ibt-mailOct 24, 2024, 9:51 AM

US Businesses Hold Major Decisions Until After Election: Fed

Newsletter Oct 24, 2024 Quick Six US businesses hold major decisions until after election: Fed Uncertainty about the US elections had cooled economic activity, the Federal Reserve said Wednesday, as

Newsletter Oct 24, 2024

Quick Six

US businesses hold major decisions until after election: Fed
Uncertainty about the US elections had cooled economic activity, the Federal Reserve said Wednesday, as many businesses and consumers are pausing major decisions until after Election Day. The tight presidential race is between former president Donald Trump and Vice President Kamala Harris, and the legislative elections will see every seat in the House and a third of the seats in the Senate up for grabs. While the overall economic picture has changed little since early September, respondents in most Fed districts noted that many businesses were hesitant to invest.
HOW THE FED IS FACTORING ELECTION INTO ECONOMY

IRS makes major changes to upcoming federal tax returns
The IRS announced new federal income tax brackets and standard deductions for 2025, which will apply to returns filed in 2026. Tax rates, deductions and credits will be adjusted for 2025. The IRS announced several other significant changes, including updates to long-term capital gains brackets, estate and gift tax exemption limits, and eligibility criteria for the child tax credit.
THE NEW FIGURES THE IRS WILL USE FOR DEDUCTIONS

McDonald's reacts to deadly Quarter Pounder E-coli outbreak
McDonald's said it is taking "swift and decisive action" in response to a deadly E. coli outbreak linked to the fast food giant's Quarter Pounder hamburgers that left one dead and 10 hospitalized in connection with the incident. The company says initial findings indicate some of the illnesses may be linked to slivered onions sourced by a single supplier that serves three distribution centers.
WHERE THE MAJORITY OF THE CASES HAVE OCCURRED

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Markets

DJIA	42,514.95	-0.96%
S&P 500	5,797.42	-0.92%
Nasdaq Composite	18,276.65	-1.60%
Japan: Nikkei 225	37,801.90	-0.80%
UK: FTSE 100	8,258.64	-0.58%
Crude Oil Futures	71.25	0.68%
Gold Futures	2,733.20	0.14%
Yen	152.65	-0.08%
Euro	1.08	0.03%
* As of market close

Tesla surges; Musk's $1M petition under fire

Tesla shares surged Wednesday after the electric car maker reported a jump in profits, as increased auto sales and lower expenses offset the drag from a drop in vehicle prices. The results broke a string of recent Tesla earnings that have seen the company report lower profits year-over-year as competition intensifies among automakers. It comes as billionaire owner Elon Musk is under fire for handing out $1 million checks each day until the Nov. 8 election to a single registered swing-state voter who signs his online petition. as election officials cry foul.

FIND OUT IF IS MUSK'S MILLION-DOLLAR GIVEAWAY IS LEGAL

US fines Apple, Goldman Sachs over card

The US fined Apple and Goldman Sachs a total of $89 million on Wednesday, accusing them of deceiving users of the iPhone maker's credit card. Customer service breakdowns and misrepresentations affected hundreds of thousands of users of Apple Card launched in a collaboration with the US banking titan in 2019, the Consumer Financial Protection Bureau said. The CFPB also said Apple and Goldman Sachs misled buyers about getting interest-free payment plans automatically when paying for Apple devices with the card.

FEDERAL GOVERNMENT FIRES WARNING SHOT AT BIG TECH

Hefner's son seeking to buy back Playboy

The youngest son of Hugh Hefner is trying to buy back his late father's Playboy company. Cooper Hefner Cooper Hefner and his investment group is offering $100 million bid for Playboy Enterprises from PLBY Group. Hefner, 33, who was Playboy's chief creative officer for two years after his father died in 2017, said the company has been so badly mismanaged that it could go out of existence. Once valued at $2 billion, Playboy now has a market value of $53 million following mass cuts.

HOW YOUNGEST HEFNER IS TRYING TO TAKE OVER PLAYBOY

Extra point

Who was the first centerfold model to appear in Playboy? What year?

Thursday's answer: One Direction made the Guinness World Records for becoming the first act to debut at No. 1 with their first three albums.

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