The Federal Reserve cut interest rates this week for the first time in four years, putting an end to its longest cycle of rate hikes in roughly a decade. “This will improve the material well-being of all Americans,” said Joe Brusuelas, chief economist at RSM US.
Weekly Digest – September 25 2024
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
What the Fed’s rate cut means for consumers, businesses and investors
Do the benefits of the expanded child tax credit actually fade with time?
In 2021, the US cut child poverty by as much as 40 percent using one of the most effective anti-poverty tools the country had ever devised: the expanded child tax credit (CTC). A new study argues the long-run benefits outweigh the costs nearly 10 to 1.
How to use AI to review documents for Compliance and Risk Management
Artificial intelligence (AI) has become a component in sectors such as healthcare and finance to enhance operational effectiveness and precision in different tasks. One key area where AI is playing a role is in reviewing documents for compliance and risk mitigation purposes through the AI contract review tools and software.
US economy on solid ground as retail sales surprise on the upside
U.S. retail sales saw an unexpected increase in August 2024, suggesting resilient consumer spending despite economic headwinds. The rise could temper expectations for a recession and challenge the Federal Reserve’s aggressive interest rate hikes aimed at cooling inflation and the economy.
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Fed unveils oversized rate cut as it gains ‘greater confidence’ about inflation
The U.S. central bank on Wednesday kicked off an anticipated series of interest rate cuts with a larger-than-usual half-percentage-point reduction that Federal Reserve Chair Jerome Powell said was meant to show policymakers’ commitment to sustaining a low unemployment rate now that inflation has eased.
Boeing furloughs thousands as no progress made to resolve strike
Boeing said on Wednesday it will temporarily furlough tens of thousands of employees after about 30,000 machinists went on strike on Friday, halting production of its best-selling 737 MAX and other airplanes.
How resilient is the US consumer?
With the US Federal Reserve turning its focus more squarely to economic growth, investors are increasingly splitting their attention between inflation indicators and other measures of prosperity and mood.
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