Forecasters have issued tropical storm warnings today for parts of coastal New England and Atlantic Canada as Hurricane Lee’s center approaches the US East Coast. Lee’s mammoth size will allow its strong winds to knock down power lines and possibly cause some flooding in the coming days.
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- New discoveries off Egyptian coast reveal 'treasures and secrets'
- Climate crisis
- Auto strike
New discoveries off Egyptian coast reveal 'treasures and secrets'
An underwater archaeological team has retrieved gold relics and jewelry around four miles off the present coast of Egypt.
Climate crisis
Millions of American homeowners could see insurance rates surge in the coming years in part due to worsening climate disasters. About 27% of properties in the Lower 48 are at risk of their premiums spiking as insurers struggle to cover the increasing cost of rebuilding, according to a new report. In the last few years, major insurers have pulled out of or stopped writing new policies in California, Florida and Louisiana — in part citing increased risks like more destructive wildfires and stronger hurricanes. This month, a slew of extreme weather events hit ten countries and territories in just 12 days — the most catastrophic being the floods in Libya, which have killed close to 4,000 people in the eastern city of Derna.
Climate crisis
Economy
The Federal Reserve is expected to hold its benchmark lending rate steady this week as it waits for more data to understand how previous rate hikes are affecting the US economy. The central bank raised rates to a 22-year high in July. At the conclusion of its two-day policy meeting today, the Fed is also set to release a fresh set of projections that will likely reflect stronger economic growth and slightly lower unemployment this year, compared with previous estimates. Fed officials and financial analysts say holding rates steady this month is the right move, but some have said the Fed could raise rates again after September. Projections could shift, however, as the central bank faces a number of uncertainties on the horizon — including a possible government shutdown, increasing energy prices and an ongoing autoworkers strike.
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