3 Things To Know Today

Vintage movie countdown, illustration

Photo: Science Photo Library RF

1 Federal Reserve Cuts Interest Rates By Half A Point

As some expected, Federal Reserve Chair Jerome Powell announced yesterday afternoon that the Fed was reducing its key interest rate by half a percentage point. The reduction was considered by experts to be an aggressive move meant to cushion the economy as it continues to slow down. At his press conference, Powell said the labor market and the economy are still in “solid shape,” and said the large rate cut shows that “our intention is to keep it there.” With the drop, the federal funds rate will move to around 4.8-percent, the lowest it’s been since March of 2023. The Fed also said yesterday that it expects more interest rate cuts at its last two meetings of the year in November and December. Mortgage rates fell last week to 6.15-percent, which is the lowest they’ve been since September 2022. Total mortgage applications rose 14.2-percent last week compared to the previous week, and applications to refinance a home loan rose 24-percent from the previous week.

2 Exploding Walkie Talkies Kill Another 20 People In Lebanon

Personal electronic devices exploded for the second day in a row yesterday in Lebanon, as at least 20 more people were killed and around 450 more were injured when walkie-talkies being used by members of the terrorist group Hezbollah exploded. Hezbollah said in short statements that 16 of its members were killed yesterday, with four non-members losing their lives in the attack. The communications ministry of Lebanon said the devices that exploded yesterday were a discontinued model of ICOM walkie-talkies that weren’t supplied by a recognized agent, weren’t officially licensed, and hadn’t been vetted by security services. While Israel hasn’t officially confirmed its involvement in the attacks, several sources have confirmed that the Israeli agency Mossad put them together. The White House said again yesterday that the United States wasn’t involved in the attacks, with National Security Council spokesperson John Kirby telling reporters “we were not involved in yesterday’s incidents or today’s in any way, and I don’t have anything more to share.”

3 Teamsters Union Decides To Not Endorse Anyone For President

The International Brotherhood of Teamsters made its decision on an endorsement for president yesterday, and leadership announced that the candidate receiving the union’s support was…no one. Teamsters President Sean O’Brien said in a statement, “Unfortunately, neither major candidate was able to make serious commitments to our union to ensure the interests of working people are always put before Big Business.” The union said yesterday that internal polling of members showed that former President Donald Trump had more support than Vice President Kamala Harris amongst the membership. When asked last night what he thought about the Teamsters declining to endorse anyone, Trump told a reporter that it was “an honor” that the union wasn’t endorsing the Democratic candidate.


Sponsored Content

Sponsored Content

News Radio 1200 WOAI Podcasts

See All