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GLENDALE, Ky. (AP) – When Ford revealed plans to step up its engagement in the electric vehicle industry, the automaker chose two states where Republican leaders vilified the promotion of green energy and defended fuels fossils. The project is expected to create nearly 11,000 jobs and inject billions of investments into Tennessee and Kentucky. In doing so, it creates an ironic disconnect between the automaker’s gamble on battery-powered vehicles and the rhetoric of many Republican leaders who have opposed a move to green energy and a move away from fossil fuels. Those executives embraced the automaker’s announcement on Monday. Green energy is moving to unlikely places with the Ford project
Rising bond yields scare investors, deflate tech stocks
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NEW YORK (AP) – Tech firms led a large drop in stocks on Wall Street on Tuesday as investors reacted to a surge in yields on U.S. government bonds. The benchmark S&P 500 fell 2%, its worst drop since May, and the tech-rich Nasdaq fell 2.8%, its worst drop since March. The main action has again been in the bond market, where a rapid rise in Treasury yields is forcing investors to reassess if prices have been too high for stocks, especially the more popular ones. The 10-year Treasury yield jumped to 1.54%, its highest level since late June. This is up from 1.32% a week ago.
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Yellen warns delay in raising debt ceiling will slow economy
WASHINGTON (AP) – Treasury Secretary Janet Yellen is making an urgent appeal to Congress to increase the U.S. government’s borrowing limit, a day after Senate Republicans blocked consideration of a bill that already done. Yellen testified before a Senate committee in a hearing Tuesday to brief Congress on the impact of the broad financial support programs the government adopted after the viral pandemic crippled the economy 18 months ago. If the debt limit is not raised, Yellen warned, the country would likely face a financial crisis and economic recession.
Employers’ vaccination mandates convert some workers, but not all
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NEW YORK (AP) – Companies that have announced vaccination warrants say some workers who had been on the fence have since been vaccinated against COVID-19. But there are still many refractories – a likely sign of what will happen once a federal mandate takes effect. Even before President Joe Biden’s September 9 announcement that companies with more than 100 workers should demand vaccinations, dozens of companies, including Amtrak, Microsoft, United Airlines and Disney, issued ultimatums to most workers. And small businesses in New York, San Francisco, and New Orleans have been forced to implement mandates for clients and workers.
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European Central Bank will not overreact to fleeting inflation
FRANKFURT, Germany (AP) – European Central Bank President Christine Lagarde has said the European monetary authority is not about to “overreact” to temporary inflation by tightening its policy. Lagarde said on Tuesday that the currently higher inflation of 3% in the euro area is temporary, caused by bottlenecks and one-off factors. She said the bank has yet to nurture the recovery underway in the 19 countries that use the euro with stimulus measures, including zero and negative interest rates and bond purchases that drive down the costs of borrowing for businesses. This distinguishes the ECB from the US Federal Reserve, which has indicated that it is considering reducing its purchases of crisis bonds.
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Yellen says infrastructure overhaul will boost U.S. economy
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WASHINGTON (AP) – Treasury Secretary Janet Yellen has said President Joe Biden’s spending proposals will meet long-standing U.S. infrastructure needs and prepare the country for future challenges. Yellen called on Congress to support the Biden administration’s $ 3.5 trillion “Build Back Better” initiative that would expand the social safety net and tackle climate change. She also called for support for a $ 1 trillion bipartisan bill to address more traditional infrastructure needs, such as roads and bridges. His comments came from remarks prepared for an appearance Tuesday before the National Association of Business Economists.
SILVER SPRING, Md. (AP) – U.S. consumer confidence fell for the third consecutive month in September amid lingering concerns about the rapidly spreading delta variant of the coronavirus. The Conference Board said on Tuesday that its consumer confidence index fell to 109.3 in September, from 115.2 in August. The September reading is the index’s lowest level since it dropped to 95.2 in February. The board said consumers’ view of the current situation and future expectations continued to deteriorate as intentions to spend on large items like homes, cars and major appliances receded again. Concerns about inflation are also weakening consumer confidence.
U.S. consumer confidence declines for third consecutive month
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