In The NEWS

Federal Reserve may soon cut interest rates.

Federal Reserve Chair Jerome Powell signaled possible interest rate cuts in a speech yesterday at the central bank's annual meeting in Jackson Hole, Wyoming. Powell cited a recent slowdown in monthly job growth as a reason for potential rate cuts. The Federal Reserve will meet next in September; it has kept rates unchanged for five consecutive meetings since December. US stock markets closed higher (S&P 500 +1.5%, Dow +1.9%, Nasdaq +1.9%).



Intel to give US government nearly 10% stake.

Approximately $8.9B in federal grants awarded but not yet paid to Intel under the 2022 CHIPS Act and the Pentagons's Secure Enclave program will be converted to equity. Under the deal, the government will become Intel's largest shareholder but will not take a board seat or have decision-making rights. The government could get another 5% stake if Intel's ownership of its contract manufacturing business drops below 51%. The chipmaker's shares closed up 5.5% on the news.



DOJ releases recent Ghislaine Maxwell interviews.

The Justice Department yesterday released interviews conducted last month between Maxwell—convicted of aiding Jeffrey Epstein’s sex trafficking operation—and Deputy Attorney General Todd Blanche. Maxwell said she never saw President Donald Trump engage in inappropriate behavior, former President Bill Clinton never visited Epstein's private island, and she did not believe Epstein died by suicide, among other claims. See developing takeaways from the 329-page transcript here.



Little League World Series enters homestretch.

The final four teams compete in South Williamsport, Pennsylvania, today for a spot in tomorrow's championship game (3 pm ET, ABC). Nevada and Connecticut face off in the US bracket final at 3:30 pm ET today after Chinese Taipei takes on Aruba in the international bracket final at 12:30 pm ET. All players are between the ages of 10 and 12, and the games typically have six innings, as opposed to Major League Baseball's nine. Learn more about the league's rules here.



Canada to drop retaliatory tariffs on many US goods.

Prime Minister Mark Carney announced yesterday Canada will remove 25% counter-tariffs on US products covered under the US-Mexico-Canada Agreement by Sept. 1. The move matches American policy, which exempts Canada's USMCA-compliant goods from US tariffs, and came after the nation's leaders spoke by phone Thursday. Canada's 25% levies on US autos, steel, and aluminum will hold.



UN-backed body confirms famine in Gaza.

After 22 months of war, over half a million people in the Gaza City region are experiencing famine, according to the Integrated Food Security Phase Classification. The global authority on hunger yesterday raised its food insecurity assessment in the area to its highest level. The initiative expects famine to hit the southern Gaza Strip within weeks if Israel does not end restrictions on humanitarian aid deliveries.



Judge orders wind-down of Alligator Alcatraz.

A US district judge ordered Florida and the federal government to stop sending immigrants to a detention center in the Everglades, known as “Alligator Alcatraz,” and to dismantle much of the center within 60 days (read previous write-up). The judge sided with environmentalists and the Miccosukee Tribe of Indians, who argued the facility was built without proper environmental reviews. Florida filed notice of its intent to appeal.

SOURCE:  1440 NEWS