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A block of cheese can sit in the refrigerator for weeks, sometimes forgotten, but usually an everyday staple in a house with children.

And once the original packaging is removed, it can be difficult to remember exactly when or where it was purchased.

It is now relevant, with a new nationwide cheese recall linked to an E. coli outbreak that has resulted in 8 hospitalizations so far.

Sierra Nevada Cheese Company has recalled all of its Graziers grass-fed raw milk cheeses after federal health officials linked the products to a multistate outbreak of E. coli O26.

Thirteen people across nine states have become sick, and eight, or 62%, have been hospitalized, according to the Centers for Disease Control and Prevention. 

Three people developed hemolytic uremic syndrome, or HUS, a serious condition that can cause kidney failure. No deaths have been reported.

More than half of the people sickened are children aged 5 or younger.

Sierra Nevada recalls raw milk cheese nationwide

The recall covers these Sierra Nevada Graziers’ grass-fed raw milk cheeses:

Medium cheddar

Sharp cheddar

Jalapeño Jack

Monterey Jack 

The products were sold at retailers nationwide and online in 8-ounce and 16-ounce packages. 

Here’s some of my coverage on previous recalls:

Popular Walmart frozen meal recalled over possible listeria

Grocery giant recalls applesauce over potentially harmful toxin

Walmart, Harris Teeter recall fruit bars over glass risk

Five-pound loaves were also distributed to food-service businesses and wholesalers.

So far, cases have been reported in 9 states.

California

Colorado

Georgia

Kentucky

Michigan

Nevada

Oregon

Tennessee

Utah

Illnesses began between July 7 and Aug. 26.

Of the nine people interviewed by public health officials about what they ate before becoming sick, all nine reported eating Sierra Nevada Graziers’ raw milk cheese.

The FDA contacted Sierra Nevada Cheese Company on Sept. 24 and recommended a recall. 

The company agreed and began recalling the cheeses that same day. 

The investigation remains ongoing as regulators work to determine the source of the contamination and whether other products could be affected.

Sierra Nevada issues nationwide recall of raw milk cheese.Scott Olson / Getty Images

Another raw dairy E. coli outbreak sickened children this year

This is not the first E. coli outbreak involving raw dairy products in March, 2026.

Earlier this year, federal health officials investigated an E. coli O157 outbreak linked to Raw Farm raw cheddar cheese and raw milk.

That outbreak ultimately sickened nine people across California, Florida, and Texas. 

Three people were hospitalized, and one developed HUS. The CDC declared the outbreak over in April.

More recently, an E. coli outbreak linked to frozen organic blueberries sickened 17 people and hospitalized six before the CDC declared it over on Sept. 21.

The CDC advises consumers not to eat any of the recalled Graziers cheese and to throw it away or return it for a refund. 

As a parent, it can get scary, but the best bet is to remove anything even remotely unclear to guarantee safety.

Anyone who no longer has the original packaging and cannot determine whether cheese is included in the recall should throw it away, according to the FDA. 

Surfaces or containers that touched the cheese should also be cleaned and sanitized.

The CDC recommends choosing pasteurized milk and dairy products, particularly for children under 5, who face a greater risk of severe foodborne illness.

Related: Walmart, Aldi, and Kroger follow Costco’s lead

The New York Yankees’ longtime second baseman and outfielder sent a retirement message to “the best franchise in all of sports.”

October traditionally is the most volatile month for U.S. stocks.

Among this year’s multitude of risks is a key question: Will the Federal Reserve hike interest rates again on Oct. 28, just days before inflation-weary Americans face the divisive midterm elections on Nov. 3? 

This week’s economic data reports provide clues, as the energy shocks from the Iran war, rising Treasury yields, and AI supply-demand dynamic continue to froth prices to sticky inflation levels elevated by fiscal, not monetary, policy. 

Bond markets are already bracing, with the 10-year Treasury yield hitting its highest close since July 2007 and traders hiking the odds of an October rate increase to 70%.

This week’s data could fine-tune that focus.

Economists expect August’s PCE price index, the Fed’s preferred inflation gauge, to rise 0.4% from July, with the core measure up 0.3% when it’s released Sept. 30. The Oct. 2 jobs report for September is forecast to show 100,000 new jobs and unemployment rising to 4.2%.

A hot inflation reading accompanied by a stable labor market would strengthen the Fed’s hawkish tilt to more tightening. But a soft jobs report might give policymakers pause.

