Kansas Municipal News
Pottawatomie County ballot to again include sales tax question for infrastructure projects
It’s election season, and residents of Pottawatomie County can expect to see a new, but familiar, question on this year’s ballot. Earlier this month, County Commissioners voted to include a quarter-percent sales tax to fund road and bridge improvements. Commissioner Greg Riat joined KMAN’s In Focus Tuesday, where he explained there are various projects around the county that this tax would help support. Riat also wants residents to understand that this increase would be temporary.
Source: 1350 KMAN
Derby pushes forward with compensation adjustments
Due to increased turnover and a lack of applicants, the city began to look at some significant pay changes at the start of the year, with the Derby City Council approving a total compensation study to address the issues. The council heard recommendations tied to that study at its July 25 meeting and directed staff to begin pay/benefit adjustments for city employees as presented at a total cost of $1,265,527 – to be split over two years in 2024 and 2025. With 33% of new hires leaving within one year of employment, the compensation study was seen as imperative …
Source: Derby Informer | News
Derby addresses water service transfer for future developments
With Derby’s continued development – especially residentially – the city has run into consistent issues in regards to the transfer of water service territory, most often with Sedgwick County Rural Water District 3 (RWD3). To help alleviate some of the common challenges, City Manager Kiel Mangus brought forward a universal water service territory transfer agreement for the Derby City Council to consider at its July 25 meeting. RWD3 had previously approved the agreement at a July 11 meeting, and the Derby City Council followed suit. Mangus reported that staff has been working toward such an agreement since he has been with the city and Derby’s growth to the north and east has expedited the need.
Source: Derby Informer | News
Kansas regulators issue cease and desist to landfill beset by complaints of fires, stench
Kansas environmental regulators instructed a Leavenworth County landfill already under scrutiny for fires and environmental violations to stop accepting waste until further notice. The landfill’s operator, Shawn Britz, said the facility, which accepts construction and demolition waste, voluntarily closed to new drop-offs two weeks ago to give its workers a break. But in a cease and desist letter, the Kansas Department of Health and Environment detailed a series of attempts to bring the facility, owned by Flat Land Excavating, into compliance before shutting it down for permit violations. “Such violations pose a threat to public health and the environment,” the letter says, because the facility has accepted too much waste. It says the structure of the landfill could be compromised.
Source: KAKE – News
Garden City firefighters head to Alaska to battle wildfires
Three Garden City firefighters are en route to Alaska. The three departed from Wichita’s Eisenhower National Airport Friday. The Garden City Fire Department says they are headed to Tok, Alaska where there have been 79 wildfires reported in the last 3 days caused by 30,000 lightning strikes. The Department says the 3 are members of the department’s Wildland Team and are part of a deployable team comprised of 5 Kansas Forest Service employees and 3 Olathe firefighters that respond to wildfires. The Kansas team was specifically requested by the State of Alaska, according to Garden City Fire.
Source: KSN-TV
Shawnee OKs first project in special TIF district
Shawnee will help build out 80th Street between Monticello Road and Woodland Drive in the next few years. Earlier this week, the Shawnee City Council unanimously approved the project plan for the road and an infrastructure improvement agreement with the developer of the nearby Bristol Highlands neighborhood nearby. Located in western Shawnee, the project is the first to be built in the city’s Hickok Zarah conservation TIF district. This special incentive district aims to speed up development in an area lacking necessary public infrastructure.
Source: Prairie Village Post
This JoCo city is the latest to deploy goats to eat invasive plants
Roeland Park is the latest Johnson County city to get its goats. The city council on Monday voted unanimously to approve a contract with Goats on the Go JoCo, a local affiliate that is part of a national network of farms aimed at removing invasive species. Goats on the Go have been deployed in other local parks, including in Lenexa, Overland Park and Shawnee. In Roeland Park, the goats will focus on nibbling away invasive plants in Nall Park off 49th Street and Nall Avenue.
Source: Prairie Village Post
Overland Park to host pro pickleball tournament
Overland Park will host a professional pickleball tournament next month. The Carvana Professional Pickleball Association will bring dozens of players to compete in the Vulcan Kansas City Open on Aug. 24-27 at Elite Tennis and Wellness, 14481 Metcalf Ave. The Overland Park tournament is a qualifying event, meaning the winners in their division will have confirmed spots in the 2023 USA Pickleball National Championships later this year in Dallas, Texas.
