Federal Reserve officials have coalesced around a plan to raise interest rates by three quarters of a point next month as policymakers grow alarmed by the staying power of rapid price increases — and increasingly worried that inflation is now feeding on itself.

Such concerns could also prompt the Fed to raise rates at least slightly higher next year than previously forecast as officials face two huge choices at their coming meetings: when to slow rapid rate increases and when to stop them altogether.

Central bankers had expected to debate slowing down at their November meeting, but a rash of recent data suggesting that the labor market is still strong and that inflation is unrelenting has them poised to delay serious discussion of a smaller move for at least a month. The conversation about whether to scale back is now more likely to happen in December. Investors have entirely priced in a fourth consecutive three-quarter point move at the Fed’s Nov. 1-2 meeting, and officials have made no effort to change that expectation.

Officials may also feel the need to push rates higher than they had expected as recently as September, as inflation remains stubborn even in the face of substantial moves to try to wrestle it under control. While the central bank had penciled in a peak rate of 4.6 next year, that could nudge up depending on incoming data. Rates are now set around 3.1 percent, and the Fed’s next forecast will be released in December.

“The January 6 select committee is still working on issuing a subpoena for former President Donald Trump. At this point, we don’t expect the committee to issue a subpoena until Wednesday at the earliest,” Punchbowl News reports.

“One of the issues being discussed internally is a response date for the subpoena. The select committee is seeking documents and testimony from Trump. Usually there’s one date for documents and another for testimony. The response date for both in this case will be after the Nov. 8 elections. However, the exact dates haven’t been agreed upon yet.”

WASHINGTON — The special master reviewing materials seized by the F.B.I. from former President Donald J. Trump’s compound in Florida expressed skepticism on Tuesday about early claims by Mr. Trump’s lawyers that certain documents were privileged and thus could be withheld from a Justice Department investigation.

In a phone conference, the special master, Judge Raymond J. Dearie of Federal District Court in Brooklyn, complained that the log of an initial batch of documents over which Mr. Trump is seeking to claim privilege lacked sufficient information to determine whether the arguments were valid.

Judge Dearie encouraged Mr. Trump’s lawyers to give him a better sense of why they believed the documents could be lawfully shielded from the Justice Department’s inquiry into whether Mr. Trump unlawfully kept classified records at his estate and obstructed the government’s repeated efforts to retrieve them.

“It’s a little perplexing as I go through the log,” Judge Dearie said. “What’s the expression — ‘Where’s the beef?’ I need some beef.”

Former New York Gov. Andrew Cuomo is launching a new podcast on the subscription podcast platform Quake, he told Axios.

Why it matters: It's the former governor's first major public undertaking since resigning last year in the wake of a sexual harassment scandal.

Details: The new hour-long show, called "As a Matter of Fact,” will debut weekly on Thursdays, beginning this week.

The show's first guest is former White House communications director and Wall Street financier Anthony Scaramucci.

Jeremy Hunt has shredded Liz Truss’s economic plans in one of the most astonishing U-turns in modern political history, including slashing the energy price freeze which the prime minister had repeatedly championed.

The new chancellor dismantled almost all of the platform that Truss’s leadership victory had been built on, including the majority of her tax cuts, and hinted a new windfall tax was in his sights – a move the PM had previously said she would not countenance.

Hunt also refused to rule out cuts to totemic Conservative pledges, including defence spending and the pensions triple lock.

Truss declined to appear at the dispatch box in parliament on Monday despite calls from Labour, leading one cabinet minister to clarify she was not “hiding under a desk”. In an interview with the BBC on Monday night, she said she wanted to “accept responsibility and say sorry for the mistakes that have been made”.

Oath Keepers members spent tens of thousands of dollars in January 2021 on firearms, bullets and other equipment, according to prosecutors in Washington, DC, trying to prove members of the far-right extremist group were building an arsenal as it prepared to try to stop the peaceful transfer of presidential power.

In all, prosecutors said Monday in federal court that nearly $200,000 in withdrawals were made from bank accounts connected to the Oath Keepers that month used for a wide variety of purchases, including guns. Prosecutors used evidence of the withdrawals, coupled with shopping receipts and text messages, to show how some members allegedly stockpiled the weapons.

Oath Keepers’ founder Stewart Rhodes, according to text messages showed to the jury, bought several firearms from online sellers in what prosecutors called “parking lot purchases.”

Prosecutors then showed the jury evidence that Rhodes withdrew money from ATMs by a Bass Pro Shop, a Lowe’s and a gas station near where he made the purchases. They also displayed receipts showing purchases of firearm accessories, including 14 magazines, eight sights and one scope leveling kit, at retail shops around the same time.

WASHINGTON D.C. — A former 3rd Special Forces Group soldier accused of assaulting officers with a flagpole during the Jan. 6, 2021, Capitol riot is blaming President Joe Biden for impacting his ability to receive a fair trial.

Jeffrey McKellop, 57, is a decorated Army veteran and previously served with the 3rd Special Forces Group at Fort Bragg.

In a Sept. 8 motion, McKellop seeks to have his case dismissed because President Joe Biden “has intentionally and irreparably poisoned the entire nation as a jury pool.”

McKellop points to Biden’s Sept. 1 address as an example.

A US recession is effectively certain in the next 12 months in new Bloomberg Economics model projections, a blow to President Joe Biden’s economic messaging ahead of the November midterms.

The latest recession probability models by Bloomberg economists Anna Wong and Eliza Winger forecast a higher recession probability across all timeframes, with the 12-month estimate of a downturn by October 2023 hitting 100%, up from 65% for the comparable period in the previous update.

https://www.bloomberg.com/news/articles/2022-10-17/forecast-for-us-recession-within-year-hits-100-in-blow-to-biden?leadSource=uverify%20wall#xj4y7vzkg

Apparently, our older daughter, Gwyn, has never cared for the toast my wife and I make, the toast we served her for nearly 20 years. I became aware of this only last year when I was helping Gwyn move into an apartment in Los Angeles and we were out shopping for a new toaster oven.

“Here’s one just like ours,” I said, excitedly. Wouldn’t it be great, I thought, to continue the Kelly family tradition of transforming bread into toast with a features-laden, Consumer Reports-recommended Breville toaster oven?

“Ugh,” said Gwyn.

And then it all came out, right there in the middle of Bed Bath & Beyond. Ever since becoming an adult and going out into the wider world, Gwyn had come to despise our toast. Basically, we don’t toast our bread long enough. It’s slightly warmed bread, barely qualifying as toast in her eyes.

Suddenly unburdened, Gwyn had a few things to get off her chest about our scrambled eggs, too. If our toast isn’t toasted enough, our scrambled eggs are toasted too much. Gwyn had grown up watching us leave them in the pan till the last molecule of moisture was gone. She’d seen her mother, Ruth, tell countless diner waitresses to make sure the cook knew that her eggs should be “hard” or “dry” or “Sahara-style” — whatever shorthand described well-done scrambled eggs.

https://www.washingtonpost.com/dc-md-va/2022/10/16/scrambled-eggs-dry-toast/