Fed Governor Lisa Cook said in a Sept. 28 speech that in the short term, AI appears to be adding inflationary pressures to the economy, postponing inflation’s return to the Fed’s 2% target.

“In coming months I expect to see continued pressure on inflation from the AI buildout, as discussed today, and from the pass-through of higher oil prices and supply chain disruptions associated with the conflict in the Middle East,’’ she said in prepared remarks. “The labor market appears to be well positioned to handle an increase in rates.”

Cook said that looking ahead, she “will consider what policy rate may be needed to continue to guide inflation down to our target.”  

Yet, as EY-Parthenon Chief Economist Gregory Daco said in his Sept. 28 newsletter, monetary policy has its limits.

“Interest-rate changes cannot produce energy, resolve supply chain pressures, expand the labor force or increase semiconductor capacity,’’ Daco said. “More frequent supply disruptions therefore place greater weight on fiscal, regulatory and structural policies that can strengthen productive capacity and resilience.’’ 

His call? An additional quarter-point hike in December.

Fed’s hawkish tilt focuses on sticky inflation

For retail investors and Main Street consumers, the effects of another interest-rate hike extend beyond the stock market.

The 30-year fixed mortgage rate is averaging more than 7.0%, the highest since January 2025. Diesel fuel is averaging $6.529 per gallon, up from $3.739 per gallon in September 2025. Food prices were up 2.7% year over year as of August 2026, with full-year 2026 inflation projected at 2.9%.

The takeaway for this week: Watch the inflation numbers first, then look at jobs.

Whether the Fed hikes again in October and/or December, or holds rates steady, depends on which way those numbers break.

Tighter monetary policy targets price pressures

The unanimous 12-0 Federal Open Market Committee decision Sept. 16 of a quarter-point hike lifted the Fed’s benchmark Federal Funds Rate to a range of 3.75% to 4% and was widely expected by traders and Fed watchers.

It marked a renewed hawkish push to tighten monetary policy following persistent price pressures fueled, as I reported, by rising energy costs from the Iran war and related geopolitical shocks.

The big surprise: Fed policymakers signaled that another rate hike could be coming before the end of the year and potentially more if stubborn inflation uncertainties don’t ease.

Related: Vanguard’s top economist names Fed rate that would hurt markets

The rate hike was the result of months of public and private discussions by Fed policymakers who were trying to hold rates steady while allowing inflation to return to its 2% goal — a target it has missed for 5.5 years. 

The CME Group FedWatch Tool expects the likelihood of another quarter-point rate hike as 72.5% on Oct. 28 and the probability of at least one additional hike of 94.5% on Dec. 9, the last FOMC meeting of the year.

How an interest-rate hike hits home

The Fed’s interest-rate hike, the first since January 2023, sent ripples through the entire financial system with the most immediate pressure hitting short-term borrowing such as variable-rate credit cards and student loans. 

Indirectly, it impacts fixed-rate mortgage rates which rely on Treasury yields plus corporate debt and capital investment.

The good news? Interest rates on savings accounts and CDs could see an increase.

Fed officials drop hawkish clues about interest-rate hikes

As I reported, Bank of America economists call for two more quarter-point hikes in October and December. 

Fed officials have been sending hawkish hints for weeks, and some have ramped up concerns about inflation since the September rate hike. 

Governor Michael Barr said Sept. 23 that further policy adjustments are likely needed to bring inflation down in a timely way.

Federal Reserve Bank of Cleveland President Beth Hammack said Sept. 25 that ​she is concerned that persistently high inflation risks conditioning the American public to accept elevated prices as the ‌norm, adding that the central bank cannot let that happen.

“The biggest risk that I see with inflation right now is that an inflationary mindset could start to set in,” given that inflation has been over target for more than five years, the official said, as Reuters reported.

The previous day, New York Fed President John Williams said he thinks it’s “reasonable” to expect another hike before the end of the year, CNBC noted. 

And Philadelphia Federal Reserve President Anna Paulson also said Sept. 24 that she and her colleagues may need to raise interest rates further to bring inflation back to target. 

Related: Mortgage rates just surpassed 7%. Here’s why they’re rising

Entrepreneurs are conditioned to ask how big they can make their companies. But until you define what you truly want your business to make possible, every milestone simply creates another one.

It’s one more hoop to jump through for candidates looking for entry-level work.

When Kroger removed Red Bull from all of its grocery stores and gas stations, that seemed like an isolated dispute over price with one brand.

