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The Fed is raising rates up to 2.5% for the fourth time this year – see how it will affect you

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When The Fed Raises Interest Rates, Things Like Mortgages And Credit Cards Can Become More Expensive

As inflation remains at a 40-year high, the US Federal Reserve hiked interest rates by 0.75 percentage point on Wednesday – the fourth rate hike in 2022.

The Fed has been extremely aggressive in raising interest rates to combat inflation, bringing the federal funds rate down to 2.5% from 0.25 in January.


When the Fed raises interest rates, things like mortgages and credit cards can become more expensive

Historically, according to Federal Reserve data, the Fed has tended to hike rates a quarter point at a time.

However, with inflation stubbornly stuck at historic levels, the bank has taken more drastic action this year.

Federal Reserve Chair Jerome Powell announced a 25 basis point hike in March before raising interest rates by 50 basis points in May and 75 basis points in June.

The Federal Open Market Committee (FOMC) last enacted four rate hikes in a year in 2018, although each hike was by just 25 basis points.

What Is The Federal Reserve Doing?
Everything You Need To Know About Jerome Powell

The last time the Fed raised interest rates by more than 2% in a year was in 2005, when the federal funds rate rose to 4.5% in January 2006 from 2.50% in February.

By taking these steps, Powell hopes to make borrowing more expensive and slow consumer and business spending.

In turn, markets should cool and prices should fall as the money supply in the economy shrinks.

“The committee’s long-term target is maximum employment and inflation at 2%,” read a June FOMC statement.

However, raising interest rates cannot resolve other factors that contribute to inflation, such as supply chain bottlenecks.

“The Fed’s goal is challenging: reduce inflation without triggering a recession,” said Laura Adams, a personal finance expert at

What the rate hike means for you

In the short term, the increase is likely to affect prime rates, which are the rates that lenders charge on credit card balances.

Policy rates are set by individual banks, and while the Fed technically has no control over this process, most banks adjust their interest rates based at least in part on the Federal Funds Rate.

It can also affect Americans with a mortgage, since adjustable rate mortgages are tied to the Secured Overnight Financing Rate (SOFR).

The New York Fed publishes SOFR every business day.

After the Fed’s 50 basis point hike in May, SOFR rose from 0.30 to 0.79 overnight.

The rate was 0.69 on June 15 before the Fed announced the third hike of the year and jumped to 1.52 by June 28.

SOFR stands at 1.53 on July 26th.

“While it’s a crucial tool for cooling the economy, higher interest rates mean that most types of credit — like credit cards, mortgages, and other business and personal loans — become more expensive, which could lead to a recession,” Adams said.

There are three more FOMC meetings in 2022, and four of the first five this year resulted in rate hikes.

The committee is expected to meet again on September 21, and more walks could be on the way.

“Unless we see a rapid fall in monthly inflation, we’re likely to see the Fed hike rates again this year,” Adams said.

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The Fed is raising rates up to 2.5% for the fourth time this year – see how it will affect you



Ravens training camp observations on J.K. Dobbins ramping up, Chuck Clark’s success vs. Mark Andrews and more

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Ravens Training Camp Observations On J.k. Dobbins Ramping Up, Chuck Clark’s Success Vs. Mark Andrews And More

Ravens running back J.K. Dobbins returned to the practice field as promised Monday and moved with a touch more explosiveness than he did last week, when he first came off the physically-unable-to-perform list. Dobbins did not practice Saturday or Sunday as trainers assessed his recovery from those first days of work.

Dobbins, who missed the entire 2021 season with a torn ACL, still did not take 11-on-11 reps, but he ran through warm-ups and one-on-one drills with the other running backs, cutting and accelerating as he continued to test his surgically repaired knee.

“He looked good,” coach John Harbaugh said. “He’s back on track. I thought he looked a little better than he did before, last week.”

Dobbins’ availability for the start of the season is one of the most significant questions hanging over the Ravens as they prepare to wrap up training camp this week. They hope he can be a dynamic No. 1 option out of the backfield after injuring his knee in last year’s preseason finale.

