Thursday morning news: March 23, 2023

ANNA JOHANSEN BROWN, NEWS ANCHOR: Fed hike » The Federal Reserve is raising interest rates by a quarter of a percentage point after the collapse of two U-S banks in recent weeks.

Fed Chairman Jay Powell:

JAY POWELL: Our banking system is sound and resilient with strong capital and liquidity.

Analysts have partially blamed the collapse of Silicon Valley and Signature banks on higher interest rates.

But Powell said that inflation still needs to come down.

POWELL: My colleagues and I understand the hardship that high inflation is causing and we remain strongly committed to bringing inflation back down to our 2% goal. Price stability is the responsibility of the Federal Reserve. Without price stability the economy does not work for anyone.

The Fed projects one more rate hike is needed to curb inflation, and after that, it can scale back. This is the ninth time the Fed has increased interest rates since March of last year.

Colorado Shooting » Two school administrators were wounded in a shooting at a Denver high school on Wednesday. The student suspect fled after the shooting.

Denver Police Chief Ron Thomas said the student had a safety plan that required administrators to pat him down before the start of each school day.

RON THOMAS: They had been searched previously to today and had never had a weapon on them before. However, today during that search, which was took place away from other students, away from other school staff, they did produce that weapon and fired shots.

One of the administrators was in critical condition after the shooting, and the other was in stable condition.

Senate absences » It’s been more than seven months since all 100 U-S senators were present for a vote in the Capitol. WORLD’s Josh Schumacher has more.

JOSH SCHUMACHER: Some senators have been in and out due to passing illnesses, but others spent time in the hospital and have not said when they’ll return.

Senate Minority Leader Mitch McConnell says he’s anxious to get back to work after a brief hospital stay.

Two weeks ago, the 81-year-old fell, fracturing a rib and suffering a concussion.

And fellow Senator John Cornyn says he spoke with McConnell who sounds, quote, “very sharp.”

Meanwhile, 53-year-old Senator John Fetterman is in the hospital for clinical depression. He had a stroke last year just before the Pennsylvania primary.

And Senator Dianne Feinstein is recovering from shingles at her home. At 89 years old, Feinstein says she will not seek reelection next year.

For WORLD, I’m Josh Schumacher.

Norfolk Southern Hearing » In a Senate hearing Wednesday, lawmakers questioned officials with Norfolk Southern and the National Transportation Safety Board.

Senators want answers about railway safety after a train derailed in East Palestine, Ohio last month. Five of the derailed cars contained highly toxic chemicals.

During the hearing, Norfolk Southern CEO Alan Shaw said the accident was preventable, but stopped short of accepting responsibility.

ALAN SHAW: In this industry we have to look at every accident as if it were preventable. And in this case we know that the Norfolk Southern Crew did everything they were supposed to.

Ohio Senators Sherrod Brown and J.D. Vance have introduced a bipartisan bill aimed at improving rail safety, and holding rail carriers financially accountable for accidents.

Shaw says he supports some of the bill’s requirements, including stronger tank car standards.

A similar bill has been introduced in the House.

LA Teachers » Today marks day three of a three-day school worker strike in Los Angeles. The strike has canceled classes for more than half a million students in the second-largest school district in the United States.

The service employees’ union is asking for a 30 percent pay raise, among other benefits. School staffers on average make only about $25,000 per year in the district.

Workers Union Representative Blanca Gallegos:

GALLEGOS: While we continue in the state mediation process with the third party so you know of course if the superintendent comes with the demands that the workers are urging, then we will move forward.

The school district has countered with an offer of a cumulative 23 percent wage increase. That’s at least $150 million less in total spending than what the workers requested. The two sides have not reached an agreement.

Ukraine Roundup » Explosive Russian drones killed at least eight people on Wednesday at a student dormitory near Kyiv. Hours later, Russian missiles struck an apartment building in the southeastern city of Zaporizhzhia, killing at least one man, and hospitalizing 33 others.

The Pentagon recently announced it would speed up its delivery of American Abrams Tanks to the Ukrainian battlefield.

National Security Council Spokesman John Kirby says the U.S. has already provided military aid to Ukraine at unprecedented speed.

JOHN KIRBY: The Russians are very concerned about their tanks staying fully operational. They can just take them across the border back into Russia and take them out of Ukraine. They don’t belong there in the first place.

Meanwhile, Florida Governor Ron DeSantis says the U.S. overestimated Russian President Vladimir Putin’s capabilities.

RON DESANTIS:  This has been a huge blunder for him. Huge cost, and we’ll see what ends up happening with his longevity and power.

DeSantis says Putin is a war criminal who should be held accountable.

Florida Parental Rights Law » Meanwhile, DeSantis is also moving to expand regulations to keep public schools from teaching progressive ideologies about gender and sexual orientation.

The change would expand existing protections for younger grades to all students K through 12.

The proposal would not require the state legislature’s approval. The state Board of Education is set to vote on it next month.

I’m Anna Johansen Brown.

Straight ahead: What’s at stake for Russia and China in Moscow this week.

Plus, what goes into building an analog synthesizer.

This is The World and Everything in It.

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