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Fed's Daly says rate cut next month doesn't seem warranted, WSJ reports
(Reuters) -San Francisco Fed President Mary Daly has pushed back against the need for an interest rate cut of 50 basis points at the Federal Reserve's September meeting, the Wall Street Journal reported on Thursday. "Fifty sounds, to me, like we see an urgent — I'm worried it would send off an urgency signal that I don't feel about the strength of the labor market," Daly said in an interview with the Journal on Wednesday. "I just don't see that. I don't see the need to catch up."
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Natick MA roofer pleaded guilty to tax evasion. Here's what the judge decided
A federal judge in Boston has sentenced a Natick roofer to one year in federal prison after he pleaded guilty to tax evasion. U.S. District Court Judge Brian E. Murphy on Tuesday, Aug. 12, also sentenced Jake Miller, 42, to one year of supervised release. Murphy also ordered Miller to pay $449,329 in restitution. Miller pleaded guilty in February to one count of tax evasion. According to the U.S. Attorney's Office, Miller owned Kostas Roofing, which he ran under an alias of Paul Kostas. From 2013 to 2021, Miller deposited money earned from his roofing business into a personal bank account rather than a business account. He did not file income taxes during those years, despite receiving at least $1.6 million. The U.S. Attorney's Office determined Miller should have paid nearly $450,000 in taxes as a result of that unreported income. Norman Miller can be reached at 508-626-3823 or nmiller@ For up-to-date public safety news, follow him on X @Norman_MillerMW. This article originally appeared on MetroWest Daily News: Natick roofer sentenced to one year in prison for tax evasion Solve the daily Crossword
Yahoo
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Chipotle, Cava, and Sweetgreen results reveal a challenging summer for America's favorite office lunch spots
The second quarter was a tough period for some of America's favorite office lunch spots. Cava stock fell 16% on Wednesday after the company reported a larger-than-expected growth slowdown in the second quarter. Peers like Sweetgreen (SG) and Chipotle (CMG) both reported a second straight quarter of same-store sales declines in Q2 as demand for the trusty lunch bowls of choice for America's white-collar workforce waned. "We do see what I would classify as a macroeconomic fog around the consumer that they're trying to navigate through, and that has the consumer less front-footed, less ebullient, less forward-leaning than they were, say, this time last year," Cava CEO Brett Schulman told Yahoo Finance on Wednesday. Same-store sales at Cava rose 2.1% in the second quarter, a deceleration from the double-digit growth seen in each of the prior three quarters. Analysts had expected the company to post same-store sales closer to 6%. At Chipotle, same-store sales fell 4% in the second quarter, a larger drop than the 2.3% fall seen in the year's first quarter. CEO Scott Boatwright told investors it was due to "ongoing volatility in our trends in the consumer environment," which prompted the company to cut its full-year same-store sales forecast. Sweetgreen posted the steepest decline among the three, with same-store sales falling 7.6% in the quarter. Co-founder and CEO Jonathan Neman said it was "pretty obvious that the consumer is not in a great place overall" on a call with investors. The "pressure on consumer spending for many of our consumers has persisted longer than we expected," he added. Shares of the salad chain fell more than 20% on the news. Shares of Chipotle are down more than 25% this year, while Cava stock has lost over 35%. Sweetgreen stock has fallen nearly 70%. A challenge for these chains, in part, is lapping a strong 2024. "The backdrop of the restaurant environment has not changed that dramatically since last year," Bank of America analyst Sara Senatore said, noting these fast-casual players "can't take massive share every year." At Cava, Schulman said the current quarter has shown signs of a pickup in sales and that the company is "encouraged by what we're seeing in the exit rate of the quarter." Still, all three brands are considering a mix of more carefully curated menus and emphasizing value in an effort to win back sales at a time when consumers seem keen to scrutinize their budgets more closely. Cava, for instance, is introducing chicken shawarma in September and cinnamon sugar pita chips later on this year, as well as testing salmon. Sweetgreen announced plans to stop selling the ripple fries it rolled out just five months ago. "We've got to figure out a way we can communicate value for the consumer and showcase the value we are to QSR and fast casual," Chipotle's Boatwright said. "There's more work to do there, and that's what we'll lean into in the back half of the year." Brooke DiPalma is a senior reporter for Yahoo Finance. Follow her on X at @BrookeDiPalma or email her at bdipalma@ Click here for all of the latest retail stock news and events to better inform your investing strategy