With Gus Edwards also working back from a torn ACL, the Ravens would likely have to rely on a combination of Mike Davis, Justice Hill and rookie Tyler Badie if Dobbins’ recovery takes longer than hoped.

Harbaugh said it “remains to be seen” how quickly Dobbins can take on more work. “I think it depends on the injury,” he explained. “The kind of progress he makes from one day to the next.”

Chuck Clark: The Mark Andrews stopper?

Whenever the Ravens’ offense stumbles in practice, it’s a good bet that quarterback Lamar Jackson will look for Andrews on the next play. No one on the roster screams guaranteed money more than the All-Pro tight end.

That was the case again Monday as Jackson repeatedly found Andrews open in seven-on-seven and 11-on-11 drills. The only defender who stifled the team’s top pass catcher was Clark, who won two matchups against Andrews in one-on-one drills and broke up a Jackson attempt to him in the corner of the end zone. Andrews asked for a penalty on the end zone incompletion, to no avail.

Clark’s reps against Andrews offered a reminder of his unfailing motor. The incumbent starting safety has not spoken to reporters since the Ravens signed Marcus Williams and used a first-round pick on Kyle Hamilton, throwing Clark’s future with the team into question. But he has worked as diligently as usual through the grind of camp, and he never backs down from a difficult matchup. If the Ravens do trade Clark at some point, his professionalism would be missed.

Powers takes snaps at center

With Tyler Linderbaum (foot) out for the time being, Ben Powers was the second man up at center in the preseason opener, ahead of Trystan Colon.

Though he’s still favored to start at left guard, Powers has built on his work at center over the team’s last three practices, looking more at ease at his secondary position. The 2019 fourth-round pick struggled to fire off clean snaps when he auditioned at center last summer, but not so much this time around. If the Ravens are comfortable with Powers as an emergency option behind Linderbaum and Patrick Mekari, Colon’s chances of making the team would take a hit.

“He’s doing a good job,” Harbaugh said. “You’ve got to have versatility. … If Ben can do that, it’s always an addition to your career. It helps you and it helps us. If he could be your starting guard and be your emergency center, it’s important.”

Not unlike Likely

Rookie tight end Isaiah Likely continues to make spectacular plays as a receiver. He went fully horizontal to make a touchdown catch in the corner of the end zone in one-on-one drills Monday and leaped over linebacker Malik Harrison and safety Marcus Williams to catch a downfield throw from Tyler Huntley in 11-on-11 drills.

Injury report

Defensive tackle Justin Madubuike returned Monday after missing the previous two practices and the preseason opener as he dealt with migraines. The Ravens remained undermanned at wide receiver, with James Proche (soft tissue) and Tylan Wallace (knee) still out. Defensive tackle Calais Campbell and linebackers Justin Houston and Josh Bynes received veteran rest days.

Second-year outside linebacker Odafe Oweh left the field holding his back after a collision with tight end Nick Boyle late in practice, but Harbaugh said he was uninjured.


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Former Princeton Tigers Hall of Fame coach Pete Carril dies at 92

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Former Princeton Tigers Hall Of Fame Coach Pete Carril Dies At 92

Pete Carril, the Hall of Fame coach who made the “Princeton Offense” famous during his 30 years with the Tigers, died Monday morning at the age of 92.

“We kindly ask that you respect our privacy at this time as we process our loss and manage the necessary arrangements. More information will be available in the coming days,” the Carril family said in a statement released by Princeton.

Using a deliberate and exhausting offense that relied on stealth cuts and precision passing, Carril led Princeton to 13 regular season Ivy League titles at a time when the conference had no postseason tournament. Princeton also won the NIT in 1975, beating Providence 80-69 at Madison Square Garden.

But it was the Tigers’ memorable March nights in their 11 NCAA Tournament berths under Carril that featured the frantic coach strutting up and down as Princeton tried to outsmart superior opponents — in upsets and near misses. upsets on prime-time television — which left an indelible mark on college basketball.

