ibt-mailJul 17, 2024, 9:48 AM

Trump Tightens His Grip On GOP As Ex-Rivals Kiss His Ring

Newsletter Jul 17, 2024 Quick Six Trump tightens his grip on GOP as ex-rivals show support Donald Trump's failed primary challengers took the stage Tuesday at the Republican National Convention in

Newsletter Jul 17, 2024

Quick Six

Trump tightens his grip on GOP as ex-rivals show support
Donald Trump's failed primary challengers took the stage Tuesday at the Republican National Convention in a display of fealty to its presidential candidate. Three of Trump's rivals turned endorsers -- Florida Governor Ron DeSantis, former UN ambassador Nikki Haley, and businessman Vivek Ramaswamy -- addressed the convention on Tuesday, one day after the ex-president triggered high emotion by entering the convention hall in his first public appearance since surviving Saturday's assassination attempt.
HOW TRUMP IS GETTING THE LAST LAUGH ON HIS RIVALS

Traders 100% certain of Fed interest rate cut in September
It's difficult to find unanimity among traders, but all are certain that the Federal Reserve will cut interest rates by September. The CME FedWatch tool shows the odds of the Fed's target range for the federal funds rate being lowered by 0.25% in September are 93.3%. The odds the rate will be lowered by a half percentage point are 6.7%. Combined, these percentages yield 100% odds.
WHY TRADERS ARE SO CERTAIN OF THE FED'S NEXT MOVE

US retail sales flat in June as consumer spending wanes
Retail sales in the US slipped less than analysts anticipated in June on a weaker performance in the auto and gas segments, government data showed Tuesday. Overall retail sales came in at $704.3 billion, virtually unchanged from May. The slower consumption growth adds to recent data showing that the world's biggest economy is cooling gradually, as is consumer spending.
SLOWING RETAIL SALES TROUBLING NEWS FOR ECONOMY

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* As of market close

Biden hits campaign trail amid RNC hype

President Joe Biden hit the campaign trail Tuesday for the first time since the assassination attempt against rival Donald Trump, seeking a balance between criticizing his rival while heeding his own calls to cool down American politics. As Trump rides a wave of support at the Republican National Convention in Milwaukee, Democrat Biden -- who is trying to salvage his reelection bid -- is in Las Vegas to reach out to a key constituency of Black voters at the NAACP advocacy group. Biden also unveiled his new proposal to provide rent controls for Americans.

HOW BIDEN IS BALANCING ATTACK ADS VS. TONED-DOWN TALK

Senator Menendez found guilty on all counts

Jurors found a powerful US senator guilty on all counts of corruption Tuesday after gold bars and hundreds of thousands of dollars in cash were found at his home, prosecutors said, sparking calls for his resignation. Robert Menendez (D-N.J) was charged with extortion, obstruction of justice and accepting bribes to perform favors for businessmen with connections to Egypt and Qatar. Menendez is scheduled be sentenced on Oct. 29 -- one week before the election.

WILL MENENDEZ GIVE UP HIS SEAT OR RUN FOR REELECTION?

Bitcoin inventor imposter could face charges

A UK judge said Tuesday he will ask prosecutors to consider perjury and forgery charges against an Australian computer scientist who falsely claimed to be "Satoshi Nakamoto", the pseudonym used by the creator of the cryptocurrency bitcoin. James Mellor ruled at the High Court in London in March that 53-year-old Craig Wright was not the mythical figure credited with first launching the cryptocurrency in 2008.

NOW, WILL THE REAL 'SATOSHI NAKAMOTO' PLEASE STAND UP?

Extra point

Bitcoin inventor Satoshi Nakamoto is listed as the cryptocurrency's top investor. How much bitcoin does he hold? What is his actual identity?

Tuesday's answer: The Secret Service was founded in 1865, shortly after the assassination of President Abraham Lincoln. It was founded after the US Marshals Service (1789) but before the FBI (1908).

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