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Inflation is nearly back to 2%. So why isn’t the Federal Reserve ready to cut rates?

WASHINGTON (AP) — From Wall Street traders to car dealers to home buyers, Americans are eager for the Federal Reserve to start cutting interest rates and lightening the heavy burden on borrowers. The Fed is widely expected to do so this year — probably several times. Inflation, as measured by its preferred gauge, rose in the second half of 2023 at an annual rate of about 2% — the Fed’s target level. Yet this week, several central bank officials underscored that they weren’t ready to pull the trigger just yet. Why, with inflation nearly conquered and the Fed’s key rate at ...

New River Valley Health & Dental president and CEO named

WILLIAMSPORT — River Valley Health & Dental (River Valley), recently announced the selection of Max Houseknecht, Jr. to lead its organization effective Feb. 15. Houseknecht was named President and CEO, by the Board of Directors after a national search effort was completed following the announced retirement of existing CEO James Yoxtheimer. Houseknecht joined River Valley Health & Dental Center in 2012. He holds a bachelor of science degree in Management Information Systems & Accounting from Indiana University of Pennsylvania (2008). He completed a master’s in business ...

Inflation slowed further in December as an economic ‘soft landing’ moves into sharper focus

WASHINGTON (AP) — The Federal Reserve’s preferred inflation gauge cooled further last month even as the economy kept growing briskly, a trend sure to be welcomed at the White House as President Joe Biden seeks re-election in a race that could pivot on his economic stewardship. Friday’s government report showed that prices rose just 0.2% from November to December, a pace consistent with pre-pandemic levels and barely above the Fed's 2% annual target. Measured from a year earlier, prices increased 2.6%. Excluding volatile food and energy costs, so-called “core” prices rose ...

Best Line Equipment partners with Astec Industries

STATE COLLEGE — Best Line Equipment recently announced a strategic partnership with Astec Industries. The agreement grants Best Line Equipment distribution rights for Astec road construction equipment throughout Pennsylvania, New Jersey and Maryland. This collaboration represents a significant step for Best Line Equipment in expanding its offerings and capabilities in the asphalt paving equipment sector. “Best Line has been in the business of serving highway contractors for quite some time. Several years ago, Best Line acquired Field Tec Services, bringing multiple years of ...

2023 was slowest year for US home sales in nearly 30 years

LOS ANGELES — Sales of previously occupied U.S. homes sank in 2023 to a nearly 30-year low as mortgage rates climbed to the highest level in more than two decades and prices hit record highs, pushing homeownership out of reach for many Americans. The National Association of Realtors ...