“Anyone can coach basketball. I can tell you right now. It’s not that hard to know a pick-and-roll, a back-pick, the shuffle-cut, I mean , it’s not that hard,” Carril said after he retired. “But what is difficult is to see how to develop something, to have an idea of ​​how your team is going to play. And that is a matter of reflection.”

This logic was exposed in 1989, in Providence, Rhode Island. As the No. 16 seed, the Carril Tigers went the distance from the No. 1 Georgetown Hoyas in a thrilling 50-49 Hoyas win that captured the tournament’s attention.

In a pre-match press conference, the ever down-to-earth Carril, who never shied away from making his audience laugh, said. “I think we’re a billion to one to win the whole tournament. To beat Georgetown, we’re only 450 million to one.”

ESPN analyst Dick Vitale agreed with his good friend Carril. In a studio segment in Bristol, Connecticut, before the game, Vitale made a promise: “I’ll tell you what, I’m supposed to go home for the weekend. If Princeton can beat Georgetown, I’m going to make it. hitchhiking to Providence, which isn’t that far from here. I’ll be their ball boy in their next game. And then I’m going to put on a Princeton cheerleader uniform and I’m going to lead all the cheers.

As far-fetched as it sounds, the Tigers actually led at halftime 29-21 and used their patient offense to frustrate a star-laden Hoyas side with Alonzo Mourning and coached by John Thompson. Despite lags at nearly every position — not to mention Georgetown’s 32-13 rebounding advantage, led by Mourning’s 13 — the Tigers fought to the finish as an anxious Carril huffed and puffed ever since. the bench.

“They kind of put us to sleep with the backdoor cuts and the shot clock,” Mourning said after the game. “As soon as we slipped defensively, they took advantage of it.”

Several closer calls followed in the tournament for the New Jersey school known more for producing Rhodes Scholars and Pulitzer Prize winners than athletes. In 1990, as the No. 13 seed against No. 4 Arkansas, the Razorbacks outlasted the Carril Tigers 68-64.

Losses to Villanova and Syracuse by a combined 10 points followed the next two seasons as the Tigers continued to top the Ivy League only to fail in the NCAA Tournament. But Carril’s program finally broke through with a March Madness for the Ages game in 1996.

After winning the Ivy title in a one-game tiebreaker, beating Penn 63-56 in overtime, Carril announced to his team that he would retire after the NCAA Tournament. After the victory over the Quakers, in fact, he wrote on a whiteboard in the locker room: “I’m retiring. I’m very happy.”

A week later, facing defending national champion UCLA, Princeton, again a No. 13 seed, upset the No. 4 Bruins 43-41 in Indianapolis.

“We just knocked down a giant,” Carril said in the post-match interview, letting out a big laugh.

Former UCLA coach Steve Lavin, who was an assistant on the 1996 team, agreed. “It was,” he said, “one of the most memorable games in NCAA history.”

Indeed, the push and pull of a nail-biting NCAA tournament game proved to be the perfect scene for a battered Carril on the bench, whose white hair stood up in every direction as the Tigers hooked up for a classic first-round shocker that truly defines the essence of March Madness.

Carill, who also coached a season at Lehigh, finished his college career with a 525-273 record, including 514 wins at Princeton. In 1997, a year after the win over the Bruins, he was inducted into the National Collegiate Basketball Hall of Fame as well as the Naismith Basketball Hall of Fame.

“Let me just say, nobody ever wants to be a Hall of Fame coach, Hall of Fame doctor or whatever,” Carill said in his induction speech to Naismith in Springfield, Massachusetts. “Nobody ever starts out that way. There are a lot of forces at work, and you don’t know where you’re going to end up, and you don’t know why it happens.

“Princeton has always been semi-decent in basketball. But we’re now a national school, as far as basketball goes. And I don’t think anything can change that.”

Carril continued his career as an assistant coach in the NBA, having three separate stints with the Sacramento Kings before retiring in 2011.


