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The Marriner S. Eccles Federal Reserve building in Washington, D.C.(Photo: Andrew Harrer, Bloomberg)
1. Federal Reserve's two-day meeting on interest rate policy wraps up
We may get a better idea when the central bank may begin raising rates. In a statement following the meeting that concludes Wednesday, the Fed is likely to drop a promise to be "patient" as it weighs interest rate hikes, clearing a path for an increase as early as June based on recent Fed guidance. The Fed's benchmark rate has been near zero since the 2008 financial crisis, which has helped fuel the six-year bull market.
Federal Reserve chairperson Janet Yellen.<span style="color: Red;">*</span>(Photo: Pablo Martinez Monsivais, AP)
2. Netanyahu's Likud Party sweeps to election victory
Israeli Prime Minister Benjamin Netanyahu's ruling Likud Party swept to victory in the country's election Wednesday, with nearly all the votes counted. Likud appeared to have earned 30 out of the 120 seats in the country's Knesset, or parliament, leading the center-left opposition Zionist Union, which appeared to have won 24 seats, giving Likud a strong position to try to form a coalition government.
Israeli Prime Minister Benjamin Netanyahu waves to supporters.<span style="color: Red;">*</span>(Photo: Abir Sultan, EPA)
3. Major retailers band together for first cross-brand loyalty program
A new cross-brand loyalty program means consumers can earn points for buying a pair of shoes at Macy's and use those points toward an AT&T bill. The program, called Plenti, connects Macy's, Rite Aid, AT&T, ExxonMobil, Nationwide, Hulu and Direct Energy (for starters). Consumers will be able to earn and spend points with any of these brands. The program is not connected to a credit card, and it's free to sign up. Say goodbye to all those plastic keychain cards.
Shoppers visit a Macy's department store in Braintree, Mass.<span style="color: Red;">*</span>(Photo: Stephan Savoia, AP)
4. U.S. veteran in court for alleged attempt to join Islamic State
An Air Force veteran who was charged with attempting to provide support to the Islamic State earlier this year will be arraigned Wednesday in federal court in New York City. Prosecutors allege that American Tairod Nathan Webster Pugh, after being fired in January from his job as an aircraft mechanic in the Middle East, traveled from Egypt to Turkey in an apparent effort to cross the border into Syria to join the terrorist group also known as ISIL or ISIS. Turkey sent him back to Egypt. Egypt deported him to the U.S. Air Force officials confirmed that Pugh served the U.S. from October 1986 until Oct 1990.
"Born and raised in the United States, Pugh allegedly turned his back on his country and attempted to travel to Syria in order to join a terrorist organization," Brooklyn U.S. Attorney Loretta Lynch said.<span style="color: Red;">*</span>(Photo: Andrew Burton, Getty Images)
5. Senate Republicans to unveil budget proposal
House Republicans unveiled a 10-year budget blueprint on Tuesday. Senate Republicans, led by Budget Chairman Mike Enzi, R-Wyo., will unveil a competing budget resolution Wednesday. Both chambers are scheduled to vote on their plans next week, with a goal of passing a joint budget resolution by an April 15 deadline. It is the first time in nearly a decade that congressional Republicans are in control of both chambers and tasked with enacting a budget.
Sen. Mike Enzi, R-Wyo.<span style="color: Red;">*</span>(Photo: Charles Dharapak, AP)
And, the essentials:
Weather: Much of the nation's southern tier will see a soggy Wednesday while most of the East Coast and North stays dry.
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The national weather forecast for Wednesday, March 18 calls for rain and thunderstorms in Texas and Louisiana. Oklahoma, Kansas, Arkansas and Missouri will receive rain as well. The East will be breezy and colder, but dry. VPC
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