“Any future adjustments in policy should be determined by carefully examining trends in the data, the evolving outlook, and the balance of risks,” Jefferson said in prepared remarks for the University of Virginia’s Darden School of Business.

With financial markets “reassessing” the outlook amid rising bond yields, Jefferson added that “my colleagues and I will need to come to our own judgment, which may take more time,” before deciding on the next move.

For live updates on US Markets, click here

“With more data in hand, such trends may allow for better discernment, as may the appropriate stance of monetary policy,” he said further.

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The Fed raised its benchmark rate by a quarter-percentage point to 3.75%-4.00% at its September 15-16 meeting. Policymakers’ projections indicated one more increase before the end of 2026.
New York Fed President John Williams on Tuesday also said that policymakers had time to assess additional data, though he still expected another increase before year-end. Financial markets broadly expect the Fed to leave rates unchanged at its October 27-28 meeting.Jefferson expects inflation to remain “elevated” in the near term “before resuming its decline toward our 2% goal as the effects of energy and other price shocks fade.”

However, he added: “I view risks to my inflation forecast as tilted to the upside due to recent geopolitical developments and stronger-than-anticipated aggregate demand.”

Jefferson described risks to economic activity and employment as “roughly balanced”. He said the economy was “likely to show continued resilience … by adding jobs and extending a six-and-a-half-year-long expansion.”

Fed’s Kashkari expects more rate hikes, but is unsure about October

Minneapolis Fed President Neel Kashkari said on Thursday that additional rate increases would probably be necessary to restrain the economy through 2027, although he was uncertain whether the next move should come in October.

“I’m open-minded” about how the Fed proceeds, Kashkari told Reuters. He added that “I don’t have a strong view” on whether policymakers should raise rates at their October 27-28 meeting. The Fed’s final meeting of the year is scheduled for December 8-9.

Kashkari, who voted for last month’s rate increase, projected one more quarter-point hike this year and another in 2027.

Since the September meeting, “the data that I’ve gotten suggests the economy is doing even better than I anticipated” while “inflation is still too elevated,” he said.

“If the economy proves to just be incredibly resilient and inflation therefore is probably stickier than I appreciate, then policy could need to go higher yet than I’m anticipating at this moment. But I don’t know” whether that scenario will materialize, Kashkari said.

The Fed raised rates last month to curb inflation that has exceeded its 2% target for more than five years. Kashkari had also dissented in favor of an increase at the July policy meeting.

Although the latest rate increase contributed to a sharp rise in long-term borrowing costs, Kashkari said monetary policy was not doing much to restrain the economy.

“The labour market looks quite healthy right now. It seems like the economy is doing quite well. And when I look at that constellation, that says, boy, policy is probably not particularly restrictive right now,” he said.

Kashkari said financial markets were functioning properly despite recent volatility and that the Treasury market had absorbed the repricing without disruption.

“I’m not seeing any evidence of systemic risk” in markets, he said. “I do think the banking sector bears watching closely, and we are (watching)” because of the rapid shift in borrowing costs.

He also said monetary policy under Fed Chair Kevin Warsh was influencing markets.

“If you look at long rates moving as much as they’ve moved over the last several weeks, part of that is real economic developments,” Kashkari said. “I think part of that is hey, the Fed is really serious, the Warsh Fed, it’s not talk, the Warsh Fed is really serious about controlling inflation.”

“I’ve got some confidence that inflation’s heading back down over the next couple of years to our 2% target, but shocks keep surprising us,” he added.

(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)

To hire employees for your small business, first confirm you need an employee rather than a contractor. Then work out what the hire will really cost, register as an employer, write a clear job post, find candidates, interview everyone with the same questions, check references, send a written offer, and finish the legal paperwork on deadline. Onboard the person properly and the job is done.

That sounds tidy, and it isn’t. Hiring is the moment a business stops being a project and becomes a workplace, with somebody else’s rent riding on your payroll. The steps below cover what to do, in what order, and where first-time employers most often come unstuck.

Do you actually need an employee?

Before anything gets posted, ask an uncomfortable question: is this a job, or is it a pile of tasks?

If the work is occasional, project-based, or something a specialist can finish faster than you can (a logo, a website, a tax return), a freelancer or agency may serve you better. If you need dependable coverage from someone whose hours and methods you’ll direct, you’re looking at an employee. The distinction matters more than most owners expect, because the law looks at how the relationship actually works, not at what you call it.

Slapping “contractor” on someone doesn’t make them one. Misclassification [treating a worker as an independent contractor when the law considers them an employee] can bring back taxes, penalties, and unpaid overtime claims. Federal guidance on this has changed repeatedly in recent years, and states like California apply their own, stricter tests, so check your state’s rules before you decide.

There are middle paths, too. A part-time hire, a seasonal worker, or a virtual assistant on a fixed schedule can show whether the role justifies a full-time salary. And if payroll and compliance are what keep you up at night, a PEO (professional employer organization, a company that becomes your co-employer and handles payroll, benefits, and compliance) can take much of that weight.

What a new employee really costs

Salary is the number everyone remembers. It’s rarely the one that hurts.

Start with the direct cost of finding someone. SHRM’s 2025 benchmarking report puts the average cost per hire for non-executive roles at $5,475, a figure that covers job ads, agency fees, screening, and the time your team spends on the search. Small businesses without an agency or an HR department usually spend less in cash, but they pay in another currency: your own hours. Recent SHRM benchmarks put the typical time to fill a role at around six weeks, and that’s six weeks of interviews, emails, and lost focus.

Then comes the ongoing cost of employing someone. You’ll match the employee’s Social Security and Medicare contributions, which adds 7.65% of their wages, and you’ll owe federal and state unemployment taxes on top. Most states require workers’ compensation insurance once you have employees, and premiums vary widely by industry and location. Add equipment, software licenses, and benefits if you offer them (health coverage, paid time off, retirement contributions), and the real price of a $50,000 employee lands well above $50,000.

The practical move is to budget for the first year, not the first paycheck. It’s far less painful to discover in a spreadsheet that you can afford 25 hours a week than to discover in month four that you can’t afford 40.

Set up your employer accounts before you post

A handful of boxes need ticking before anyone works a single shift. Most are free, and all of them are miserable to do in a panic.

1. Get an EIN. An Employer Identification Number is your business’s tax ID. You can apply for free on the IRS website and get it right away.
2. Register with your state. Most states want you registered for income tax withholding and for unemployment insurance before your first payroll.
3. Arrange workers’ compensation coverage. Have it in place before the employee starts. It’s among the gaps first-time employers miss most often.
4. Choose a payroll system. You can technically run payroll by hand, but taxes are a thing, and software will save you from yourself.
5. Pick an HR tool once you have more than a person or two. Onboarding forms, time off, and records get easier when they live in one place.

Rules differ by state, so your state labor department’s website is the final word on registrations and deadlines.

Writing a job post people finish reading

Most job posts read as if a committee wrote them without ever meeting a human being. A few small choices put yours ahead.

Start with a normal job title. “Marketing Ninja” is fun for about four seconds, and then nobody finds it, because candidates search for “marketing coordinator.” Next, open with why the job is worth having: one or two sentences on what the person will do, who they’ll work with, and what makes your business a decent place to spend forty hours a week. Small businesses have a real edge here, since people often get broader responsibility, faster learning, and direct access to decision-makers that larger employers can’t easily match.

Keep the duties honest and short. Five or six real responsibilities beat fifteen aspirational ones, and separating “required” from “nice to have” matters, because a long wish list quietly scares off capable people who would have been fine. Then put the pay in. A growing number of states and cities require salary ranges in job postings, so check your local rules, and even where it’s optional, a range spares you interviews with people whose expectations sit miles from your budget. Finally, make applying easy. If your application takes twenty minutes and a blood sample, you’ll lose everyone who already has a job and is only casually looking.

Where to find candidates without a recruiter

The urge to blast the listing everywhere at once is strong. Resist it. Posting on every site in existence mostly earns you a mountain of unqualified applications, which is a fine way to spend your evenings if you dislike your evenings.

Begin closer to home. Your team, your customers, and your suppliers all know people, and referred candidates tend to arrive pre-vetted. A small thank-you bonus for a successful referral costs far less than a paid listing. Beyond your circle, general job boards with free or pay-per-click options suit a lean budget, while community colleges, trade schools, and neighborhood groups work especially well for entry-level and hourly roles. Your own website and social accounts deserve a “we’re hiring” post, since people who already like your business make motivated applicants. And don’t forget the runner-up from your last search, who may still be looking and already knows how you operate.

Staffing agencies are worth considering for temporary help or highly specialized roles, though the fee is real and you’ll want to know exactly what it buys.

How to interview when you’ve never done it

An unstructured chat feels like a great interview because you enjoy it. You enjoy it because the person across from you is likable, and likable is not the same as capable.

The remedy is a structured interview. It sounds stiff. In practice it makes you fairer and far better at spotting who can actually do the work.

Begin by writing down the three to five things the person must be good at, whether that’s reliability, calm under pressure, or attention to detail. Build your questions around real past situations rather than hypotheticals. “Tell me about a time you handled an upset customer, and how it turned out” reveals more than “How would you handle an upset customer?” Score each answer on a simple 1-to-5 scale right after the interview, before your memory turns it into a vibe.

Where it makes sense, add a short work sample: a mock account to reconcile for a bookkeeper, a real piece of your material for a designer to critique. If the task runs longer than an hour or two, pay for the time. And leave room for the candidate’s questions, because what they ask tells you plenty about how they think.

Keep every question tied to the job. Age, family plans, health, religion, and other protected topics are off the table, and if you’re unsure where the line sits, your state labor department or an employment attorney can tell you.

References and background checks

References, yes, every time. It takes fifteen minutes and it’s the cheapest insurance in hiring.

Call at least two former supervisors, not only the friendly names listed on the resume. Ask what the person did well, where they needed support, and whether the manager would hire them again. Then listen to the pauses, because a long silence after “would you rehire them?” is an answer.

Background checks are optional for many jobs and expected for some, such as those involving cash, vulnerable people, or driving. If you use a third-party screening company, federal law requires the candidate’s written permission first, and some states and cities limit when you can ask about criminal history. Check your local rules before you run one.

Making the job offer

Call the candidate first, because good news deserves a human voice. Follow up in writing the same day.

A solid offer letter names the job title and who the person reports to, the start date and expected schedule, the pay rate and how often you’ll pay it, and a summary of any benefits. It should also flag any conditions (a background check, proof of work eligibility) and state whether the role is exempt or non-exempt [exempt employees aren’t entitled to overtime pay; non-exempt employees are]. That last point isn’t a matter of what you’d like to call the job. Under federal rules, a salaried employee generally must earn at least $684 a week ($35,568 a year) and perform qualifying duties to be exempt, and several states set higher salary floors, including California, New York, Colorado, and Washington. Fail either test and the employee is owed overtime for hours past 40, salary or not.

Finish with an at-will statement [in most states, either side can end the employment at any time, for any legal reason]. Have an employment attorney or your state labor department review your template once, and you can reuse it for every hire after.

What paperwork is due, and when?

This is where first-time employers get caught, because the deadlines are short and nobody sends a reminder. Here they are in order.

Before the employee starts

• Your EIN, state employer accounts, and workers’ comp coverage are in place.

On or before day one

• The employee completes Section 1 of Form I-9, which confirms they’re eligible to work in the U.S.
• The employee completes Form W-4, which tells you how much federal income tax to withhold. You need it before the first paycheck. Many states have their own withholding form as well.
• Collect direct deposit details if you’re paying that way.

Within three business days of the start date

• You review the employee’s identity and work authorization documents and complete Section 2 of Form I-9. Three business days passes faster than it sounds.

Within 20 days

• Report the new hire to your state’s new hire reporting program. Federal law sets 20 days as the outer limit, and some states require it sooner. Late reports can bring fines.

Keep the records

• Hold each I-9 for three years after the hire date or one year after employment ends, whichever is later. Keep payroll tax records for at least four years.

Post the required federal and state workplace notices where employees can see them, too.

None of this is hard once you know it exists. It’s only unforgiving if you find out on day nine.

How is hiring hourly and seasonal staff different?

Most of the advice above assumes an office job with a desk and a salary. Restaurants, shops, salons, and service businesses hire differently, and the differences matter.

Speed comes first. Hourly candidates are often job hunting this week and working next week, so slow processes lose them to whoever calls first. Many owners in these fields shorten the loop: a quick phone or text screen, one in-person interview, and an answer within a day or two. Availability comes second. Unlike salaried roles, a great hourly hire is only useful if their open shifts match yours, so ask about it early and write it down.

Third, pay and overtime work differently. Hourly workers are typically non-exempt, which means overtime at one and a half times the regular rate for hours over 40 in a week, so build that into your scheduling. Some cities and states also have predictable-scheduling rules that require advance notice of shifts, so check what applies where you operate. If your team includes anyone under 18, look up your state’s rules on work permits, allowed hours, and restricted tasks, because they get stricter for younger workers.

Seasonal staff need the same paperwork as everyone else. The I-9, W-4, and new hire report all still apply, even for a six-week holiday job. Put the expected end date in the offer letter so nobody is surprised in January, and keep good seasonal workers’ contact details, since a returning employee is already trained and is your cheapest hire next year.

Onboarding a new hire so they stay

Onboarding [the process of getting a new employee set up, informed, and productive] is where a decent hire either becomes a great one or quietly starts browsing job boards.

The first week doesn’t need to be elaborate. It needs to be planned. Before day one, send a short welcome note with the start time, where to park, what to wear, and who they’ll meet, and have their equipment and logins ready. Few things say “we weren’t expecting you” like a laptop that arrives on Thursday. On the first day, walk them through their responsibilities, introduce the team, and pair them with a go-to person for questions. Lunch counts as training.

After that, put goals in writing and meet weekly for the first month, because a fifteen-minute check-in stops small misunderstandings from hardening into big ones. At 30, 60, and 90 days, have a longer conversation about what’s working, what isn’t, and what they need from you. If you use HR software, it can send new hires their forms ahead of time so day one isn’t spent filling out paperwork in the break room.

The hiring mistakes that come up most

The same errors turn up again and again at small businesses.

Hiring on personality alone tops the list. Likability matters in a small team, but it can’t stand in for skill, so score both. Rushing comes next, and a bad hire costs you the salary, the training time, and the effort of starting over, which usually makes a slower search the cheaper one. Skipping the written offer is another, because verbal promises get remembered differently by everyone involved.

Then there are the compliance slips: missing the I-9 or new hire reporting deadline, or having no workers’ comp in place on day one. Both are easy to forget and easy to get fined for. Owners also forget to plan the first week, and a strong candidate with no direction turns into an average employee fast. Last, plenty of people skip the handbook because “it’s just one person.” Even a one-page document covering hours, time off, and expectations heads off arguments later.

Ready to make your first hire?

Good hiring is mostly a matter of staying organized while everyone else improvises. Decide what you need, set up the legal groundwork, write a clear post, interview every candidate the same way, put the offer in writing, and hit your paperwork deadlines. Do that, and you’ll be ahead of plenty of businesses with far bigger budgets.

This article is for general information and isn’t legal advice. Employment rules differ by state and change over time, so confirm current requirements with your state labor department or an employment attorney.

Actor Mark Ruffalo blasted the outcome of the long-running fight over Paramount’s $110 billion acquisition of Warner Bros. Discovery after a federal judge cleared the Hollywood megadeal to move forward Wednesday.

Ruffalo, who had been one of the most vocal Hollywood opponents of the merger, called the outcome “incredibly disappointing.”

“This merger will stifle creativity, weaken free speech, and cost people their jobs – it is a bad deal for this country and should never have been approved,” Ruffalo wrote in a post on X.

“This is an incredibly disappointing outcome for the hundreds of thousands of us who stood up to block it, but it’s also not the end,” he continued. “This grassroots movement isn’t going to fade away and neither is our resolve. This was never about just one merger: this was about fighting back against corrupt oligarch billionaires trampling the interests of everyday people to line their own pockets.”

PARAMOUNT REACHES SETTLEMENT WITH STATES SUING TO BLOCK WARNER BROS DISCOVERY TAKEOVER

Mark Ruffalo argued that the Paramount-Warner Bros. Discovery merger would “stifle creativity, weaken free speech, and cost people their jobs” after a federal judge cleared the deal to move forward. (Karwai Tang/WireImage / Unknown)

“We’re still in that fight,” he added. “Join us.”

A federal judge on Wednesday issued an order allowing Paramount to close its acquisition of Warner Bros. Discovery, clearing the way for the historic Hollywood merger to move forward.

U.S. District Judge Araceli Martínez-Olguín called the deal a “reasonable factual and legal resolution” while rejecting objections seeking broader restrictions.

The order came after Paramount and a California-led coalition of 12 state attorneys general, which had sued to block the acquisition, reached a settlement.

California Attorney General Rob Bonta, who led the coalition, previously said the combined company made an “enforceable commitment to significantly increase domestic production.”

MARK RUFFALO URGES CALIFORNIA AG ROB BONTA NOT TO ‘CAVE’ IN PARAMOUNT-WARNER BROS MERGER FIGHT

The Paramount Studios sign in Los Angeles, California, on April 23, 2026. (Noah Suave / Getty Images)

Under the settlement, the company committed to releasing at least 30 movies annually in each of the first two years, followed by 32 movies per year over the next three years. At least four films each year must be independent releases.

Paramount also agreed to spend at least an additional $1.5 billion on U.S. film production over five years compared with its 2025 spending levels, according to Bonta’s office.

Paramount and Warner Bros. Discovery are expected to close the deal Oct. 6, according to Reuters.

Just days before the settlement was announced, Ruffalo had publicly pressured Bonta not to settle.

“Don’t you dare @AGRobBonta, do not cave,” Ruffalo posted on X.

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California Attorney General Rob Bonta led a coalition of 12 state attorneys general that sued to block Paramount’s acquisition of Warner Bros. Discovery before reaching a settlement with the company. (Photo by Sarah Reingewirtz/MediaNews Group/Los Angeles Daily News via Getty Images / Getty Images)

In July, the states sued to block the deal, arguing it would reduce competition and give the combined company excessive market power in film distribution and basic cable programming. The settlement announced Sept. 21 resolved those claims, according to Bonta’s office.

FOX Business’ Brian Flood and Reuters contributed to this report.

Siena Hutchinson is the founder and creative director of Hutch & Co, a London branding and website design agency working with lifestyle and culture-led businesses. A fashion design graduate with a master’s in graphic design, she began working for herself at 21 and incorporated the agency in March 2022.

On 29 September 2026 she was the featured voice in a Talent Times debate on whether creator-founded brands should mirror the creators behind them, drawing on the agency’s work for Agende, the planner business founded by Isobel Lorna. She tells Business Matters why strategy sits at the start of every project, and why she wishes she had learned to let go sooner.

What do you currently do at Hutch & Co?

I am the founder and Creative Director of Hutch & Co., a branding and website design agency helping ambitious brands define who they are and how they show up.

My role is quite varied, which is probably one of the things I love most about running an agency. I lead the creative direction and strategy across our projects, work closely with clients and oversee the wider direction of the business. We work across branding, websites and digital, predominantly with lifestyle and culture-led businesses.

As the agency has grown, my role has naturally started shifting too. I am learning to spend less time being the person doing everything and more time thinking about where the business is going, how we grow sustainably and what Hutch & Co. should look like in the future.

What was the inspiration behind your business?

I do not think there was ever one big moment where I decided, “I am going to start an agency.” It happened much more organically.

I have always been creative and studied Fashion Design before going on to do a Master’s in Graphic Design. I started working for myself at 21, initially taking on freelance design projects and running an online print shop. Over time, the freelance side grew, the projects became bigger and I realised I was much more interested in building brands as a whole than simply designing individual assets.

Hutch & Co. really grew from that. I wanted to build the kind of creative agency I would want to work with: collaborative, commercially aware and genuinely invested in understanding the business behind the brand.

I have always been fascinated by the point where creativity and business meet, because beautiful design is important, but the best branding has a reason behind every decision.

How do you approach brands built around a creator?

When we work with creator-founded businesses at Hutch & Co., I always think about the brand beyond launch day. Should the brand simply look and feel like the creator behind it? Not entirely.

When we built the brand for Agende, Isobel Lorna’s planner business, we chose to give it an identity of its own rather than replicate her existing aesthetic. I believe in a middle ground, where the brand feels unmistakably connected to the creator but can stand on its own, separate from their personal social media presence.

Who do you admire?

I am particularly drawn to people who have built businesses with a really strong point of view. Founders who understand that the brand itself can be just as valuable as the product or service they are selling.

I also admire people who are willing to build differently rather than automatically following the traditional blueprint of what a successful business is supposed to look like. Running my own business has made me realise there are so many different definitions of success. I am increasingly inspired by founders who create businesses that are commercially successful but also work for the life they actually want to live.

More broadly, I am constantly inspired by the people around me. Other founders, creatives and even our clients teach me a huge amount. When you work closely with people building businesses from scratch, you get a front-row seat to how differently people think, take risks and solve problems.

Looking back, is there anything you would have done differently?

I would have learned to let go sooner. For a long time, I thought being good at running a creative business meant being involved in absolutely everything. When your business starts with you, your skills and your reputation, handing any part of it to someone else can feel incredibly difficult.

But there comes a point where being involved in every detail actually becomes the thing holding the business back. I probably would have put systems in place earlier, asked for help sooner and become more comfortable with the idea that someone else can do something differently to me without doing it badly.

What defines your way of doing business?

Clarity, collaboration and being genuinely invested in the businesses we work with.

One of the biggest things I have learned through branding companies is that design should not exist in isolation. Before we start thinking about a logo, typography or colour palette, I want to understand where the business is going, who it needs to speak to and what it needs to be known for.

That is why strategy sits at the beginning of everything we do at Hutch & Co. I want our clients to come away with more than a beautiful brand. I want them to understand their business more clearly and have something that can genuinely support where they want to go next.

I also believe in making the process collaborative. Some of our services include live design sessions where clients are part of the process rather than disappearing for weeks and being presented with a finished answer. I think the strongest work happens when you combine our expertise with the founder’s knowledge of their own business.

What advice would you give to someone starting out?

Start before you feel ready.

I think one of the biggest misconceptions about starting a business is that everyone else has some kind of master plan. I certainly did not. So much of building Hutch & Co. has been trying something, learning from it, changing it and trying again.

I would also tell people not to obsess over looking bigger or more established than they are. Particularly in the creative industries, there can be a temptation to make yourself look like a huge agency from day one. There is actually a huge advantage in being small. You can move quickly, build close relationships with clients and figure out what you want your business to become without carrying lots of overhead.

And finally, learn about the business side as much as the thing you are selling. Being a great designer did not automatically make me good at pricing, sales, contracts, hiring, managing cash flow or leading a team. Those have all been skills I have had to learn along the way. In many ways, they are the skills that determine whether you can turn something you love doing into a sustainable business.