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Subaru of America is recalling over 541,000 Crosstrek, Forester and Ascent vehicles in the U.S. due to an inaccurate label.
The National Highway Traffic Safety Administration says the cars were made with a certification label that incorrectly states their gross axle weight rating. The regulator warns this could lead to overloaded vehicles and increase crash risks. Subaru is unaware of any related crashes or injuries.
Inflation cools more than expected in June
U.S. inflation cooled last month as the cost of gas, clothes, and used cars fell, providing some relief to consumers, while underlying price pressures also slowed more than expected.
Excluding the food and energy categories, core prices were unchanged from May to June, a positive sign that higher gas prices haven't spread through the economy. Yet oil prices rose for a second day Tuesday as the United States renewed attacks on Iran and President Donald Trump announced a new blockade in the Strait of Hormuz.
Warsh says Fed has no tolerance for high inflation
Federal Reserve Chair Kevin Warsh pledged to make high inflation "a thing of the past" in his first congressional testimony Tuesday, yet provided no signal about the central bank's next steps.
Yet about half of the 19 members of the Fed's interest rate-setting committee expect they will have to raise the central bank's key rate by the end of the year to defeat inflation, while nearly half have penciled in no change or even a rate cut.
Banks rake in big profits, Wall Street stays strong
Five of the biggest U.S. banks reported record profits on Tuesday, boosted by their trading desks and a remarkably resilient American consumer amid persistent global economic uncertainty.
It marks the second straight quarter of strong results from the banks, which have benefited from market volatility since the Iran war began in late February. Both consumer-facing and market-focused banks reported top- and bottom-line growth that beat even the most optimistic Wall Street expectations.
Buffett omits gift to Gates' foundation
Billionaire Warren Buffett omitted Bill Gates' foundation from his annual donations this year after disclosures of the Microsoft co-founder's ties to convicted sex offender Jeffrey Epstein. He'll donate about
$6 billion to four family foundations, but didn't mention Gates.
Buffett also said in his statement that he wants all of his remaining Berkshire Hathaway stock worth nearly $146 billion donated to charity by the end of 2034.
US stocks rise after data shows slowing inflation
Stocks rose after a report showed U.S. inflation was not as bad last month as economists expected.
Tuesday's gains came even though oil prices continue to climb on worries that the United States and Iran may return to all-out war. The S&P 500 rose 0.4%, the Dow Jones Industrial Average edged up by less than 0.1% and the Nasdaq composite gained 0.9%.
New York won't build big data centers for a year
New York is blocking new large data centers that fuel artificial intelligence for up to a year to protect the environment and energy grid.
Gov. Kathy Hochul signed an executive order Tuesday for the country's first statewide moratorium on hyperscale data centers. These facilities require massive amounts of energy and water to cool thousands of servers.