Federal Reserve holds rates steady as war complicates economic outlook
The Federal Reserve of the United States held its benchmark interest rate unchanged on Wednesday for the second policy meeting of the year, signaling caution as officials weigh the economic fallout of the war in the Middle East. The Fed approved holding rates steady by an 11-1 vote, with Governor Stephen Miran favoring a 25-basis-point cut at this meeting. Wednesday’s decision keeps the benchmark rate at 3.5% to 3.75% as policymakers saw no compelling reason to rush an additional rate…»
NRF: Retail sales to grow 4.4% in 2026; outlook tops average growth of past 10 years
Consumer resilience is expected to continue in 2026, with higher-income households driving the majority of growth in retail spending. That’s according to the National Retail Federation, which forecast that retail sales in 2026 will grow 4.4% over 2025 to $5.6 trillion. (NRF’s forecast is based on its own definition of core retail sales, which excludes auto dealers, gas stations and restaurants.) NRF’s 2026 sales outlook compares with 3.6% average annual sales growth during the last 10 years…»
Arizona, Taiwan and Japan agree to boost economic collaboration
To further strengthen international partnerships with Taiwan and Japan — two of Arizona’s top trading partners — the State of Arizona, the City of Kaohsiung, Taiwan, and Kumamoto Prefecture, Japan signed a trilateral Memorandum of Understanding (MOU) to strengthen economic collaboration and advance partnerships in semiconductors, talent development, research and development, and global supply chain integration. The MOU was signed during a ceremony in…»
New vision for Camelback Colonnade: Developers plan new project at historic retail hub
The owners of a prominent central Phoenix shopping center have an ambition vision to add apartments to the property. Federal Realty Investment Trust and RED Development are working through plans to build a 255-unit, six-story apartment complex within the Camelback Colonnade shopping center, according to documents filed with the city of Phoenix. They’re targeting a 2.5-acre portion on the southwest side of the shopping center, which is located at Highland Avenue and State…»
Coronado Hotel in downtown Phoenix to be demolished for new housing
A nearly 100-year-old downtown Phoenix hotel that chronicled the transition of the area from residential to a commercial core and has fallen into disrepair is planned to be demolished. Jonathon Vento, principal of True North Studio, the developer of the Pemberton, the Cambria hotel and other downtown Phoenix projects, is in escrow to buy the Coronado Hotel and an adjacent historic building, the former location of Matt’s Big Breakfast. The buildings are located on First and McKinley…»