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☆ X users in Brazil temporarily regained access. Elon Musk's company says it was accidental.
▼ + stars: | 2024-09-19 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Read previewElon Musk's X says it accidentally restored temporary access to the social media platform in Brazil on Wednesday, just weeks after it was banned in the country. This story is available exclusively to Business Insider subscribers. This made "blocking the app much more complicated," the country's trade group for internet service providers added. In response, Musk closed X's Brazil offices and refused to comply with an order to name a legal representative in the country. X didn't immediately respond to a request for comment from Business Insider, made outside normal working hours.

Persons: —, Elon Musk's, ABRINT, Basílio Rodriguez Pérez, Pérez, Musk, Alexandre de Moraes, X, Moraes, X didn't Organizations: Service, Global Government Affairs, Business, Brazilian Association of Internet, Telecommunications Providers, BBC, AFP, New York Times Locations: Brazil, Brazilian, Moraes

☆ Investors should be hesitant to dive into stocks after the rate cut, with election uncertainty looming, Fundstrat's Tom Lee says
▼ + stars: | 2024-09-19 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

But after Wednesday's big 50 basis point cut, Lee says he sees uncertainty looming ahead of the election. AdvertisementProminent stock market bull Tom Lee has long called for a big rally after the Federal Reserve cuts interest rates. But after a big 50 basis point cut on Wednesday, Lee says he's feeling cautious ahead of the November election. That rally would happen regardless of a 25 or 50 basis point cut, he said, if the Fed suggested future cuts are likely. With election-related volatility ahead, Lee recommends investing in cyclical stocks in areas like industrials, financials, and small caps.

Persons: Tom Lee, Lee, —, SoFi's Liz Young Thomas Organizations: Federal Reserve, Service, Fundstrat Global Advisors, CNBC, Fed, Business

☆ Norwegian unveiled plans for a new cruise ship — complete with a roller coaster waterslide and night club to take on Royal Caribbean
▼ + stars: | 2024-09-19 | by ( Brittany Chang | ) www.businessinsider.com time to read: +1 min

Norwegian Cruise Line says its 3,550-guest Norwegian Luna will debut in 2026. Luna could be a good option for families who prefer a new build but don't enjoy mega cruise ships. Go to newsletter preferences Thanks for signing up! AdvertisementIf you're tired of only hearing about ultra-large cruise ships or ultra-expensive small ones, Norwegian Cruise Line has the answer. On Wednesday, the popular cruise company unveiled details of Norwegian Luna, its next Prima Plus Class ship.

Persons: Norwegian Luna, Luna, — Organizations: Cruise Line, Service, Cruise, Norwegian Luna, Prima, Business Locations: Norwegian

☆ JPMorgan's junior bankers just gained an ally in their fight against overwork. Here's what we know about the longtime exec tapped to advocate for them.
▼ + stars: | 2024-09-19 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +10 min

Read previewLast week, JPMorgan Chase announced that it would be seeking to limit junior bankers' work hours to 80 per week to tackle concerns over unhealthy working conditions. "So a lot of investment bankers — they've been traveling all week. Jamie Dimon on Tuesday addressed Ryland McClendon's new job ScreenshotThe investment banker's daughterMcClendon grew up near Atlanta, Georgia with her parents and three siblings. AdvertisementIn a 2023 episode of JPMorgan's "Women on the Move" podcast, McClendon said her career path has been heavily influenced by her parents. AdvertisementIn the 2023 podcast, McClendon said she likes to use storytelling as a tool to educate because it can be more effective than numbers alone.

Persons: —, Ryland McClendon, Leo Lukenas, Lukenas, McClendon, Michael Nagle, Jamie Dimon, Dimon, aren't, — they've, It's, Ryland McClendon's, Raymond J, Pryor, Ryland, Marion Barry, SunTrust Robinson Humphrey, we've, what's Organizations: Service, JPMorgan Chase, CNBC, JPMorgan, Business, of America, Getty, Bank of America, Georgetown University, Hartsfield, Jackson Atlanta International Airport, Washington D.C, Duke, econ, Wall Locations: Atlanta , Georgia, Atlanta, Washington, Florida

