Federal Reserve likely to preach patience

WASHINGTON (AP) — Across the United States, many people are eagerly anticipating the Federal Reserve’s first cut to its benchmark interest rate this year: Prospective home buyers hope for lower mortgage rates. Wall Street traders envision higher stock prices. Consumers are looking for a break on credit card debt at record-high interest rates. Not to mention President Joe Biden, whose re-election campaign would likely benefit from an economic jolt stemming from lower borrowing rates. Yet Chair Jerome Powell and his fellow Fed officials are expected to play it safe when they meet his week, keeping their rate unchanged for a fifth straight time and signaling that they still need further evidence that inflation is returning sustainably to their 2% target.

EPA bans asbestos, a deadly carcinogen still in use

WASHINGTON (AP) — The Environmental Protection Agency has announced a comprehensive ban on asbestos, a deadly carcinogen still used in some chlorine bleach, brake pads and other products. The final rule marks a major expansion of EPA regulation under a landmark 2016 law that overhauled regulations governing tens of thousands of toxic chemicals in everyday products, from household cleaners to clothing and furniture. The new rule would ban chrysotile asbestos, the only ongoing use of asbestos in the United States. The substance is found in products such as brake linings and gaskets and is used to manufacture chlorine bleach and sodium hydroxide, also known as caustic soda. Asbestos exposure is linked to 40,000 U.S. deaths each year.