S&P 500, Gold Strike All-Time Highs, Small Caps Rally After Fed Slashes Interest Rates For First Time In 4 Years (UPDATED)Editor’s note: This story has been updated with additional information. Markets are bouncing Wednesday afternoon following the Federal Reserve’s decision to cut rates by 0.5%, marking the beginning of the central bank’s highly anticipated cutting cycle.What To Know: Wednesday’s 0.5% rate cut brings the target fed funds rate to a new range between 4.75% and 5%, down from a 23-year high of 5.25% to 5.5%. It’s also the first rate cut since March 2020.The fed funds rate has been sitting at a range between 5.25%…
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The new group, nicknamed MOA, is led by the heads of the Massachusetts High Technology Council, known for its anti-tax efforts, the libertarian-leaning Pioneer Institute think tank, and the Massachusetts Competitive Partnership, a group of big-name CEOs. All three founding members were among the many business groups that unsuccessfully fought the new income tax surcharge on annual earnings over $1 million that voters approved in 2022.Get Starting PointA guide through the most important stories of the morning, delivered Monday, Wednesday, and Friday.While the MOA won’t get involved in ballot questions this year, its organizers hope to avoid similar losses in…
In a world where automotive manufacturers are increasingly focusing on electric vehicles and SUVs, the Ford Escape has found itself on the chopping block. Despite its popularity, Ford has decided to discontinue the model for the 2025 model year. However, this doesn’t mean the Escape is entirely gone. Artists are keeping the flame alive by imagining what a refreshed version could look like. One such artist, Dimas Ramadhan, has created a digital concept of a 2025 Ford Escape that aligns with the facelifted 2025 Ford Maverick and Bronco Sport. This would mark the second refresh for the Escape since its…
Associated Press WASHINGTON (AP) — The families of four Americans detained in China say their loved ones are suffering both physically and mentally, and they are urging the U.S. government to take action to bring then home. They spoke during a hearing before a congressional panel on Wednesday. Just days earlier, the U.S. secured the release of David Lin, an American pastor who had been locked up in China for almost 20 years. Lawmakers are pledging their support and vow to keep pressure on the Biden administration to act. The Chinese Embassy says the country is ruled by law and…
Michael Nagle / Bloomberg via Getty ImagesKey TakeawaysTraders raised bets that the Federal Reserve would continue to aggressively cut interest rates later this year after the Fed delivered a larger-than-average 50 basis-point cut at Wednesday’s meeting.Wall Street expects the Fed to cut rates by another 75 basis points by the end of the year, implying one more 50-point cut in either November or December.Market expectations for rate cuts in 2025 also exceed the estimates policymakers laid out in their quarterly economic projections.Traders on Wednesday upped bets that the Federal Reserve would continue to aggressively cut interest rates this year after…
The Federal Reserve has broken a four-year run and cut its benchmark interest rate by half a percentage point to 4.75-5.0 percent.This significant move signals that the US central bank believes it is winning the war on inflation and will now focus on preventing the job market from weakening.One immediate effect should be lower borrowing costs for both consumers and businesses in the run-up to November’s presidential election.In an official statement, the Fed’s Federal Open Market Committee said: “The Committee seeks to achieve maximum employment and inflation at the rate of two percent over the longer run. The Committee has…
EGLIN AIR FORCE BASE — The 96th Test Wing will conduct a joint aircraft mass casualty accident response exercise on Sept. 25, during which General Bond Boulevard will close from 8 a.m. to noon.According to a news release, the exercise aims to evaluate the wing’s ability to establish and maintain command, control and coordination with multiple agencies on and off base.Base officials say that the exercise will partner with Destin-Fort Walton Beach Airport and replicate a major airline crash. The exercise will include participation from Eglin’s fire department, Okaloosa County Department of Public Safety, the Okaloosa County Sheriff’s Office; 96th…
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U.S. Secretary of State Antony Blinken expressed frustration Wednesday at surprise escalations that threaten to derail efforts to broker a cease-fire deal in Gaza, noting that the United States is assessing a deadly attack that caused pagers used by Hezbollah to explode in Lebanon.Video above: Blinken says US ‘did not know’ about Lebanon pager attacksBlinken spoke to reporters in Cairo, where he traveled for talks on the cease-fire negotiations and U.S.-Egyptian relations. While Israel has not publicly spoken on responsibility in the pager attack, a U.S. official has said Israel briefed the United States after the explosions.The United States, Egypt…
Ethereum is attempting recovery after the Fed reduced rates by 50 basis points. ETH holders are displaying mixed actions following its weak performance against Bitcoin. Ethereum could break above the $2,395 resistance level. Ethereum (ETH) is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve’s (Fed) decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds (ETF) recorded $15.1 million in outflows. Ethereum attempts to stage recovery following Fed rate cut Ethereum and the general crypto market are seeing buying momentum after the Fed reduced interest rates by 50-basis-points to 4.75% -…