WASHINGTON (AP) — The House on Thursday passed a&nbsp;<a href="https://apnews.com/article/climate-2022-midterm-elections-biden-technology-business-7aa66d84e150a4c1d54831677075cee9">$280 billion package</a>&nbsp;to boost the&nbsp;<a href="https://apnews.com/article/technology-business-congress-asia-economy-2868a5c494e99a2050a3f9495ba2b544">semiconductor industry</a>&nbsp;and scientific research in a bid to create more high-tech jobs in the United States and help it better compete with international rivals, namely China.

The House approved the bill by a solid margin of 243-187, sending the measure to&nbsp;<a href="https://apnews.com/article/biden-technology-united-states-economy-c034db7e761cd99e621118aac9d4d1d0">President Joe Biden</a>&nbsp;to be signed into law and providing the White House with a major domestic policy victory. About two-dozen Republicans voted for the legislation.

"My plea is put politics aside. Get it done,” Biden said before the vote, adding it would give the U.S. “the ability not only to compete with China for the future, but to lead the world and win the economic competition of the 21st century.”

Republicans argued the government should not spend billions to&nbsp;<a href="https://apnews.com/article/inflation-technology-congress-government-and-politics-7993ca0bb5e31d0f2141d0c2b349f370">subsidize the semiconductor industry</a>&nbsp;and GOP leadership in the House recommended a vote against the bill, telling members the plan would provide enormous subsidies and tax credits "to a specific industry that does not need additional government handouts.”

Rep. Guy Reschenthaler, R-Pa., said the way to help the industry would be through tax cuts and easing federal regulations, “not by picking winners and losers” with subsidies — an approach that Rep. Joseph Morelle, D-N.Y., said was too narrow.

“This affects every industry in the United States," Morelle said. “Take, for example, General Motors announcing they have 95,000 automobiles awaiting chips. So, you want to increase the supply of goods to people and help bring down inflation? This is about increasing the supply of goods all over the United States in every single industry.”

Some Republicans viewed passing the legislation as important for national security. Rep. Mike McCaul, the top Republican on the House Foreign Affairs Committee, said it was critical to protect semiconductor capacity in the U.S., which he said was too reliant on Taiwan for the most advanced chips. That could prove to be a major vulnerability should China try to take over the self-governing island that Beijing views as a breakaway province

“I've got a unique insight in this. I get the classified briefing. Not all these members do," McCaul said. “This is vitally important for our national security."

The bill provides more than $52 billion in grants and other incentives for the semiconductor industry as well as a 25% tax credit for those companies that invest in chip plants in the U.S. It calls for increased spending on various research programs that would total about $200 billion over 10 years, according to the Congressional Budget Office.

<a href="https://apnews.com/article/inflation-technology-health-climate-and-environment-c62a6ea7beb1b570fd510336212e49be">A late development in the Senate</a>&nbsp;— progress announced by Wednesday night by Democrats on a $739 billion health and climate change package — threatened to make it harder for supporters to get the semiconductor bill over the finish line, based on concerns about government spending.

Rep. Frank Lucas, R-Okla., said he was “disgusted" by the turn of events on Capitol Hill.

Despite bipartisan support for the research initiatives, “regrettably, and it's more regrettably than you can possibly imagine, I will not be casting my vote for the chips and science act today."

<figure>
 <img src="https://media.eaglewebservices.com/public/2022/7/1659038218236.png" alt="President Biden spoke virtually on Monday with business executives and labor leaders to discuss the Chips Act, a proposal to bolster domestic manufacturing-White House photo" />
 <figcaption>President Biden spoke virtually on Monday with business executives and labor leaders to discuss the Chips Act, a proposal to bolster domestic manufacturing-White House photo</figcaption>
 </figure>WASHINGTON (AP) — The House on Thursday passed a&nbsp;<a href="https://apnews.com/article/climate-2022-midterm-elections-biden-technology-business-7aa66d84e150a4c1d54831677075cee9">$280 billion package</a>&nbsp;to boost the&nbsp;<a href="https://apnews.com/article/technology-business-congress-asia-economy-2868a5c494e99a2050a3f9495ba2b544">semiconductor industry</a>&nbsp;and scientific research in a bid to create more high-tech jobs in the United States and help it better compete with international rivals, namely China.The House approved the bill by a solid margin of 243-187, sending the measure to&nbsp;<a href="https://apnews.com/article/biden-technology-united-states-economy-c034db7e761cd99e621118aac9d4d1d0">President Joe Biden</a>&nbsp;to be signed into law and providing the White House with a major domestic policy victory. About two-dozen Republicans voted for the legislation."My plea is put politics aside. Get it done,” Biden said before the vote, adding it would give the U.S. “the ability not only to compete with China for the future, but to lead the world and win the economic competition of the 21st century.”Republicans argued the government should not spend billions to&nbsp;<a href="https://apnews.com/article/inflation-technology-congress-government-and-politics-7993ca0bb5e31d0f2141d0c2b349f370">subsidize the semiconductor industry</a>&nbsp;and GOP leadership in the House recommended a vote against the bill, telling members the plan would provide enormous subsidies and tax credits "to a specific industry that does not need additional government handouts.”Rep. Guy Reschenthaler, R-Pa., said the way to help the industry would be through tax cuts and easing federal regulations, “not by picking winners and losers” with subsidies — an approach that Rep. Joseph Morelle, D-N.Y., said was too narrow.“This affects every industry in the United States," Morelle said. “Take, for example, General Motors announcing they have 95,000 automobiles awaiting chips. So, you want to increase the supply of goods to people and help bring down inflation? This is about increasing the supply of goods all over the United States in every single industry.”Some Republicans viewed passing the legislation as important for national security. Rep. Mike McCaul, the top Republican on the House Foreign Affairs Committee, said it was critical to protect semiconductor capacity in the U.S., which he said was too reliant on Taiwan for the most advanced chips. That could prove to be a major vulnerability should China try to take over the self-governing island that Beijing views as a breakaway province“I've got a unique insight in this. I get the classified briefing. Not all these members do," McCaul said. “This is vitally important for our national security."The bill provides more than $52 billion in grants and other incentives for the semiconductor industry as well as a 25% tax credit for those companies that invest in chip plants in the U.S. It calls for increased spending on various research programs that would total about $200 billion over 10 years, according to the Congressional Budget Office.<a href="https://apnews.com/article/inflation-technology-health-climate-and-environment-c62a6ea7beb1b570fd510336212e49be">A late development in the Senate</a>&nbsp;— progress announced by Wednesday night by Democrats on a $739 billion health and climate change package — threatened to make it harder for supporters to get the semiconductor bill over the finish line, based on concerns about government spending.Rep. Frank Lucas, R-Okla., said he was “disgusted" by the turn of events on Capitol Hill.Despite bipartisan support for the research initiatives, “regrettably, and it's more regrettably than you can possibly imagine, I will not be casting my vote for the chips and science act today."___

Congress OKs bill to aid computer chip firms, counter China

By CINDY GONZALEZ <a href="https://nebraskaexaminer.com/briefs/google-aims-to-help-nebraskas-demand-for-construction-workers/">Nebraska Examiner</a>

OMAHA — At least 100 teens, mostly in
 Omaha and Lincoln, will be offered a jump-start to a career in the 
construction industry and skilled trades as the result of a $150,000 
Google grant.

The global technology giant on 
Wednesday announced a partnership with the Nebraska chapter of the 
Associated Builders and Contractors that will provide pre-apprentice 
training to high school seniors and recent graduates.

The building and contractors group is
 to supply teachers, job shadow experiences and career fairs for the 
Construction 101 Certification Program, which is to be based at training
 centers in Omaha, Lincoln and possibly Council Bluffs.

The Google funds are to cover tuition
 and book costs, transportation, child care and meals. Students are to 
receive a $300 stipend upon completion of the program that introduces 
them to foundational skills needed to land a job in the construction 
industry during an era of record demand for workers.&nbsp;

Nebraska employment data shows the state with its lowest unemployment rate ever.

The latest state data shows that 
private industries with the most job growth during the last month were 
leisure and hospitality and construction.

The goal of the training program, 
said Anne Klute, president and CEO of the Associated Builders and 
Contractors Nebraska South Dakota Chapter, is to help fill the demand 
for skilled construction professionals and to engage a population in 
need of workforce opportunities.

“Google’s support will help us reach 
more community members who lack access to education and support needed 
to get into the construction and trade industries,” Klute said. “These 
programs are designed to help individuals find a meaningful job that 
offers security, room to grow and financial stability for them and their
 families.”&nbsp;

Klute said that more than 46,000 
workers in Nebraska have already chosen a career in construction, yet a 
“massive” skilled workforce shortage still exists. She cited an <a target="_blank" href="https://www.abc.org/News-Media/News-Releases/entryid/19255/abc-construction-industry-faces-workforce-shortage-of-650-000-in-2022">analysis by the ABC</a>,
 which reported that the construction industry nationally needs to 
attract nearly 650,000 additional workers on top of the normal pace of 
hiring in 2022 to meet the demand for labor.

The report said the Infrastructure 
Investment Jobs Act and stimulus from pandemic relief is expected to 
pump billions in new spending into infrastructure projects.

Of the Google grant, Klute said: 
“Investments like these build the people who are building the places 
where we live, work, play, heal and learn, and this foundational program
 will equip these local workers with the tools they need to build their 
career dreams.”

Wendy Peterson, Google’s regional 
workforce development leader, said the company is thrilled to work with 
the ABC. The grant is part of a larger effort to connect more Americans 
to quality training and jobs.

This year, Google is contributing 
$1.2 million toward education and pre-apprenticeship training programs 
for construction and skilled trades in five states where it operates 
data centers.

Klute said the funds should cover enrollment of at least 100 students, and probably more, depending on various factors.

Participants are to receive insight into job opportunities, as well. For<a target="_blank" href="http://www.abcnebraska.org/"> more information</a> or applications call 402.477.4451.

<a target="_blank" href="https://economicimpact.google.com/state/ne/?utm_source=shortlink2">Google entered</a>
 Nebraska in 2019, with a data center in Papillion. Earlier this year, 
the company broke ground on a data center in northwest Omaha.

