From the Fed: Federal Reserve Chair Jerome Powell said today that current high levels of inflation are likely to fade next year and won’t prevent the Fed from pushing toward its goal of full employment. Powell spoke earlier this week about “tension” between the Fed’s two goals of maximum employment and keeping prices stable. In periods of high unemployment, inflation is typically low, and vice versa. But right now inflation has jumped above the Fed’s 2% target while the unemployment rate remains elevated, at 5.2%. Read the full story.
FCC crackdown: The Federal Communications Commission proposed new regulations for phone companies that transmit calls from overseas onto the U.S. telephone network, part of a long-running effort to stem billions of illegal and annoying robocalls inundating Americans, The Wall Street Journal reports. The anti-robocall proposal, adopted today in a 4-0 vote, would target “gateway” voice service providers. Officials say such companies are responsible for facilitating a substantial portion of robocalls, which often originate outside the U.S. Read more.
Rescinded: R. Kelly’s key to Baton Rouge, a symbolic honor bestowed upon the performer eight years ago, has been rescinded after his conviction in a high-profile sex crimes case, WBRZ-TV reports. State Rep. C. Denise Marcelle, who presented the singer with the key in February 2013, confirmed today that the “key to the city” was rescinded. Kelly was convicted Monday on racketeering charges related to more than a decade’s worth of allegations of misconduct involving young women and children. Read the full story.