☆ Anti-Defamation League suing Intel, its first-ever discrimination case against major American company
▼ + stars: | 2024-09-19 | by ( Alexandra Ferreyros | Cnbc Intern | ) www.cnbc.com time to read: +5 min

For the first time in its century-plus history, the Anti-Defamation League is suing a Fortune 500 company, Intel , joining a case brought by the law firm of Wigdor on behalf of a former Israeli employee of the technology firm. Intel has operated in Israel for 50 years, where it has invested more than $50 billion, and remains one of Israel's largest private employers with more than 11,700 Israeli employees. The company estimated $8.7 billion in exports from its Intel operations, accounting for 5.5% of Israel's high-tech exports and 1.75% of the country's GDP, in 2022. When employers do not meet their legal obligations in protecting their Jewish employees, ADL will not hesitate to act." The former Israeli employee also recently sent an open letter to Intel's board of directors about his complaint.

Persons: wasn't, Jonathan Greenblatt, Greenblatt, Google, we've Organizations: Defamation League, Fortune, Intel, ADL, CNBC, Google Locations: Wigdor, Israel, U.S, boardrooms, Gaza

☆ 'Monsters' season two tells the story of the Menendez brothers, who murdered their parents. Here's where Lyle and Erik are now.
▼ + stars: | 2024-09-19 | by ( Ayomikun Adekaiyero | ) www.businessinsider.com time to read: +5 min

Read previewRyan Murphy's Emmy-winning Netflix series "Monster" is back, and this time it's about the case of Lyle and Erik Menendez. Lyle and Erik Menendez are serving life sentences in the same prisonLyle and Erik Menendez during their trial in 1994. Lyle and Erik Menendez are both marriedErik Menendez's wife, Tammi Menendez, in 1999. Related storiesThat included a letter Erik Menendez wrote and addressed to his cousin Andy Cano, who died in 2003. "Monsters: The Lyle and Erik Menendez Story" is available to stream on Netflix.

Persons: —, Ryan, Lyle, Erik Menendez, Jeffrey Dahmer, Murphy, Ian Brennan, Menendez, José Menendez, Kitty Menendez, Ted Soqui, — Lyle Menendez, Erik, Richard J, Lyle Menendez, Erik Menendez's, Tammi Menendez, Chris Morton, Anna Eriksson, Rebecca Sneed, Tammi Ruth Saccoman, Saccoman, Talia, Eric Menendez, Ronald L, Andy Cano, Robert Rand, Rand, Roy Rosselló, Rosselló, Edgardo Díaz Organizations: Service, Netflix, RCA, Business, Prosecutors, Getty, Donovan Correctional, Inc, The New York Times, Los Angeles Times, LA Times, RCA Records Locations: Beverly, Mule Creek, Ione , California, San Diego, New Jersey

☆ A new housing plan wants to give middle-class Americans the kind of support typically reserved for low-income households
▼ + stars: | 2024-09-19 | by ( Eliza Relman | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

The HOMES Act would establish a new federal housing development authority charged with building and rehabilitating more than a million permanently affordable homes. This so-called "social housing" is notably different from traditional public housing, which is entirely reserved for the poorest households. Rent for all tenants in social housing would be capped at 25% of their income. "There is another way: social housing," Ocasio-Cortez and Smith said in their op-ed. And in California, lawmakers introduced a bill to construct mixed-income social housing on government-owned land.

Persons: —, Alexandria Ocasio, Sen, Tina Smith, Cortez, Gianpaolo Baiocchi, Smith, Baiocchi, Emily Gallagher's, Kamala Harris, she's, Donald Trump, Smith —, Harris, Walz Organizations: Service, New, New York Democrat, Minnesota Democrat, Senate, Business, Urban Democracy Lab, New York Times, New York Locations: Alexandria, Cortez, New York, Minnesota, New, California, Vienna

☆ Instagram has become a hot dating app in the era of swipe fatigue
▼ + stars: | 2024-09-19 | by ( Sydney Bradley | ) www.businessinsider.com time to read: +1 min

Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In fact, a former Instagram staffer recently told me that the stories feature has pretty much become a dating product. And a former Bumble staffer told me that Instagram was often viewed as a competitor internally. This story is available exclusively to Business Insider subscribers.

