A call for ending the Fed’s easy money policies, another drop in jobless claims, higher wholesale prices, a stalled nomination for an SBA post, a ghost kitchen investment, and heat wave precautions in Connecticut are among the top business news items this morning.
Two Federal Reserve officials are calling for the central bank to end its easy money policies and stop its emergency bond buying program. The officials argue that current economic conditions, including an ongoing recovery from COVID-19 and stable inflation projections, support the idea of ending the asset purchases the Fed has been conducting as an economic stimulus.
Initial jobless claims fell to 375,000 last week, the third straight week of declines. In the prior week, continuing claims dropped to 2.87 million.
Wholesale prices increased 1 percent in July and are up a record 7.8 percent on an annual basis. This update comes shortly after the Department of Labor’s Consumer Price Index showed ongoing but slowing inflation during the month.
President Joe Biden’s pick for second in command at the U.S. Small Business Administration remains stalled amid Republican accusations that the nominee, Dilawar Syed, has been associated with an anti-Israel group. Critics, including several prominent religious groups, are accusing the GOP of using Islamophobic tactics in their tactics.
Wendy’s is ramping up its involvement in the “ghost kitchen” trend by partnering with the startup company Reef Technology and planning to open 700 of the venues in the United States, United Kingdom, and Canada by 2025. Ghost kitchens, which became more prominent during the COVID-19 pandemic, help restaurants cut costs by fulfilling delivery orders made through third-party apps.
The Connecticut Department of Public Health is urging workers to take the necessary precautions during a current heat wave where temperatures are expected to come close to 100 degrees. Employees should take steps to stay hydrated, take breaks in cool areas, and limit their time in the direct sun.