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On September 18, 2024, the Federal Reserve cut its key interest rate by 0.5 percentage points to a range of 4.75% to 5%. This marks the first rate cut in over four years, aimed at addressing signs of a weakening job market while maintaining inflation control.
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In response to recent tragedies, JPMorgan Chase and Bank of America are implementing new policies to limit junior bankers' working hours. JPMorgan will cap hours at 80 per week, while Bank of America will introduce a detailed timekeeping tool. These changes follow the death of a junior banker earlier this year.
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Federal Reserve Chair Jerome Powell's recent speech at the Jackson Hole Symposium indicated a strong likelihood of interest rate cuts in September. With inflation easing and unemployment rising to 4.3%, markets anticipate a shift in monetary policy aimed at stimulating the economy. Investors are closely monitoring upcoming economic data for further insights.
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HSBC is set to recruit hundreds of bankers in the UK to enhance its wealth management services, aiming to double its assets under management to £100 billion over five years. This move comes amid increasing competition from British rivals and follows a successful expansion in Asia.
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Apple has launched the iPhone 16, its first AI-powered smartphone, featuring a new camera control button and the promise of Apple Intelligence. However, key AI features will not be available until next month, leading to mixed reactions from consumers and analysts amid rising competition from Huawei and others.
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Apple's iPhone 16 launch has been overshadowed by declining pre-order sales and fierce competition from Huawei's new Mate XT smartphone. Analysts report a 12.7% drop in iPhone 16 pre-orders compared to last year, raising concerns about Apple's market position, especially in China, where local rivals are gaining ground.
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Boeing workers in Washington and Oregon have overwhelmingly rejected a proposed contract that included a 25% wage increase over four years. The International Association of Machinists and Aerospace Workers is now poised to initiate a strike, further complicating Boeing's recovery efforts amid ongoing safety and financial challenges.
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Shares of Trump Media & Technology Group have dropped significantly as the expiration of a lockup period approaches, allowing insiders to sell their stock. Concerns over the company's declining value and Trump's potential sell-off are causing investor anxiety, with his stake now valued at approximately $2 billion, down from $6 billion earlier this year.
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Recent court rulings have legalized election betting markets in the U.S., allowing platforms like Kalshi to offer wagers on political outcomes. This follows a lawsuit against the CFTC, which sought to block such markets due to concerns over election integrity. The ruling could significantly impact political betting dynamics ahead of the 2024 elections.
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The Federal Reserve is anticipated to announce a rate cut this week, potentially lowering its key lending rate from 5.3%. This move aims to ease borrowing costs for consumers and businesses, impacting mortgages, credit cards, and savings rates both in the US and globally.
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Vice President Kamala Harris and former President Donald Trump faced off in a heated debate, with Harris receiving notable support from voters and celebrities. Despite her strong performance, challenges remain in persuading swing voters in battleground states like Pennsylvania. The election landscape continues to evolve as both candidates push their economic agendas.