By CINDY GONZALEZ <a href="https://nebraskaexaminer.com/briefs/google-aims-to-help-nebraskas-demand-for-construction-workers/">Nebraska Examiner</a>OMAHA — At least 100 teens, mostly in
 Omaha and Lincoln, will be offered a jump-start to a career in the 
construction industry and skilled trades as the result of a $150,000 
Google grant.The global technology giant on 
Wednesday announced a partnership with the Nebraska chapter of the 
Associated Builders and Contractors that will provide pre-apprentice 
training to high school seniors and recent graduates.<figure>
 <img src="https://media.eaglewebservices.com/public/2022/7/1659027334820.jpeg" alt="Bling at a 2022 Google event in Papillion to announce an investment. (Cindy Gonzalez/Nebraska Examiner)" />
 <figcaption>Bling at a 2022 Google event in Papillion to announce an investment. (Cindy Gonzalez/Nebraska Examiner)</figcaption>
 </figure>The building and contractors group is
 to supply teachers, job shadow experiences and career fairs for the 
Construction 101 Certification Program, which is to be based at training
 centers in Omaha, Lincoln and possibly Council Bluffs.<h2>$300 stipend</h2>The Google funds are to cover tuition
 and book costs, transportation, child care and meals. Students are to 
receive a $300 stipend upon completion of the program that introduces 
them to foundational skills needed to land a job in the construction 
industry during an era of record demand for workers.&nbsp;Nebraska employment data shows the state with its lowest unemployment rate ever.The latest state data shows that 
private industries with the most job growth during the last month were 
leisure and hospitality and construction.The goal of the training program, 
said Anne Klute, president and CEO of the Associated Builders and 
Contractors Nebraska South Dakota Chapter, is to help fill the demand 
for skilled construction professionals and to engage a population in 
need of workforce opportunities.“Google’s support will help us reach 
more community members who lack access to education and support needed 
to get into the construction and trade industries,” Klute said. “These 
programs are designed to help individuals find a meaningful job that 
offers security, room to grow and financial stability for them and their
 families.”&nbsp;Klute said that more than 46,000 
workers in Nebraska have already chosen a career in construction, yet a 
“massive” skilled workforce shortage still exists. She cited an <a target="_blank" href="https://www.abc.org/News-Media/News-Releases/entryid/19255/abc-construction-industry-faces-workforce-shortage-of-650-000-in-2022">analysis by the ABC</a>,
 which reported that the construction industry nationally needs to 
attract nearly 650,000 additional workers on top of the normal pace of 
hiring in 2022 to meet the demand for labor. The report said the Infrastructure 
Investment Jobs Act and stimulus from pandemic relief is expected to 
pump billions in new spending into infrastructure projects.<h2>Build people who build places</h2>Of the Google grant, Klute said: 
“Investments like these build the people who are building the places 
where we live, work, play, heal and learn, and this foundational program
 will equip these local workers with the tools they need to build their 
career dreams.”Wendy Peterson, Google’s regional 
workforce development leader, said the company is thrilled to work with 
the ABC. The grant is part of a larger effort to connect more Americans 
to quality training and jobs.This year, Google is contributing 
$1.2 million toward education and pre-apprenticeship training programs 
for construction and skilled trades in five states where it operates 
data centers.Klute said the funds should cover enrollment of at least 100 students, and probably more, depending on various factors.Participants are to receive insight into job opportunities, as well. For<a target="_blank" href="http://www.abcnebraska.org/"> more information</a> or applications call 402.477.4451.<a target="_blank" href="https://economicimpact.google.com/state/ne/?utm_source=shortlink2">Google entered</a>
 Nebraska in 2019, with a data center in Papillion. Earlier this year, 
the company broke ground on a data center in northwest Omaha.

Google aims to help Nebraska’s demand for construction workers

NEW YORK (AP) — A Pennsylvania mortgage company owned by billionaire businessman Warren Buffett's company discriminated against potential Black and Latino homebuyers in Philadelphia, New Jersey and Delaware, the Department of Justice said Wednesday, in what is being called the second-largest redlining settlement in history.

Trident Mortgage Co., a division of Berkshire Hathaway's HomeServices of America, deliberately avoided writing mortgages in minority-majority neighborhoods in West Philadelphia like Malcolm X Park; Camden, New Jersey; and in Wilmington, Delaware, the Justice Department and the Consumer Financial Protection Bureau said in their settlement with Trident.

As part of the agreement with the government, Trident will have to set aside $20 million to make loans in underserved neighborhoods.

“Trident’s unlawful redlining activity denied communities of color equal access to residential mortgages, stripped them of the opportunity to build wealth, and devalued properties in their neighborhoods,” said Kristen Clarke, an assistant Attorney General of the Justice Department’s Civil Rights Division, in a prepared statement.

Sen. Vincent Hughes, a Philadelphia Democrat, grew up a few blocks from the West Philadelphia park where a news conference on the settlement was held Wednesday. Hughes said portions of his life have been framed by the discriminatory lending practices that prevent Black and brown communities from building wealth.

Hughes’ father worked for one of the oldest Black-owned savings and loans, a company name Berean that would finance mortgages for Black families when they were turned away by other banks and lenders.

“I’ve had people come up to me and say, ‘Vince, your dad gave me a mortgage for my first home when I was turned down everywhere else. If it wasn’t for Berean and your dad, I wouldn’t have been able to buy my home,” Hughes said. “We witnessed that discrimination in real time.”

Redlining is a term used to describe when banks deliberately avoid making loans to non-white communities. Banks and the U.S. government used to draw on maps in red marker those neighborhoods that were deemed undesirable to make home loans. The neighborhoods were almost always areas where racial minorities lived, and even included other historically discriminated-against communities such as Jewish neighborhoods.

The practice effectively cut off entire communities from the primary pathway for wealth generation in the U.S.: homeownership. To this day, Black and Latino households are far less likely to own their home compared to their white counterparts.

The alleged redlining activity happened between 2015 and 2019 — Trident stopped writing mortgages in 2020. Along with avoiding making mortgages in minority neighborhoods, the Trident employees made racist comments about making loans to Black homebuyers, calling certain neighborhoods “ghettos.” One manager of Trident was photographed posing in front of the Confederate Flag. The marketing materials used by Trident involved exclusively white individuals, and nearly all of the company's staff were white.

<a href="https://www.attorneygeneral.gov/taking-action/ag-shapiro-announces-major-settlement-with-former-top-mortgage-lender-over-allegations-of-redlining/">Josh Shapiro,</a>&nbsp;Pennsylvania's attorney general who is running for governor, called the behavior by Trident “systematic racism, pure and simple.”

Philadelphia has a long history of racism toward Black homebuyers. The&nbsp;<a href="http://phlcouncil.com/wp-content/uploads/2022/07/PhiladelphiaHomeAppraisalBiasTaskForce_Report_FINAL.pdf">Philadelphia City Council released a report Wednesday</a>&nbsp;that found that 95% of all of the city's home appraisers were white and a racial gap remains between how homes owned by Black homeowners are valued versus homes owned by white owners.

Hughes said he and other legislators were furious about revelations of the redlining by Trident and others in a&nbsp;<a href="https://revealnews.org/article/warren-buffetts-mortgage-companies-set-up-to-cater-to-white-clients/">2018 investigation by Reveal</a>&nbsp;into Buffett's mortgage companies. They pressed Shapiro during an appropriations hearing, and the Attorney General responded by setting up a hotline to gather personal stories.

As part of the settlement, Trident agreed to hire mortgage loan officers in impacted neighborhoods as well as pay a $4 million fine. Since Trident no longer operates a lending business, a separate company will be contracted to provide the $20 million in loan subsidies, the Justice Department said.

The largest redlining case involved Wisconsin-based Associated Bank, which was charged with discriminatory practices between the years 2008 and 2011. The bank settled with regulators in 2015 for $200 million.

The Trident settlement also involves the first redlining case against a nonbank mortgage lender. Since the Great Recession, roughly half of all mortgages in the country are underwritten by companies that immediately sell off the mortgage to investors. These nonbank lenders include firms like Quicken Loans, Rocket Mortgage and Loan Depot, among many others.

“Credit discrimination is illegal regardless of whether the lawbreaking company is a traditional bank or a nonbank lender,” said Rohit Chopra, director of the Consumer Financial Protection Bureau.

In a statement, HomeServices of America said they “strongly disagree” with the Justice Department's and CFPB's findings in the settlement, noting that Trident did not have to admit to wrongdoing as part of the case. Buffett himself did not immediately respond to a request for comment, but historically has deferred any comment to Berkshire's subsidiary companies.

Hughes said he did not have personal experience with Trident, but he said he was not surprised to learn the company’s statement after the settlement was announced denied there was wrongdoing.

“That’s what these companies do, right? None of them admit it, they just wind up paying the money,” he said.

By Associated PressNEW YORK (AP) — A Pennsylvania mortgage company owned by billionaire businessman Warren Buffett's company discriminated against potential Black and Latino homebuyers in Philadelphia, New Jersey and Delaware, the Department of Justice said Wednesday, in what is being called the second-largest redlining settlement in history.Trident Mortgage Co., a division of Berkshire Hathaway's HomeServices of America, deliberately avoided writing mortgages in minority-majority neighborhoods in West Philadelphia like Malcolm X Park; Camden, New Jersey; and in Wilmington, Delaware, the Justice Department and the Consumer Financial Protection Bureau said in their settlement with Trident.As part of the agreement with the government, Trident will have to set aside $20 million to make loans in underserved neighborhoods.“Trident’s unlawful redlining activity denied communities of color equal access to residential mortgages, stripped them of the opportunity to build wealth, and devalued properties in their neighborhoods,” said Kristen Clarke, an assistant Attorney General of the Justice Department’s Civil Rights Division, in a prepared statement.Sen. Vincent Hughes, a Philadelphia Democrat, grew up a few blocks from the West Philadelphia park where a news conference on the settlement was held Wednesday. Hughes said portions of his life have been framed by the discriminatory lending practices that prevent Black and brown communities from building wealth.Hughes’ father worked for one of the oldest Black-owned savings and loans, a company name Berean that would finance mortgages for Black families when they were turned away by other banks and lenders.“I’ve had people come up to me and say, ‘Vince, your dad gave me a mortgage for my first home when I was turned down everywhere else. If it wasn’t for Berean and your dad, I wouldn’t have been able to buy my home,” Hughes said. “We witnessed that discrimination in real time.”Redlining is a term used to describe when banks deliberately avoid making loans to non-white communities. Banks and the U.S. government used to draw on maps in red marker those neighborhoods that were deemed undesirable to make home loans. The neighborhoods were almost always areas where racial minorities lived, and even included other historically discriminated-against communities such as Jewish neighborhoods.The practice effectively cut off entire communities from the primary pathway for wealth generation in the U.S.: homeownership. To this day, Black and Latino households are far less likely to own their home compared to their white counterparts.The alleged redlining activity happened between 2015 and 2019 — Trident stopped writing mortgages in 2020. Along with avoiding making mortgages in minority neighborhoods, the Trident employees made racist comments about making loans to Black homebuyers, calling certain neighborhoods “ghettos.” One manager of Trident was photographed posing in front of the Confederate Flag. The marketing materials used by Trident involved exclusively white individuals, and nearly all of the company's staff were white.<a href="https://www.attorneygeneral.gov/taking-action/ag-shapiro-announces-major-settlement-with-former-top-mortgage-lender-over-allegations-of-redlining/">Josh Shapiro,</a>&nbsp;Pennsylvania's attorney general who is running for governor, called the behavior by Trident “systematic racism, pure and simple.”Philadelphia has a long history of racism toward Black homebuyers. The&nbsp;<a href="http://phlcouncil.com/wp-content/uploads/2022/07/PhiladelphiaHomeAppraisalBiasTaskForce_Report_FINAL.pdf">Philadelphia City Council released a report Wednesday</a>&nbsp;that found that 95% of all of the city's home appraisers were white and a racial gap remains between how homes owned by Black homeowners are valued versus homes owned by white owners.Hughes said he and other legislators were furious about revelations of the redlining by Trident and others in a&nbsp;<a href="https://revealnews.org/article/warren-buffetts-mortgage-companies-set-up-to-cater-to-white-clients/">2018 investigation by Reveal</a>&nbsp;into Buffett's mortgage companies. They pressed Shapiro during an appropriations hearing, and the Attorney General responded by setting up a hotline to gather personal stories.As part of the settlement, Trident agreed to hire mortgage loan officers in impacted neighborhoods as well as pay a $4 million fine. Since Trident no longer operates a lending business, a separate company will be contracted to provide the $20 million in loan subsidies, the Justice Department said.The largest redlining case involved Wisconsin-based Associated Bank, which was charged with discriminatory practices between the years 2008 and 2011. The bank settled with regulators in 2015 for $200 million.The Trident settlement also involves the first redlining case against a nonbank mortgage lender. Since the Great Recession, roughly half of all mortgages in the country are underwritten by companies that immediately sell off the mortgage to investors. These nonbank lenders include firms like Quicken Loans, Rocket Mortgage and Loan Depot, among many others.“Credit discrimination is illegal regardless of whether the lawbreaking company is a traditional bank or a nonbank lender,” said Rohit Chopra, director of the Consumer Financial Protection Bureau.In a statement, HomeServices of America said they “strongly disagree” with the Justice Department's and CFPB's findings in the settlement, noting that Trident did not have to admit to wrongdoing as part of the case. Buffett himself did not immediately respond to a request for comment, but historically has deferred any comment to Berkshire's subsidiary companies.Hughes said he did not have personal experience with Trident, but he said he was not surprised to learn the company’s statement after the settlement was announced denied there was wrongdoing.“That’s what these companies do, right? None of them admit it, they just wind up paying the money,” he said.

