Welcome to the Weekly Scan. Here’s what we’re following for the week of March 27, 2023.
The Fed stays aggressive. The Federal Reserve (the Fed) raised its benchmark interest rate by another quarter of a percentage point, bringing the rate to a little below 5%, in a continued effort to combat inflation. This latest hike marks the 9th consecutive update to the benchmark rate. So what does this mean in simpler terms? Every time the rate moves up, it’s more expensive for people to borrow money. The consumer price index (CPI), which is a measure of inflation, is currently at 6%, which is higher than the 2% the Fed is targeting. The bank is also expected to raise the benchmark rate by another quarter of a percentage point before the end of the year.
Testify to Congress challenge. TikTok’s CEO Shou Chew testified in front of Congress last week as legislatures explore whether or not to ban TikTok in the U.S. Members of Congress questioned Chew on multiple concerns regarding the social media platform, including privacy and the safety of children who use TikTok. Chew attempted to assure lawmakers that TikTok’s data collection practices are similar to that of other social media platforms. He also emphasized that TikTok is headquartered in Los Angeles and Singapore, rather than in China. Members of Congress have criticized Chew for dodging some questions and answering in a purposefully vague manner.
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Where dreams come true. The Service Trades Council Union coalition, which includes six unions of Disney World workers, came to a tentative agreement with the park to increase workers’ pay last week. If it goes into effect, the minimum hourly wage for Disney workers will increase from $15 to $18 by the end of the year. The change could have a ripple effect onother hourly employees of the tourism industry in Florida. The union members will vote on whether or not to enact the deal this week.
Check you later. Starting on April 1, 2023, Twitter will begin taking down legacy blue check marks for verified accounts on the platform. It will be the latest change at Twitter since Elon Musk purchased the social media network in October 2022. In the past, Twitter has verified the accounts of politicians, journalists, entertainers, and other notable people. In November, Twitter introduced Twitter Blue, a subscription service which individuals can use to purchase a check mark for $7 per month. People and organizations will now be able to keep their verified status on Twitter for a price.
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