15 million in eight years. In fact we plant less now than we did in the 80s. Hello and welcome. Im katty kay in washington and Christian Fraser is in london. In the last few minutes the Federal Reserve has done something it has not done in more than a decade cut Interest Rates. Its only a quarter of a point but whys it cutting rates at all . Normally a central bank would only lower Interest Rates when an economy is faltering, not something you could say about the us economy right now. Fed officials describe it as an insurance cut, to keep the us economy on track. But the critics suggest the normally independent central bank is caving in to political pressure from the white house. The president has been very critical of the fed chairjerome powell, and has been demanding this cut since the fed put up the rates last december. Id like to see a large cut and id like to see immediately the quantitative tightening stopped. We expect the chair of the Federal Reserve to speak in the next 30 min
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Recent data at the time suggested that this process would take longer than they had previously expected. The readings did not increase the confidence for cutting Interest Rates. Although the fund rate was seen as restrictive overall, many were uncertain about how restrictive it actually was. They did discuss the possibility that the rate may be higher and higher rate may be less effective at slowing the economy down they have been at the past. They saw the lack of progress on inflation, increasing goods and Service Prices across the board. There was a debate. Some saw this as residual seasonality. We did discuss a lot. Others on the increases as broadbased. There was also a dub discussion with they said the easing of the labor market would be seen reducing inflation in the in the coming months. They did discuss cutting rates at the labor market did get weaker, onyx unexpectedly. The numbers saw consumption growth showing. Once again, this was after three lousy inflation readings before
Cooler at the coast, 7 degrees cooler, 2 degrees cooler in livermore, enjoy it because our overnight readings tonight will be very warm. Check out the wind. Dead calm out there, only 8 miles an hour wind over by the delta. That means its going to be a hot day. The Golden Gate Bridge highs will be anywhere from the upper 70s to mid and upper 80s from coastline to breaches. 80s and 90s around the bay. Triple digit heat inland. Matt. Thank you. Breaking news in San Francisco, the chp is reporting a fatal collision roving a pedestrian on 280 and 101 connector. It happened around quarter to 6 00 this morning, all lanes are now open. A handful of High School Seniors have diplomas in hand this morning despite in the passing the state exit exam. School officials in San Francisco decided to ignore the state and let those kids move on with their lives. Katie marzullo has the story. In my country education is for rich people. Reporter eric is from gaunt malala. He didnt speak any english when he
Showing what a cessna 310 looks like. Well stay atop this breaking news story and bring you incompetent dates on our news app and right here, of course, on abc 7 news. For nourks though, good evening thank you for joining us. Im a. Ma daetz. Im dan ashley. Were starting to get a sense of the damage done by the water. Theres been 50 million of damage to property and 23 million to public property. 120 people are checked into an emergency shelter. 1,000 volunteers helped with cleanup over the weekend. Almost a Million Dollars has been donated to help the victims. We have Live Team Coverage to hear how people are coping with the kaj and what the next steps are. Lets check in with david louie. Reporter the 73 million figure you mentioned is preliminary according to the city managers office. The number is expected to rise as a result of more damage being discovered every day. The paperwork filed by san jose with the county today in order to apply for state and federal disaster funding. Getti