DOJ: Buffett company discriminated against Black homebuyers

WASHINGTON (AP) — The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession.

The decline that the Commerce Department reported Thursday in the gross domestic product — the broadest gauge of the economy — followed&nbsp;<a href="https://apnews.com/article/inflation-economy-gross-domestic-product-3edd62d07a01d974971155506f235c59">a 1.6% annual drop from January through March</a>. Consecutive quarters of falling GDP constitute one informal, though not definitive, indicator of a recession.

The GDP report for last quarter pointed to weakness across the economy. Consumer spending slowed as Americans bought fewer goods. Business investment fell. Inventories tumbled as businesses slowed their restocking of shelves, shedding 2 percentage points from GDP.

Higher interest rates, a consequence of the Federal Reserve's series of rate hikes, clobbered home construction, which shrank at a 14% annual rate. Government spending dropped, too.

The report comes at a critical time. Consumers and businesses have been struggling under the weight of punishing inflation and higher borrowing costs. On Wednesday, the Fed&nbsp;<a href="https://apnews.com/article/federal-reserve-interest-rate-hike-live-updates-6dab38b8235bc62bdf69b4710c6b84f5">raised its benchmark interest rate</a>&nbsp;by a sizable three-quarters of a point for a second straight time in its push to conquer the worst inflation outbreak in four decades.

The Fed is hoping to achieve a notoriously difficult “soft landing”: An economic slowdown that manages to rein in rocketing prices without triggering a recession.

Apart from the United States, the global economy as a whole is also grappling with high inflation and weakening growth, especially after Russia's invasion of Ukraine sent energy and food prices soaring. Europe, highly dependent on Russian natural gas, appears especially vulnerable to a recession.

In the United States, the inflation surge and fear of a recession have&nbsp;<a href="https://apnews.com/article/inflation-prices-consumer-confidence-540a7e866b29e504f67e1aec2e0ee547">eroded consumer confidence</a>&nbsp;and&nbsp;<a href="https://apnews.com/article/2022-midterm-elections-inflation-race-and-ethnicity-racial-injustice-economy-8702782d77505f711272f5f9d988d73f">stirred public anxiety about the economy</a>, which is&nbsp;<a href="https://apnews.com/article/us-economy-vital-signs-cec67f96f44d67d78edfd35f1dbd2522">sending frustratingly mixed signals</a>. And with the November midterm elections nearing, Americans’ discontent has&nbsp;<a href="https://apnews.com/article/inflation-russia-ukraine-biden-covid-health-b6d1751b2554555f7246f9e914b87c59">diminished President Joe Biden’s public approval ratings</a>&nbsp;and could increase the likelihood that the Democrats will lose control of the House and Senate.

Fed Chair Jerome Powell and many economists have said that while the economy is showing some weakening, they doubt it’s in recession. Many of them point, in particular, to a still-robust labor market, with&nbsp;<a href="https://apnews.com/article/inflation-economy-a8caceae5905d592eacf27e9972df7e1">11 million job openings</a>&nbsp;and an uncommonly low&nbsp;<a href="https://apnews.com/article/us-jobs-report-signs-of-economic-resilience-e83d996c4a6320b5785dde94d6c2f125">3.6% unemployment rate</a>, to suggest that a recession, if one does occur, is still a ways off.

“The back-to-back contraction of GDP will feed the debate about whether the U.S. is in, or soon headed for, a recession," said Sal Guatieri, senior economist at BMO Capital Markets. “The fact that the economy created 2.7 million payrolls in the first half of the year would seem to argue against an official recession call for now."

Still, Guatieri said, “the economy has quickly lost steam in the face of four-decade high inflation, rapidly rising borrowing costs and a general tightening in financial conditions.”

In the meantime, Congress may be moving toward approving action to fight inflation under&nbsp;<a href="https://apnews.com/article/joe-manchin-budget-agreement-7b0ee6e3e0b70357288fd69f44473b9b">an agreement announced Wednesday</a>&nbsp;by Senate Majority Leader Chuck Schumer and Sen. Joe Manchin, a West Virginia Democrat. Among other things,&nbsp;<a href="https://apnews.com/article/inflation-biden-health-climate-and-environment-7a267eeea21af0f44318e6b9d888c36c">the measure would allow Medicare to negotiate prescription drug prices</a>&nbsp;with pharmaceutical companies, and the new revenue would be used to lower costs for seniors on medications. The measure would also extend subsidies that were provided early in the pandemic to help some Americans who buy health insurance on their own.

In the wake of Thursday’s second straight negative GDP report, Biden downplayed the news, pointing to continued low unemployment and strong hiring.

“Coming off of last year’s historic economic growth — and regaining all the private sector jobs lost during the pandemic crisis — it’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation," the president said in a statement. “But even as we face historic global challenges, we are on the right path and we will come through this transition stronger and more secure.’’

The government’s first of three estimates of GDP for the April-June quarter marks a drastic weakening from the&nbsp;<a href="https://apnews.com/article/business-economy-gross-domestic-product-fde10414fcf4fcd4994a88e6addc8dbd">5.7% growth the economy achieved last year</a>. That was the fastest calendar-year expansion since 1984, reflecting how vigorously the economy roared back from the brief but brutal pandemic recession of 2020.

But since then, the combination of mounting prices and higher borrowing costs have taken a toll. The Labor Department’s&nbsp;<a href="https://www.bls.gov/cpi/#:~:text=The%20Consumer%20Price%20Index%20(CPI,U.S.%20and%20various%20geographic%20areas.">consumer price index skyrocketed 9.1%</a>&nbsp;in June from a year earlier, a pace not matched since 1981. And despite widespread pay raises, prices are surging faster than wages. In June, average hourly earnings, after adjusting for inflation, slid 3.6% from a year earlier, the 15th straight year-over-year drop.

Americans are still spending, though more tepidly. Thursday's report showed that consumer spending rose at a 1% annual pace from April through June, down from 1.8% in the first quarter and 2.5% in the final three months of 2021.

Spending on goods like appliances and furniture, which had soared while Americans were sheltering at home early in the pandemic, dropped at a 4.4% rate last quarter. Bit spending on services like airline trips and dinners out rose at a 4.1% rate, indicating that millions of consumers are venturing out more.

Before accounting for surging prices, the economy actually grew at a 7.8% annual pace in the April-June quarter. But inflation wiped out that gain and then some and produced a negative GDP number.

Against that backdrop, Americans are losing confidence. Their assessment of economic conditions six months from now has reached its lowest point since 2013, according to the Conference Board, a research group.

Recession risks have been growing as the Fed’s policymakers have pursued a campaign of rate hikes that will likely extend into 2023. The Fed’s hikes have already led to higher rates on credit cards and auto loans and to&nbsp;<a href="https://apnews.com/article/inflation-prices-mortgages-mortgage-rates-195888d890ceb97524eb6fd1d766bd8e">a doubling of the average rate on a 30-year fixed mortgage</a>&nbsp;in the past year, to 5.5.&nbsp;<a href="https://apnews.com/article/home-sales-prices-mortgages-05b7ad48a6c13727ed160bae415d3baa">Home sales, which are especially sensitive to interest rate changes, have tumbled</a>.

Even with the economy recording a second straight quarter of negative GDP, many economists do not regard it as constituting a recession. The&nbsp;<a href="https://apnews.com/article/inflation-covid-health-gross-domestic-product-economy-89cbfc145ad34a91679ffa43e617c896">definition of recession that is most widely accepted</a>&nbsp;is the one determined by the National Bureau of Economic Research, a group of economists whose&nbsp;<a href="https://www.nber.org/news/business-cycle-dating-committee-announcement-july-19-2021">Business Cycle Dating Committee</a>&nbsp;defines a recession as “a significant decline in economic activity that is spread across the economy and lasts more than a few months.”

The committee assesses a range of factors before publicly declaring the death of an economic expansion and the birth of a recession — and it often does so well after the fact.

“If we aren’t yet in a recession, we soon will be,'' said Joshua Shapiro, chief U.S. economist for the economic consulting firm Maria Fiorini Ramirez Inc. “An economy rapidly losing momentum combined with aggressive monetary tightening is not a recipe for a soft landing or any other type of happy ending.''

