Official says Fed to cut bond holdings
A top Federal Reserve official is suggesting that the Fed likely will announce next month that it will begin paring its bond portfolio - a step that could lead to slightly higher rates on mortgages and other long-term loans.
William Dudley, president of the Federal Reserve Bank of New York, said he thinks the Fed has adequately prepared investors for a reduction in the portfolio, which swelled after the 2008 financial crisis as the Fed bought bonds to reduce long-term rates. With the economy now much healthier, the Fed is ready to begin trimming its bond holdings, Dudley said.
Gasoline prices rise to summertime high
Gasoline prices rose last week to their highest level so far this summer, pushing up the average price at the pump for regular gas in Chattanooga by another 1.5 cents per gallon to $2.07 per gallon, the web site GasBuddy.com said Monday.
Gas prices in Chattanooga have risen 15.2 cents per gallon from a month ago and have increased 24.7 cents per gallon from a year ago.
But local gas prices are still 27 cents per gallon below the U.S. average of $2.34 per gallon.
Gas prices are cheapest in Tennessee in Cleveland, Tenn., where GasBuddy.com said the average price of a gallon of regular gas is slightly below $2.05 per gallon - the 10th lowest among all metro cities in America.
GE Appliances adds 210 jobs in Tennessee
A year after completing its purchase of GE Appliances, the Chinese-based Haier Co., is expanding its appliance plant in Selmer, Tenn., with a $9.3 million investment expected to double the company's staff.
GE Appliances said it is expects to add 210 jobs as it expands its production of the Monogram model of upscale refrigerators, freezers and other refrigeration products in Selmer, about 200 miles west of Chattanooga. The company's manufacturing facility has been located in Selmer since 1986 and is an affiliate company of GE Roper Corp., which makes ovens and stoves for Haier's GE Appliance division in Lafayette, Ga., just south of Chattanooga.
Raymond Deming, vice president for Monogram Refrigeration Operation, LLC, said the company plans to add 120,000 square feet to its Selmer facility and boost the plant staff to close to 400 employees. In addition to a new line of column-style refrigerators and freezers, Monogram will begin manufacturing packaged terminal air conditioners (PTACs), a line of commercial heating and cooling products sold under the Zoneline brand.
Trump blasts CEO for quitting council
President Donald Trump Monday lashed out on Twitter at the CEO of the nation's third-largest pharmaceutical company after he resigned from a federal advisory council.
Merck CEO Kenneth Frazier, one of the few African Americans heading a Fortune 500 company, cited Trump's failure to explicitly rebuke the white nationalists who marched in Charlottesville, Va. Trump tweeted that Frazier "will have more time to LOWER RIPOFF DRUG PRICES!" now that he left the council.
Dish exec named as Pandora CEO
Music service Pandora named a new CEO on Monday as it wrestles with competition from Spotify and other newer streaming apps.
Roger Lynch, the head of Dish's streaming video service, will take over the helm of the Oakland, Calif, company Sept. 18.
Pandora said Lynch is the right leader because he has worked with media companies on new distribution models. He is the founding CEO of Dish's Sling TV, which was launched in 2015 as one of the first apps to bundle live TV for the internet.