Plus, should U.S. production of oil be increased, or should the U.S. turn to foreign actors like Iran and Venezuela for supplies?
The Fed is set to raise interest rates. What will it mean for you? |
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| | What's happening: The Federal Reserve is expected to raise interest rates this week — for the first time in three years — by .25%. What you should expect, according to Phil Dean, former state budget director and public finance senior research fellow at the University of Utah’s Kem C. Gardner Policy Institute: Home loans, car loans and business equipment investments will become more expensive as rates rise. Those with fixed-rate loans for large purchases such as homes and cars are better protected. Those with variable-rate loans, or who are carrying debt on variable-rate credit cards, will experience larger, interest-driven fees. More rate raises are expected throughout 2022. The hope is to reduce inflation without impeding the growth of the U.S. economy. |
Read more about the Federal Reserve's expected interest rate increase. |
| The debate over how to ease high gas prices is ongoing. Here are some of the solutions being advocated: More U.S. production Rikki Hrenko-Browning, president of the Utah Petroleum Association, argues that the Biden administration should expedite permitting decisions and leases so the U.S. can quickly increase oil production. "The current administration’s energy policy has resulted in reduced new leases, delays in permitting new wells and delays in extending leases." More clean energy A piece by the Center for Western Priorities argues that high gas prices are a reason to transition to clean energy. "We can never be energy independent while we rely on a fuel source that is both controlled by the global market and highly susceptible to international conflict and manipulation by autocratic regimes.” In any event, the Russian war in Ukraine can't be solely blamed for high gas prices. Prices had already increased by 30% before the invasion began. The increase is tied up in a 40-year high in inflation and an industry that has been constrained like many others by supply chain issues and a shortage of labor. Read more about potential solutions to high gas prices. More in Politics Why one Republican now regrets not voting to impeach Trump (Deseret News) Why Disney is stopping all political donations in Florida (Deseret News) | Health Dr. Fauci warns war in Ukraine could lead to the ‘devastating’ spread of tuberculosis (Deseret News) The fourth COVID-19 vaccine shot is necessary, Pfizer CEO says (Deseret News) Bird flu was discovered again in Kansas and Illinois. It is not a threat to humans, experts say (Deseret News) Better air in classrooms matters beyond COVID. Here's why schools aren't there yet (NPR) Faith What to know about Purim, the most joyful —and rowdy — of Jewish holidays (Deseret News) How 2 international agencies will use $4M from Latter-day Saint Charities to help Ukraine refugees (Deseret News) President Nelson remembers Sister Donna Packer as a ‘mother, sister, saint and daughter of the living God’ (Church News) Economy Why rising interest rates are pricing out even more homebuyers (Deseret News) PCMR owner Vail Resorts sets a $20-per-hour minimum wage (ParkRecord.com) Safety Deadly weekend of wrong-way crashes prompts plea from Utah troopers (KSL.com) How to make Roblox and Minecraft safe for kids (Deseret News) Deadly Salt Lake City RV fire shows how Utah’s lack of homeless shelters can lead to disaster (The Salt Lake Tribune 🔒) Environment Why there’s not much room for optimism with Utah water supplies (Deseret News) What can you do to reduce your carbon footprint? Here are some tips (Deseret News) The West I spent a week living in the wilderness. Here’s what I learned about surviving modern life (Deseret News) 'A once-in-a-lifetime experience': Biologists catch wolverine 43 years after species' 1st Utah sighting (KSL.com) 25 years and counting: Wilderness Volunteers continues to play vital role in Southern Utah, nation (St. George News) The Nation Biden's Fed nominee Raskin imperiled by Democrat's opposition (Reuters) The World Russian shelling hits Kyiv as peace talks continue (Deseret News) Nuclear conflict is now ‘back within the realm of possibility,’ U.N. official says (Deseret News) China’s COVID-19 outbreak continues. Here’s what we know (Deseret News) Utah innovator working to get high-tech recon drones to Ukrainian troops (Deseret News) Trending Perspective: The lessons for the rest of us in Tom Brady’s unretirement (Deseret News) | That's all for this morning. Check your inbox tomorrow for more news from the Beehive State and beyond! And tell us what you think about Utah Today by replying to this email or emailing [email protected]. — Ashley |
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