The Federal Reserve has officially voted to lower interest rates by a half-percentage point. Marking the first reduction since the central bank launched its fight against inflation in 2020, this is a signal that the aggressive approach to bringing inflation rates down toward the 2% goal has been successful. Additionally, the hope is that lowering interest rates will help the economy continue to grow. Eleven of the 12 Fed voters were in favor of the interest rate cut to bring the benchmark federal funds rate to a range between 4.75% and 5%. Additionally, quarterly projections showed that the majority of officials were in favor of lowering rates by at least a quarter-point at the next meetings in November and December. The decision to cut rates by an amount that is much larger than what was originally predicted signals that the central bank is aiming to prevent past rate increases from…
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Year-over-year inflation rates reached the lowest level seen in more than three years. This decline signals to consumers the potential that the post-Covid price spike is fading, and the Federal Reserve could be setting up to cut interest rates in September. In a report from the Labor Department, data shows that consumer prices measured year to year rose 2.9% in July, down from 3% in June. This marks the lowest gain since March 2021, according to an article from AP News. The report from the Labor Department stated that nearly all of the inflation seen in July was from higher rental prices and other increased housing costs. The Department also declared that this trend is easing as well. As inflation falls closer to the Federal Reserve’s target rate of 2%, economists are feeling more confident in the direction the rate is moving as well as with the pace at which…
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Bankruptcies under Subchapter V of Chapter 11 soared to a record high of filings in a single day as the debt limit of $7 million was reverted back to $3 million, with 91 filings on June 20, exceeding the typical volume of eight to 10 filings in a typical business day. Originally intended to last only one year, the higher limit was extended twice, with filings surging both times as the deadline approached. The law introducing Subchapter V went into effect in 2020, with the goal of making Chapter 11 bankruptcies faster and less expensive for small businesses by eliminating the need for disclosure statements and creditors’ committees. The Subchapter also removes the absolute priority rule that mandates priority claims to be fully repaid before the lower-ranking claims receive recoveries. In a report from Law360, Jonathan Grasso of YVS Law LLC represented Julian’s Recipe, a packaged, frozen baked goods company…
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