<figure>
 <img src="https://media.eaglewebservices.com/public/2020/4/1586444648763.png" alt="The report comes at a critical time. Consumers and businesses have been struggling under the weight of punishing inflation and higher borrowing costs." />
 <figcaption>The report comes at a critical time. Consumers and businesses have been struggling under the weight of punishing inflation and higher borrowing costs.</figcaption>
 </figure>WASHINGTON (AP) — The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession.The decline that the Commerce Department reported Thursday in the gross domestic product — the broadest gauge of the economy — followed&nbsp;<a href="https://apnews.com/article/inflation-economy-gross-domestic-product-3edd62d07a01d974971155506f235c59">a 1.6% annual drop from January through March</a>. Consecutive quarters of falling GDP constitute one informal, though not definitive, indicator of a recession.The GDP report for last quarter pointed to weakness across the economy. Consumer spending slowed as Americans bought fewer goods. Business investment fell. Inventories tumbled as businesses slowed their restocking of shelves, shedding 2 percentage points from GDP.Higher interest rates, a consequence of the Federal Reserve's series of rate hikes, clobbered home construction, which shrank at a 14% annual rate. Government spending dropped, too.The report comes at a critical time. Consumers and businesses have been struggling under the weight of punishing inflation and higher borrowing costs. On Wednesday, the Fed&nbsp;<a href="https://apnews.com/article/federal-reserve-interest-rate-hike-live-updates-6dab38b8235bc62bdf69b4710c6b84f5">raised its benchmark interest rate</a>&nbsp;by a sizable three-quarters of a point for a second straight time in its push to conquer the worst inflation outbreak in four decades.The Fed is hoping to achieve a notoriously difficult “soft landing”: An economic slowdown that manages to rein in rocketing prices without triggering a recession.Apart from the United States, the global economy as a whole is also grappling with high inflation and weakening growth, especially after Russia's invasion of Ukraine sent energy and food prices soaring. Europe, highly dependent on Russian natural gas, appears especially vulnerable to a recession.In the United States, the inflation surge and fear of a recession have&nbsp;<a href="https://apnews.com/article/inflation-prices-consumer-confidence-540a7e866b29e504f67e1aec2e0ee547">eroded consumer confidence</a>&nbsp;and&nbsp;<a href="https://apnews.com/article/2022-midterm-elections-inflation-race-and-ethnicity-racial-injustice-economy-8702782d77505f711272f5f9d988d73f">stirred public anxiety about the economy</a>, which is&nbsp;<a href="https://apnews.com/article/us-economy-vital-signs-cec67f96f44d67d78edfd35f1dbd2522">sending frustratingly mixed signals</a>. And with the November midterm elections nearing, Americans’ discontent has&nbsp;<a href="https://apnews.com/article/inflation-russia-ukraine-biden-covid-health-b6d1751b2554555f7246f9e914b87c59">diminished President Joe Biden’s public approval ratings</a>&nbsp;and could increase the likelihood that the Democrats will lose control of the House and Senate.Fed Chair Jerome Powell and many economists have said that while the economy is showing some weakening, they doubt it’s in recession. Many of them point, in particular, to a still-robust labor market, with&nbsp;<a href="https://apnews.com/article/inflation-economy-a8caceae5905d592eacf27e9972df7e1">11 million job openings</a>&nbsp;and an uncommonly low&nbsp;<a href="https://apnews.com/article/us-jobs-report-signs-of-economic-resilience-e83d996c4a6320b5785dde94d6c2f125">3.6% unemployment rate</a>, to suggest that a recession, if one does occur, is still a ways off.“The back-to-back contraction of GDP will feed the debate about whether the U.S. is in, or soon headed for, a recession," said Sal Guatieri, senior economist at BMO Capital Markets. “The fact that the economy created 2.7 million payrolls in the first half of the year would seem to argue against an official recession call for now."Still, Guatieri said, “the economy has quickly lost steam in the face of four-decade high inflation, rapidly rising borrowing costs and a general tightening in financial conditions.”In the meantime, Congress may be moving toward approving action to fight inflation under&nbsp;<a href="https://apnews.com/article/joe-manchin-budget-agreement-7b0ee6e3e0b70357288fd69f44473b9b">an agreement announced Wednesday</a>&nbsp;by Senate Majority Leader Chuck Schumer and Sen. Joe Manchin, a West Virginia Democrat. Among other things,&nbsp;<a href="https://apnews.com/article/inflation-biden-health-climate-and-environment-7a267eeea21af0f44318e6b9d888c36c">the measure would allow Medicare to negotiate prescription drug prices</a>&nbsp;with pharmaceutical companies, and the new revenue would be used to lower costs for seniors on medications. The measure would also extend subsidies that were provided early in the pandemic to help some Americans who buy health insurance on their own.In the wake of Thursday’s second straight negative GDP report, Biden downplayed the news, pointing to continued low unemployment and strong hiring.“Coming off of last year’s historic economic growth — and regaining all the private sector jobs lost during the pandemic crisis — it’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation," the president said in a statement. “But even as we face historic global challenges, we are on the right path and we will come through this transition stronger and more secure.’’The government’s first of three estimates of GDP for the April-June quarter marks a drastic weakening from the&nbsp;<a href="https://apnews.com/article/business-economy-gross-domestic-product-fde10414fcf4fcd4994a88e6addc8dbd">5.7% growth the economy achieved last year</a>. That was the fastest calendar-year expansion since 1984, reflecting how vigorously the economy roared back from the brief but brutal pandemic recession of 2020.But since then, the combination of mounting prices and higher borrowing costs have taken a toll. The Labor Department’s&nbsp;<a href="https://www.bls.gov/cpi/#:~:text=The%20Consumer%20Price%20Index%20(CPI,U.S.%20and%20various%20geographic%20areas.">consumer price index skyrocketed 9.1%</a>&nbsp;in June from a year earlier, a pace not matched since 1981. And despite widespread pay raises, prices are surging faster than wages. In June, average hourly earnings, after adjusting for inflation, slid 3.6% from a year earlier, the 15th straight year-over-year drop.Americans are still spending, though more tepidly. Thursday's report showed that consumer spending rose at a 1% annual pace from April through June, down from 1.8% in the first quarter and 2.5% in the final three months of 2021.Spending on goods like appliances and furniture, which had soared while Americans were sheltering at home early in the pandemic, dropped at a 4.4% rate last quarter. Bit spending on services like airline trips and dinners out rose at a 4.1% rate, indicating that millions of consumers are venturing out more.Before accounting for surging prices, the economy actually grew at a 7.8% annual pace in the April-June quarter. But inflation wiped out that gain and then some and produced a negative GDP number.Against that backdrop, Americans are losing confidence. Their assessment of economic conditions six months from now has reached its lowest point since 2013, according to the Conference Board, a research group.Recession risks have been growing as the Fed’s policymakers have pursued a campaign of rate hikes that will likely extend into 2023. The Fed’s hikes have already led to higher rates on credit cards and auto loans and to&nbsp;<a href="https://apnews.com/article/inflation-prices-mortgages-mortgage-rates-195888d890ceb97524eb6fd1d766bd8e">a doubling of the average rate on a 30-year fixed mortgage</a>&nbsp;in the past year, to 5.5.&nbsp;<a href="https://apnews.com/article/home-sales-prices-mortgages-05b7ad48a6c13727ed160bae415d3baa">Home sales, which are especially sensitive to interest rate changes, have tumbled</a>.Even with the economy recording a second straight quarter of negative GDP, many economists do not regard it as constituting a recession. The&nbsp;<a href="https://apnews.com/article/inflation-covid-health-gross-domestic-product-economy-89cbfc145ad34a91679ffa43e617c896">definition of recession that is most widely accepted</a>&nbsp;is the one determined by the National Bureau of Economic Research, a group of economists whose&nbsp;<a href="https://www.nber.org/news/business-cycle-dating-committee-announcement-july-19-2021">Business Cycle Dating Committee</a>&nbsp;defines a recession as “a significant decline in economic activity that is spread across the economy and lasts more than a few months.”The committee assesses a range of factors before publicly declaring the death of an economic expansion and the birth of a recession — and it often does so well after the fact.“If we aren’t yet in a recession, we soon will be,'' said Joshua Shapiro, chief U.S. economist for the economic consulting firm Maria Fiorini Ramirez Inc. “An economy rapidly losing momentum combined with aggressive monetary tightening is not a recipe for a soft landing or any other type of happy ending.''

Recession fear: US economy shrinks for a 2nd straight quarter

NASHVILLE, Tenn. (AP) — More than 20 Republican attorneys general including Doug Peterson of Nebraska and Derek Schmidt of Kansas filed a lawsuit Tuesday against President Joe Biden's administration over a Department of Agriculture school meal program that prohibits discrimination based on sexual orientation and gender identity.

The challenge, led by Tennessee Attorney General Herbert Slatery, claims that the federal government is attempting to force states and schools to follow antidiscrimination requirements that “misconstrue the law.”

The coalition of attorneys general are hoping for a similar result to a separate challenge from earlier this month when a&nbsp;<a href="https://apnews.com/article/biden-sports-donald-trump-discrimination-gender-identity-bc841e715c2d93b2c2da2e10470aba13">Tennessee judge temporarily barred two federal agencies</a>&nbsp;from enforcing directives issued by Biden's administration that extended protections for LGBTQ people in schools and workplaces.

The judge sided with the attorneys general, ruling that the directives infringed on states’ right to enact laws, such as banning students from participating in sports based on their gender identity or requiring schools and businesses to provide bathrooms and showers to accommodate transgender people.

“This case is, yet again, about a federal agency trying to change law, which is Congress’ exclusive prerogative,” Slatery said in a statement. “The USDA simply does not have that authority. We have successfully challenged the Biden Administration’s other attempts to rewrite law and we will challenge this as well.”

In May, the USDA announced that it would include discrimination based on sexual orientation and gender identity as a violation of Title IX, the sweeping 1972 law that guarantees equity between the sexes in “any education program or activity receiving Federal financial assistance.” The directive requires states to review allegations of discrimination based on gender identity and sexual orientation, as well as update their policies and signage.

The agency warned that states and schools that receive federal funds, which include the national school lunch program overseen by the USDA, have agreed to follow civil rights laws. Although the agency says it wants voluntary compliance, it also has promised to refer violations to the Department of Justice. It is not clear whether the federal government would hold back funding for school meal programs as part of its enforcement.

The directive followed a&nbsp;<a href="https://apnews.com/article/courts-supreme-courts-mi-state-wire-neil-gorsuch-ap-top-news-5a7b0e41a47a3c571dda69194758e7b1">landmark civil rights decision</a>&nbsp;by the U.S. Supreme Court in 2020 that, under a provision called Title VII, protects gay, lesbian and transgender people from discrimination in the workplace.

According to the lawsuit, the attorneys general allege that the USDA's new directive is based on a “misreading” of the Supreme Court's ruling and did not provide states and other groups the opportunity to provide public comment.

The attorneys general involved in the lawsuit filed Tuesday are from Kansas, Missouri, Nebraska, Alabama, Alaska, Arizona, Arkansas, Georgia, Indiana, Kentucky, Louisiana, Mississippi, Montana, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia and West Virginia.

A spokesperson for the USDA did not immediately return a request for comment.

<figure>
 <img src="https://media.eaglewebservices.com/public/2019/6/1560216903799.png" alt="Nebraska Attorney General Doug Peterson" />
 <figcaption>Nebraska Attorney General Doug Peterson</figcaption>
 </figure>NASHVILLE, Tenn. (AP) — More than 20 Republican attorneys general including Doug Peterson of Nebraska and Derek Schmidt of Kansas filed a lawsuit Tuesday against President Joe Biden's administration over a Department of Agriculture school meal program that prohibits discrimination based on sexual orientation and gender identity.The challenge, led by Tennessee Attorney General Herbert Slatery, claims that the federal government is attempting to force states and schools to follow antidiscrimination requirements that “misconstrue the law.”The coalition of attorneys general are hoping for a similar result to a separate challenge from earlier this month when a&nbsp;<a href="https://apnews.com/article/biden-sports-donald-trump-discrimination-gender-identity-bc841e715c2d93b2c2da2e10470aba13">Tennessee judge temporarily barred two federal agencies</a>&nbsp;from enforcing directives issued by Biden's administration that extended protections for LGBTQ people in schools and workplaces.The judge sided with the attorneys general, ruling that the directives infringed on states’ right to enact laws, such as banning students from participating in sports based on their gender identity or requiring schools and businesses to provide bathrooms and showers to accommodate transgender people.“This case is, yet again, about a federal agency trying to change law, which is Congress’ exclusive prerogative,” Slatery said in a statement. “The USDA simply does not have that authority. We have successfully challenged the Biden Administration’s other attempts to rewrite law and we will challenge this as well.”In May, the USDA announced that it would include discrimination based on sexual orientation and gender identity as a violation of Title IX, the sweeping 1972 law that guarantees equity between the sexes in “any education program or activity receiving Federal financial assistance.” The directive requires states to review allegations of discrimination based on gender identity and sexual orientation, as well as update their policies and signage.The agency warned that states and schools that receive federal funds, which include the national school lunch program overseen by the USDA, have agreed to follow civil rights laws. Although the agency says it wants voluntary compliance, it also has promised to refer violations to the Department of Justice. It is not clear whether the federal government would hold back funding for school meal programs as part of its enforcement.The directive followed a&nbsp;<a href="https://apnews.com/article/courts-supreme-courts-mi-state-wire-neil-gorsuch-ap-top-news-5a7b0e41a47a3c571dda69194758e7b1">landmark civil rights decision</a>&nbsp;by the U.S. Supreme Court in 2020 that, under a provision called Title VII, protects gay, lesbian and transgender people from discrimination in the workplace.According to the lawsuit, the attorneys general allege that the USDA's new directive is based on a “misreading” of the Supreme Court's ruling and did not provide states and other groups the opportunity to provide public comment.The attorneys general involved in the lawsuit filed Tuesday are from Kansas, Missouri, Nebraska, Alabama, Alaska, Arizona, Arkansas, Georgia, Indiana, Kentucky, Louisiana, Mississippi, Montana, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia and West Virginia.A spokesperson for the USDA did not immediately return a request for comment.