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Vikings rookie Lewis Cine said debut ‘went great’ but knows much work remains

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Vikings Rookie Lewis Cine Said Debut ‘Went Great’ But Knows Much Work Remains

LAS VEGAS — Rookies often talk about having to adjust to the speed of the NFL game. As far as Lewis Cine is concerned, he’s already got that part down.

The Vikings picked up the young safety out of Georgia with the No. 32 pick in the 2022 NFL draft. In his preseason debut, he was in the starting lineup and on the field for 34 defensive plays in Sunday’s 26-20 loss to the Las Vegas Raiders at Allegiant Stadium.

“I didn’t feel lost out there, for one,” Cine said. “It’s like I know I can play to the speed of this game.”

Cine started in place of Harrison Smith, who was rested. Cine is battling Camryn Bynum for the starting safety spot alongside Smith.

Cine said his debut “went great for me.” However, he said he’s “still learning,” and was planning to watch film of Sunday’s game and critique himself.

“(I’ll) learn from this game, see the good, see the bad, look myself in the mirror and tell myself what I did right, what I did wrong, and try to grow from that,” he said.

Cine had one tackle on defense. He also was in for four snaps on special teams.


Kellen Mond is the second Vikings quarterback to be a native of San Antonio. He recently met the other one.

Tommy Kramer was born in the Texas city in 1955, 44 years earlier than Mond, who was born in 1999. Kramer, who played for Minnesota from 1977-89, attended a practice last Thursday at the TCO Performance Center. He posed for photos with Mond and chatted with the second-year pro, who is battling Sean Mannion for the backup quarterback job behind Kirk Cousins.

“He’s a real nice guy,” Kramer said. “I said, ‘You might not be the starter right now, but you’re only one play away, so just be prepared.’ ”

Mond attended San Antonio’s Reagan High School, which opened in 1999, until transferring to IMG Academy in Bradenton, Fla., for his senior year. Kramer attended Robert E. Lee High School, which was renamed Legacy of Educational Excellence (L.E.E.) High School in 2018.


Defensive lineman Jaylen Twyman, a Vikings sixth-round draft pick in May 2021 who sat out his rookie season after being shot four times in his native Washington D.C. in June 2021, made his preseason debut against the Raiders and had three tackles while playing 16 defensive snaps.

It was Twyman’s first game since he played for the University of Pittsburgh in the Quick Lane Bowl against Eastern Michigan on December 26, 2019. He then opted out of the 2020 season due to the coronavirus pandemic.


Head coach Kevin O’Connell was displeased with the Vikings’ eight penalties for 71 yards against the Raiders. He said there weren’t many flags thrown when the same officiating crew worked several recent practices at Vikings training camp. “We’ve got to compare and contrast where we can be better,” he said. … Vikings rookie receiver Jalen Nailor returned to his hometown of Las Vegas and had two catches for 22 yards. But he muffed a kickoff return and gained just seven yards. … The Vikings have lost five straight preseason games. They dropped their finale in 2019, the 2020 preseason was cancelled due to the pandemic, and they went 0-3 in 2021.

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Philadelphia police are asking for the public’s help in identifying a woman who woke up from a 2-week coma after being hit by a car

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PHILADELPHIA (CBS) – Philadelphia police are asking for the public’s help in identifying a woman involved in a car crash who recently awoke from a coma. The woman was in a coma for two weeks and is now regaining consciousness with limited brain function, police say.

Authorities say the woman was hit by a vehicle at 508 Adams Avenue in the Lawncrest section of the city in late July.


Police say hospital staff are trying to locate immediate family to help make medical decisions. Police said there was no information to identify the woman.

The striking vehicle remained at the scene, police said.

If you know the woman or have other information, you can contact Northeast Detectives at 215-686-3153.


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90,000 more MN students to get free school meals based on Medicaid enrollment

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90,000 More Mn Students To Get Free School Meals Based On Medicaid Enrollment

An estimated 90,000 additional Minnesota students will get free meals at school this year under a pilot program that will automatically qualify kids who are enrolled in Medicaid, Gov. Tim Walz announced Monday.

