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U.S. NEWS Thursday 13 January 2022
Old Florida Keys bridge reopens to

pedestrians, bicyclists

MARATHON, Fla. (AP) — A Nicknamed "Old Seven," Atlantic Ocean and Gulf of
segment of a 110-year- the bridge was completed Mexico was removed.
old Florida Keys bridge re- in 1912 as part of Henry Fla- The retired "Old Seven" be-
opened to pedestrians and gler's Florida Keys Over-Sea came a popular recreation
bicyclists on Wednesday Railroad that connected area and appeared in sev-
following a $44 million res- the Keys with each other eral films including "True
toration project. and mainland Florida. The Lies," a 1994 action-come-
Rehabilitation construction span is the gateway to his- dy starring Arnold Schwar-
on the oft-photographed toric Pigeon Key, a tiny is- zenegger and Jamie Lee
2.2-mile (3.5-km) span of land beneath it that once Curtis.
the Old Seven Mile Bridge housed 400 railroad con- Wednesday's ribbon-cut-
began in late 2017. struction workers. ting ceremony was the Associated Press
"What made the project In 1938, the railroad bridge crowning moment of a
challenging was that it is a was converted to carry au- 30-year, $77 million agree- serve the iconic landmark Administrator Roman Gas-
historic bridge, and we had tomobiles. In 1982, the new ment inked in 2013 be- listed on the National Reg- tesi.
to restore the bridge to the Seven Mile Bridge, actually tween Monroe County, ister of Historic Places. Restoration included struc-
same aesthetic fabric as 6.79 miles (10.9 kilometers) the City of Marathon and "The Old Seven Mile Bridge tural steel and bridge joint
the original," said project long, debuted alongside the Florida Department of is important to the Keys, system repairs, new deck-
manager Tony Sabbag, the historic one, whose steel Transportation. That agree- the history of the Keys and ing, pedestrian and bi-
a Florida Department of swing span that facilitated ment funded restoration a viaduct to get to Pigeon cycle handrails and other
Transportation contractor. marine traffic between the and maintenance to pre- Key," said Monroe County enhancements.q

US inflation soared 7% in past year, the

most since 1982

the premium price. 0.5% in December, yet they if it becomes necessary to
"We have to make money," are still 50% higher than a fight high inflation more
she said. "We are a busi- year ago. aggressively, the Federal
ness. We don't want to lose Most economists expect Reserve is prepared to ac-
our customers. But I think inflation to moderate once celerate the interest rate
we might." the omicron wave fades hikes it plans to begin this
Rising prices have wiped and as Americans shift year. Fed officials have es-
out the healthy pay in- more of their spending to timated that they will raise
creases that many Ameri- services such as travel, eat- their benchmark short-term
cans have been receiving, ing out and movie-going. rate, now pegged near
Associated Press making it harder for house- That would reduce the de- zero, three times this year.
By CHRISTOPHER RUGABER economist at Nationwide. holds, especially lower- mand for goods and help Those rate increases would
AP Economics Writer Ayers and other econo- income families, to afford clear supply chains, which likely increase borrowing
WASHINGTON (AP) — Infla- mists say prices may cool basic expenses. Polls show are showing some signs of costs for home and auto
tion jumped at its fastest off some as snags in the that inflation has started dis- untangling. purchases as well as for
pace in nearly 40 years last supply chain ease, but in- placing even the corona- In recent weeks, shortages business loans, potentially
month, a 7% spike from a flation will remain elevated virus as a public concern, and higher prices have slowing the economy. The
year earlier that is increas- throughout 2022. making clear the political cropped up at U.S. grocery Fed is also ending its month-
ing household expenses, The Labor Department re- threat it poses to President stores. The omicron variant ly bond purchases, which
eating into wage gains ported Wednesday that its Biden and congressional and severe weather have were intended to lower
and heaping pressure on measure of inflation that Democrats. compounded labor and longer-term interest rates to
President Joe Biden and excludes volatile food and A significant portion of in- supply-chain problems. encourage borrowing and
the Federal Reserve to ad- gas prices jumped 5.5% in flation is still being driven Many restaurants have spending.
dress what has become December, the fastest such by pandemic-driven mis- been passing along higher The Fed's pivot hasn't
the biggest threat to the increase since 1991. Infla- matches between de- labor and food costs onto quelled questions from
U.S. economy. tion rose 0.5% overall from mand and supply. Used car their customers. Darden economists and some sen-
Prices have risen sharply for November, down from prices have soared more Restaurants, the company ators about whether the
cars, gas, food and furniture 0.8% the previous month. than 37% over the past that owns Olive Garden, Fed has acted too slowly
as part of a rapid recovery Nicole Pomije, a bakery year because new car pro- LongHorn Steakhouse to end its ultra-low-interest
from the pandemic reces- owner in Minnesota, said duction has been limited and other chains, said it rate policies in the face of
sion that was fueled by vast she is increasing prices for by shortages of semicon- increased prices by 2 per- accelerating inflation.
infusions of government her cookies because of ductors. New car prices cent at the end of last year In his testimony to Congress
aid and emergency inter- surging costs for butter and jumped 1% in December and expects to bump them on Tuesday, Powell said the
vention by the Fed, which other ingredients. and have soared 11.8% in by another 4 percent over Fed mistakenly believed
slashed interest rates. As Her basic cookies were the past year. the next six months. that supply chain bottle-
Americans have ramped priced at 99 cents each, Clothing costs rose 1.7% just Darden CEO Gene Lee re- necks that have helped
up spending, supply chains while premium versions in December, its second cently told investors recent- drive up the prices of
have been squeezed by such as white chocolate month of sharp increases, ly that this is "the toughest goods wouldn't last nearly
shortages of workers and were selling for $1.50 each. and are up 5.8% from a inflationary environment as long as they have. Once
raw materials. But Pomije said she will year ago. we've seen in years." the supply chains were
"Inflation ended 2021 very have to bump up the pric- There was some relief last On Tuesday, Chair Jerome unsnarled, he said, prices
hot," said Ben Ayers, senior es of her basic cookies to month. Gas prices dropped Powell told Congress that would come back down.q