Nebraska joins 19 other states in lawsuit over LGBTQ school guidance

SEOUL, South Korea (AP) — North Korean leader Kim Jong Un warned he’s ready to use his nuclear weapons in potential military conflicts with the United States and South Korea, state media said Thursday, as he unleashed fiery rhetoric against rivals he says are pushing the Korean Peninsula to the brink of war.

Kim’s speech to war veterans on the 69th anniversary of the end of the 1950-53 Korean War was apparently meant to boost internal unity in the impoverished country amid pandemic-related economic difficulties. While Kim has increasingly threatened his rivals with nuclear weapons, it’s unlikely that he would use them first against the superior militaries of the U.S. and its allies, observers say.

“Our armed forces are completely prepared to respond to any crisis, and our country’s nuclear war deterrent is also ready to mobilize its absolute power dutifully, exactly and swiftly in accordance with its mission,” Kim said in Wednesday's speech, according to the official Korean Central News Agency.

He accused the United States of “demonizing” North Korea to justify its hostile policies. Kim said regular U.S.-South Korea military drills that he claimed target the North highlight U.S. “double standards” and “gangster-like” aspects because it brands North Korea’s routine military activities — an apparent reference to its missile tests — as provocations or threats.

Kim also alleged the new South Korean government of President Yoon Suk Yeol is led by “confrontation maniacs” and “gangsters” who have gone further than previous South Korean conservative governments. Since taking office in May, the Yoon government has moved to strengthen Seoul’s military alliance with the United States and bolster its own capacity to neutralize North Korean nuclear threats including a preemptive strike capability.

“Talking about military action against our nation, which possesses absolute weapons that they fear the most, is preposterous and is very dangerous suicidal action,” Kim said. “Such a dangerous attempt will be immediately punished by our powerful strength and the Yoon Suk Yeol government and his military will be annihilated.”

South Korea expressed “deep regret” over Kim’s threat and said it maintains a readiness to cope with any provocation by North Korea in “a powerful, effective manner.”

In a statement read by spokesperson Kang In-sun, Yoon’s presidential national security office said South Korea will safeguard its national security and citizens’ safety based on a solid alliance with the United States. It urged North Korea to return to talks to take steps toward denuclearization.

Earlier Thursday, South Korea's Defense Ministry repeated its earlier position that it's been boosting its military capacity and joint defense posture with the United States to cope with escalating North Korean nuclear threats.

In April, Kim said North Korea could preemptively use nuclear weapons if threatened, saying they would “never be confined to the single mission of war deterrent.” Kim’s military has also test-launched nuclear-capable missiles that place both the U.S. mainland and South Korea within striking distance. U.S. and South Korean officials have repeatedly said in the past few months that North Korea is ready to conduct its first nuclear test in five years.

Kim is seeking greater public support as his country’s economy has been battered by pandemic-related border shutdowns, U.S.-led sanctions and his own mismanagement. In May, North Korea also admitted to its first COVID-19 outbreak, though the scale of illness and death is widely disputed in a country that lacks the&nbsp;<a href="https://apnews.com/article/covid-health-south-korea-north-herbal-medicine-4d852893a81b60c4bf759e52a5d27615">modern medical capacity</a>&nbsp;to handle it.

“Kim’s rhetoric inflates external threats to justify his militarily focused and economically struggling regime,” said Leif-Eric Easley, a professor at Ewha University in Seoul. “North Korea’s nuclear and missile programs are in violation of international law, but Kim tries to depict his destabilizing arms buildup as a righteous effort at self-defense.”

Experts say North Korea will likely intensify its threats against the U.S. and South Korea as the allies prepare to expand summertime exercises. In recent years, the South Korean and U.S. militaries have canceled or downsized some of their regular exercises due to concerns about COVID-19 and to support now-stalled U.S.-led diplomacy aimed at convincing North Korea to give up its nuclear program in return for economic and political benefits.

During Wednesday’s speech, Kim said his government recently set tasks to improve its military capability more speedily to respond to military pressure campaigns by its enemies, suggesting that he intends to go ahead with an expected nuclear test.

But Cheong Seong-Chang at the private Sejong Institute in South Korea said North Korea won’t likely conduct its nuclear test before China, its major ally and biggest aid benefactor, holds its Communist Party convention in the autumn. He said China worries that a North Korean nuclear test could give the United States a justification to boost its security partnerships with its allies that it could use to check Chinese influence in the region.

North Korea recently said it is moving to overcome the COVID-19 outbreak amid plummeting fever cases, but experts say it’s unclear if the country can lift its strict restrictions soon because it could face a viral resurgence later this year. During Wednesday’s event, Kim, veterans and others didn’t wear masks, state media photos showed. On Thursday, North Korea reported 11 fever cases, a huge drop from the peak of about 400,000 a day in May.

North Korea has rejected U.S. and South Korean offers for medical relief items. It has also said it won’t return to talks with the United States unless it first abandons its hostile polices on the North, in an apparent reference to U.S.-led sanctions and U.S.-South Korean military drills.

<figure>
 <img src="https://media.eaglewebservices.com/public/2019/8/1565180589720.png" alt="Former Kansas Congressman and Secretary of State Mike Pompeo met with North Korean leader Kim Jong Un in Pyongyang in 2018 part of an efforts to reinvigorate nuclear talks between the two countries-photo U.S. State Department" />
 <figcaption>Former Kansas Congressman and Secretary of State Mike Pompeo met with North Korean leader Kim Jong Un in Pyongyang in 2018 part of an efforts to reinvigorate nuclear talks between the two countries-photo U.S. State Department</figcaption>
 </figure>SEOUL, South Korea (AP) — North Korean leader Kim Jong Un warned he’s ready to use his nuclear weapons in potential military conflicts with the United States and South Korea, state media said Thursday, as he unleashed fiery rhetoric against rivals he says are pushing the Korean Peninsula to the brink of war.Kim’s speech to war veterans on the 69th anniversary of the end of the 1950-53 Korean War was apparently meant to boost internal unity in the impoverished country amid pandemic-related economic difficulties. While Kim has increasingly threatened his rivals with nuclear weapons, it’s unlikely that he would use them first against the superior militaries of the U.S. and its allies, observers say.“Our armed forces are completely prepared to respond to any crisis, and our country’s nuclear war deterrent is also ready to mobilize its absolute power dutifully, exactly and swiftly in accordance with its mission,” Kim said in Wednesday's speech, according to the official Korean Central News Agency.He accused the United States of “demonizing” North Korea to justify its hostile policies. Kim said regular U.S.-South Korea military drills that he claimed target the North highlight U.S. “double standards” and “gangster-like” aspects because it brands North Korea’s routine military activities — an apparent reference to its missile tests — as provocations or threats.Kim also alleged the new South Korean government of President Yoon Suk Yeol is led by “confrontation maniacs” and “gangsters” who have gone further than previous South Korean conservative governments. Since taking office in May, the Yoon government has moved to strengthen Seoul’s military alliance with the United States and bolster its own capacity to neutralize North Korean nuclear threats including a preemptive strike capability.“Talking about military action against our nation, which possesses absolute weapons that they fear the most, is preposterous and is very dangerous suicidal action,” Kim said. “Such a dangerous attempt will be immediately punished by our powerful strength and the Yoon Suk Yeol government and his military will be annihilated.”South Korea expressed “deep regret” over Kim’s threat and said it maintains a readiness to cope with any provocation by North Korea in “a powerful, effective manner.”In a statement read by spokesperson Kang In-sun, Yoon’s presidential national security office said South Korea will safeguard its national security and citizens’ safety based on a solid alliance with the United States. It urged North Korea to return to talks to take steps toward denuclearization.Earlier Thursday, South Korea's Defense Ministry repeated its earlier position that it's been boosting its military capacity and joint defense posture with the United States to cope with escalating North Korean nuclear threats.In April, Kim said North Korea could preemptively use nuclear weapons if threatened, saying they would “never be confined to the single mission of war deterrent.” Kim’s military has also test-launched nuclear-capable missiles that place both the U.S. mainland and South Korea within striking distance. U.S. and South Korean officials have repeatedly said in the past few months that North Korea is ready to conduct its first nuclear test in five years.Kim is seeking greater public support as his country’s economy has been battered by pandemic-related border shutdowns, U.S.-led sanctions and his own mismanagement. In May, North Korea also admitted to its first COVID-19 outbreak, though the scale of illness and death is widely disputed in a country that lacks the&nbsp;<a href="https://apnews.com/article/covid-health-south-korea-north-herbal-medicine-4d852893a81b60c4bf759e52a5d27615">modern medical capacity</a>&nbsp;to handle it.“Kim’s rhetoric inflates external threats to justify his militarily focused and economically struggling regime,” said Leif-Eric Easley, a professor at Ewha University in Seoul. “North Korea’s nuclear and missile programs are in violation of international law, but Kim tries to depict his destabilizing arms buildup as a righteous effort at self-defense.”Experts say North Korea will likely intensify its threats against the U.S. and South Korea as the allies prepare to expand summertime exercises. In recent years, the South Korean and U.S. militaries have canceled or downsized some of their regular exercises due to concerns about COVID-19 and to support now-stalled U.S.-led diplomacy aimed at convincing North Korea to give up its nuclear program in return for economic and political benefits.During Wednesday’s speech, Kim said his government recently set tasks to improve its military capability more speedily to respond to military pressure campaigns by its enemies, suggesting that he intends to go ahead with an expected nuclear test.But Cheong Seong-Chang at the private Sejong Institute in South Korea said North Korea won’t likely conduct its nuclear test before China, its major ally and biggest aid benefactor, holds its Communist Party convention in the autumn. He said China worries that a North Korean nuclear test could give the United States a justification to boost its security partnerships with its allies that it could use to check Chinese influence in the region.North Korea recently said it is moving to overcome the COVID-19 outbreak amid plummeting fever cases, but experts say it’s unclear if the country can lift its strict restrictions soon because it could face a viral resurgence later this year. During Wednesday’s event, Kim, veterans and others didn’t wear masks, state media photos showed. On Thursday, North Korea reported 11 fever cases, a huge drop from the peak of about 400,000 a day in May.North Korea has rejected U.S. and South Korean offers for medical relief items. It has also said it won’t return to talks with the United States unless it first abandons its hostile polices on the North, in an apparent reference to U.S.-led sanctions and U.S.-South Korean military drills.

Kim threatens to use nukes amid tensions with US, S. Korea

LOS ANGELES (AP) — Tony Dow, who as Wally Cleaver on the sitcom “Leave It to Beaver” and helped create the popular and lasting image of the American teenager of the 1950s and '60s, died Wednesday. He was 77.

Frank Bilotta, who represented Dow in his work as a sculptor, confirmed his death in an email to The Associated Press.

No cause was given, but Dow had been in hospice care and announced in May that he had been diagnosed with prostate and gall bladder cancer.

“Although this is a very sad day, I have comfort and peace that he is in a better place,” Dow’s son Christopher said in a post on his father’s official Facebook page. “He was the best Dad anyone could ask for. He was my coach, my mentor, my voice of reason, my best friend, my best man in my wedding, and my hero.”

A post on Dow’s Facebook page on Tuesday prematurely reported that he had died, but his wife and management team later took down the post and explained that it was announced in error.

Dow’s Wally was an often annoyed but essentially loving big brother who was constantly bailing out the title character, Theodore “Beaver” Cleaver, played by Jerry Mathers, on the show that was synonymous with the sometimes hokey, wholesome image of the 1950s American family.

Dow was born and raised in the Hollywood section of Los Angeles — his mother was a stuntwoman who acted as a double for silent film star Clara Bow — but his parents did not push him into show business.

He had done just a little stage acting and appeared in a pair of pilots. After attending an open casting call, he landed his career-defining role as Wally.

