Jay-Z, Foo Fighters welcomed into Rock & Roll Hall of Fame

CLEVELAND — Jay-Z's added another title to a resume that includes rapper, songwriter, Grammy winner, billionaire business mogul, and global icon — Hall of Famer. The self-proclaimed “greatest rapper alive” was inducted Saturday night as part of an eclectic 2021 Rock & Roll Hall of Fame class that included Foo Fighters, Carole King, Tina Turner, The Go-Gos and Todd Rundgren. Once a drug dealer on the tough streets of Brooklyn, New York, Jay-Z rose through the rap world with hard, straight-forward songs that often portrayed the struggles of Black people in America. His catalogue includes songs like “Hard Knock Life,” “99 Problems” and “Empire State of Mind” as well as 14 No. 1 albums.

Fed to start reining in economic aid as inflation risk rises

With inflation at its highest point in three decades, the Federal Reserve is set this week to begin winding down the extraordinary stimulus it has given the economy since the pandemic recession struck early last year, a process that could prove to be a risky balancing act. Chair Jerome Powell has signaled that the Fed will announce after its policy meeting Wednesday that it will start paring its $120 billion in monthly bond purchases as soon as this month. Those purchases are intended to keep long-term loan rates low to encourage borrowing and spending. Once the Fed has ended its bond purchases by mid-2022, it will then turn to a more difficult decision: When to raise its benchmark short-term rate from zero, where it’s been since COVID-19 hammered the economy in March 2020. Raising that rate, which affects many consumer and business loans, would be intended to make sure inflation doesn’t get out of control. But it would carry the risk of discouraging spending and undercutting the job market and the economy before they’ve regained full health.

COVID vaccine for younger kids already being packed, shipped

Anticipating a green light from vaccine advisers, the Biden administration is assembling and shipping millions of COVID-19 shots for children ages 5-11, the White House said Monday. The first could go into kids' arms by midweek. “We are not waiting on the operations and logistics,” said coronavirus coordinator Jeff Zients. By vaccinating children, the U.S. hopes to head off another coronavirus wave during the cold-weather months when people spend more time indoors and respiratory illnesses can spread more easily. Cases have been declining for weeks, but the virus has repeatedly shown its ability to stage a comeback and more easily transmissible mutations are a persistent threat.

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