Source: Prairie Village Post
Lawrence City Commission to consider tax breaks for downtown Borders project
Lawrence city commissioners on Tuesday will hold a public hearing and consider tax incentives for First Management Inc. to redevelop the long-vacant downtown Borders building for use as corporate headquarters. A city committee in June voted in favor of one tax break for a project to redevelop the former bookstore building at 700 New Hampshire St., but they voted against a much larger tax incentive that First Management Inc. and owner Doug Compton had requested. The company previously sought a 15-year, 90% Neighborhood Revitalization Area (NRA) rebate on property taxes for the building, and the city’s Public Incentives Review Committee voted to recommend the city commission deny that request. However, in an updated request for the city commission, the project instead seeks a 15-year, 65% NRA rebate.
Source: The Lawrence Times
Voters to decide sales tax in Parsons
Parsons voters on Tuesday will decide on the extension of the city’s half-cent public safety sales tax. … The half-cent sales tax is used for public safety initiatives, including competitive wages for police and fire staff. The sales tax has also been used for police and fire equipment, including vehicles, radios and hoses, as well as dump trucks and other equipment for Public Works. It also paid for computer upgrades in all departments and for the architect to design renovations to the Municipal Building, according to Debbie Lamb, city manager.
Source: Parsons Sun
‘It’s OK to not be OK’: Ex-city manager opens up about mental health battle
Former Topeka city manager Stephen Wade realized his medications needed adjusting in April as he struggled with widening mood swings. In early May, he was able to add a new doctor-prescribed medication. Instead of relieving his symptoms, the medication had the opposite effect, and Wade plunged deeper into depression. … Wade was interviewed Thursday by The Topeka Capital-Journal, where he was publisher from 2018 to 2020. He said his purpose for agreeing to the interview to share such intensely personal information was not to try to make himself look better or to explain himself. Instead, he said he is in a unique position to share a powerful message — that “it’s OK to not be OK” — and encourage others who might be struggling with their mental health to seek help.
Source: CJonline
Municipal Bond Trends for July 27, 2023
The interest rate table above illustrates recent changes in a sample of MBIS “investment grade” yields. Every issuer’s credit is different, and other financing sources may be available. To obtain comprehensive Financial Advisory services for your local government, contact your Ranson Financial Municipal Advisor, Larry Kleeman, or Henry Schmidt.
Lindsborg Safety Center doesn’t meet needs. A redesign aims to bring it up to date
After limited upgrades since it opened in 1987, the Lindsborg Safety Center, which houses the city’s police, fire and emergency medical services, is set for renovations beginning later this year. Lindsborg Police Chief Michael Davis, who is also the director of public safety, said when he came to the city in 2019, updating the center and the department was one of the first goals he had in mind. Davis said the age and layout of the buildings creates a lot of limitations for the officers and other first responders who use it everyday.
Source: Salina Journal
Saline County puts federal dollars toward local child care needs
Saline County invested in a local organization that is combating local child care issues, beginning with low wages and limited availability, as part of a big-picture effort to develop the workforce and find long-term solutions. This week, the county awarded the Salina Area United Way $400,000 in American Rescue Plan Act funds to be used in their ongoing efforts to address a persistent local need for child care around Salina. Dedicating some of the ARPA funds toward childcare initiatives has been on the county’s radar since the ARPA funding first came available.
Source: Salina Journal
USD 501 Topeka teachers to see raises
Teachers in Topeka USD 501 have a new contract — one that will pay them at least $2,000 more over the course of the 2023-24 school year. The district and representatives from Topeka’s chapter of the National Education Association teachers union on Wednesday finalized negotiations on the master contract, which sets the terms of employment and pay scales for more than 1,000 teachers in USD 501. USD 501 teachers are set to make at least $2,000 more than their previous years’ salaries, in addition to any already scheduled increases for additional years of experience and education.
Source: CJonline
“Rural by Choice Champion: Empowering Her Community through Big Initiatives and Transformative Parks and Trails”
Brittney Holum, one of the twelve grant recipients of the Rural by Choice Champions Program, has been hard at work on the Independence Rural Connection project. This initiative focuses on building trails, wellness, pedestrian and cyclist safety, beautification, and arts and culture through connecting partners and resources to build a stronger rural community. Accepting her charge to be the connector across partners and resources, early on in the initiative Brittney focused on traveling to other rural areas throughout the State to connect to other successful organizations and network with key players across the State. One example of this is she actively participated in three of the Kansas Sampler Foundation Trail Do-Alogues.
