___ Target on the defensive after removing LGBTQ+-themed products
NEW YORK (AP) — Target once distinguished itself as being boldly supportive of the LGBTQ+ community. It risked losing that status on Wednesday after removing some LGBTQ+-themed products, and hiding Pride Month displays in certain Southern locations. The company is addressing online complaints and in-store confrontations that it says were a threat to employees’ well-being. Target now faces a potential second backlash from customers who are upset by the discount retailer’s reaction to aggressive, anti-LGBTQ+ activism, which has also been sweeping through Republican state legislatures. Civil rights groups chided the company for caving to anti-LGBTQ customers who tipped over displays and expressed outrage over gender-fluid bathing suits.
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A June pause in rate hikes would be a close call for Fed officials, minutes of last meeting show
WASHINGTON (AP) — Federal Reserve officials were divided earlier this month on whether to pause their interest rate hikes at their upcoming meeting in June, according to the minutes of their May 2-3 meeting. “Several (policymakers) noted if the economy evolved along the lines of their current outlooks, then further policy firming after this meeting may not be necessary” — Fed parlance for a pause — the minutes said. At the same time, “some” officials said that the persistence of high inflation meant that “additional (rate hikes) would likely be warranted at future meetings.” Yet in the language used in the minutes, “several” is considered to be more than “some,” suggesting that those favoring a pause may have the upper hand.
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McCarthy sends Republican debt limit negotiators to White House, but sides are ‘far apart’
WASHINGTON (AP) — House Speaker Kevin McCarthy says he’s sending Republican negotiators to the White House to finish out debt limit talks. But he’s warning that the two sides are “still far apart” as they try to reach a budget deal with President Joe Biden. McCarthy says he remains optimistic they can make progress in hopes of an agreement before a deadline as soon as next week. That’s when the Treasury Department could run out of cash to pay its bills. McCarthy is making this pledge: “We’re not going to default.” The White House says Republicans have set in motion a “manufactured crisis” by pushing “extreme proposals” that would hurt “every single part of the country.”
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Just in case: Anxious retirees, social service groups among those making default contingency plans
WASHINGTON (AP) — Politicians in Washington may be offering assurance that the government will figure out a way to avert default, but around the country, economic anxiety is rising and some people already are adjusting their routines. Government beneficiaries, social service groups that receive state and federal subsidies and millions more across the country are contemplating the possibility of massive and immediate cuts if the U.S. were to default on its financial obligations. Some are cutting back on necessities and others are finding ways to save money.
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Train engineers deal with Union Pacific will improve schedules and address quality-of-life concerns
OMAHA, Neb. (AP) — Engineers who operate trains for Union Pacific will soon have much more predictable schedules that will allow them to plan when they are going to be off. The change that the railroad announced Wednesday with the Brotherhood of Locomotive Engineers and Trainmen union will address one of the key quality-of-life concerns that pushed the rail industry to the brink of a strike last fall. The deal will let Union Pacific’s roughly 5,600 engineers plan on having four days off in a row after spending 11 days straight on call. Union President Eddie Hall said this will be a life-altering change for engineers who had to become used to being on call 24-7 in recent years.
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DEA’s failure to punish distributor blamed in opioid crisis raises revolving door questions
SHREVEPORT, La. (AP) — The U.S. Drug Enforcement Administration has allowed one of the nation’s largest drug distributors to keep shipping addictive painkillers for nearly four years despite a judge’s recommendation to strip its license for turning a blind eye to thousands of suspicious opioid orders. The DEA did not respond to questions about its handling of Morris & Dickson Co. or the involvement of a key consultant the company had hired who is now the DEA’s second-in-command. But the delay has raised concerns about how the revolving door may be impacting the DEA’s mission to police drug companies blamed for thousands of overdose deaths.
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Stock market today: Wall Street sinks as stocks tumble worldwide
NEW YORK (AP) — Wall Street fell again as stocks tumbled worldwide on worries about the economy. The S&P 500 lost 0.7% Wednesday after House Speaker Kevin McCarthy said Republicans and Democrats remain far apart in efforts to prevent a default on the U.S. government’s debt. The main U.S. stock index is on track for its worst week in more than two months as the once-unthinkable creeps closer to possibility. Other markets around the world fell even more on discouraging economic reports. Treasury yields rose as minutes from the Federal Reserve’s latest meeting showed policy makers are split on whether to keep raising interest rates.
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Ready for a digital euro? At 25, European Central Bank preps for future of money
FRANKFURT, Germany (AP) — Proposals for a digital European currency are taking shape. The European Central Bank is finalizing the design of a digital euro that people could use in stores. That would add another way to hold Europe’s currency, on top of cash and bank accounts. The idea is to ensure the euro keeps up with developing technology and new ways to pay for things. It also could be a stable alternative to volatile cryptocurrencies. ECB President Christine Lagarde says a digital currency from the central bank will help make Europe independent of outside payment services companies like Mastercard and Apple Pay. The question is: Will a digital euro offer any more convenience? A final decision would be years away.
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The S&P 500 fell 30.34 points, or 0.7%, to 4,115.24. The Dow Jones Industrial Average fell 255.59 points, or 0.8%, to 32,799.92. The Nasdaq composite fell 76.08 points, or 0.6% to 12,484.16. The Russell 2000 index of smaller companies fell 20.71 points, or 1.2%, to 1,767.
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