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Interest rates raised again Fed announces 0.75% increase, says more hikes are likely By CASEY HARPER THE CENTER SQUARE SENIOR REPORTER
KENNETH SONG/NEWS-PRESS PHOTOS
Shoppers browse through a vast selection of books and other forms of media during the Mary Jane McCord Book Sale at Earl Warren Showgrounds. Proceeds from the event went to Planned Parenthood California Central Coast.
A real page-turner Planned Parenthood California Central Coast selling 100,000-plus items at annual book sale
(The Center Square) — The U.S. Federal Reserve announced yet another interest rate hike Wednesday — the latest in a series of interest rate increases to address elevated inflation that experts say could have serious negative effects on the economy. The Fed said it will raise interest rates another three quarters of a percentage point and signaled more increases are likely. “The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the longer run,” the Fed said. “In support of these goals, the Committee decided to raise the target range for the federal funds rate to 3 to 33¼% and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve’s Balance Sheet that were issued in May.” The latest federal inflation data showed that consumer prices have risen well over 8% in the past 12 months. In the last two months, overall inflation has leveled off, but that has been largely driven by an unusual drop in gas prices from the record highs seen earlier this year. Once gas prices stop their decline, the official inflation rate may rise again, especially since prices on a range of goods and services have steadily increased. Food prices, for example, have continued to soar. The Federal Reserve pointed to the Ukraine war as a reason for the price hikes. “Russia’s war against Ukraine is causing tremendous human and economic hardship,” the Fed said. “The war and related events are creating additional upward pressure on inflation
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Jerome Powell
and are weighing on global economic activity.” Economists, though, also point to other factors such as rampant debt spending. Inflation was already rising at a significant rate well before Russia’s invasion of Ukraine. “The news today is yet again the continued realization of the bill is coming due after far too long of big government policies ... in Washington, D.C.,” said Jonathan Williams, chief economist and executive vice president of policy for the American Legislative Exchange Committee. “The cause of all this very painful Federal Reserve action is the fact that inflation, continuing at a 40-year high, with the additional big government spending packages just passed in Washington, D.C.” Mr. Williams said more economic pain is on the horizon “I wish I had better news,” he said. “I’m usually a glass half full economic analyst on these kinds of things, but more pain ahead is what the Federal Reserve is signaling.” Casey Harper works at The Center Square’s Washington, D.C., bureau.
City staff stresses need to make parklets portable By NEIL HARTSTEIN
“The Ultimate Guide to the Animal Mind” is among the 100,000-plus donated items.
By JARED DANIELS NEWS-PRESS STAFF WRITER
Many people are visiting the Earl Warren Showgrounds this week for a sale that features everything from the first Wonder Woman comic book to a complete set of Mark Twain’s works. Those are among the treasures at the 48th annual Mary Jane McCord Book Sale, Planned Parenthood California Central Coast’s benefit that runs through Sunday at the Santa Barbara site. The event, which began on
Sept. 15, offers through the attendees book sale the chance before the Planned Parenthood California to purchase first hour of Central Coast’s annual Mary Jane heavily operations had McCord Book Sale is taking place discounted concluded. through Sunday at Earl Warren books, puzzles, The book Showgrounds, 3400 Calle Real, Santa games, CDs, sale, which Barbara. Hours are noon-6 p.m. today, DVDs and opens at noon noon to 8 p.m. Friday and 10 a.m.-6 vinyl records today, is free p.m. Saturday and Sunday. that have been to attend. (See For more information on the event, donated by the FYI box for visit ppcccbooksale.com. supporters. the complete Dozens of hours.) shoppers were lined up for entry Proceeds from the sale will go prior to the event’s opening for directly to Planned Parenthood, business on Wednesday, with which operates six clinics more than 100 others filtering throughout Santa Barbara,
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Ventura and San Luis Obispo counties. Those who visit the book sale during its final day on Sunday will be greeted with an additional 50% off the already discounted prices. “For 10 glorious days, you can live the ‘reduce, recycle, reuse’ dream,” Planned Parenthood wrote in an email. “By the time you have roamed this HUGE sale — from Fiction to Non, History to Mystery, Nautica to Erotica, Self-Improvement to Home Improvement — you will Please see SALE on A4
Unportable outdoor dining parklets stand a chance of being moved by the city of Santa Barbara in the event of a major rainstorm. The parklets would be moved to allow runoff to flow down drains to prevent flooding on lower State Street. Clifford Maurer, the public works director, told the Santa Barbara City Council Tuesday that it might just come to that if restaurateurs remain resistant to making their parklets portable. “If they want to keep the parklets not portable, it’s more of an issue for us in times of big
storms,” he said. “We will ensure proper drainage down State Street. If it creates a problem, we will move them to ensure there is not flooding onto the sidewalks.” It’s more than likely the parklets will be damaged in the process, Mr. Maurer said. Furthermore, he said, the restaurateur who owns the parklet would be presented with a bill from the city. “It’s to everyone’s advantage to make them as portable as possible,” Mr. Maurer said. Parklet portability was one of the bigger issues discussed by the council Tuesday as members discussed recommendations Please see PARKLETS on A4
INSIDE
L O T T E RY RESULTS
Classified................. B4 Life...................... B1-2 Obituaries............... A4
Wednesday’s SUPER LOTTO: N/A Meganumber: N/A
Wednesday’s DAILY 4: 1-6-8-5
Tuesday’s MEGA MILLIONS: 9-21-28-30-52 Meganumber: 10
Wednesday’s FANTASY 5: 7-14-28-30-33
Wednesday’s DAILY DERBY: 11-03-10 Time: 1:42.16
Wednesday’s POWERBALL: N/A Meganumber: N/A
Sudoku................... B3 Weather................. A4
Wednesday’s DAILY 3: 4-8-9 / Wednesday’s Midday 2-3-2