Economic history suggests that growth-killing rate hikes could be necessary to finally control inflation, and typically, that is a prescription for a recession.
Business
Local, state and national business news from the Kennebec Journal and Morning Sentinel.
Posted inBusiness, Nation & World, News
Production at bedeviled baby formula factory halted by storm
Abbott says it needs to assess damage and re-sanitize the factory after severe thunderstorms and heavy rains swept through southwestern Michigan late Monday.
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Posted inBusiness, News
Revlon, beauty icon in crowded market, files for bankruptcy
The global supply chain disruptions that are hobbling hundreds of international companies in recent months were too much for Revlon.
Posted inBusiness, Nation & World, News
Average U.S. mortgage rates jump by most in 35 years
The brisk rise in rates, along with a sharp increase in home prices, has been pushing potential homebuyers out of the market.
Posted inBusiness
So long, Internet Explorer. The browser retires
The 27-year-old application now joins BlackBerry phones, dial-up modems and Palm Pilots in the dustbin of tech history.
Posted inBusiness, Nation & World, News
This is how a higher Fed rate could affect your finances
Credit card spending could cost you more.
Posted inBusiness, Nation & World
Stocks rally after Fed’s big rate hike to fight inflation
The market’s ebullience is a sharp turnaround from the worldwide rout that has dominated much of this year.
Posted inBusiness, Maine, Morning Sentinel
MRC now in position to purchase Hampden recycling, waste-to-energy facility
The Municipal Review Committee announced Wednesday that no qualified bidders have come forward to buy the defunct Coastal Resources of Maine plant, which means the MRC is now poised to take ownership of it for $1.5 million.
Posted inBusiness, Nation & World
Fed attacks inflation with its largest interest rate hike since 1994
The move the Federal Reserve announced on Wednesday will increase its benchmark short-term rate, which affects many consumer and business loans, to a range of 1.5% to 1.75%.
Posted inBusiness, Maine
Maine approves $63 million CMP power line upgrade over residents’ objections
Hundreds opposed the upgrade as benefiting a planned land-based salmon farm to be built in Belfast by Nordic Aquafarms, but regulators noted ongoing problems with the aging line.