UAW begins sixth day of strike: Latest updates

The Street
The Street
  • last year
Caroline Woods brings you the biggest news of the day, including decision day for the Fed and the UAW entering its sixth day of striking against big automakers.
Transcript
00:00 I'm Caroline Woods filling in for JD Durkin reporting from the New York Stock Exchange.
00:05 Here's what we're watching on the street today.
00:07 All eyes are on the Federal Reserve as Wall Street widely expects the central bank to
00:12 hold rates steady.
00:14 Investors place their attention on the Federal Open Market Committee's dot plot, which gives
00:18 a glimpse of the Fed's latest expectations for future interest rates.
00:23 Into Wednesday's close, trade-offs were parsed through each and every word delivered by Fed
00:28 Chair Jerome Powell when he addresses the central bank's ongoing fight against inflation.
00:33 Meanwhile, the United Auto Workers strike against the Big Three automakers enters its
00:37 sixth day as both sides remain far apart.
00:41 UAW President Sean Fain has said more workers will walk off the job if progress with Ford,
00:47 GM and Stellantis isn't made by noon Eastern Time Friday, September 22nd.
00:53 So far, the strike has been limited to 13,000 workers at a Ford assembly plant in Wayne,
00:57 Michigan, a GM factory in Wensville, Missouri and a Stellantis plant in Toledo, Ohio.
01:04 The strike has already impacted the supply chain, with plants that supply parts to striking
01:08 factories being forced to idle their production.
01:11 In addition to layoffs at non-striking Ford and GM plants, U.S. Steel announced it will
01:16 temporarily idle one of its Blast furnaces in Illinois, anticipating reduced demand for
01:22 steel.
01:23 In a statement to reporters Tuesday, Ford said it continues to negotiate with the union
01:28 and is developing contingency plans for further work stoppages.
01:33 That'll do it for your daily briefing.
01:34 From the New York Stock Exchange, I'm Caroline Woods with The Street.
01:38 Thanks.
01:38 [BLANK_AUDIO]

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