Before I go into my family, just one news matter: this decision yesterday. The Federal Reserve raised its benchmark interest rate for the first time in three years and signaled one more interest rate hike in the coming months as it aims to slow rising inflation. The central bank raised rates yesterday 0.25%, making its flagship rate 4.00%. And as of this week, all but two members of the Federal Open Market Committee forecast another rate increase this year. Inflation was up to 3.4% as of August, fueled by the Iran war’s impact on energy prices. Fed Chair Kevin Warsh told reporters that his agency can’t affect the prices of food and other items, “but what we can do, and will do, is ensure that any change in relative prices don’t broaden out.” President Donald Trump reacted to the decision by demanding interest rates be lowered, “AND FAST!” He later said the Fed’s decision was due to a “hostile board” that Warsh couldn't overpower. “I told, I talked to Kevin, and I think if ...
I've divided our 5-week trip into three phases: Part 1: Iceland and the Azamara Journey cruise to watch the Total Solar Eclipse. Part 2: Our stops in Montreal and Vancouver. Part 3: Silverseas Silver Whisper cruise from Vancouver to Honolulu. But before I finish with Part 3, some news of the day. The war between the U.S. and Iran: The estimate, which covers the war’s direct costs through Aug. 1, is in line with the Pentagon’s most recent public accounting from July, when Defense Secretary Pete Hegseth told Congress that the war had cost $37.5 billion. A later report from the Defense Department's inspector general determined that the conflict cost an estimated $33.4 billion between February 28 and June 30. But the new CBO analysis finds that the price of the war is continuing to rise, estimating that the government will spend another $2 billion to $3 billion each month the conflict continues. It also notes that the war has significantly depleted U.S. munition...