Even when the grocery chain pulled another brand, Boar’s Head, from about 200 locations, it still seemed like a small issue. In those stores, however, a sign appeared, which explained the situation.

“A bright yellow sign reads: ‘Boar’s Head products will no longer be offered at this location. We continue to provide a variety of high quality deli meats and cheeses, including many customer favorites from our premium deli selection,’” reported WCPO.

Neither company would explain why the change was being made, but industry analysts told the news station price might be the issue.

“Kroger recently raised the price of some of its Boar’s Head meats — such as Oven Roasted or Maple Honey Turkey — to $14.99 a pound. Kroger’s Private Selection versions are often $10.99 a pound, significantly less,” the local news station shared.

Kroger CEO Gregory Foran shared during the chain’s second-quarter earnings call that these are not necessarily isolated changes.

Kroger wants to hold the line on prices

Robbie Ohmes with Bank of America asked Foran about the impact of inflation on grocery chains.

“As I see what is happening, particularly with gas prices, diesel prices, you know, historically, when you get an environment like this, you see it start to flow through,” he said.

He noted that Kroger has “a lot of active work underway at the moment in terms of cost savings. You know, some of that is built around what we call our COGS (cost-of-goods-sold).

Foran made it clear that the company wasn’t doing that just to have to raise prices for other reasons.

More Kroger:

Kroger makes a pricing move Costco and Walmart will love

Kroger hit by 19 million egg recall over serious health risk

Kroger supermarkets add exclusive LTO Sprite soda

“What we wanna do is make sure that the great work that is happening in that area just is not if you like, frittered away as we then have to deal with price increases. So there is you know, some really good work that the teams are doing in this area, but I would expect that pressure is actually going to mount,” he said.

Foran didn’t exactly threaten vendors, but his words, plus Red Bull and Boar’s Head removals, provide a clearer picture of how Kroger is responding when suppliers seek higher prices

He also shared how the chain might replace some of those products.

Kroger has been working to cut costs in order to lower some prices.Shutterstock

Kroger expanding its house brand

In some cases, the Boar’s Head products were replaced with Kroger house brand deli meat. That’s something the chain intends to do more of.

“Looking ahead, we are also expanding SmartWay, our opening price point brand. With more items, broader coverage across the store, and improved visibility both in store and online,” Foran said.

Consumers, of course, might show loyalty to brands such as Red Bull and Boar’s Head. Kroger, however, is giving itself more alternatives when negotiations with national brands break down.

Kroger is making a large bet on its entry-level private label brand.

“You are seeing us expand our range of SmartWay products there, you know, circa from about 130, we will get that up to 1 thousand over the next year and a bit. Some of those are already hitting the shelves, and we are very pleased with how they both look and taste and feel,” he added.

Kroger, it should be noted, did not hide that the dispute with Red Bull is over cost.

“We are currently out of stock while we work with our suppliers to keep prices affordable for you,” reads a sign hanging where the energy drink is normally shelved, WCPO reported.

Kroger’s betting on prices over brand loyalty

RTM Nexus CEO Dominick Miserandino thinks consumers have a breaking point when it comes to price.

“For a lot of everyday products, the brand name matters less when the price difference gets big enough. Kroger has a real opportunity with its house brands, especially with shoppers watching every grocery dollar,” he told TheStreet.

That’s not a strategy that will work across all products.

“The risk is assuming that applies to every category. There are still products where shoppers want their brand, and they’ll go somewhere else to get them,” he added.

Miserandino, in an earlier interview with TheStreet, thinks that Kroger is going to hold the line on raising some prices.

“Kroger pulling Red Bull off the shelves comes down to basic shelf math. Red Bull wants to raise wholesale prices, and Kroger refuses to pay it,” he said.

As a Red Bull drinker, I’ll share that unless Kroger sampled a house brand knock-off, I’d likely simply buy the brand elsewhere, but it makes sense to have a fight over an energy drink because I’m probably not changing grocery stores over the lack of Red Bull.

I would also appreciate house brands in areas where I’m less particular.

GlobalData Managing Director Neil Saunders thinks private labels are broadly a smart play for grocery chains.

“The investments have certainly been worth it for grocers. They’ll probably push on it even harder,” he told The Washington Post.

ALSO READ: Kroger pulls a gas perk as pump prices set a September record

Bank of America wants investors who are looking at the stock market through a political lens to ‘follow the profits’. 

In an analysis stretching back to 1936, the bank found a bigger divide between winning S&P 500 years based on earnings growth than on which party held the White House.