Students generally qualify for free school meals in one of two ways: Their parents fill out a form stating they have a low enough family income, or their school “directly certifies” the student based on their enrollment in other government assistance programs, such as SNAP (formerly known as food stamps) or Women, Infants and Children (WIC).

This year, Minnesota is one of eight states chosen for a U.S. Department of Agriculture pilot program that will directly certify Medicaid recipients for free school meals, Walz’s office said.

“This project means fewer children will go hungry at school next year, and we know that’s the number one way we can help students succeed,” Walz said in a news release.

Walz said the Medicaid option adds about 202,041 students to the number of kids directly certified for free meals. Of those, an estimated 90,000 have not already signed up for free meals.

The impact, both on school district budgets and the number of kids getting free meals, figures to be greater than those 90,000, however.

If a school or group of schools has 40 percent of their students directly certified, they can qualify for free meals for all students under the Community Eligibility Provision; schools that reach 62.5 percent can do so at no additional cost to the school district because federal reimbursements will fully cover the meal costs.

St. Paul Public Schools previously announced it plans to spend $1.7 million next school year in order to provide free meals for all students at 18 schools that still qualify for the provision but no longer qualify at the full reimbursement rate.

Congress provided free meals to all students regardless of family income each of the past two school years because of the coronavirus pandemic, but that benefit is going away.

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Chicago man launches website to help monkeypox vaccine research – NBC Chicago

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Chicago Man Launches Website To Help Monkeypox Vaccine Research – Nbc Chicago

When Michael Cummings, 24, called his doctor asking where he could get the monkeypox shot, he said his provider didn’t know.

“I was like, ‘Really? That’s the answer I get? You got nothing to tell me?’ and I didn’t want anyone else to have to go through that experience,” Cummings said.

Cummings immediately started searching the internet and the next day, August 4, 2022, the software engineer launched a new website with everything he had learned about

“I couldn’t believe the domain was available. Finding the domain is half the battle,” Cummings said.

The website lists vendor locations, availability, and even referral codes if needed. Cummings runs it but has a few friends who help him make phone calls.

“To keep the information current, we call and update the information on the website,” Cummings said.

One of the providers listed is Howard Brown Health, where they currently administer about 1,000 doses of Jynneos vaccine per week.

“I think the demand is still much higher than the supply, but our supply improved significantly once the doses from Denmark were sent back to the United States at the end of July,” said Dr Anu Hazra. , co-medical director at Howard. Brown health.

To increase access even further, the FDA recently cleared intradermal administration of the Jyennos vaccine, which is essentially a shallower injection that requires one-fifth of a regular dose.

A spokesperson for the Chicago Department of Public Health said they are not practicing the intradermal approach at this time, but are preparing for it.

“You need special kinds of needles and a special kind of training to do this kind of administration,” Dr. Hazra said. “So the city is giving most vaccination sites time to expedite this or get all the resources needed.”

Jynneos is a two-dose vaccine, but at this time the city is only allowing the first doses to eligible people.

“The city was saying if we go to the intradermal approach, then people, everyone would be guaranteed the second dose, generally,” Dr. Hazra said.

In the meantime, Cummings hopes to help those still looking for that first dose.

“We’ve had people respond to our tweets and DM us on Instagram thanking us so much for putting this together; it’s helped me find care,” Cummings said.

According to the Chicago Department of Public Health, the city received more than 33,000 doses of vaccine Monday and more than 31,000 have been distributed. The rest will be distributed to Chicago vendors by the end of the week. As of Monday, “Chicago will be able to order nearly 10,000 doses to be administered under the skin (intradermally).”

“CDPH will continue to work with providers to balance efficiency and equity,” a CDPH spokesperson said. “Many health care providers and sexual health clinics administer vaccines across Chicago. We have also partnered with clinical providers with community organizations and venues to reach vaccine-eligible LGBTQIA+ people.”

NBC Chicago

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