Month: November 2022

On Wednesday, the Federal Reserve raised interest rates by another 0.75 percentage point — or 75 basis points — citing continuing upward pressure on inflation as the reason. The Fed said in a statement: “Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures …As a result, it anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time.”

The Fed said that recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. They added that Russia’s war in Ukraine is “causing tremendous human and economic hardship” and the war, together with related events, is creating additional upward pressure on inflation.

Wednesday’s hike is the fourth consecutive 75-basis-point hike this year and would bring the federal funds rate to the range of 3.74% to 4%. The Fed said it will continue to closely monitor economic conditions and is “strongly committed to returning inflation to 2%. The last interest rate hike by the Fed was in September.

U.S. stocks opened lower Wednesday in anticipation of the Fed interest rate hike announcement.

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The gunman who murdered 17 people at a Florida high school was formally sentenced Wednesday to life in prison without the possibility of parole. After a months-long trial, a jury in October recommended Nikolas Cruz, 24, be sentenced to life in prison for the February 2018 massacre at Marjory Stoneman Douglas High School, where he killed 14 students and three school staff members

Circuit Judge Elizabeth Scherer sentenced Cruz  to serve a life sentence with no possibility of parole for each of the 17 counts of murder to which he had pleaded guilty, with the sentences to run consecutively. Scherer also imposed a sentence of life in prison with a minimum of 20 years to serve on 14 of the 17 counts of attempted murder, and life without the possibility of parole for the remaining three counts of attempted murder.

Last month, in a 9-3 vote, a jury leaned toward sending Cruz to death row, but Florida law dictates that anything less than a unanimous vote automatically shifts the sentence to life without parole. Ahead of the sentencing, survivors and families of those killed in the Parkland shooting made victim-impact statements. For two days, parents, wives, siblings and other relatives of slain victims and some of the surviving wounded addressed Cruz face to face.

Prosecutors had sought the death penalty, while the defense had asked for life in prison. The jury’s decision on Oct. 13 shocked family members of victims who were visibly distraught by the verdict. During the the three-month penalty trial, the defense argued that Cruz is mentally ill and his condition led him to the 2018 Valentine’s Day rampage in which he wielded a semi-automatic rifle at his former school, Marjory Stoneman Douglas High School.

Cruz will be taken within days to the Florida Department of Corrections, before he is assigned to a maximum-security prison in the state.

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