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Economists from around the world on Saturday wrap up the annual Federal Reserve economic symposium sponsored by the Kansas City Federal Reserve. They will follow U.S. Federal Reserve Chairman Jerome Powell’s high-profile speech about inflation woes by addressing the outlook for global financial policies in the post-COVID pandemic era. In his remarks, Powell said the Fed is committed to bringing inflation down to its 2% goal, which means interest rates will continue to rise. But by how much more will depend on incoming data, he said. «These are the unfortunate costs of reducing inflation,» Powell said in Jackson Hole, Wyoming. «But a failure to restore price stability would mean far greater pain.» Stocks plunged after his comments as the Dow Jones Industrial Average closed down 1,008 points, or 3%.
Charlie Crist, the Florida Democrat who won his primary this week and is challenging Republican Gov. Ron DeSantis, is expected to name the head of the largest teachers union in the Southeast as his lieutenant governor candidate at an event Saturday. Karla Hernández-Mats, president of United Teachers of Dade, will be introduced by Crist as his running mate at Hialeah Middle School, where she was named teacher of the year in 2010. A source told the Palm Beach Post, part of the USA TODAY Network, Hernández-Mats was chosen not solely to promote education issues. She will also be asked to step forward on defending abortion rights, voting access, and LBGTQ equity during the campaign.
