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Gaza Collapse and Fed Rate Hike

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In Gaza City, a war-damaged building collapsed at around 2:00 AM, killing at least 21 people, including children, and trapping many others. Natan Odenheimer reports that rescue teams worked into the night to excavate people from beneath huge piles of concrete.

Officials had warned residents that damaged buildings were dangerous, but many people felt compelled to live in them because their only alternative was a tent. Experts and humanitarian workers fear harsh winter conditions could drive more people into buildings that might collapse.

After the ceasefire between Israel and Hamas, many Palestinians hoped Israel would allow heavy machinery and construction materials for rebuilding and recovering remains. Reconstruction has stalled, and Israel has continued attacks despite international pressure. The Israeli military said it did not strike the building during the war but did not address nearby strikes.

The Federal Reserve raised interest rates for the first time in three years to contain inflation. New Fed Chair Kevin Warsh said the American economy is strengthening but inflation must return to the Fed’s goal of 2 percent more quickly. The war in Iran has driven up energy prices and disrupted global supply chains.