Source: Kansas Department of Commerce
Wichita names site for new WSU-KU Wichita Biomedical Center: ‘This is going to be big’
On Tuesday, the Wichita City Council will consider a last-minute agenda item that’s a memorandum of understanding between the city, the University of Kansas Medical Center and Wichita State University for the new Wichita Biomedical Center in downtown. “This is going to be big,” said Assistant City Manager Troy Anderson. “This project is going to transform not only downtown but our entire region as it relates to healthcare (and) medical.” The city has two sites — the southeast corner of Broadway and William where a parking lot is and the southeast corner of Topeka and William where the Wichita Transit center is currently — that it is offering to sell or lease to the institutions.
Source: Carrie Rengers: Business Columns & Blogs |
SpaceX ‘superloads’ traveling through Kansas again
The Kansas Department of Transportation says SpaceX “superloads” are making their way through Kansas again Thursday through next Tuesday. KDOT tweeted a map of the planned route, with the loads starting in the northeast and making their way southwest. “Be aware as you travel, as this could affect your travel time,” the tweet said. The last time the loads came through the Sunflower State in late May, they were traveling at only 45 mph, and the giant structures took up the entire roadway. Traffic backups were several miles long at times.
Source: KAKE – News
Wichita water usage is higher than last year in midst of ongoing drought
The City of Wichita is warning people to watch how much water they’re using after reports show a 6% increase in water usage commercially and 12% increase residential compared to June 2022. The city has also been in stage one of a drought since January and it says with the amount of water being used stage two is closer than before. “A couple of months ago we would say that stage two would maybe be February of 2024 but now those projections are creeping up,” said Megan Lovely a spokesperson for the city.
Source: KAKE – News
Upset over a school closing, residents of one Kansas town want to cut ties with their district
Kansas residents upset over the closing of their rural high school want to disband their school district and start over, and the move could set a precedent for other towns dealing with enrollment declines. Voters in the Central Plains district near Great Bend will decide Tuesday whether to dissolve the district. If the measure passes, the Kansas Board of Education would redraw boundaries and assign the district’s territory into neighboring districts. The proposal surfaced after the Central Plains school board voted to close Wilson High School earlier this year, citing declining enrollment and rising costs.
Source: KCUR News
Parsons PD receives lifesaving K-9 gift
It is being called a heartfelt donation in Parsons. The police department has received two specialized K-9 trauma kits from the national nonprofit Protecting K-9 Heroes. Each kit — one for each of the department’s two K-9 officers and their handlers – is valued at more than $100 – and includes first-aid gear for the dogs. Things like a heat blanket, bandages, eye solution, and Narcan. “It’s extremely important just to have it so we can at least save the dog’s life if we have to. We pray that we never have to use them, but at least now we have that, that backup reserve just to take care of them,” said Cpl. Christian Smith, Parsons Police Department.
Source: KSNF/KODE
Pittsburg reexamining nuisance ordinance & “camping” in city limits
In an effort to “spruce up” the city this year, Pittsburg city leaders are taking a deeper look at a nuisance ordinance that’s been in place for nearly forty years. Since 1988, the city hasn’t allowed camping inside city limits. Last month, the Pittsburg Police Department asked the prosecutor what was considered camping under the ordinance. After looking at the ordinance, the prosecutor determined there was no real definition. So Tuesday night, Pittsburg city commissioners worked to better define that and see if that only includes campers and RVs or should it also include tents, tarps, and blankets.
Source: KSNF/KODE
Cleanup nears end as Iola talks storm recovery
By the end of the week, Iola’s crews may be close to doing their first full sweep through town to haul off piles of brush, limbs and downed trees toppled in the July 14 storm that roared through Iola and Allen County. Workers in Iola’s street and alley department, as well as helpers from other departments, continue to clear up brush piles across town. By Thursday, they had reached the final quadrant of town, the northeast section, Iola Assistant City Administrator Corey Schinstock said. “We’d like to be done Friday, but it may roll over into next week,” Schinstock said. “There’s a light at the end of the tunnel.”
Source: The Iola Register
Allen County takes swing at containing refuse
The Allen County Landfill will get another tool to try to control wayward trash. Commissioners approved the purchase of a new hydroseeder, a machine that sprays water and chemicals on the refuse pile to keep it from blowing into neighboring properties. The machine also helps landfill crews minimize the amount of dirt they have to use to cover the pile. “It’s very important we wet trash down during the day to keep it from blowing, and every day we spray a fire retardant chemical,” Mitch Garner, Public Works director, told commissioners.
