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Sep 20, 2024, 09:53 AM UTC

Fed Makes Aggressive Rate Cut: What It Means For US Economy

Newsletter Sep 20, 2024 Quick Six Federal Reserve makes aggressive rate cut as inflation fades The US Federal Reserve's decision to cut interest rates by half a percentage point gives consumers a

Newsletter Sep 20, 2024

Quick Six

Federal Reserve makes aggressive rate cut as inflation fades
The US Federal Reserve's decision to cut interest rates by half a percentage point gives consumers a much-needed psychological boost ahead of November's presidential election. Analysts expect any economic impact of the first rate cut for four years to be modest, and some see it as having only a marginal impact on voting. But that could still move the needle in an election where Democratic Vice President Kamala Harris is essentially tied with her Republican opponent, former president Donald Trump. Voters have consistently named the economy as their top concern.
WHAT IMPACT WILL FED'S RATE CUT HAVE ON ECONOMY?

Striking Boeing workers' union calls company not serious
The union for striking Boeing workers said the aviation giant was not "taking mediation seriously," after 33,000 workers walked out last week over a contract dispute, effectively shutting down two Seattle-area plants. Workers also opposed other parts of the deal, including its failure to reinstate pensions. Underlying the fury has been a more than decade-long period of essentially stagnant wages at a time when consumer inflation has stressed budgets.
WORKERS SEEKING 40% RAISE OVER NEXT FOUR YEARS

Trump calls for bringing back SALT deduction he eliminated
Donald Trump has been rolling out a series of tax cut promises. His latest is a burden he helped create for residents of high-tax states -- the SALT deduction. The 2017 law he signed capped the amount of local and state taxes that people could claim on their federal return at $10,000. Now Trump is posting on Truth Social to "get SALT back, lower your Taxes, and so much more."
WHAT RETURNING SALT DEDUCTION WOULD DO TO TAXES

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Musk's X uses update to bypass Brazil ban

Elon Musk's X carried out an automatic update overnight on phone applications that allowed it to bypass a ban in Brazil, an association of internet providers said Wednesday. Brazilian users could again access the platform from their phones after a Supreme Court judge last month ordered its shutdown in a legal standoff with Musk. ABRINT explained that the return of X was due to an update of the app to Cloudflare that constantly changing IP addresses. The previous system used specific IPs, which act like a home address that could more easily be blocked.

WHAT'S THE NEXT MOVE IN MUSK'S SHOWDOWN WITH BRAZIL?

China poses biggest threat to US in history

China presents the top challenge to the United States in its history, surpassing the Cold War, a top US official said Wednesday, as he urged Europe to get tougher on Beijing. Deputy Secretary of State Kurt Campbell, a key architect of a 15-year push for the United States to reorient its foreign policy toward Asia, also urged greater US investment in advanced technology to compete better with China, which has grown increasingly belligerent militarily around the globe.

SEE THE MOST IMMINENT THREATS CHINA POSES TO THE US

US rolls out online passport renewal system

Say goodbye to paper passport applications and six- to eight-week waiting periods and hello to online passport renewal. In accordance with President Biden's 2021 Executive Order to modernize the government, the Department of State's new online passport renewal system is now available to the public. The department was able to cut processing times down to one-third thanks to "increased staffing, technological advancements, and a host of other improvements."

SEE HOW YOU CAN RENEW YOUR PASSPORT ONLINE TODAY

Extra point

Name 5 places outside the US Americans don't need a passport to visit.

Wednesday's answer: The first image posted to Instagram was a 2010 photo of a dog sitting near a taco stand in Mexico, by Kevin Systrom.

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