Emily Sullivan

Updated at 4:03 p.m. ET

Despite enormous pressure from President Trump, the U.S. Federal Reserve announced Wednesday it is increasing interest rates by a quarter point.

The Fed said in a statement it is raising the key borrowing rate to a range of 2.25 percent to 2.50 percent — the highest level in a decade, when the economy was in the early stages of the financial crisis and the beginning of the Great Recession. The Dow ended the day down 352 points, or 1.5 percent, after the Fed announcement. The index was up nearly 300 points earlier.

The Weekly Standard, an influential conservative magazine founded in 1995, published its last issue on Monday, shuttering after steadily losing revenue for years.

The magazine announced on Friday that it was closing down, news that was celebrated by President Trump and some high profile Republicans, while mourned by other GOP writers across the political spectrum.

Updated at 3:31 p.m. ET

Kathy Kraninger, a White House official, has been confirmed as the Consumer Financial Protection Bureau's new director over objections by critics who highlighted her lack of experience in consumer protection.

The Senate voted 50-49 Thursday to back Kraninger as head of the consumer protection watchdog agency. She has worked for the Office of Management and Budget since March 2017.

Ukraine's President Petro Poroshenko on Friday barred Russian men of military age from entering the country, saying the order was needed to prevent an infiltration in what appeared to be an allusion to Moscow's 2014 takeover of Crimea from Ukraine.

Poroshenko's decree comes days after he assumed martial law powers in Ukraine following a maritime skirmish in the Kerch Strait that joins the Black Sea and the Sea of Azov through Crimea. That encounter saw Russian warships fire on and seize three Ukrainian navy vessels, wounding several of their crew.

Since millennials first started entering the workforce, their spending habits have been blamed for killing off industries ranging from casual restaurant dining to starter houses.

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