Breadshop, a craft bakery led by local baker Christopher Sy, will open at the new Finance Factors Kaimuki Center at the corner of 8th and Waialae avenues.

To be modeled after a classic boulangerie, or neighborhood bakery, Breadshop’s offerings will change daily, Sy said in a statement.

Initial items will include leavened breads, croissants and French pastries. Sy plans to expand Breadshop’s products to include baked goods that are hard to find in Hawaii.

“It is my hope that Breadshop will not become a destination but an everyday occurrence, a regular joy in people’s lives and a happy part of their routine,” he said.

Construction on the center began in July, and the build-out of Breadshop and a new Finance Factors branch office is to begin as early as this summer.

“Finance Factors is pleased to welcome Christopher Sy and his craft bakery as the first of several tenants at our brand new Finance Factors Kaimuki Center,” said Steven Teruya, president and chief operating officer of Finance Factors.

No tentative opening date for the bakery was announced by the bank.

Feds back off of rate hikes due to global concerns

WASHINGTON >> The Federal Reserve is keeping a key interest rate unchanged in light of global pressures that risk slowing the U.S. economy.

As a result, Fed officials expect to raise rates more gradually this year than they had envisioned. The officials now foresee two, rather than four, modest increases in their short-term rate during 2016.

The Fed said Wednesday that the economy has continued to grow moderately but that the global economy and financial markets still pose risks. The Fed said in a statement after a policy meeting that it foresees further strengthening in the job market will offset those threats.

At a news conference, Chairwoman Janet Yellen said the Fed expects inflation to reach the central bank’s 2 percent target in two to three years.

Investors seemed pleased by the Fed’s expectation of a more gradual pace of rate increases. The Dow Jones industrial average, which had been up slightly before the Fed’s statement was issued, closed up 74 points. The yield on the 10-year Treasury note fell to 1.91 percent from 1.97 percent.

Asked at her news conference whether she thought the Fed could receive enough new economic information to raise rates at its next meeting in April, Yellen stressed that “every meeting is a live meeting.”

But economists said they doubted that officials would be ready to raise rates in April.

Premier offers economic reassurance

BEIJING >> Chinese Premier Li Keqiang, seeking to reassure jittery global markets, on Wednesday promised more market-opening reforms and said Beijing can keep its slowing growth on track.

Speaking at a news conference, Li promised to shrink bloated steel and coal industries, make the financial system more market-oriented and reduce the government’s role in business. He expressed confidence that despite such wrenching change, the world’s second-largest economy can achieve its official growth target of 6.5 to 7 percent and avoid mass job losses.

OPEC to consider freeze in oil output

DUBAI, United Arab Emirates >> OPEC member states and other major oil producers plan to meet next month to discuss a freeze in oil output levels, Qatar’s top energy official said Wednesday.

The gathering, which will build on earlier talks that included major suppliers Russia and Saudi Arabia, reflects a growing sense of urgency among producers to try to shore up crude prices following a steep drop that is straining their domestic budgets.

Qatar holds the rotating presidency of OPEC and will host the upcoming talks, which are scheduled to take place in the capital, Doha, on April 17.

On The Move

>> Hawaii State Federal Credit Union named the following people to its board of directors at their annual member meeting last week:

— Marion Higa is a former state auditor with more than 40 years’ experience in auditing and legislative liaison work.

— Grant Tanimoto is a private practice attorney who also served in several state positions, including general counsel for the Hawaii Campaign Spending Commission and deputy attorney general.

>> Servco Auto Kauai has hired Edward Batara as an assistant service manager for its dealership in Lihue, which services Toyota and Subaru vehicles. He was previously a service manager for King Auto Center.

Ship Ahoy!

Today’s ship arrivals and departures: