CNBC.com's Pippa Stevens brings you the day's top business news headlines, and what to watch as the coronavirus pandemic continues to keep most of America on lockdown. On today's show, CNBC.com's Jeff Cox explains the Fed's new expectations for interest rate hikes, and why investors are concerned about long-term inflation. Plus, CNBC.com's MacKenzie Sigalos reports from Miami, where the mayor hopes to woo crypto miners with cheap nuclear energy amid a crackdown in China.
The Federal Reserve on Wednesday considerably raised its expectations for inflation this year and brought forward the time frame on when it will next raise interest rates.
However, the central bank gave no indication as to when it will begin cutting back on its aggressive bond-buying program, though Fed Chairman Jerome Powell acknowledged that officials discussed the issue at the meeting. "You can think of this meeting that we had as the 'talking about talking about' meeting," Powell said in a phrase that recalled a statement he made a year ago that the Fed wasn't "thinking about thinking about raising rates."
China is kicking out more than half the world’s bitcoin miners – and a whole lot of them could be headed to Texas China has long been home to more than half the world's bitcoin miners, but now, Beijing wants them out ASAP.
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