Stocks gain...Fed projects further gradual rate hikes...Oklahoma Medicaid approved for drug pricing experiment
NEW YORK (AP) — Stocks have shaken off an early wobble and turned higher in afternoon trading on Wall Street. Industrial and energy companies are up more than the rest of the market. Financial stocks are lower after investors were unimpressed with earnings reports from major banks.
WASHINGTON (AP) — The Federal Reserve says it expects low unemployment and rising inflation will keep it on track to raise interest rates at a gradual pace over the next two years. The Fed says that by late next year, its key policy rate should be at a level that will be slightly restrictive for growth. Last month the Fed raised its policy rate for a second time this year and projected two more hikes in 2018.
OKLAHOMA CITY (AP) — Oklahoma’s Medicaid program is the nation’s first to be approved for a drug pricing experiment that supporters say could save taxpayer dollars and provide patients with the most effective medications. The federal Centers for Medicare and Medicaid Services in June approved a plan called “value-based purchasing” in which the state would pay a drugmaker a set amount if its medication works as advertised, but only a fraction of that if it isn’t as effective as promised.
WASHINGTON (AP) — A report released by a group of Senate Democrats says President Donald Trump’s former personal lawyer was in frequent contact with top officials of the pharmaceutical giant Novartis as part of the lawyer’s $1.2 million consulting deal with the Swiss-based company. The report also says the company expected lawyer Michael Cohen to provide access to Trump administration policymakers, though the report doesn’t show any evidence that Cohen approached Trump or others in the administration.
LOUISVILLE, Ky. (AP) — The University of Louisville is removing the Papa John’s name from its football stadium. The Kentucky school is taking action after the pizza chain’s founder, John Schnatter (SHNAH’-tur), used a racial slur. Papa John’s Cardinal Stadium will be renamed, along with the business school’s John H. Schnatter Center for Free Enterprise.