Source: The Iola Register
Property taxes rising in Kansas as home values grow. What will lawmakers do about it?
A soaring real estate market leading to rising property tax bills has angered many Kansas homeowners in recent years. Lawmakers are now under pressure to take dramatic action amid a sense among some residents that the property tax system is fundamentally broken and after previous solutions have fallen victim to larger fights over tax policy between Democratic Gov. Laura Kelly and the Republican-controlled Legislature. As local governments publish annual budgets this summer, offering residents a window into how much officials plan to tax their property, calls are growing for tax relief, especially for seniors and others on limited incomes.
Source: KC Star Local News
AG sues Johnson County city over ‘illegal annexation’ for industrial park
Kansas Attorney General Kris Kobach is suing the city of Edgerton, arguing it illegally annexed land for an expansion of its booming industrial park. It’s the latest in a years-long saga in southwestern Johnson County, where neighbors continue to fight industrial growth as they watch farmland get eaten up by warehouses. In 2020, the Edgerton City Council annexed and rezoned nearly 700 acres of unincorporated rural land to make way for an expansion south of Interstate 35 at the sprawling Logistics Park Kansas City intermodal facility. A group of homeowners unsuccessfully sued the city in 2021, arguing the annexations were illegal, and are now appealing.
Source: KC Star Local News
New taskforce, fentanyl enforcement efforts announced
The Kansas Bureau of Investigation, the Kansas Attorney General’s Office, the Kansas Highway Patrol and Homeland Security Investigations announced a new collaborative initiative to combat fentanyl in Kansas called the Joint Fentanyl Impact Team. The objective of JFIT is to identify and disrupt fentanyl trafficking and distribution networks, and remove this deadly drug from Kansas streets. The team is comprised of KBI special agents, KHP troopers and HSI agents experienced in complex narcotics investigations. Team members are embedded alongside federal, state and local law enforcement officers operating all across Kansas. This task force will allow for increased coordination of intelligence, personnel, and resources. One component of JFIT’s strategy is the introduction of the KBI’s new K-9 unit.
Source: The Ottawa Herald
Wichita expects to have extra money the next two years
Wichita city government expects to collect a $26.7 million surplus this year and next, more than enough to offset property tax revenue increases for 2023 and 2024. The city expects a $12.6 million budget surplus for 2023 and a $14.1 million surplus in 2024. At the same time, it’s budgeting for $12.6 million more in property tax revenue for next year. The city could have used this year’s surplus to lower the mill levy and offset next year’s property tax revenue increase. Instead, the City Council approved keeping the mill levy the same, which means property owners whose properties increased in value will pay more in taxes.
Source: Local News | Wichita Eagle
Fed approves hike that takes interest rates to highest level in more than 22 years
The Federal Reserve on Wednesday approved a much-anticipated interest rate hike that takes benchmark borrowing costs to their highest level in more than 22 years. In a move that financial markets had completely priced in, the central bank’s Federal Open Market Committee raised its funds rate by a quarter percentage point to a target range of 5.25%-5.5%. The midpoint of that target range would be the highest level for the benchmark rate since early 2001. Markets were watching for signs that the hike could be the last before Fed officials take a break to watch how the previous hikes are impacting economic conditions. While policymakers indicated at the June meeting that two rate hikes are coming this year, markets are pricing in a better-than-even chance that there won’t be any more moves this year. The post-meeting statement offered only a vague reference to what will guide the FOMC’s future moves.
Source: CNBC – Bonds
Aspiring teachers in Kansas have a new paid path to career through pilot program
Kansas’ State Department of Education kicked off a pilot program Tuesday morning meant to provide aspiring teachers with an alternative path to their career. The Kansas Registered Teacher Apprenticeship program allows students to get four years of full-time paid employment as educators while pursuing their degree in education. “If you can learn on the job, you have an opportunity to see the entire breadth of the education world, and you also have an opportunity to figure out if you really love this profession, because if you don’t, then there are other places you can get a job,” said Kara Belew, a U.S. history and government teacher at Andover Central High School and Kansas Teacher of the Year finalist. “This is for people who already know they love education, and they just need an extra help and an extra hand to get going.”