Dow would play the part for six seasons and more than 200 episodes from 1957 to 1963 on primetime on CBS and ABC, then for more than 100 episodes in the 1980s on a syndicated sequel series.

On the show, Wally, sometimes the center of the plot himself, navigated the worlds of junior high and high school — his two-faced best friend Eddie Haskell at his side — with just a little more wisdom than his little brother. The show’s plotlines suggested Wally was bound for great things — he mentions wanting to become an aerospace engineer — and he tended to find himself in moral dilemmas that stemmed from his essential goodness.

Dow’s favorite episode was one in which the always-ready-to-teach father, Ward Cleaver, played by Hugh Beaumont, wants his boys to know what his childhood was like. He takes them into the wilderness, despite their having what they felt was pressing business at home.

“The boys didn’t want to go because ‘Zombies From Outer Space’ was playing in the theater,” Dow said in a 2018 interview with Sidewalks Entertainment at Silicon Valley Comic-Con.

After the trip, at the end of the episode, Ward discovers the boys on a hilltop with binoculars, thinking they’re taking in some nature.

“They were watching Zombies from Outer Space at the drive-in,” Dow said with a laugh.

The show was still popular when it went off the air, but it had naturally run its course with Wally about to go to college and Beaver bound for high school.

Dow’s death leaves Mathers and Rusty Stevens, who played Beaver’s friend Larry Mondello, as the only surviving members of the show’s core cast. Beaumont died in 1982. Barbara Billingsley, who played mother June Cleaver, died in 2010.&nbsp;<a href="https://apnews.com/article/us-news-ap-top-news-ca-state-wire-obituaries-entertainment-54b4bea0e3684006caeb89e05e400dea">Ken Osmond, who played Haskell</a>, died in 2020.

Dow would appear as a guest star on other TV series throughout the 1960s, 70s and 80s, including “My Three Sons,” “Dr. Kildare,” “Adam-12,” “Emergency,” “Square Pegs” and “Knight Rider.”

He took a break from acting to serve three years in the U.S. National Guard in the late 1960s.

From 1983 to 1989, amid a cultural craze for nostalgia television, Dow reprised the role of Wally in “The New Leave it to Beaver.”

He began writing and directing episodes of that series, and would work as a director in television throughout the 1990s on shows including “The New Lassie,” “Babylon 5,” “Harry and the Hendersons” and “Star Trek: Deep Space Nine.”

At a time when such disclosures were rare, Dow went public with his clinical depression in the 1980s and made self-help videos on accepting and dealing with the illness.

Along with appearances in later years at pop culture conventions, often alongside Mather, Dow worked as an artist, gaining a sterling reputation as a sculptor.

One of his bronze pieces was accepted at 2008′s Societe Nationale des Beaux-Arts, a 150-year-old art show staged annually at the Louvre.

<a href="https://www.yahoo.com/news/tony-dow-former-child-tv-actor-carves-career-203012659.html" target="_blank">Dow told The Associated Press</a>&nbsp;in 2012 that his openings brought out as many people anxious to rub shoulders with the Beaver’s big brother as to see his art.

“I think it’s hard, especially with the Wally image, to be taken seriously at pretty much anything other than that,” he said with a chuckle and a shake of his head.

Dow is survived by his wife of 42 years, Lauren, son Christopher, daughter-in-law Melissa, and brother Dion.

<figure>
 <img src="https://media.eaglewebservices.com/public/2022/7/1658955369765.png" alt="A post on Dow’s Facebook page on Tuesday prematurely reported that he had died, but his wife and management team later took down the post and explained that it was announced in error." />
 <figcaption>A post on Dow’s Facebook page on Tuesday prematurely reported that he had died, but his wife and management team later took down the post and explained that it was announced in error.</figcaption>
 </figure>LOS ANGELES (AP) — Tony Dow, who as Wally Cleaver on the sitcom “Leave It to Beaver” and helped create the popular and lasting image of the American teenager of the 1950s and '60s, died Wednesday. He was 77.Frank Bilotta, who represented Dow in his work as a sculptor, confirmed his death in an email to The Associated Press.No cause was given, but Dow had been in hospice care and announced in May that he had been diagnosed with prostate and gall bladder cancer.“Although this is a very sad day, I have comfort and peace that he is in a better place,” Dow’s son Christopher said in a post on his father’s official Facebook page. “He was the best Dad anyone could ask for. He was my coach, my mentor, my voice of reason, my best friend, my best man in my wedding, and my hero.”A post on Dow’s Facebook page on Tuesday prematurely reported that he had died, but his wife and management team later took down the post and explained that it was announced in error.Dow’s Wally was an often annoyed but essentially loving big brother who was constantly bailing out the title character, Theodore “Beaver” Cleaver, played by Jerry Mathers, on the show that was synonymous with the sometimes hokey, wholesome image of the 1950s American family.Dow was born and raised in the Hollywood section of Los Angeles — his mother was a stuntwoman who acted as a double for silent film star Clara Bow — but his parents did not push him into show business.He had done just a little stage acting and appeared in a pair of pilots. After attending an open casting call, he landed his career-defining role as Wally.Dow would play the part for six seasons and more than 200 episodes from 1957 to 1963 on primetime on CBS and ABC, then for more than 100 episodes in the 1980s on a syndicated sequel series.On the show, Wally, sometimes the center of the plot himself, navigated the worlds of junior high and high school — his two-faced best friend Eddie Haskell at his side — with just a little more wisdom than his little brother. The show’s plotlines suggested Wally was bound for great things — he mentions wanting to become an aerospace engineer — and he tended to find himself in moral dilemmas that stemmed from his essential goodness.Dow’s favorite episode was one in which the always-ready-to-teach father, Ward Cleaver, played by Hugh Beaumont, wants his boys to know what his childhood was like. He takes them into the wilderness, despite their having what they felt was pressing business at home.“The boys didn’t want to go because ‘Zombies From Outer Space’ was playing in the theater,” Dow said in a 2018 interview with Sidewalks Entertainment at Silicon Valley Comic-Con.After the trip, at the end of the episode, Ward discovers the boys on a hilltop with binoculars, thinking they’re taking in some nature.“They were watching Zombies from Outer Space at the drive-in,” Dow said with a laugh.The show was still popular when it went off the air, but it had naturally run its course with Wally about to go to college and Beaver bound for high school.Dow’s death leaves Mathers and Rusty Stevens, who played Beaver’s friend Larry Mondello, as the only surviving members of the show’s core cast. Beaumont died in 1982. Barbara Billingsley, who played mother June Cleaver, died in 2010.&nbsp;<a href="https://apnews.com/article/us-news-ap-top-news-ca-state-wire-obituaries-entertainment-54b4bea0e3684006caeb89e05e400dea">Ken Osmond, who played Haskell</a>, died in 2020.Dow would appear as a guest star on other TV series throughout the 1960s, 70s and 80s, including “My Three Sons,” “Dr. Kildare,” “Adam-12,” “Emergency,” “Square Pegs” and “Knight Rider.”He took a break from acting to serve three years in the U.S. National Guard in the late 1960s.From 1983 to 1989, amid a cultural craze for nostalgia television, Dow reprised the role of Wally in “The New Leave it to Beaver.”He began writing and directing episodes of that series, and would work as a director in television throughout the 1990s on shows including “The New Lassie,” “Babylon 5,” “Harry and the Hendersons” and “Star Trek: Deep Space Nine.”At a time when such disclosures were rare, Dow went public with his clinical depression in the 1980s and made self-help videos on accepting and dealing with the illness.Along with appearances in later years at pop culture conventions, often alongside Mather, Dow worked as an artist, gaining a sterling reputation as a sculptor.One of his bronze pieces was accepted at 2008′s Societe Nationale des Beaux-Arts, a 150-year-old art show staged annually at the Louvre.<a href="https://www.yahoo.com/news/tony-dow-former-child-tv-actor-carves-career-203012659.html" target="_blank">Dow told The Associated Press</a>&nbsp;in 2012 that his openings brought out as many people anxious to rub shoulders with the Beaver’s big brother as to see his art.“I think it’s hard, especially with the Wally image, to be taken seriously at pretty much anything other than that,” he said with a chuckle and a shake of his head.Dow is survived by his wife of 42 years, Lauren, son Christopher, daughter-in-law Melissa, and brother Dion.

'Leave It to Beaver' star Tony Dow dies at 77

WASHINGTON (AP) — The Federal Reserve on Wednesday raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in three decades to tame high inflation.

The Fed’s move will raise its key rate, which affects many consumer and business loans, to a range of 2.25% to 2.5%, its highest level since 2018.

The central bank’s decision follows&nbsp;<a href="https://apnews.com/article/inflation-economy-prices-consumer-74e1a5c9bced40460e4079f62e980095">a jump in inflation to 9.1%</a>, the fastest annual rate in 41 years, and reflects its strenuous efforts to slow price gains across the economy. By raising borrowing rates, the Fed makes it costlier to take out a mortgage or an auto or business loan. Consumers and businesses then presumably borrow and spend less, cooling the economy and slowing inflation.

The Fed is tightening credit even while the economy has begun to slow, thereby heightening the risk that its rate hikes will cause a recession later this year or next. The surge in inflation and fear of a recession have&nbsp;<a href="https://apnews.com/article/inflation-prices-consumer-confidence-540a7e866b29e504f67e1aec2e0ee547">eroded consumer confidence</a>&nbsp;and stirred&nbsp;<a href="https://apnews.com/article/2022-midterm-elections-inflation-race-and-ethnicity-racial-injustice-economy-8702782d77505f711272f5f9d988d73f">public anxiety about the economy,</a>&nbsp;which is sending&nbsp;<a href="https://apnews.com/article/inflation-covid-health-prices-fb0d8b84ab2afe6b2c569c02315b7f31">frustratingly mixed signals</a>.

“I do not think the U.S. is currently in a recession,” Chair Jerome Powell said Wednesday at a news conference.

With the November midterm elections nearing, Americans’ discontent has diminished&nbsp;<a href="https://apnews.com/article/inflation-russia-ukraine-biden-covid-health-b6d1751b2554555f7246f9e914b87c59">President Joe Biden’s public approval ratings</a>&nbsp;and increased the likelihood that the Democrats will lose control of the House and Senate.

The Fed’s moves to sharply tighten credit have&nbsp;<a href="https://apnews.com/article/housing-market-cools-6618d543a9c0ac4ff6562b586cf96c9f">torpedoed the housing market</a>, which is especially sensitive to interest rate changes. The&nbsp;<a href="https://apnews.com/article/inflation-prices-mortgages-mortgage-rates-195888d890ceb97524eb6fd1d766bd8e">average rate on a 30-year fixed mortgage</a>&nbsp;has roughly doubled in the past year, to 5.5%, and home sales have tumbled.

At the same time, consumers are&nbsp;<a href="https://apnews.com/article/inflation-doug-mcmillon-607096fa98a6fe0a7c67987401412e4d">showing signs of cutting spending</a>&nbsp;in the face of high prices. And business surveys suggest that sales are slowing.

The central bank is betting that it can slow growth just enough to tame inflation yet not so much as to trigger a recession — a risk that many analysts fear may end badly.

In a statement the Fed issued after its latest policy meeting ended, it acknowledged that while “indicators of spending and production have softened,” “job gains have been robust in recent months, and the unemployment rate has remained low.” The Fed typically assigns high importance to the pace of hiring and pay growth because when more people earn paychecks, the resulting spending can fuel inflation.

