The Fed’s task, Lordstown Motors execs

WASHINGTON (AP) — The Federal Reserve is poised this week to discuss when it will take its first steps toward dialing back its ultra-low interest rate policies. It will be a fraught discussion, one likely to occur over several months. Yet the escalating inflation that has forced consumers and businesses to pay more has intensified pressure on the Fed to consider pulling back soon on the extraordinary support it’s provided through low borrowing rates. With the economic picture still clouded by the chaos of reopening from the pandemic, no major decisions are expected Wednesday when the Fed’s latest policy meeting ends and Chair Jerome Powell holds a news conference.

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Lordstown Motors’ rough road continues; CEO and CFO are out

LORDSTOWN, Ohio (AP) — The top two executives at Lordstown Motors have resigned as problems at the Ohio electric truck startup continue to mount. CEO Steve Burns and Chief Financial Officer Julio Rodriguez stepped down, the company said early Monday, sending shares already down 40{df062b8f362fea3ad554c6c90c50e0dac4ff01de4668794de908559e9684c452} this year tumbling 16{df062b8f362fea3ad554c6c90c50e0dac4ff01de4668794de908559e9684c452} at the opening bell. The departures come less than a week after Lordstown cautioned that it may not be in business a year from now as it struggles to secure funding to begin full production at a former General Motors plant in Ohio near Youngstown.

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GM exec: Company to announce more battery plants this week

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