Political headlines offer plenty of reasons to feel bullish or bearish. Tariffs, taxes, and spending decisions can change the outlook for businesses, making Washington difficult for investors to ignore.

But the party in power tells only part of the story.

BofA’s comparison refocuses on what companies earn, a less dramatic subject that can get buried beneath the daily political noise.

For investors deciding what deserves their attention, the findings offer an excellent starting point.

BofA’s 68% finding puts earnings at the center of the market debate

Bank of America’s argument comes down to a striking gap.

According to the bank, earnings effectively separate winning stock market years much more sharply than political affiliation does.

As reported by Seeking Alpha, going back to 1936, BofA found that 68% of positive S&P 500 years coincided with rising earnings per share, while 32% coincided with falling earnings per share. The political split was considerably narrower: 54% under Democrats and 46% under Republicans.

That gives the earnings comparison a 36-percentage-point spread, versus eight points for party affiliation. However, these are shares of winning years, not the probability that stocks will rise under either condition. 

More Wall Street:

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The next Wall Street shift is already underway

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That said, the stock market enters this debate with substantial gains. Through September 25, the S&P 500 was up 13.12% this year, 5.25% over three months, and 17.47% over six months, according to Yahoo Finance data. Its rebound from March’s low left it less than 1% below August’s high.

Next comes the Nov. 3, 2026, midterm election.

Historically, that calendar has challenged investors. From 1945 through 2025, midterm years averaged S&P 500 price gains of 3.8%, versus 10.9% in other years, according to J.P. Morgan Wealth Management. Yet fourth quarters averaged a 6.4% gain.

This year has already outpaced that full-year midterm average. 

BofA’s takeaway puts the next test squarely on corporate results, in that whether profits can support further gains as investors weigh what the election could mean for taxes, spending, and business costs.

S&P 500 earnings crushed forecasts, but the gains need unpacking

Corporate earnings give BofA’s argument strong backing.

By Aug. 28, FactSet’s Q2 earnings growth tally stood at 52%. Some 86% of S&P 500 companies beat profit expectations, with aggregate earnings exceeding estimates by 26.5%.

AI and cloud demand helped drive technology’s strength. However, investment gains at Alphabet (GOOGL)  and Amazon (AMZN) inflated headline profits, making the surge look stronger than operating performance alone would suggest.

Still, the strength extended beyond those giants. 

Companies outside the Magnificent Seven posted blended earnings growth of 31.8%, their strongest showing since late 2021. That breadth gives the earnings story a lot more substance.

Q3 is mostly an expectations story so far. As of Sept. 25, analysts projected 29.1% earnings growth, up from 26.7% on June 30. Seven of the first nine reporting companies had beaten EPS estimates.

The drivers are revealing.

Energy earnings estimates rose 18% as oil climbed, while technology estimates increased 4.1%, led by AI giant Nvidia. Higher energy profits, however, can coexist with greater pressure on consumers.

Meanwhile, 72 companies issued above-consensus EPS guidance, versus 44 below consensus. The positive share, 62%, comfortably exceeded its five-year average of 41%.

Bank of America finds earnings matter more than politics for stock gains.Michael M. Santiago / Getty Images

Investors should buy earnings durability, not just earnings beats

BofA’s findings favor keeping investment decisions linked to profits. But the price paid for those profits still determines how much room investors have for disappointment.

As of Sept. 25, the S&P 500 traded at 19.2 times forward earnings, below its five-year average of 19.8 but above its ten-year average of 19.0. That suggests a reasonable valuation relative to recent history, but it’s far from being an obvious bargain.

The catch is that forward valuations depend on forecasts holding up. For example, a 10% reduction in expected earnings would push that multiple to roughly 21.3 with unchanged stock prices.

For diversified investors, this supports maintaining core exposure while spreading new purchases over time. Rebalancing oversized tech positions can also reduce dependence on a handful of earnings reports.

When selecting individual stocks, prioritize operating income, cash generation, and management’s guidance. Alphabet and Amazon’s investment gains show why headline EPS alone can exaggerate underlying momentum.

Q3’s projected 29.1% earnings growth sets a demanding benchmark. Paying a premium makes more sense when recurring revenue and cash flow support it.

Use earnings season to test those assumptions.

Consider adding after price declines when business prospects remain intact, and reassess holdings when guidance weakens enough to undermine the valuation.

Related: Jim Cramer warns stock market investors who have big gains

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