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"This is a crime that resonates with every parent and really every human being," Los Angeles County District Attorney Jackie Lacey said at a press conference. Ramiro Valerio, 43, and Joseph Monge, 41, were taken into custody on Friday and were each expected to face 12 counts of murder with special circumstances that could make them eligible for the death penalty, Lacey said. Johanna Lopez, 51, was arrested in 2011 and was awaiting trial in the case and will be re-arrested on charges of murder with special circumstances. Valerio's attorney, Gregory Rubel, said that his client was "not involved" in the fire and would ultimately be cleared of the charges. "He's been arrested six times in the last 24 years and each time he's been released. The same thing is going to happen in this case," he said. Rubel said that other suspects were arrested in connection with the arson in the late 1990s but that charges were ultimately dismissed against them. "It's a horrible case but at same time they've never been able to prosecute it," he said. Authorities say witnesses who had been too afraid of the powerful 18th Street gang to give evidence in 1993 were now more willing to testify. Lacey said prosecutors believe the blaze in the city's Westlake neighborhood was started by members of the gang in May of 1993 to intimidate the apartment manager and others who sought to drive drug dealers from the property.
Its a rather quiet week from the perspective of central bank decisions and economic data which will likely feed into this as well. Earnings season may provide a distraction for investors with almost one in five S&P 500 companies due to report on the fourth quarter. Fridays jobs report didnt exactly leave us any-the-wiser on the health of the US economy, despite the number of jobs being created in January far exceeding expectations. Unemployment ticked higher as participation rose, which was one of the more positive aspects of the report, even if the headline number would perhaps suggest otherwise. The earnings component of the report was the biggest disappointment, with annual growth falling back to 2.5% from 2.9% in December. The inflation side of the Feds dual mandate remains a barrier to the central bank raising interest rates three times this year, as it signalled in December it intends to. For inflation to run sustainably in line with the Fed s target, wage growth needs to improve and so Fridays report may be seen as more of a setback, despite impressive job creation. Investors clearly took it that way as near term rate hike expectations took another hit, with the market implied probability of a March rate hike now down to just 13%. June is still seen as the most likely meeting for the next increase, with markets pricing in a 68% chance currently. This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors not necessarily OANDAs, its officers or directors.
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