Persons: Serena Kerrigan, —, Instagram Organizations: Service, Business

☆ Like digital locusts, OpenAI and Anthropic AI bots cause havoc and raise costs for websites
▼ + stars: | 2024-09-19 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +11 min

One study estimated that the world's supply of usable AI training data could be depleted by 2032. An OpenAI spokesperson said the company's bot was querying Coates' website roughly twice per second. But hungry AI botnets scrape first, ask questions later. "Utterly sick"Coates says his Game UI Database is back up and running and he continues to add to it. But Coates' story is emblematic of a bigger question: When AI comes to change the world, who bears the cost?

Persons: —, Edd Coates, Coates, Jay Peet, We've, Joshua Gross, Gross, Jennifer Martinez, Anthropic, Senecal, botnets, robots.txt, Roberto Di Cosmo, Di Cosmo, Tania Cohen, Cohen Organizations: Service, Business, OpenAI, Google, Microsoft, Software Heritage, Software Locations: It's

☆ A millennial couple who moved from Colorado to Massachusetts explains why it's much more expensive — and why they don't regret it
▼ + stars: | 2024-09-19 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

They were lucky enough to lock in a 2.79% mortgage rate when they bought it — the average 30-year fixed mortgage rate is over 5% today. However, one non-financial factor began to lure the couple away from Colorado: family. Due to Massachussets' "higher cost of living," Nicole said the move has had a significant impact on their finances. For these people, buying a new home could mean taking on a significantly higher mortgage rate and monthly mortgage payment than they previously had. Lastly, while they live closer to family, Nicole said this hasn't saved them money on childcare.

Persons: —, Nicole Stanley, Jacob, Nicole, who's, Jacob don't, Jacob aren't Organizations: Service, Business, . Colorado, Denver, BI Locations: Denver, Aurora , Colorado, Colorado, Mattapoisett , Massachusetts, Massachusetts, New York, California, — Massachusetts, Massachuseets

☆ Why rate cuts could actually slow the economy instead of sparking growth
▼ + stars: | 2024-09-19 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

The consensus view is that lower rates will stave off a recession by stimulating economic growth through lower borrowing costs. The hidden danger of a double cutHowever, David Kelly of JPMorgan Asset Management warned that lower rates aren't an economic panacea. In fact, the chief global strategist thinks these cuts could, paradoxically, cause the economy to slow in the near term. Advertisement"The important thing to recognize is that cutting interest rates at the start doesn't stimulate the economy at all," Kelly said on CNBC. "There is a J-curve effect; it actually slows the economy because people begin to anticipate those lower rates, so they want to wait for lower rates."

Persons: —, Jim Caron, Claudia Sahm, Jerome Powell, Sahm, Ronald Temple, Kevin Philip of, David Kelly, Kelly, what's, you've, Kelly isn't, it's, they've Organizations: Service, Federal, Business, Fed, Dow Jones, Morgan Stanley Investment Management, CNBC, New Century Advisors, Lazard, Kevin Philip of Bel Air Investment Advisors, JPMorgan Asset Management

☆ I'm a retired pilot who worked for royalty. I had no idea how the rich spent their money.
▼ + stars: | 2024-09-19 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +4 min

Read previewThis as-told-to essay is based on a conversation with Kent Davis, a retired Air Canada pilot with more than 40 years of experience. AdvertisementA prime minister, movie stars, and royaltyIn 1972, I joined Air Canada and spent 33 years flying for them. In 2005, I retired from Air Canada and was hired by Prince Alwaleed Bin Talal, a Saudi prince based in Riyadh. Kent Davis flew Prince Al Waleed bin Talal (pictured) and his family around the world. I'm mostly retired now, except for some consulting work with my company, Trans Global Aviation Solutions.

Persons: —, Kent Davis, Prince Alwaleed Bin Talal, Prince Al Waleed bin Talal, CHRISTOPHE ENA, George W, Bush, I'm Organizations: Service, Air Canada, Business, Aviation, Royal Canadian Navy, Navy, Airbus, Boeing, Air India, Trans Global Aviation Solutions Locations: Montreal, Saudi, Riyadh, New York, Republic of Georgia, Greater Caucasus

☆ DryMerge aims to link your apps in one place. Here's the 8-page pitch deck its Gen Z founders used to raise $2.2 million.
▼ + stars: | 2024-09-19 | by ( Shriya Bhattacharya | ) www.businessinsider.com time to read: +4 min

Edward Frazer and Sam Brashears have built software together since fourth grade, and that's exactly what they'll start with if you're a venture capitalist listening to their pitch for funding. The two 22-year-old cofounders and longtime friends started developing the API integration software known as DryMerge last year. "Sam and I have spent more time with each other than anyone else except probably our families, so we're just really, really good friends." When evaluating team risk, VCs also look for whether the co-founders can build the product the way they envision it. Here's the eight-page pitch deck that Frazer and Brashears used to secure their $2.2 million seed round for DryMerge.

