The Federal Reserve's September meeting minutes show commitment to extended rate hikes, Gannett announces broad newsroom cost cutting, and more
[Try 6 risk free issues of The Week magazine. Order now.]( [The Week Logo]( [Subscribe to The Week magazine]( [Subscribe to The Week magazine]( Daily business briefing 1. [Fed minutes show commitment to extended rate hikes]( Federal Reserve officials indicated at their September meeting that inflation had exceeded their expectations and they anticipated keeping interest rates high for an extended period to bring price increases down, according to minutes of the meeting released Wednesday. Members of the central bank's Federal Open Market Committee decided they "needed to move to, and then maintain, a more restrictive policy stance in order to meet the committee's legislative mandate to promote maximum employment and price stability," the meeting summary said. The Fed decided at the meeting to raise its benchmark short-term interest rate by 0.75 percentage points, the third straight time it made such an unusually big rate hike. Officials noted that inflation was "showing little sign so far of abating." [[CNBC]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Fed+minutes+show+commitment+to+extended+rate+hikes&body=Read the story here: utm_campaign=business_briefing_newsletter_20221013&utm_source=business_briefing_newsletter) 2. [Gannett announces newsroom cost-cutting]( Gannett, the largest U.S. newspaper publisher, announced broad newsroom cost cuts on Wednesday. CEO Mike Reed said in a memo to staff, obtained by The New York Times, that the company will require employees to take unpaid leave in December. Reed said Gannett will also suspend 401(k) contribution matches and freeze most hiring, blaming a "deteriorating macroeconomic environment" for the measures. "In order to sustain the mission of our company to empower communities to thrive, sustain local journalism, and support small businesses with digital solutions, we need to ensure our balance sheet remains strong," Reed said in the memo. Gannett, which publishes USA Today and about 220 other dailies, cut 400 jobs two months ago and held off on hiring in 400 more in response to declining revenue. [[The New York Times]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Gannett+announces+newsroom+cost-cutting&body=Read the story here: utm_campaign=business_briefing_newsletter_20221013&utm_source=business_briefing_newsletter) Advertisement by Enbridge
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