The Federal Reserve announced a significant interest rate cut of half a point on Wednesday, marking the first such move in four years. This decision aims to combat inflation and assist Americans facing higher living costs post-pandemic. Fed Chair Jerome Powell clarified that the move does not signal a new trend but aims to maintain economic stability, especially in the labour market. Despite an initial surge, major indexes—the S&P 500, Nasdaq, and Dow—closed in the red.
Explosions involving walkie-talkies in Lebanon killed at least 20 and injured hundreds on Wednesday, following a similar attack involving pagers that resulted in 12 deaths and thousands of injuries. Israel’s defence minister hinted at a new phase of conflict, acknowledging its role in these incidents. Since the October 7 attack by Hamas, Israel has frequently targeted Lebanon in response to Hezbollah’s drone and missile launches and has also targeted senior Hamas officials in Lebanon.
The International Brotherhood of Teamsters chose not to endorse a presidential candidate on Wednesday, despite internal polling showing strong support for former President Donald Trump. The Teamsters, representing truck drivers and freight workers, is the last major union to announce an endorsement. Other major labour organisations have backed Vice President Kamala Harris. The Teamsters’ endorsement is crucial, especially in swing states like Michigan, Wisconsin, and Pennsylvania. The last time they did not endorse a candidate was in 1996.
The Federal Reserve is cutting its benchmark interest rate by 0.50 percentage points, marking the first reduction in four years.
“I think this is the right move,” says CBS News business analyst Jill Schlesinger. https://t.co/eJ3dao6wDZ pic.twitter.com/Tu3QnycqoU
— CBS News (@CBSNews) September 18, 2024
The Justice Department is seeking over $100 million from two companies responsible for the container ship that damaged Baltimore’s Francis Scott Key Bridge in March. The DOJ lawsuit claims the companies’ negligence and cost-cutting led to the preventable disaster. The financial penalty aims to cover the government’s response costs and the effort to clear the wreckage. Baltimore has filed its own claim, and families of three victims plan to sue as well.
Two tropical systems are set to hit Asia today. Tropical Storm Pulasan, weakened from its peak as a 75 mph typhoon, will bring heavy rain near Shanghai. Central and southern South Korea might see up to 10 inches of isolated rainfall. Additionally, Tropical Depression 16 is expected to make landfall in central Vietnam, potentially bringing up to 20 inches of rain to central Vietnam, Laos, and eastern Thailand.
“Saturday Night Live” is preparing for its 50th season, promising a star-studded lineup. Many children spend excessive time on screens. Here are some strategies for setting smartphone rules in your household. NBA insider Adrian Wojnarowski is retiring from ESPN to manage the men’s basketball team at his alma mater.
The highest peak in Great Smoky Mountains National Park will revert to its Cherokee name after more than 150 years. In Asia, malls are thriving. Thai billionaire Elle Supaluck Umpujh shares her winning retail strategy as chairwoman of The Mall Group. At least 1.5 billion golf balls are lost annually in the US, according to Found Golf Balls CEO Shaun Shienfield. Globally, the number could be between 3 to 5 billion.
Bedford Police allowed an 8-year-old girl to finish her Frappuccino after she drove her mum’s car to Target. Dashcam footage showed the SUV struggling to stay within lanes during the 13-mile journey. Police were unsure what the girl bought but ensured her safe return home. In Venezuela, AI news anchors are gaining popularity as a safer alternative for journalists who risk imprisonment for showing their faces on news reports.
What Other Media Are Saying
- ABC News reports President Biden to celebrate American economy progress, emphasizing falling inflation, interest rates, and rising employment, while highlighting ongoing challenges and future plans. (Read more)
- CNN highlights significant U.S. economic changes, Middle East conflicts, Teamsters’ presidential endorsement decision, Baltimore bridge collapse lawsuit, and severe weather alerts in Asia. (Read more)
Frequently Asked Questions
Here are some common questions asked about this news
Why did the Federal Reserve cut interest rates?
To combat inflation and help Americans with the higher cost of living.
What happened in Lebanon involving walkie-talkies?
Explosions targeting Hezbollah killed at least 20 people and wounded hundreds.
Why didn’t the Teamsters endorse a presidential candidate?
Internal polling showed a majority of members supported former President Donald Trump.
What is the Justice Department seeking from the companies behind the Baltimore bridge collapse?
Over $100 million for costs related to the collapse and wreckage removal.
Which areas will be affected by the tropical storms in Asia?
Shanghai, South Korea, central Vietnam, Laos, and eastern Thailand.