Ian Shepherdson of Pantheon Macroeconomics noted that point, saying, “The Fed is not ready — yet — to concede that weaker growth is a reason to slow the pace of tightening,″

On Thursday, when the government estimates the gross domestic product for the April-June period, some economists think it may show that the economy shrank for a second straight quarter. That would meet one longstanding assumption for when a recession has begun.

But economists say that&nbsp;<a href="https://apnews.com/article/inflation-covid-health-gross-domestic-product-economy-89cbfc145ad34a91679ffa43e617c896">wouldn’t necessarily mean a recession had started</a>. During those same six months when the overall economy might have contracted, employers added 2.7 million jobs — more than in most entire years before the pandemic. Wages are also rising at a healthy pace, with many employers still struggling to attract and retain enough workers.

Still, slowing growth puts the Fed’s policymakers in a high-risk quandary: How high should they raise borrowing rates if the economy is decelerating? Weaker growth, if it causes layoffs and raises unemployment, often reduces inflation on its own.

That dilemma could become an even more consequential one for the Fed next year, when the economy may be in worse shape and inflation will likely still exceed the central bank’s 2% target.

“How much recession risk are you willing to bear to get (inflation) back to 2%, quickly, versus over the course of several years?” asked Nathan Sheets, a former Fed economist who is global chief economist at Citi. “Those are the kinds of issues they’re going to have to wrestle with.”

Economists at Bank of America foresee a “mild” recession later this year. Goldman Sachs analysts estimate a 50-50 likelihood of a recession within two years.

Among analysts who foresee a recession, most predict that it will prove relatively mild. The unemployment rate, they note, is near a 50-year low, and households are overall in solid financial shape, with more cash and smaller debts than after the housing bubble burst in 2008.

Fed officials have suggested that at its new level, their key short-term rate will neither stimulate growth nor restrict it – what they call a “neutral” level. Powell has said the Fed wants its key rate to reach neutral relatively quickly.

Should the economy continue to show signs of slowing, the Fed may moderate the size of its rate hikes as soon as its next meeting in September, perhaps to a half-point. Such an increase, followed by possibly quarter-point hikes in November and December, would still raise the Fed’s short-term rate to 3.25% to 3.5% by year’s end -- the highest point since 2008.

<figure>
 <img src="https://media.eaglewebservices.com/public/2020/4/1586436935167.png" alt="“I do not think the U.S. is currently in a recession,” Chair Jerome Powell said Wednesday at a news conference.-photo courtesy CSPAN" />
 <figcaption>“I do not think the U.S. is currently in a recession,” Chair Jerome Powell said Wednesday at a news conference.-photo courtesy CSPAN</figcaption>
 </figure>WASHINGTON (AP) — The Federal Reserve on Wednesday raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in three decades to tame high inflation.The Fed’s move will raise its key rate, which affects many consumer and business loans, to a range of 2.25% to 2.5%, its highest level since 2018.The central bank’s decision follows&nbsp;<a href="https://apnews.com/article/inflation-economy-prices-consumer-74e1a5c9bced40460e4079f62e980095">a jump in inflation to 9.1%</a>, the fastest annual rate in 41 years, and reflects its strenuous efforts to slow price gains across the economy. By raising borrowing rates, the Fed makes it costlier to take out a mortgage or an auto or business loan. Consumers and businesses then presumably borrow and spend less, cooling the economy and slowing inflation.The Fed is tightening credit even while the economy has begun to slow, thereby heightening the risk that its rate hikes will cause a recession later this year or next. The surge in inflation and fear of a recession have&nbsp;<a href="https://apnews.com/article/inflation-prices-consumer-confidence-540a7e866b29e504f67e1aec2e0ee547">eroded consumer confidence</a>&nbsp;and stirred&nbsp;<a href="https://apnews.com/article/2022-midterm-elections-inflation-race-and-ethnicity-racial-injustice-economy-8702782d77505f711272f5f9d988d73f">public anxiety about the economy,</a>&nbsp;which is sending&nbsp;<a href="https://apnews.com/article/inflation-covid-health-prices-fb0d8b84ab2afe6b2c569c02315b7f31">frustratingly mixed signals</a>.“I do not think the U.S. is currently in a recession,” Chair Jerome Powell said Wednesday at a news conference.With the November midterm elections nearing, Americans’ discontent has diminished&nbsp;<a href="https://apnews.com/article/inflation-russia-ukraine-biden-covid-health-b6d1751b2554555f7246f9e914b87c59">President Joe Biden’s public approval ratings</a>&nbsp;and increased the likelihood that the Democrats will lose control of the House and Senate.The Fed’s moves to sharply tighten credit have&nbsp;<a href="https://apnews.com/article/housing-market-cools-6618d543a9c0ac4ff6562b586cf96c9f">torpedoed the housing market</a>, which is especially sensitive to interest rate changes. The&nbsp;<a href="https://apnews.com/article/inflation-prices-mortgages-mortgage-rates-195888d890ceb97524eb6fd1d766bd8e">average rate on a 30-year fixed mortgage</a>&nbsp;has roughly doubled in the past year, to 5.5%, and home sales have tumbled.At the same time, consumers are&nbsp;<a href="https://apnews.com/article/inflation-doug-mcmillon-607096fa98a6fe0a7c67987401412e4d">showing signs of cutting spending</a>&nbsp;in the face of high prices. And business surveys suggest that sales are slowing.The central bank is betting that it can slow growth just enough to tame inflation yet not so much as to trigger a recession — a risk that many analysts fear may end badly.In a statement the Fed issued after its latest policy meeting ended, it acknowledged that while “indicators of spending and production have softened,” “job gains have been robust in recent months, and the unemployment rate has remained low.” The Fed typically assigns high importance to the pace of hiring and pay growth because when more people earn paychecks, the resulting spending can fuel inflation.Ian Shepherdson of Pantheon Macroeconomics noted that point, saying, “The Fed is not ready — yet — to concede that weaker growth is a reason to slow the pace of tightening,″On Thursday, when the government estimates the gross domestic product for the April-June period, some economists think it may show that the economy shrank for a second straight quarter. That would meet one longstanding assumption for when a recession has begun.But economists say that&nbsp;<a href="https://apnews.com/article/inflation-covid-health-gross-domestic-product-economy-89cbfc145ad34a91679ffa43e617c896">wouldn’t necessarily mean a recession had started</a>. During those same six months when the overall economy might have contracted, employers added 2.7 million jobs — more than in most entire years before the pandemic. Wages are also rising at a healthy pace, with many employers still struggling to attract and retain enough workers.Still, slowing growth puts the Fed’s policymakers in a high-risk quandary: How high should they raise borrowing rates if the economy is decelerating? Weaker growth, if it causes layoffs and raises unemployment, often reduces inflation on its own.That dilemma could become an even more consequential one for the Fed next year, when the economy may be in worse shape and inflation will likely still exceed the central bank’s 2% target.“How much recession risk are you willing to bear to get (inflation) back to 2%, quickly, versus over the course of several years?” asked Nathan Sheets, a former Fed economist who is global chief economist at Citi. “Those are the kinds of issues they’re going to have to wrestle with.”Economists at Bank of America foresee a “mild” recession later this year. Goldman Sachs analysts estimate a 50-50 likelihood of a recession within two years.Among analysts who foresee a recession, most predict that it will prove relatively mild. The unemployment rate, they note, is near a 50-year low, and households are overall in solid financial shape, with more cash and smaller debts than after the housing bubble burst in 2008.Fed officials have suggested that at its new level, their key short-term rate will neither stimulate growth nor restrict it – what they call a “neutral” level. Powell has said the Fed wants its key rate to reach neutral relatively quickly.Should the economy continue to show signs of slowing, the Fed may moderate the size of its rate hikes as soon as its next meeting in September, perhaps to a half-point. Such an increase, followed by possibly quarter-point hikes in November and December, would still raise the Fed’s short-term rate to 3.25% to 3.5% by year’s end -- the highest point since 2008.

Another huge interest rate hike in push to tame soaring inflation

WW II veteran who ‘never took his foot off the gas’ dies at 97

By CINDY GONZALEZ <a href="https://nebraskaexaminer.com/2022/07/27/omaha-crossroads-among-numerous-properties-shaped-by-homegrown-real-estate-tycoon-frank-krejci/">Nebraska Examiner</a>

OMAHA
 — From the Gretna outlet stores to Crossroads and Oak View malls and 
beyond, Frank Krejci in his nearly 100 years made landscape-changing 
impressions on the Omaha metro area.

Not only was the homegrown real 
estate developer behind several high-profile retail ventures, he also 
took on residential projects such as the West Shores lakeside community 
in Waterloo. He&nbsp; pushed numerous industrial, commercial and charitable 
land deals.

He once placed a $1.6 million winning
 bid on a 17-room mansion in Gretna, plotted a family-themed RV park on 
230 acres of Sarpy County and bought a sprawling 31,000 acres of Wyoming
 cattle, fishing and hunting ranchland.

“The wild thing about Frank is he did
 a lot of everything — he never took his foot off the gas,” said Brian 
Kuehl, an Omaha Investors Realty broker who helped Krejci on multiple 
investments.

Up until recently, Kuehl said, Krejci
 had even picked up the pace because “he had this overwhelming desire to
 complete what he set out to do, which was to make his mark.”

Krejci died Monday at Methodist Hospital, a few weeks after his 97th birthday.

He was surrounded by family. Survivors include his wife of 47 years, Jane, and four children.

Krejci, of Century Development, told a
 reporter a few years ago that he had goals to complete before he either
 retired or died, and one was the makeover of the Crossroads shopping 
center at 72nd and Dodge Streets.

Krejci’s partner in that project, 
Chip James of Lockwood Development, said Tuesday that the redevelopment 
will continue as Krejci had wanted.

“Frank has said from the beginning of
 The Crossroads redevelopment that he wanted to create a legacy project 
for Omaha — and we will continue to strive to deliver on Frank’s 
vision,” said James.

James, Lockwood’s president, offered 
few other details Tuesday about the mixed-use campus expected to open in
 2024. He said he will miss Krecji, whom he called a business visionary 
on multiple fronts.

“His desire and determination on 
achieving the Crossroads redevelopment is a testament to his lifelong 
pursuit towards transforming his community,” James said. “Frank was 
impactful on my life. He pushed me, he taught me and he supported me. 
And I am grateful for his partnership.”

Krejci purchased the deteriorating 
Crossroads property 12 years ago, raising hope among city residents and 
leaders that Omaha’s first mall west of 42nd Street would return to its 
glory at what remains one of the area’s busiest intersections.

Numerous proposals failed before 
Krejci partnered with Lockwood on a plan to transform the 40 acres or so
 into a hub of entertainment, office, residential and retail activities.
 The cost is expected to reach around $600 million, with about $80 
million in public tax-increment financing.

Among other of Krejci’s recent 
projects is the High Point, a multiple-building commercial complex that 
Century Development assembled in the Elkhorn area near 204th Street 
north of West Dodge Road.

Kuehl helped Krejci market that 
property and said his brokerage work with Krejci spans perhaps 15 years,
 back to the Pacific Springs commercial project near 158th and Pacific 
Streets.

“I couldn’t even begin to name all the projects Frank has been involved in in the Omaha area,” he said.

Those who worked with Krejci said he was as determined as he was frank, brazen and without much of a filter.&nbsp;

“He never pulled any punches,” Kuehl said. “Even if it wasn’t right, it was the way he saw it, and he made no apologies.”

Trenton Magid, of NAI NP Dodge and 
co-host of the “Grow Omaha” radio show, helped Krejci celebrate his 90th
 birthday. Magid sent a balloon-o-gram in which he had the singer 
describe his friend as “an equal opportunity offender of everyone.”

