Fed Minutes Show Rate-Hike Scenario, 8 California Skiers Dead, More
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What are the Federal Reserve's latest concerns about inflation?
Federal Reserve officials signaled renewed worries over inflation with several policymakers suggesting the central bank may need to raise interest rates if inflation stays above their goal. Here's Bloomberg's Mike McKee.
Several participants indicated that they would have supported a two-sided description of the committee's future interest rate decisions, reflecting the possibility that upward adjustments could be appropriate.
Minutes of the Federal Open Market Committee's January 27th and 28th meeting released Wednesday also revealed that a vast majority of participants judged that downside risks to employment had moderated in recent months, while the risk of more persistent inflation remained. The FOMC voted 10-2 at the meeting to hold the benchmark federal funds rate. in a range of 3.5 to 3.75 percent. Crews have found the bodies of eight backcountry skiers that are searching for one more who is still missing after an avalanche in the mountains near Lake Tahoe, making it the deadliest U.S. avalanche in nearly half a century. Authorities have told the families the mission has moved from rescue to recovery. Six others from the same group of skiers were rescued Tuesday.
They were on a three-day trek in northern California's Sierra Nevada as a monster winter storm pummeled the West Coast. Billionaire retail tycoon Leslie Wexner told a U.S. House panel Wednesday that he visited disgraced financier Jeffrey Epstein's private Caribbean island but said he wasn't aware of Epstein's sex trafficking operation at the time. Wexner said he visited the island once with his wife and children for a few hours while the family was in the area on their boat. This according to an opening statement Wexner made and a deposition to congressional investigators that was provided to Bloomberg News by his attorney. The House Oversight Committee has been investigating what role Epstein's broad network of connections may have played in facilitating his enterprise or delaying criminal prosecution.
This is California Democrat Robert Garcia, ranking member of the House Oversight Committee.
Mr. Wexner admitted that he traveled to both Epstein's Island as well as his other properties. Mr. Wexner also admitted that Jeffrey Epstein had access to a lot of Mr. Wexner's wealth.
And Texas Democrat Jasmine Crockett.
As a trained attorney and litigator, once they told me he wasn't taking the fifth, I thought that the record would be full of I don't remembers. I will tell you that once this record comes out, you will see that you most likely will be left with more questions than answers.
Oil gained as traders weighed whether talks between the U.S. and Iran will be enough to avert conflict, following a report that American military intervention could come sooner than expected. Brent crude briefly rose above $70, while West Texas Intermediate rose as much as 4.1 percent to trade near $65 a barrel after Axios reported that any U.S. military operation would likely be a weeks-long campaign rather than the pinpoint operation that took place in Venezuela last month. Israel's government is pushing for a scenario targeting regime change. Bloomberg National Security Editor Michelle Jamrisko says it's still unclear how this will all end.
The reason we're so focused is because we have to pay attention. Nothing has happened until it does. You know, as we know with this president, something could trigger a kinetic response.
You can hear more from Michelle Jamrisco on the Bloomberg Balance of Power podcast. White House Press Secretary Caroline Leavitt talked about the Iran situation during today's press briefing.
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