Talk of the Town
Joey Arrington announced on Saturday that Kyle Petty will drive the car he’s building to break the land-speed record Arrington broke almost 20 years ago. The feat is scheduled for the runway at Cape Canaveral in Florida late next month. The record to break is 244 mph, and Arrington is pushing to hit 250, in conjunction with the 250th anniversary of the American Revolution.
(NEW YORK) — The U.S. Marshals Service announced a reward of up to $5,000 on Monday for information leading to the arrest of a Virginia high school football coach who is wanted on charges involving child sexual abuse material and solicitation of a minor.
Travis Turner, 46, of Appalachia, Virginia, has been missing since Nov. 20, authorities said. He is wanted on multiple felony charges, including five counts of possession of child pornography and five counts of using a computer to solicit a minor, according to Virginia State Police.
The U.S. Marshals warned that Turner “may be armed” and to “use caution” in a wanted poster released on Monday amid the search for the Union High School football coach.
Turner was last seen walking into the woods with a gun, according to the coach’s family.
“The last known contact the family had with Travis occurred on or about Thursday, November 20, after he left his residence to walk in the woods with a firearm,” a statement released on Friday from a law firm representing Turner’s family said. “He is believed to have entered a heavily wooded and mountainous area.”
At that time, the statement from attorney Adrian Collins said, no warrants had been issued for Turner’s arrest.
When Turner did not return home that evening, his wife notified law enforcement, the attorney’s statement said.
“She was advised that a missing-person report could not be taken until at least 24 hours had passed,” the attorney’s statement said. “The following day, she filed a missing-person report with the Virginia State Police. The family has cooperated fully with law enforcement in their ongoing efforts to locate Travis.”
Agents with the state police’s Bureau of Criminal Investigation Wytheville Field Office were en route to Turner’s home on Nov. 20 as part of an investigation, when they were informed he was no longer there, police said.
State police said they obtained 10 warrants for Turner on Nov. 24.
“Since his disappearance, VSP has utilized a number of assets, including search and rescue teams, drones and k9s, to assist in the search,” state police said in a statement last week. “VSP’s main priority is locating Turner safely; he is now considered a fugitive.”
Turner is a physical education teacher and head football coach at Union High School, in the Wise County public school district, according to the school’s website. Amid his disappearance, the football team has advanced to the state semifinals, scheduled for this weekend, during its undefeated season.
In response to a request for comment on Turner, Wise County Public Schools it is “aware that law enforcement has filed charges against a staff member who has been on administrative leave.”
“The individual remains on leave and is not permitted on school property or to have contact with students,” the statement continued. “The division will continue to cooperate with law enforcement as this process moves forward.”
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(NEW YORK) — The Federal Reserve held interest rates steady on Wednesday, ending a string of three consecutive quarter-point rate cuts as the central bank grapples with a combination of elevated inflation and sluggish hiring.
The move marked the first interest-rate decision since news surfaced earlier this month of a federal criminal investigation into Fed Chair Jerome Powell.
The choice to maintain interest rates at their current level aligned with a cautious approach outlined by Powell last month, before reports of the investigation into his conduct.
“We’re well positioned to wait and see how the economy evolves,” Powell said at a press conference in Washington, D.C., on Dec. 10.
The benchmark rate stands at a level between 3.5% and 3.75%. That figure marks a significant drop from a recent peak attained in 2023, but borrowing costs remain well above a 0% rate established at the outset of the COVID-19 pandemic.
Futures markets expect two quarter-point interest rate cuts this year, forecasting the first in June and a second in the fall, according to CME FedWatch Tool, a measure of market sentiment.
The investigation into Powell ratcheted up an extraordinary clash between the nation’s top central banker and the White House, which has urged the Fed to significantly reduce interest rates.
The federal probe appears to center on Powell’s testimony to Congress last year about cost overruns in a multi-billion-dollar office renovation project. Powell, who was appointed by Trump in 2017, issued a rare video message earlier this month rebuking the investigation as a politically motivated effort to influence the Fed’s interest rate policy.
The investigation follows months of strident criticism leveled at the Fed by Trump. The president denied any involvement in the criminal investigation during a brief interview with NBC News hours after the Fed posted Powell’s video.
Over the past year, hiring has slowed dramatically while inflation has remained elevated, risking an economic double-whammy known as “stagflation.” Those conditions have put the Fed in a difficult position.
The central bank must balance a dual mandate to keep inflation under control and maximize employment. To address pressure on both of its goals, the Fed primarily holds a single tool: interest rates.
The strain on both sides of the Fed’s mandate presents a “challenging situation” for the central bank, Powell noted last month.
“There’s no risk-free path for policy as we navigate this tension between our employment and inflation goals,” Powell said.
If the Fed raises interest rates as a means of protecting against elevated inflation, it risks a deeper slowdown of the labor market. On the other hand, by lowering rates to stimulate hiring, the Fed threatens to boost spending and worsen inflation.
The criminal investigation into Powell raised concern among some analysts and former top Fed officials, who said it poses a threat to central bank independence.
In the event a central bank loses independence, policymakers tend to favor lower interest rates as a means of boosting short-term economic activity, analysts previously told ABC News. Such a posture could pose a major risk of yearslong inflation fueled by a rise in consumer demand, untethered by interest rates.
Federal law allows the president to remove the Fed chair for “cause” — though no precedent exists for such an ouster. Powell’s term as chair is set to expire in May, but he can remain on the Fed’s policymaking board until 2028. Powell has not indicated whether he intends to remain on the board.
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