Welcome to The Hill's Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story  Feds warn of price gouging as Milton nears As Hurricane Milton nears Florida’s western coast, federal agencies are warning consumers to be on high alert for bad actors seeking to exploit the extreme weather situations. © The Associated Press “Companies are on notice: Do not use the hurricane as an excuse to exploit people through illegal behavior,” Manish Kumar, deputy assistant attorney general of the DOJ Antitrust Division, said in a press release Wednesday. “The Antitrust Division and its law enforcement partners will act quickly to root out anticompetitive behavior and use every tool available to hold wrongdoers accountable,” Kumar added. They warned of price gouging tactics for essential goods, which FTC Chair Lina Khan said the agency is already seeing “for essentials that are necessary for people to get out of harm’s way,” including for hotels, groceries and gas. Khan said the agency is working to protect vulnerable Americans. “No American should have to worry about paying grossly inflated prices when fleeing a hurricane. In partnership with state enforcers, the FTC will keep fighting to ensure that Americans can get the relief they need without being ripped off by bad actors exploiting a crisis,” Khan said. Consumers should be on the lookout for scammers soliciting donations using names that imitate charities linked to the disaster, the agencies warned. Scammers also often impersonate government officials and offer disaster relief in exchange for personal information or money, and sometimes they promote fake businesses or non-existent investment opportunities related to disaster recovery, including rebuilding or flood-proofing. Federal officials said only scammers would ask for payment via wire transfer, gift card, payment app, cryptocurrency or in cash. They also warned that legitimate offers for disaster relief will never require payment. The Hill's Sarah Fortinsky has more here.   Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.   Did someone forward you this newsletter? Subscribe here. Essential Reads  Key business and economic news with implications this week and beyond:   FEMA has enough money to respond to Hurricanes Helene and Milton The Federal Emergency Management Agency (FEMA) is not at risk of running out of money and being unable to support survivors in the immediate aftermath of a disaster, despite misinformation that has swirled in recent days.  Full Story   Mortgage applications drop 5.1 percent as rates rise despite Fed cuts Mortgage applications dipped earlier this month as rates have been on the rise following a strong September jobs report.  Full Story   CVS, UnitedHealth press for FTC Chair Khan to be removed from PBM lawsuit UnitedHealth and CVS Caremark are calling on a federal judge to disqualify Federal Trade Commission (FTC) Chair Lina Khan and two other commissioners from the agency’s lawsuit against the country’s largest pharmacy benefit managers (PBMs).  Full Story   Fed shrugs off downturn concerns in latest minutes Despite recent concerns among business leaders that the economy may enter a contraction some time in the next six months, U.S. central bankers see the economic outlook as fundamentally healthy.  Full Story The Ticker  Upcoming news themes and events we're watching: The Bureau of Labor Statistics on Thursday will release its Consumer Price Index for September 2024 at 8:30 a.m. E.T. In Other News  Branch out with more stories from the day: Ratan Tata, the former chairman of Indian conglomerate Tata Sons, dies at 86 NEW DELHI (AP) — Ratan Tata, a former chairman of Indian conglomerate Tata Sons hailed as a visionary … Full Story Good to Know  Business and economic news we've flagged from other outlets: Dow jumps more than 400 points to record close, S&P 500 hits all-time high (CNBC) How to factor in Social Security benefits when saving for retirement (CNN) Waffle House shutters Tampa locations ahead of Hurricane Milton (CBS News) What Others are Reading  Top stories on The Hill right now: Democrats start to hit the panic button Democrats’ nerves are at an all-time high.  Read more Susan Rice: Trump’s reported calls with Putin appear illegal  Former White House adviser and United Nations ambassador Susan Rice called out former President Trump over a report that he has spoken with Russian President Vladimir Putin at least seven times since leaving office, suggesting such calls would violate the Logan Act. Read more What People Think  Opinions related to business and economic issues submitted to The Hill: A fiscal compromise to get the federal debt under control The imagined national debt crisis: A long-running distraction  You're all caught up. See you tomorrow!  Check out The Hill's Business page for the latest coverage. Like this newsletter? Take a moment to view our other topical products here 📩 Privacy Policy  |  Manage Subscriptions  |  Unsubscribe  400 N Capitol Street NW Suite 650, Washington, DC 20001 Copyright © 1998 - 2024 Nexstar Media Inc. | All Rights Reserved. If you believe this has been sent to you in error, please safely unsubscribe.