Fed minutes could give clues on June rate hike
The financial world will be looking for signs of a possible June interest rate hike when the Federal Reserve issues the minutes of its April meeting.
The Fed left its key rate unchanged at that meeting, and its statement afterward led many economists to believe a mid-June rate increase is unlikely, especially with a British vote on whether to exit the European Union coming the following week. The meeting minutes out Wednesday could indicate whether a hike is at least possible.
Millions more Americans becoming eligible for overtime
The Obama administration will formally unveil its long-awaited rule making 4.2 million additional Americans eligible for overtime pay Wednesday. In an effort to lift middle-class wages, the threshold at which executive, administrative and professional employees are exempt from overtime pay would jump to $47,476 from the current $23,660. Some employers are embracing the change, but others argue companies will simply change job titles, descriptions and schedules to get around it.
Nyquist, rivals take their places in Preakness draw
Kentucky Derby winner Nyquist returns to the track this weekend looking to win the 141st Preakness Stakes, the second leg of horse racing’s Triple Crown. But first, the draw for Preakness post positions will be announced Wednesday at 5 p.m. ET at Baltimore's Pimlico Racetrack. Nyquist’s biggest competition could be Exaggerator, which finished second at the Kentucky Derby, but here are reasons why each of his rivals could ruin Nyquist’s bid for the Triple Crown.
EEOC takes on tech diversity, or lack thereof
The Equal Employment Opportunity Commission plans to hold a rare public hearing Wednesday on a hot-button issue in Silicon Valley: the lack of women, minorities and older workers, particularly in technical roles. The anti-discrimination watchdog will meet at its Washington, D.C., headquarters and review the employment practices behind an industry dominated by white and Asian men. Meanwhile, tech companies say they are launching a variety of hiring initiatives, from unconscious bias training to partnerships with minority tech programs.
Get ready to ogle all things Google
Thousands will descend on Mountain View, Calif., for Google's annual get-together for software developers where the focus will be on two major trends: artificial intelligence and virtual reality. For weeks, workers have been constructing a Google-themed park to immerse developers in the artificial intelligence-powered future that Google envisions. The ambitious agenda is typical for Google, mythologized for its "moonshots" such as driverless cars, and whose market value under its parent company, Alphabet, passed Apple for tops in the world last week.
And the essentials:
Weather: Storms will roll across the southern tier of the U.S. on Wednesday while most of the northern tier stays dry.
Stocks: U.S. stock futures were little changed Wednesday, before the release of Federal Reserve minutes.
TV Tonight: Wondering what to watch tonight? TV critic Robert Bianco looks at Survivor and Empire.
Be inspired: Joe Aiello, an 89-year-old grandfather, rappeled down the side of a Rochester, N.Y. skyscraper.
If you missed Tuesday's news, we’ve got you covered.
