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Irving Forest Products is undertaking a modernization project at its Ashland Sawmill in Maine that will double annual lumber production capacity from 130 million to 250 million board feet. The project, supported by $112.9 million in combined federal and state New Markets Tax Credit allocations, is expected to create and retain 220 permanent full-time jobs while strengthening the regional forest products economy.
August's CPI report showed inflation remained elevated at 3.4% annually, with core CPI rising 0.3% month-over-month. Rising oil prices driven by Middle East tensions contributed significantly to inflationary pressures. Markets are pricing in a 90% probability of a quarter-point rate hike at the upcoming Federal Reserve meeting, which could further strain household spending and financial markets.
The Federal Reserve raised interest rates for the first time since 2023 to combat inflation. Higher borrowing costs could disproportionately impact AI stocks, particularly those relying on debt funding for capital-intensive data center infrastructure. However, profitable AI companies with positive cash flows will be better positioned to weather rate increases, as they can self-fund expansion without relying on capital markets.
The Federal Reserve raised interest rates by 25 basis points to 3.50%-3.75%, marking the first hike in three years. Major indices declined with the S&P 500 falling 0.45%, Dow Jones dropping 1.21%, and Nasdaq slipping 0.01%. AI stocks recovered slightly with Dell, Intel, and Nvidia finishing in the green. Traders are pricing in potential further rate hikes, which typically pressure equities in the short term but historically lead to gains within a year.
American Express launches a high-yield business savings account offering 2.95% APY with no minimum balance or fees, integrating it with existing business checking and card products. The company plans to add rewards deposit features and AI-powered payroll tools to create a comprehensive business finance platform. The move aims to deepen customer relationships and create an additional funding source through deposit growth.