News Briefs - Sept. 24
The Latest Headlines:
- Home Resales Slow in August
- Fed Says 'Significant' Rate Increases May Be Needed
- Hurricane Jeanne Heads for Florida; Ivan Strikes Texas
- Kansas School Honors ATA President
- Fed Says 'Significant' Rate Increases May Be Needed
Home Resales Slow in August
Sales of previously owned homes fell 2.7% in August, the second straight decrease, the National Association of Realtors said Friday.The 6.54 million-unit annualized rate was down from a 6.72 million pace for July. June's 6.92 million pace was the highest ever.
Strong home sales likely mean more business for flatbed trucking companies that haul building materials. Also dry van freight could see an increase in demand for the delivery of household appliances and furniture
Fed Says 'Significant' Rate Increases May Be Needed
Federal Reserve policy-makers said that "significant" increases in interest rates could be needed to keep inflation from becoming a problem, according to minutes from their August meeting released on Thursday.The Federal Open Market Committee unanimously agreed at the Aug. 10 meeting to boost a key short-term interest rate by one-quarter percentage point to 1.5%. The Fed raised rates again by a quarter-point earlier this week.
At both Tuesday's meeting and the August one, Fed policy-makers expressed confidence they could stick to their current approach of gradually raising interest rates given that the current inflation climate was relatively well behaved, the Associated Press reported.
Some economists believe the funds rate will rise to 2% by the end of the year. Some believe the next rate increase will come on Nov. 10, AP said. Transport Topics
Hurricane Jeanne Heads for Florida; Ivan Strikes Texas
Hurricane Jeanne could reach the East Coast on Florida on Sunday, making it the first time the state has been hit by four hurricanes in one season since records began in 1851, Bloomberg reported.The National Hurricane Center said Friday morning the center of the storm was 340 miles east of Great Abaco Island in the Bahamas and moving west toward Florida at 8 miles per hour.
A hurricane warning is in effect for the northwestern Bahamas, and Florida's east coast is under a watch.
The hurricane center also said the remnants of Hurricane Ivan weakened into a tropical depression on Friday, but was still dumping heavy rain along the coast of southeastern Texas. Transport Topics
Kansas School Honors ATA President
American Trucking Associations President Bill Graves, a former governor of Kansas, returned to his home state Sept. 10 to accept two honors from Pittsburg State University, where he spoke on the importance of lifelong learning, the Associated Press reported.University officials formally named a wing of the Kansas Technology Center as the Gov. Bill Graves Technology Building, in recognition of Graves’ role in securing funding for the center.
Graves left office in January 2003 after eight years as governor and became ATA president that same month.
The lecture series is named for William Brandenburg, who was president of Pittsburg State from 1913 until his death in 1940, AP said. Graves also received a Brandenburg Medallion. Transport Topics
