bush and Barack Obama. 1786

The concept of universal basic income is getting new attention amid the COVID-19 pandemic. It’s the idea of giving out recurring payments to everyone without any strings attached.Stockton, California, has been testing this with 125 people, giving them 0 per month. They've been getting that money for more than a year and it was supposed to stop this summer, but the mayor extended the money until January because of the pandemic.More mayors are getting on board with the idea. Fifteen joined the organization Mayors for a Guaranteed Income. They're looking into launching pilot programs in their cities.We spoke with an economics professor who says the pandemic stimulus payments can be seen as a form of universal basic income.“Seeing that I think it must make the idea more real and at the same time it's pretty clear at this very moment why you might find this idea appealing,” said Ioana Marinescu, an assistant professor at the University of Pennsylvania. “That's because, again, a lot of people have lost income. There's a clear need for income security.”In the case of the stimulus checks, it's not people's fault they lost their income.With universal basic income, critics say people may not be deserving of the money. Marinescu believes the stimulus may be helping change the perception. She points to money people receive in Alaska from oil revenue. She says people aren't any less likely to work.In Stockton, they've found people are using the money for necessities like groceries and utility bills.How universal basic income, or UBI, gets funded is a big question.“One interesting thing that has happened with the stimulus checks is the idea that people had of saying it's going to be based right now on your past income and we'll potentially tax it away later after we're out of this hole,” said Marinescu. “So to me, that's a potentially important lesson for a potential UBI.”The president of the nonpartisan Center on Budget and Policy Priorities wrote that paying for universal basic income from new taxes isn't the way to go. He says we already need a lot of money to keep social security and Medicare going.Stockton's mayor says money from the pentagon budget or tax money from the legalization of marijuana could work. He's paying for his city's current pilot program with a grant and a private donation.Other cities looking to start pilots are considering forming public-private partnerships or working to find room in the city budget. 2467

The Democratic National Convention featured a video on Tuesday highlighting the friendship between former Senate colleagues John McCain and Joe BidenThe video featured Cindy McCain, Sen. McCain’s widow.“My husband and Vice President Biden enjoyed a 30+ year friendship dating back to before their years serving together in the Senate, so I was honored to accept the invitation from the Biden campaign to participate in a video celebrating their relationship,” Cindy McCain tweeted.The Biden-McCain relationship has been well documented over the years.In 2017, following Sen. McCain’s brain cancer diagnosis, Biden appeared on ABC’s “The View,” which is co-hosted by the senator’s daughter Meghan McCain. The segment was emotional, as Biden discussed how he lost his son Beau in 2015 from the same type of cancer that ultimately killed Sen. McCain.McCain died in August 2018 from brain cancer.The Democratic Party has used the convention to paint Biden as a bipartisan candidate who can attract moderate Republicans. On Night 1 of the convention, Democrats featured former Ohio Gov. John Kasich among other Republicans to display their support for Biden.While McCain was once the standard bearer for the Republican Party, his influence in the party dwindled in his later years. In 2017, shortly after his cancer diagnosis, McCain joined just two other GOP senators in striking down legislation that would have repealed parts of the Affordable Care Act. McCain’s vote drew scorn from Republican leaders including President Donald Trump.The frosty relationship between Trump and McCain became evident following McCain’s death, when he opted in his will not to invite Trump to his funeral, but extended invitations to former Presidents Bill Clinton, George W. Bush and Barack Obama. 1786

The CDC is recommending restaurants, cafes and places where people eat and drink, and likely are not wearing a mask while they do so, should consider all efforts to limit possible COVID-19 exposure and community spread, following the publication of a study looking at where coronavirus patients visited.Adults in the study with positive COVID-19 test results were "twice as likely to have reported dining at a restaurant than those with negative test results", according to the Centers for Disease Control and Prevention.The study looked at people who had coronavirus symptoms and sought testing and care from 11 health care facilities around the country. It found two situations were connected to a higher rate of positive COVID-19 test results compared to negative results; going to locations offering on-site eating and drinking options, and having close contact with persons known to have COVID-19.“Exposures and activities where mask use and social distancing are difficult to maintain, including going to places that offer on-site eating or drinking, might be important risk factors for acquiring COVID-19. As communities reopen, efforts to reduce possible exposures at locations that offer on-site eating and drinking options should be considered to protect customers, employees, and communities,” the study states.CDC personnel conducted interviews with more than 300 study participants, asking them about their mask-wearing habits, attending community gatherings, and activities in the last two weeks; including going to an office, salon, gym, bar/coffee shop, church, eating at a restaurant, or using public transportation. Participants answered using a five-point scale to indicate how often they did these activities.“Reports of exposures in restaurants have been linked to air circulation. Direction, ventilation, and intensity of airflow might affect virus transmission, even if social distancing measures and mask use are implemented according to current guidance. Masks cannot be effectively worn while eating and drinking, whereas shopping and numerous other indoor activities do not preclude mask use,” the report says.The responses indicated around 42 percent of those who had positive COVID-19 test results had close contact with one or more people with known positive cases. The majority of those “close contacts” were family members. Only 14 percent of those who had symptoms but had negative COVID-19 test results reported having close contact with a person known to have the virus.The CDC recommends that if a family member or member of a household becomes sick and it is possibly COVID-19, additional prevention measures should be taken. This includes isolating the sick person as much as possible in the home, reducing shared meals and common spaces, wearing gloves and masks inside the home, and cleaning and disinfecting the home often.The study was completed during July and the results were released September 10. 2952