Persons: Edward Frazer, Sam Brashears, Frazer, Slack, DryMerge, Sam, Brashears, VCs, they've Organizations: Service, Business, Garage Capital, Goodwater, Ritual, Yale University, University of Wisconsin Locations: Madison

☆ Bill Gates says the rich would be a lot poorer if he set taxes — but banning billionaires isn't on his agenda
▼ + stars: | 2024-09-19 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Bill Gates said the wealthy would be about two-thirds poorer if he controlled the tax system. Sen. Bernie Sanders told Gates he would ban billionaires as nobody deserves such wealth and power. Go to newsletter preferences Thanks for signing up! AdvertisementBill Gates says if he set tax rates, the rich would be almost 70% poorer — but unlike Bernie Sanders, he would not outlaw billionaires. He revealed his ideal tax policy in an episode of his new Netflix series "What's Next?

Persons: Bill Gates, wouldn't, Sen, Bernie Sanders, Gates, — Organizations: Service, Microsoft, Netflix, Business

☆ Kamala Harris' old apartment is on Airbnb from $6,000 a month — and we know at least one person who rented it
▼ + stars: | 2024-09-19 | by ( Dan Latu | ) www.businessinsider.com time to read: +3 min

Read previewTwenty years ago, inside a humble one-bedroom apartment in San Francisco's South of Market neighborhood, Kamala Harris might've one day dreamed of running for president. Ji has listed the apartment on Airbnb with a minimum of 30-night stays and advertises the "amazing opportunity to live inside the home previously owned by Vice President Kamala Harris." He's even added a commemorative wall with photos from her career, including the day she was sworn in as vice president, according to the listing. Setty served South Indian dishes to guests as they watched Harris debate former President Donald Trump, the Times said. The Times reported that Setty called Harris a "rock star" when talking with other supporters at the debate party.

Persons: —, Kamala Harris might've, Harris, Joe Biden, Zhengtao Ji, David, wasn't, Ji, Kamala Harris, hasn't, Lata Setty, Setty, Donald Trump Organizations: Service, Democratic, The New York Times, Business, Times, The Times, Naval Observatory Locations: San Francisco's, Market, California, Brentwood, Los Angeles, Washington, DC

☆ Jensen Huang thinks we're all going to have our own R2-D2 or C-3PO robots follow us around
▼ + stars: | 2024-09-19 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +1 min

Nvidia CEO Jensen Huang predicts a future with personal robots like R2-D2 and C-3PO from Star Wars. Huang referenced the droid duo during an appearance at T-Mobile's Capital Markets Day. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNvidia chief Jensen Huang seems to be excited about the future of robotics. During an appearance at T-Mobile's Capital Markets Day on Wednesday, Huang made bold predictions about the future, referencing robots from the Star Wars movie franchise.

Persons: Jensen Huang, Huang, — Organizations: Nvidia, Star Wars, Mobile's, Service, Business

☆ Passengers on a new 7-hour budget flight won't even get free coffee and will have to make their own fun, CEO says
▼ + stars: | 2024-09-19 | by ( Tom Carter | ) www.businessinsider.com time to read: +1 min

Budget airline Wizz Air is planning new long-haul cheap flights between the UK and Saudi Arabia. Passengers on the seven-hour flight will have to do without free coffee or entertainment options and share just 3 bathrooms. Wizz Air's CEO told Bloomberg passengers will have to "create the fun for yourself." Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy .

Persons: — Organizations: Wizz, Passengers, Bloomberg, Service, Business Locations: Saudi Arabia

☆ Amazon's RTO policy is the right decision, according to a Gen Z founder who said most of his employees come in 5 days a week
▼ + stars: | 2024-09-19 | by ( Ella Hopkins | ) www.businessinsider.com time to read: +6 min

He founded an AI startup in 2023 and told BI the majority of his 14 employees come in five days a week. "Remote work benefits people who are more stable in their career at the expense of people who are junior," he said. BI has reported on multiple Gen Z employees who feel isolated and restricted by their remote working environment. Advertisement"If you're a new grad and you're starting a job and you just work a remote job, you're just shooting yourself in the foot," he said. He told BI, "Four or five years ago, this was the norm," adding, "Why are we even thinking remote work is normal?"

Persons: —, Jeffrey Wang, Wang, Everyone's Organizations: Service, Plaid, Harvard, Business, Tech, Networking, BI Locations: San Francisco, Hawaii

☆ Harris' labor split screen: From the Politics Desk
▼ + stars: | 2024-09-18 | by ( The Politics Desk | ) www.nbcnews.com time to read: +8 min

In today’s edition, we explore one positive and on negative development for Kamala Harris' support from organized labor. The influential Teamsters union on Wednesday declined to issue an endorsement in the presidential race, Megan Lebowitz and Alexandra Marquez report. Prior to the announcement, the Teamsters also released survey data showing more rank-and-file members preferred to endorse Trump than Harris. Still, Harris has won the endorsement of just about every other major labor union in the country (the International Association of Fire Fighters remains a notable holdout). Instead, the Trump campaign appears to be approaching this apparent assassination attempt as an opportunity rather than as a moment to reflect.

Persons: Kamala Harris, Chuck Todd, Harris, Megan Lebowitz, Alexandra Marquez, Natasha Korecki, Donald Trump, Joe Biden, Trump, “, Sean O’Brien, Verrett, ”, Chuck Todd There’s, We’ve, isn’t, Chuck → 🗞️, ✂ ️, eason, alf, lea Organizations: NBC, White House, Capitol, Teamsters, Democratic, Big Business, International Association of Fire Fighters, Belt . Workers, Service Employees International Union, Culinary Workers Union, AFL, SEIU Locations: California , Illinois, New York, Arizona, Georgia, Nevada, North Carolina, Butler , Pennsylvania, America

The Teamsters on Wednesday declined to endorse a candidate for president, the first time in decades that the union hasn't backed a candidate in the presidential election. It found that almost 60% of rank-and-file union members preferred to endorse Trump, while 34% backed Harris, according to an electronic member poll. The law forced union workers to accept a union contract that had been brokered by the Biden administration. The union endorsed Biden in 2020. The AFL-CIO, which represents dozens of unions and millions of workers, and the United Auto Workers union have each endorsed Harris.

Persons: Sean O'Brien, Donald, Trump, Kamala, Harris, Joe Biden, John Palmer, Biden, Hillary Clinton, Barack Obama, John Kerry, Al Gore, Karoline Leavitt, Lauren Hitt, “, ” Hitt, James P, Hoffa, ” Biden Organizations: Teamsters, Big, Trump, Democratic, American, Central, International Association of Fire Fighters, AFL, CIO, United Auto Workers Locations: America, Alabama, Central States, Michigan

Clean energy and clean vehicle companies added nearly 150,000 new jobs in 2023, the first full year of the Inflation Reduction Act, the report found. Of that total, the South added more than 54,000 clean energy jobs, accounting for 36% of all new jobs in the region. By comparison, the Midwest, Northeast and West combined added 95,000 clean energy jobs in 2023. The employment sectors analyzed in E2’s “Clean Jobs America” report include clean vehicles, renewable energy, battery storage, grid modernization and biofuels. Clean energy jobs now account for about 1 in 16 new jobs created in the U.S.E2 has released annual reports on clean energy job growth in the U.S. since 2015.

Persons: Kamala Harris, —, Donald Trump, Harris, Biden, Bob Keefe, We’re, ” Organizations: Biden, Senate, Jobs America, Republicans Locations: United States, U.S, Midwest, Northeast, Southern, Alabama, Kentucky, Oklahoma, California, Florida, Texas

Harvey Weinstein was arraigned on an additional sex crimes charge in a New York City courtroom Wednesday, roughly two months ahead of a retrial in the disgraced Hollywood producer’s landmark #MeToo case. “Thanks to this survivor who bravely came forward, Harvey Weinstein now stands indicted for an additional alleged violent sexual assault,” Bragg said. “This investigation is ongoing.”In all, more than 80 women have accused Weinstein of sexual assault or harassment going back decades. (He was acquitted of two counts of predatory sexual assault and a count of first-degree rape.) (The jury acquitted him of a count of sexual battery by restraint and failed to reach a verdict on three other sexual assault counts.)

