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WASHINGTON, Feb 8 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Thursday that she expects additional bank stress and financial losses from weakness in the commercial real estate market but believes this will not pose a systemic risk to the banking system. Yellen told a Senate Banking Committee hearing that bank regulators are working with banks to address risks caused by higher post-pandemic vacancy rates for many office buildings in larger cities, and higher interest rates for refinancing loans.
California residents will pay the price for a new law that raises fast-food workers minimum wage as mega-chains such as McDonalds and Chipotle said they will increase menu prices to off-set the liberal governors new bill.
Fast food workers will be paid at least $20 per hour when the law signed Democratic Gov. Gavin Newsom goes into effect on April 1.
In the Golden State, the average cost of a burger is already $7.02 and chicken sandwich costs an average of $6.02, according to Revenue Management Solutions. Now, both - which were already among the highest in the nation - will rise with the new law.
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