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What’s on tap: 

• Kennedy Center closing

• House leaves early

• Dog taps

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Big Stories

Fed Raises Rates

• The Federal Reserve raised its benchmark interest rate by a quarter point to a range of 3.75% to 4% on Wednesday, its first hike in more than three years, as persistent inflation and higher energy prices put renewed pressure on the economy.

• Inflation has remained above the Fed's 2% target, while the Iran war has pushed oil prices above $100 a barrel and increased costs throughout the economy. Higher interest rates make borrowing more expensive for households and businesses, which can cool spending and investment and ultimately help slow price increases.

• Fed officials indicated the increase may not be the last. Sixteen of 18 policymakers projected at least one more hike this year, and the Fed now expects inflation to remain above its 2% target until 2029.

Kennedy Center to Close

• The Kennedy Center board voted to close most of the performing arts complex for renovations, hours after a federal judge again blocked plans to add President Donald Trump's name to the building.

• Congress has allocated $257 million for repairs, and Kennedy Center leaders say the aging building needs substantial work after a partial ceiling collapse earlier this month. Trump said the renovations would proceed only if the board recognizes him on the building. The board previously approved an inscription crediting Trump for the restoration, but a federal judge ruled that any such memorial requires congressional approval.

• The Justice Department has appealed the ruling. Administration lawyers have also said the Kennedy Center could eventually require demolition if it cannot raise enough money for renovations. However, no decision to demolish the building has been announced.

Two Crashes in Los Angeles

• Five people were killed in two related crashes in Los Angeles on Tuesday after a news helicopter covering a deadly collision between an SUV and city bus crashed nearby and burst into flames.

• The helicopter went down in the Chatsworth neighborhood while covering the earlier crash, killing pilot George Marciniw and reporter Eliana Moreno. At least one person on the ground was also killed, and two others were hospitalized. The original bus crash killed two people and injured six after an SUV slammed into the side of the bus.

• The cause of the helicopter crash remains unknown, and the National Transportation Safety Board and Federal Aviation Administration are sending investigators to the scene Wednesday. Fatal news helicopter accidents are relatively rare. Eight crashes have killed 16 people nationwide since 2000.

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Quick Stories

US News

• The DOJ charged five suspected Russian intelligence operatives with plotting attacks worldwide, including an alleged $40,000 murder-for-hire scheme targeting a Russian dissident in the U.S. (More)

• House lawmakers left Washington Wednesday and return following the midterms after Republican leaders canceled Thursday’s votes and delayed a resolution to impeach Defense Secretary Pete Hegseth. (More)

• Charlie Kirk’s family is preparing to sue Utah Valley University over alleged security failures that it says contributed to his assassination on campus last year. (More)

World

• Former Kosovo President Hashim Thaci was sentenced to 25 years in prison after being convicted of murder and other war crimes committed during Kosovo’s 1998-99 war for independence. (More)

• Saudi Arabia accused Iran-backed Houthi rebels of attempting to attack Mecca and declared the holy city a “red line.” (More)

• European Commission President Ursula von der Leyen proposed making Canada the EU’s first associate member. (More)

Business & Economy

• U.S. median household income hit a record $87,460 in 2025 but was just 2.5% higher than in 2019 after adjusting for inflation. (More)

• U.S. retail sales rose 1.2% in August and beat expectations for a 0.7% gain as consumer spending rebounded despite higher prices and declining confidence. (More)

• Amazon plans to expand its same-day delivery network from about 85 facilities to more than 1,000 by 2031 as it competes with Walmart for everyday purchases. (More)

Sports & Entertainment

• 16-year-old Cavan Sullivan earned his first USMNT call-up and could become the second-youngest player in team history if he makes his debut. (More)

• Formula 1 announced a record 10 sprint races for its 2027 season, including Monaco for the first time. (More)

• “Spider-Man: Brand New Day” became the highest-grossing movie ever at the U.S. box office with $936.77 million and broke a record held by “Star Wars: The Force Awakens” since 2015. (More)

Science, Health, & Tech

• Eating more fruits, vegetables, whole grains, legumes, and nuts was linked to slower biological aging across 10 different healthy diets in a study of 7,500 adults. (More)

• An experimental stem cell treatment cut fractures by 94% over two years in a small trial of 10 women with advanced osteoporosis. (More)

• Scientists identified a new 240-million-year-old species of plant-eating mammal relative in Tanzania that was previously known only from South America. (More)

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