Anticipated rate hikes, higher than expected unemployment claims, another vote on recreational marijuana in Connecticut, and a new advanced manufacturing center are among the top business news items this morning.
National
Data released by the Federal Reserve on Wednesday shows a forecast of at least two rate hikes in 2023 after a lengthy period of keeping its rates near zero. The Fed has also increased its inflation projection to 3.4 percent and maintained its expectation that the United States unemployment rate will fall to 4.5 percent by the end of the year.
Initial jobless claims rose unexpectedly last week, increasing from 375,000 for the week ending June 5 to 412,000 for the week ending June 12. Continuing claims held steady at 3.52 million.
Connecticut
The Connecticut House of Representatives has voted 76-62 to approve a bill legalizing recreational marijuana in the state, removing Senate-crafted language that prompted a veto threat by Governor Ned Lamont. The bill returns to the Connecticut Senate for a vote today.
Lamont has announced that Tunxis Community College in Farmington will be home to the National Science Foundation’s National Center for Next Generation Manufacturing. The center will offer educational models and professional development opportunities in advanced manufacturing.