Persons: Harvey Weinstein, Weinstein, Attorney Alvin Bragg, ” Bragg, Jessica Mann, Mimi Haley, Gloria Allred, “, Mann, Harvey, ” Mann, retry Weinstein, Oscar, ”, Love Organizations: Hollywood, New, Attorney, Manhattan, Bellevue Hospital, Miramax, The New York Times, Yorker Locations: New York City, Manhattan, New York, New, York, Los Angeles, Angeles

Haiti clearly holds a place in the heart of Ohio’s Republican Gov. He’s been to the country at least 25 times with his wife, he said at a news conference Monday in Springfield. He respects the Haitians who have come to the US legally and found work in Springfield. Further, DeWine said the Haitians found Springfield because business owners there were having trouble finding workers after the Covid-19 pandemic. Like DeWine, Springfield Mayor Rob Rue has also tried very hard to correct the record on the role Haitians are playing in Springfield.

Persons: Mike DeWine, He’s, “, ”, DeWine, ” DeWine, Donald Trump, Ohio Sen, JD Vance, Vance, Springfield Mayor Rob Rue, ” Rue Organizations: Republican Gov, PBS, Republican, Ohio, Springfield Mayor Locations: Haiti, Springfield, Ohio, DeWine, Springfield , Ohio

☆ Fed interest rate cut expected and global trail behind Hezbollah pager explosions: Morning Rundown
▼ + stars: | 2024-09-18 | by ( Elizabeth Robinson | Elizabeth Robinson Is A Newsletter Editor For Nbc News | Based In Los Angeles. | ) www.nbcnews.com time to read: +8 min

Fed expected to cut key interest rateChair of the U.S. Federal Reserve Jerome Powell speaks at the U.S. Capitol in July. Bonnie Cash / Getty ImagesThe Federal Reserve is poised to cut its key interest rate for the first time since the onset of the Covid pandemic in 2020. But mixed signals from the economy have some Wall Street traders predicting it’s more likely that there will be a 0.5% cut. It’s for Prime members only, so you’ll have to sign up in time if you want to shop. And did you know that in addition to free shipping, members also get benefits like Prime Video and Grubhub+.

Persons: Sean “ Diddy ” Combs, Jerome Powell, Bonnie Cash, Hsu Ching, kuang, Cristiana Bársony, Arcidiacono, Gold, “, ”, pagers, Sean ‘ Diddy ’ Combs, Combs, Mike Johnson, Trump, Donald Trump, Harris, Kamala Harris, Chuck Todd, Gisele Pelicot, Christophe Simon, I’m, don’t, Annie Hill, Elizabeth Robinson Organizations: U.S . Federal, U.S, Capitol, CNBC, Fed, Consulting, Prosecutors, of, National Association of Black Journalists, Republicans, NBC, Trump, Polaris, University of North Texas Health Science, The, Getty, Amazon Locations: Lebanon, Taiwan, Iran, Israel, Hungary, Southern, of New, Springfield , Ohio, Gaza, Ohio, San Diego, Mazan, France, AFP

The Federal Reserve is expected to announce Wednesday its first interest rate cut since 2020. While layoffs remain low, hiring has virtually ground to a halt, especially in some white-collar professions, making the job search process unusually difficult for many. That would entail a cut of at least 0.5% at some point by the time the Fed announces its interest rate in January. The Fed believes Wednesday's anticipated cut, and ones likely coming over the next several months, should put a floor under further economic deterioration. "Layoffs remain low, job openings remain high, GDP is growing at a healthy pace, and there have not been any major negative shocks," David Mericle, Goldman Sachs' chief U.S. economist, said in a note to clients.

Persons: Jay Bryson, Wednesday's, David Mericle, Goldman Sachs Organizations: Federal, Bank of America, Fed, NBC News, Citi Locations: U.S, Wells Fargo

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