Source: Local News | Wichita Eagle
Mission weighs new limits on tobacco sales near schools, churches
Mission’s longtime effort to tackle rules on selling tobacco is making headway. The Mission Planning Commission on Monday voted 7-0 to recommend city council approval of an ordinance that requires new tobacco or e-cigarette retailers to comply with distance restrictions in what the city is calling “buffer zones.” … This comes after years of attempts in Mission to limit minors’ access to tobacco and e-cigarettes. Under the ordinance, new tobacco or e-cigarette business licenses would not be permitted within 1,000 feet of a school, a church, a park or another tobacco or e-cigarette retailer.
Source: Prairie Village Post
Leawood nixes plan to slash height of tall building projects
At its Tuesday meeting, the Leawood Planning Commission unanimously voted to deny changes to the city’s development ordinance that would have significantly lowered the maximum height for offices and mixed-use projects. The change would have lowered the maximum height for buildings zoned for planned office or mixed use from 90 feet to 55 feet. This would generally have left room for a four-story building, instead of Leawood’s current maximum of six stories. The city would have made an exception for what staff called a “signature building” with a unique design or for sites that already had tall trees.
Source: Prairie Village Post
Generous donors help finance (and name) new Pratt pool
It was hand shakes, rounds of applause and smiles all around when the blue tarp dropped and the names of Gary and Jean Cromer were revealed as the generous donors who helped finance (and name) the new swimming pool on July 22 in Pratt. The Cromer’s donated $6M to ensure summer water fun and enjoyment for the citizens, especially youth, of Pratt for years to come. Their generosity was celebrated Saturday, and while many in attendance were anxious to get into the water, perhaps none were as eager as young Eli Lee, who had been at the pool complex since 9:30 a.m., waiting to make sure he was the first in the gate for the grand opening.
Source: Pratt Tribune
City of Lawrence considering changing how parking tickets are handled
Currently, Lawrence Municipal Court may issue arrest warrants for unpaid parking tickets. That could change as the City of Lawrence is considering moving to a new process to handle parking violations. The city is also considering other options for habitual violators, including demobilization of vehicles. Under the proposed changes, people would no longer be required to show up to court to appeal citations or for notices to appear, according to the city’s website about the project.
Source: The Lawrence Times
Municipal Bond Trends for July 26, 2023
The interest rate table above illustrates recent changes in a sample of MBIS “investment grade” yields. Every issuer’s credit is different, and other financing sources may be available. To obtain comprehensive Financial Advisory services for your local government, contact your Ranson Financial Municipal Advisor, Larry Kleeman, or Henry Schmidt.
Governor Kelly Announces Nearly $7.9M in Community Development Grants
Governor Laura Kelly today announced that 24 communities in rural counties throughout the state will receive a share of nearly $7.9 million in federal grants to assist with community development projects. … The $7,897,922 will be matched with local funding, allowing more than $16.9 million to be available. The CDBG funds are one of the Department of Commerce’s primary tools in supporting the state’s smaller, predominantly rural communities. To view the complete list of awardees, click here.
For assistance applying for, or administering, grants, contact Rose Mary Saunders or Crystal Hinnen.
Seaboard Foods proposes two hog farms in Ford County
Seaboard Foods pitched a plan to the Ford County Commissioners at its July 17 meeting to purchase land northeast of Bucklin to raise as many as 2,500 hogs. Commissioners Ken Snook and Shawn Tasset were present. Both sites would have two buildings hogs. Seaboard representative Jennifer Charno Nelson said the corporation was interested in developing a total of four buildings on two sites in that southeast corner of the county. Snook said he was concerned with the odor and a fact Nelson shared that each hog would need to consume five gallons of water every day. “We have a problem with water here, before my life is over, we will run out of water in Ford County,” Snook said.
Source: Dodge City Daily Globe
NFMA releases best practices for EPA’s SRF program
The National Federation of Municipal Analysts has released best practices on Clean Water and Drinking Water State Revolving Funds, its first on the subject, which provides a roadmap for state and local governments as these investments become more essential to improving the infrastructure and quality of life around the country. “SRFs were selected because they have truly become a critical financing vehicle for improving the quality of our nation’s water infrastructure and public health,” said Angela Kukoda, disclosure committee chair at NFMA. Both the Drinking Water State Revolving Fund and the Clean Water State Revolving Fund, created in 1987 and 1996, respectively, are partnerships between the Environmental Protection Agency and states to help construct municipal wastewater facilities, control pollution, improve drinking water treatment as well as fund other water quality projects, among many other uses.
