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WASHINGTON — Surging interest rates are intensifying the challenges for the U.S. economy and threatening to derail the Federal Reserve’s drive to tame inflation without causing a deep recession. Since mid-summer, the yield on the 10-year Treasury note has steadily climbed, causing a spillover rise in other borrowing costs. The costs of mortgages, auto loans and credit card debt have all risen in response.
WASHINGTON — The U.S. government appears poised to order a recall of millions of air bag inflators due to a manufacturing flaw that could send metal shrapnel rocketing through a car interior. The National Highway Traffic Safety Administration held a public hearing Thursday on air bags made by ARC Automotive of Tennessee. At least 25 million vehicles containing ARC-made air bags could be affected. ARC has refused to issue a full-scale recall, setting the stage for the possible court fight.
SAN FRANCISCO — The Securities and Exchange Commission says it is seeking a court order that would compel Elon Musk to testify as part of an investigation into his purchase of Twitter, now called X. The SEC said in a Thursday filing in a San Francisco federal court that Musk failed to appear for testimony on Sept. 15. The agency said that was despite Musk being served an investigative subpoena by the SEC and having raised no objections at the time it was served.
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