“For somebody who had so much of it, 
he was not about money,” Magid said. “Money was just a way of keeping 
score. And he had the golden touch.”

A World War II veteran, Krejci was drafted into the Army shortly after he graduated from Omaha Technical High School.

After returning from combat, he 
bought an auto body business in Omaha and three years later, in 1950, 
used profits to buy his first real estate parcel.

A biography on a property listing 
said Krejci’s developments included Millard Business Park, Blackstone 
Centre, Nicholas Plaza, Centech Business Park and buildings in the Old 
Mill and North Park office parks.

Retail and residential projects 
included Nebraska Crossing Outlet Mall, Brentwood Square shopping 
center, Elk Ranch and Indian Pointe Estates, Valley Shores and projects 
in several other states including Arizona, Florida and Texas.

Magid said Krejci had an eye for picking the right property and for real estate projects.

“He loved land, but he also loved something that was run down and something he could improve upon,” he said.&nbsp;

Upon learning of his friend’s 
passing, Magid sent a text to some colleagues: “I’m sure he is offending
 plenty of people in line in front of the pearly gates. Tomorrow he will
 be putting up condos.”

<figure>
 <img src="https://media.eaglewebservices.com/public/2022/7/1658947254037.png" alt="Standing in front of the old Crossroads Mall before it was demolished are Frank Krejci and Chip James, whose companies partnered in a multimillion-dollar redevelopment of the roughly 40 acres near 72nd and Dodge Streets. (Courtesy of Emily O’Connor)" />
 <figcaption>Standing in front of the old Crossroads Mall before it was demolished are Frank Krejci and Chip James, whose companies partnered in a multimillion-dollar redevelopment of the roughly 40 acres near 72nd and Dodge Streets. (Courtesy of Emily O’Connor)</figcaption>
 </figure><h2>WW II veteran who ‘never took his foot off the gas’ dies at 97</h2>By CINDY GONZALEZ <a href="https://nebraskaexaminer.com/2022/07/27/omaha-crossroads-among-numerous-properties-shaped-by-homegrown-real-estate-tycoon-frank-krejci/">Nebraska Examiner</a>OMAHA
 — From the Gretna outlet stores to Crossroads and Oak View malls and 
beyond, Frank Krejci in his nearly 100 years made landscape-changing 
impressions on the Omaha metro area.Not only was the homegrown real 
estate developer behind several high-profile retail ventures, he also 
took on residential projects such as the West Shores lakeside community 
in Waterloo. He&nbsp; pushed numerous industrial, commercial and charitable 
land deals.He once placed a $1.6 million winning
 bid on a 17-room mansion in Gretna, plotted a family-themed RV park on 
230 acres of Sarpy County and bought a sprawling 31,000 acres of Wyoming
 cattle, fishing and hunting ranchland.“The wild thing about Frank is he did
 a lot of everything — he never took his foot off the gas,” said Brian 
Kuehl, an Omaha Investors Realty broker who helped Krejci on multiple 
investments.<figure>
 <img src="https://media.eaglewebservices.com/public/2022/7/1658947313418.jpeg" alt="Frank Krejci (Courtesy of Century Development)" />
 <figcaption>Frank Krejci (Courtesy of Century Development)</figcaption>
 </figure><h2>Picked up the pace</h2>Up until recently, Kuehl said, Krejci
 had even picked up the pace because “he had this overwhelming desire to
 complete what he set out to do, which was to make his mark.”Krejci died Monday at Methodist Hospital, a few weeks after his 97th birthday.He was surrounded by family. Survivors include his wife of 47 years, Jane, and four children.Krejci, of Century Development, told a
 reporter a few years ago that he had goals to complete before he either
 retired or died, and one was the makeover of the Crossroads shopping 
center at 72nd and Dodge Streets.Krejci’s partner in that project, 
Chip James of Lockwood Development, said Tuesday that the redevelopment 
will continue as Krejci had wanted.“Frank has said from the beginning of
 The Crossroads redevelopment that he wanted to create a legacy project 
for Omaha — and we will continue to strive to deliver on Frank’s 
vision,” said James.<h2>‘Business visionary’</h2>James, Lockwood’s president, offered 
few other details Tuesday about the mixed-use campus expected to open in
 2024. He said he will miss Krecji, whom he called a business visionary 
on multiple fronts.“His desire and determination on 
achieving the Crossroads redevelopment is a testament to his lifelong 
pursuit towards transforming his community,” James said. “Frank was 
impactful on my life. He pushed me, he taught me and he supported me. 
And I am grateful for his partnership.”<figure>
 <img src="https://media.eaglewebservices.com/public/2022/7/1658947358931.png" alt="" />
 <figcaption></figcaption>
 </figure>Krejci purchased the deteriorating 
Crossroads property 12 years ago, raising hope among city residents and 
leaders that Omaha’s first mall west of 42nd Street would return to its 
glory at what remains one of the area’s busiest intersections.Numerous proposals failed before 
Krejci partnered with Lockwood on a plan to transform the 40 acres or so
 into a hub of entertainment, office, residential and retail activities.
 The cost is expected to reach around $600 million, with about $80 
million in public tax-increment financing.Among other of Krejci’s recent 
projects is the High Point, a multiple-building commercial complex that 
Century Development assembled in the Elkhorn area near 204th Street 
north of West Dodge Road.Kuehl helped Krejci market that 
property and said his brokerage work with Krejci spans perhaps 15 years,
 back to the Pacific Springs commercial project near 158th and Pacific 
Streets.“I couldn’t even begin to name all the projects Frank has been involved in in the Omaha area,” he said.<h2>Brazen, no filter, ‘golden touch’</h2>Those who worked with Krejci said he was as determined as he was frank, brazen and without much of a filter.&nbsp;“He never pulled any punches,” Kuehl said. “Even if it wasn’t right, it was the way he saw it, and he made no apologies.”Trenton Magid, of NAI NP Dodge and 
co-host of the “Grow Omaha” radio show, helped Krejci celebrate his 90th
 birthday. Magid sent a balloon-o-gram in which he had the singer 
describe his friend as “an equal opportunity offender of everyone.”“For somebody who had so much of it, 
he was not about money,” Magid said. “Money was just a way of keeping 
score. And he had the golden touch.”A World War II veteran, Krejci was drafted into the Army shortly after he graduated from Omaha Technical High School.After returning from combat, he 
bought an auto body business in Omaha and three years later, in 1950, 
used profits to buy his first real estate parcel.<h2>Deals, lots of them</h2>A biography on a property listing 
said Krejci’s developments included Millard Business Park, Blackstone 
Centre, Nicholas Plaza, Centech Business Park and buildings in the Old 
Mill and North Park office parks.Retail and residential projects 
included Nebraska Crossing Outlet Mall, Brentwood Square shopping 
center, Elk Ranch and Indian Pointe Estates, Valley Shores and projects 
in several other states including Arizona, Florida and Texas.Magid said Krejci had an eye for picking the right property and for real estate projects.“He loved land, but he also loved something that was run down and something he could improve upon,” he said.&nbsp;Upon learning of his friend’s 
passing, Magid sent a text to some colleagues: “I’m sure he is offending
 plenty of people in line in front of the pearly gates. Tomorrow he will
 be putting up condos.”

Real estate tycoon helped shape Omaha for decades

WASHINGTON (AP) — President&nbsp;<a href="https://apnews.com/hub/joe-biden">Joe Biden</a>&nbsp;on Wednesday emerged from five days of isolation after contracting the coronavirus, telling Americans that “COVID isn't gone” but saying serious illness can be avoided with vaccines, booster shoots and treatments.

(click below to watch the President's comments)

“You don’t need to be president to get these tools," he said.

Biden had a mild bout with the virus that has killed millions of people around the world and disrupted daily life for more than two years.

“God bless you all, and now I get to go back to the Oval Office,” he said as he finished his remarks in the Rose Garden and returned to the West Wing.

Biden tested negative for the virus on Tuesday night and Wednesday morning.

WASHINGTON (AP) — President&nbsp;<a href="https://apnews.com/hub/joe-biden">Joe Biden</a>&nbsp;on Wednesday emerged from five days of isolation after contracting the coronavirus, telling Americans that “COVID isn't gone” but saying serious illness can be avoided with vaccines, booster shoots and treatments.(click below to watch the President's comments)<div><iframe width="560" height="315" src="https://www.youtube.com/embed/URBPSGL-foU" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe></div>“You don’t need to be president to get these tools," he said.Biden had a mild bout with the virus that has killed millions of people around the world and disrupted daily life for more than two years.“God bless you all, and now I get to go back to the Oval Office,” he said as he finished his remarks in the Rose Garden and returned to the West Wing.Biden tested negative for the virus on Tuesday night and Wednesday morning.“Back to the Oval,”&nbsp;<a href="https://twitter.com/POTUS/status/1552296813230710784?s=20&amp;t=LYCxpr5Ew1UUeBgus7GcQw">Biden tweeted</a>&nbsp;after the White House released&nbsp;<a href="https://www.documentcloud.org/documents/22121894-biden-covid-update-july-27">the latest daily update from his doctor</a>&nbsp;confirming that he was clear to end the isolation period that is required after someone tests positive for the coronavirus.Biden’s tweet included a photo of a rapid COVID-19 test with the line showing a negative result.“Thanks to Doc for the good care, and to all of you for your support,” the president’s tweet said.Biden, 79,&nbsp;<a href="https://apnews.com/article/biden-covid-health-karine-jean-pierre-government-and-politics-d9dbee6cc390f648396c46dd504c31c3">tested positive</a>&nbsp;last week. He continued to work during isolation, holding meetings virtually and addressing groups through recorded messages.Dr. Kevin O’Connor, Biden's physician, wrote in Wednesday's update that the president had completed&nbsp;<a href="https://apnews.com/article/coronavirus-pandemic-pfizer-medication-f5f65e7e61d6aa9c7dfa193053e8878a">a five-day course of Paxlovid</a>, an anti-viral drug used to treat COVID-19. Biden remains free of fever and had not used Tylenol in the past 36 hours.Biden's symptoms were almost “completely resolved,” O'Connor reported.“Given these reassuring factors, the president will discontinue his strict isolation measures,” the doctor wrote.Biden plans to wear a “well-fitting” face mask for five more days anytime he is around others.---------WASHINGTON (AP) — President&nbsp;<a href="https://apnews.com/hub/joe-biden">Joe Biden</a>&nbsp;is ending his COVID-19 isolation after testing negative for the virus on Tuesday night and again on Wednesday.<div><blockquote class="twitter-tweet">Back to the Oval. Thanks to Doc for the good care, and to all of you for your support. <a href="https://t.co/Cfzn1zAKJF">pic.twitter.com/Cfzn1zAKJF</a>&mdash; President Biden (@POTUS) <a href="https://twitter.com/POTUS/status/1552296813230710784?ref_src=twsrc%5Etfw">July 27, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>That’s according to a letter the White House released Wednesday from Biden’s physician.Dr. Kevin O’Connor writes that Biden has completed his course of treatment with&nbsp;<a href="https://apnews.com/article/coronavirus-pandemic-pfizer-medication-f5f65e7e61d6aa9c7dfa193053e8878a">the drug Paxlovid</a>&nbsp;and remains free of fever. O’Connor says that given those factors and the pair of negative tests, Biden will discontinue his “strict isolation” measures.In fact, Biden is scheduled to appear in the White House Rose Garden around midday Wednesday.Biden, 79,&nbsp;<a href="https://apnews.com/article/biden-covid-health-karine-jean-pierre-government-and-politics-d9dbee6cc390f648396c46dd504c31c3">tested positive</a>&nbsp;for COVID-19 last week.