The daily business briefing: July 28, 2022
The Fed aggressively raises interest rates again, JetBlue reaches deal to buy Spirit Airlines after Frontier bid collapses, and more

- 1. Fed announces another big interest-rate hike to fight inflation
- 2. JetBlue reaches deal to acquire Spirit Airlines
- 3. Hulu, facing complaints from Democrats, says it will accept political ads
- 4. Stock futures retreat after a big post-Fed rally
- 5. One America News loses access to last major TV provider

1. Fed announces another big interest-rate hike to fight inflation
The Federal Reserve announced Wednesday that it would raise interest rates by three-quarters of a percentage point for the second straight month as it continues to aggressively fight the highest inflation in four decades. The 12-member Federal Open Market Committee unanimously approved the unusually large increase, and signaled in a statement issued after its two-day meeting that it expected to make "ongoing increases." The central bank's statement noted that "spending and production have softened" since June's three-quarter-point rate hike, but that strong job gains have continued and prices have continued to rise, "reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures."
2. JetBlue reaches deal to acquire Spirit Airlines
JetBlue Airways on Thursday agreed to buy Spirit Airlines for $3.8 billion shortly after Spirit scrapped its proposed merger with Frontier Airlines. Spirit on Wednesday called off the Frontier deal moments before it was set to announce the results of a shareholder vote on it. The discount carrier delayed the vote several times, hoping to get shareholders to support it over JetBlue's more lucrative proposal. Based on Wednesday's closing stock price, Frontier's cash-and-stock deal was worth $2.8 billion. JetBlue's acquisition of Spirit would create the nation's fifth largest airline, making it better able to compete with bigger rivals American, Delta, Southwest, and United. The deal could face challenges from antitrust regulators.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Hulu, facing complaints from Democrats, says it will accept political ads
The Disney-backed Hulu streaming service said Wednesday it will start accepting political ads, reversing a policy that had angered Democrats after Hulu rejected two of its ads on abortion and guns this month. Hulu will now apply the standards Disney uses for its sports and entertainment cable networks. Hulu said the decision to bring its policy in line with Disney's other networks and the streaming service ESPN Plus came "after a thorough review." "Hulu will now accept candidate and issue advertisements covering a wide spectrum of policy positions, but reserves the right to request edits" or other changes, "in alignment with industry standards," the statement said. Mosaic Communications, a Democratic advertising firm, had announced a day earlier it would stop buying candidate ads with Hulu until it changed the policy.
4. Stock futures retreat after a big post-Fed rally
U.S. stock futures fell early Thursday after Wednesday's rally, which came after the Federal Reserve announced another unusually large three-quarter-point interest rate hike to fight inflation. Futures tied to the Dow Jones Industrial Average and the S&P 500 were down 0.2 percent and 0.3 percent, respectively, at 6:30 a.m. ET. Nasdaq futures were down 0.6 percent. The Dow and the S&P gained 1.4 percent and 2.6 percent, respectively, on Wednesday, while the tech-heavy Nasdaq shot up by 4.1 percent. DoubleLine Capital's CEO Jeffrey Gundlach told CNBC's Closing Bell Overtime the surge showed increased market confidence in the Fed's effort to contain inflation. Meta shares fell 3 percent overnight after the Facebook parent reported disappointing quarterly results.
5. One America News loses access to last major TV provider
One America News' future is in doubt after major carriers decided to drop the conservative cable network, which promoted bogus information about the 2020 election. Verizon will stop carrying OAN on its Fios television service, which has 3.5 million subscribers, starting Saturday. AT&T's DirecTV, which has about 15 million subscribers, dropped OAN in April. OAN will soon be available to just a few hundred thousand subscribers on smaller providers, said Scott Robson, a senior research analyst at S&P Global Market Intelligence. OAN also sells its programming directly through its OAN Live and KlowdTV streaming platforms, but they generate far less revenue than major providers. "I really think this is the death blow for the network," Robson said.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Scientists want to fight malaria by poisoning mosquitoes with human blood
Under the radar Drugging the bugs
By Devika Rao, The Week US Published
-
Crossword: March 31, 2025
The Week's daily crossword
By The Week Staff Published
-
Sudoku medium: March 31, 2025
The Week's daily medium sudoku puzzle
By The Week Staff Published
-
Could a private equity deal be the end of Walgreens?
Today's Big Question The pharmacy chain will be taken private in a $10 billion deal
By Justin Klawans, The Week US Published
-
Eggs too pricey? Rent a chicken.
Under the Radar The cost of eggs increased more than 15% in January
By Justin Klawans, The Week US Published
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
By Peter Weber, The Week US Published
-
Will Trump's tariffs hurt Walmart?
Today's Big Question The world's biggest retailer 'isn't immune' to trade impacts
By Joel Mathis, The Week US Published
-
Store closings could accelerate throughout 2025
Under the Radar Major brands like Macy's and Walgreens are continuing to shutter stores
By Justin Klawans, The Week US Published
-
The diamond market is losing its shine
Under the radar Precious gemstones are rapidly dropping in price
By Devika Rao, The Week US Published
-
Can the US Steel-Nippon Steel merger come back to life?
Today's Big Question President Trump opposed the deal. But he could be flexible.
By Joel Mathis, The Week US Published
-
How Trump is making your Shein and Temu orders more expensive
In the Spotlight The president has ended a tariff loophole for small shipments
By Joel Mathis, The Week US Published