ibt-mailOct 11, 2024, 9:34 AM

Inflations Continues To Cool As Fed Considers Next Rate Cut

Newsletter Oct 11, 2024 Quick Six Inflation continues to cool as Fed considers next rate cut US consumer inflation cooled slightly less than expected last month, according to government data published

Newsletter Oct 11, 2024

Quick Six

Inflation continues to cool as Fed considers next rate cut
US consumer inflation cooled slightly less than expected last month, according to government data published Thursday as price pressures continue to ease ahead of November's election. The consumer price index slowed to 2.4% in September from a year ago, down from 2.5% in August, the Labor Department said, and slightly below the median forecast of economists. Monthly headline inflation rose by 0.2%, while core inflation also exceeded forecasts to increase by 0.3%. There was also some cause for concern for the Federal Reserve as it looks to cut interest rates.
SEE WHAT FED, ECONOMISTS ARE SAYING ABOUT DATA

TD Bank slapped with $3B in penalties for money laundering
Canada's TD Bank agreed to pay more than $3 billion in penalties for failing to monitor money laundering activities by drug cartels, US officials said Thursday. TD Bank pleaded guilty to multiple felonies including violating the Bank Secrecy Act and conspiracy to commit money laundering, said Attorney General Merrick Garland, who added that TD Bank is the first bank in US history to plead guilty to conspiracy to commit money laundering.
TWO TD BANK EMPLOYEES CHARGED FOR INVOLVEMENT

Walmart using AI to 'hyper-personalize' shopping experience
Walmart is stepping up its adaptive retail strategy using artificial intelligence to create a "hyper-personalized" shopping experience for customers in its Walmart and Sam's Club stores and apps. The world's largest retailer said on Wednesday that it will use its proprietary artificial intelligence, generative AI, augmented reality and other immersive commerce platforms to "create hyper-personalized, convenient and engaging shopping experiences."
WALMART'S PLANS TO UTILIZE ARTIFICIAL INTELLIGENCE

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Markets

DJIA	42,454.12	-0.14%
S&P 500	5,780.05	-0.21%
Nasdaq Composite	18,282.05	-0.05%
Japan: Nikkei 225	39,380.89	0.26%
UK: FTSE 100	8,237.73	-0.07%
Crude Oil Futures	75.68	-0.22%
Gold Futures	2,646.10	0.26%
Yen	148.63	0.04%
Euro	1.09	-0.04%
* As of market close

Hurricane Milton leaves path of destruction

Rescue workers were overwhelmed on Thursday after Hurricane Milton tore a path of destruction across Florida as a Category 3 storm before reaching the Atlantic. The storm left millions without power, spawned tornadoes and dumped up to 16 inches of rain on the Tampa Bay area. At least nine deaths are blamed on the major storm, the second to hit Florida's Gulf Coast in two weeks. Milton made landfall late Wednesday at Siesta Key, about 70 miles south of Tampa, with maximum sustained winds of 120 mph and a massive storm surge that pushed far inland.

MANY OF THE DEATHS WERE FROM EAST COAST TORNADOES

Israel strikes at heart of Beirut, killing 22

At least 22 people were killed in Israeli strikes on a densely populated area of central Beirut on Thursday, the Lebanese health ministry said, with a security source saying a Hezbollah figure was the target. Israel has pounded Beirut's southern suburbs, the bastion of Lebanon's Iran-backed Hezbollah, but Thursday's raid was only the third time the city center has been targeted. A Lebanese security source said that Israel had attempted to kill a Hezbollah official who often frequented the locations targeted. It was unclear if the official was among the dead.

IS ISRAEL PREPARING FOR WIDER WAR AGAINST LEBANON?

Internet Archive hack raises election fears

The Internet Archive, an online repository of web pages, was offline Thursday after its founder confirmed a major cyberattack that exposed the data of millions of users and left the site defaced. The assault on the San Francisco-based nonprofit, claimed by a shadowy group that experts described as a pro-Palestinian "hacktivist," lays bare the perils of cybersecurity breaches ahead of the Nov. 5 US presidential election.

WHAT IS BEING DONE TO PREVENT ELECTION CYBERATTACK?

Extra point

What cyberattack is considered the most costly in history? How much?

Thursday's answer: Ida May Fuller of Ludlow, Vermont was the first to receive a Social Security retirement payment in 1940. The retired legal secretary received her first monthly check in the amount of $22.54.

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