Why is the Fed raising rates? The short answer: inflation. Inflation has remained above the Fed’s 2% target for more than five years. The Labor Department reported Friday that consumer prices rose 3.4% in August compared to a year earlier, while the monthly increase quadrupled from July to hit 0.4%. The Fed’s goal is to slow consumer and business spending by raising the cost of borrowing, thereby reducing demand for homes, cars and other goods and services, eventually cooling the economy and reducing upward pressure on prices. Kevin Warsh, Fed chair since May, has assured Congress that central bank policymakers “have no tolerance for persistently elevated inflation.” Speaking to reporters Wednesday after the Fed’s meeting, Warsh argued that the rate hike will benefit lower-income Americans because they are hurt most by higher prices. “The least well off are the ones that have the most to gain from stable prices,’' he said. “The decision we made today was the right decision to deliver on the remit that Congress gave us to ensure stable prices.”
By Mona Austin One of the most eligible bacherlors in Christianity has tied the knot - Marvin Winans remarries After being single for almost 30 years, legendary gospel singer and Bishop Marvin L. Winans, Sr. has wed his long time girlfriend Deneen R. Carter. Carter is a 57-year-old physical therapist and minister at Perfecting Church in Detroit, founded by Winans. Little is known about the bride publicly. The gospel legend introduced the now Mrs. Winans as his fiance to the congregants of Perfecting in October of 2021. The couple had been in a relationship for 15 years. Pastor Winans was previously married to fellow gospel singer Vicki Winans (with whom he has two sons) for 16 years before they divorced in 1995. Held at the Colony Club in Detroit, MI, on April 22, the wedding was officiated by fellow COGIC Bishop Darrell Hines. "Let their lives be full of joy as they live according to your word," he prayed. If we are judging by floral count, this could be one of th...