Source: The Bond Buyer
Wichita providing free bus rides during week’s high temps
Beginning Wednesday, July 26, residents can ride Wichita Transit for free until the end of the day on Saturday, July 29. The already free Q-Line bus runs Monday through Saturday from 6:15 a.m. until 11 p.m. with stops at several air conditioned places downtown including the Advanced Learning Library and City Museums. In addition to free bus rides, the Neighborhood Resource Centers throughout Wichita have water and air conditioning for those who need it. Residents are encouraged to stay inside as much as possible, hydrate regularly and ensure pets also have access to shelter and water.
Source: KAKE – News
Prairie Village City Council will explore building new City Hall, aims to limit cost to $30M
The City Council voted unanimously to advance exploration of building a new home — for itself. A discussion that started in 2020 with a feasibility study to explore improvements to City Hall has entered a new chapter. On July 17, the council unanimously directed city staff to explore building a new City Hall with a cost ceiling of $30 million. A few weeks earlier, the council’s finance committee reviewed three concepts: a basic renovation of the existing building, with an estimated cost of $11.95 million; a heavy renovation, with an estimated cost of $21.77 million; and a two-story, new construction option, with an estimated cost of $30.77 million.
Source: Kansas City Business Journal
Lincoln County recruiting new residents to the area
Lincoln County has utilized the Make My Move program to recruit people to the county. “Over the past year or so, we’ve really been talking a lot about ‘How do we recruit new people into the community?’ I feel like traditional economic development has been, you recruit a business, the business creates jobs, and the jobs is what pulls people into the community,” Executive Director of the Lincoln County Economic Development Foundation Kelly Gourley said. “Now in this day and age, when workforce is so tight, it’s hard to kind of recruit a business in when you don’t necessarily have the workforce.” They received many more applicants for the program than they expected.
Source: KSN-TV
Business that opened in Wichita was notified its presence is against city code, but that code may now change
Thanh Do strategically chose Old Town last year when he was opening Afterlife Tattooz. “It’s in the middle of everywhere,” he said. “You’ve got to be centralized.” Only after opening in part of the former First Gear space at 111 N. Mosley did he learn from the city that he’s operating in violation of the unified zoning code. There’s a special overlay district on top of the standard zoning district that does not allow tattoo parlors or piercing studios in the area. “They’ve been giving us notice to get out,” Do said. He said the city has given him extensions, though, as it considers changing the code. Do said he can remain “until they settled that once and for all.”
Source: Wichita Eagle
Sedgwick County sends first public safety alert after Riverside standoff
On Tuesday, Sedgwick County Emergency Management (SCEM) sent a ‘public safety alert’ with its Civic Ready Alerts system regarding a standoff in Riverside. This is the first time the county has sent out a public safety alert, but the system has been used for other community messages. About 1,900 people got Tuesday’s message. The first alert said police were working an “active threat at 12th and Woodrow” and advised people to avoid the area or shelter in place. When the threat was cleared, another message was sent stating it was resolved. Emergency Management said with this being the first public safety alert sent out, a lot of phone calls came into the non-emergency line because people received a missed call and a voicemail.
Source: KSN-TV
Extreme heat prompts City of Topeka to take action with cooling shelters
City of Topeka officials are partnering with local businesses and government offices to open cooling shelters to help Capital City residents fight high temperatures. The City of Topeka announced on its social media that the arrival of extreme heat in northeast Kansas has prompted it to partner up with local entities to provide citizens with relief. A heat advisory is in effect for much of northeast Kansas from 1 p.m. Tuesday, July 25 to 9 p.m. Friday, July 28. This announcement comes shortly after the City of Emporia also announced that it would be opening cooling shelters for locals.
Source: KSNT 27 News
Fed Set to Raise Rates to 22-Year High
The Federal Reserve is set to raise interest rates by a quarter-percentage point on Wednesday to a 22-year high, with most investors focused on what it would take for the central bank to lift rates again later this year. Economic growth has likely been too firm in recent months for Fed Chair Jerome Powell to signal that Wednesday’s increase in the Fed’s benchmark short-term rate will be the last of the current tightening cycle, as investors anticipate. The recent slowdown in inflation also makes it hard for central bank officials to firm up plans for any additional rate increase. The central bank will announce its decision at 2 p.m. Eastern time. Powell will answer questions from reporters at 2:30 p.m. Officials won’t release quarterly interest-rate and economic projections after their two-day meeting this week.
Source: WSJ.com: US Business