Fed hikes interest rates again, CBS and Les Moonves ordered to pay $30.5 million, and more top news
Take a look at some trending topics for today, Nov. 2:
Fed rate hike
The Federal Reserve pumped up its benchmark interest rate Wednesday by three-quarters of a point for a fourth straight time but hinted that it could soon reduce the size of its rate hikes.
The Fed’s move raised its key short-term rate to a range of 3.75% to 4%, its highest level in 15 years. It was the central bank’s sixth rate hike this year — a streak that has made mortgages and other consumer and business loans increasingly expensive and heightened the risk of a recession.
The persistence of inflated prices and higher borrowing costs has undercut the ability of Democrats to campaign on the robust health of the job market as they try to maintain control of Congress. Republican candidates have hammered Democrats on the punishing impact of inflation in the run-up to the midterm elections that will end Tuesday.
Read more here:
CBS, Les Moonves
CBS and its former president, Leslie Moonves, will pay $30.5 million as part of an agreement with the New York attorney general’s office, which says the network’s executives conspired with a Los Angeles police captain to conceal sexual assault allegations against Moonves.
Under the deal announced Wednesday by Attorney General Letitia James, the broadcast giant is required to pay $22 million to shareholders and another $6 million for sexual harassment and assault programs. Moonves will have to pay $2.5 million, all of which will benefit stockholders who the attorney general said were initially kept in the dark about the allegations.
At least one of those executives — one of the few privy to an internal investigation — sold millions in dollars of stock before the allegations against Moonves became public, which the attorney general’s office said amounted to insider trading.
Get more here:
Lawyers who aided former President Donald Trump’s efforts to overturn the results of the 2020 election regarded an appeal to Supreme Court Justice Clarence Thomas as “key” to their chances of success, according to emails provided to congressional investigators and made public Wednesday.
The email exchange from December 31, 2020 shows the lawyers discussing ways to delay the certification of results in Georgia, a closely contested state won by Democrat Joe Biden. One lawyer, Kenneth Chesebro, suggested that an appeal to Thomas, as the justice who handles emergency appeals from Georgia, could “end up being the key here.”
“We want to frame things so that Thomas could be the one to issue some sort of stay or other circuit justice opinion saying Georgia is in legitimate doubt,” Chesebro wrote.
Find out more here: