Federal Reserve policymakers fretted on Friday that they could face the next U.S. recession with virtually the same arsenal of policies used in the last downturn and, with interest rates still relatively low, those will not pack the same punch. In the midst of an unprecedented leadership transition, Fed officials are publicly debating whether to scrap their approach to inflation targeting, how much of its bond portfolio to retain, and how much longer they can raise interest rates in the face of an unexpectedly large boost from tax cuts and government spending. After years of near-zero rates and $3.5 trillion …

European Union leaders staked out opening positions Friday for a battle over EU budgets that many conceded they are unlikely to resolve before Britain leaves next year, blowing a hole in Brussels’ finances. At a summit to launch discussion on the size and shape of a seven-year budget package to run from 2021, ex-communist states urged wealthier neighbors to plug a nearly 10 percent annual revenue gap being left by Britain, while the Dutch led a group of small, rich countries refusing to chip in any more to the EU. …

American cities are becoming safer as violent crime decreases nationwide. But the city of Baltimore is an exception. Amy Berbert, a local artist whose photography project “Remembering the Stains on the Sidewalk” aims to bring awareness and compassion to the frequently forgotten victims of Baltimore’s homicides. Gabrielle Weiss reports. … From: MeNeedIt

More than 40,000 middle-school-aged engineering students from around the world recently competed to design the city of the future. The competition started in the fall of 2017 and culminated in a grand-prize ceremony this week in Washington. Arash Arabasadi has more. … From: MeNeedIt

U.S. President Donald Trump has called a meeting early next week with key senators and Cabinet officials to discuss potential changes to biofuels policy, which is coming under increasing pressure after a Pennsylvania refiner blamed the regulation for its bankruptcy, according to four sources familiar with the matter. The meeting comes as the oil industry and corn lobby clash over the future of the Renewable Fuel Standard (RFS), a decade-old regulation that requires refiners to cover the cost of mixing biofuels such as corn-based ethanol into their fuel. Trump’s engagement …