A long-awaited interest rate cut is expected today. The mystery behind the origins of the Hezbollah pager explosion deepens. And Sean “Diddy” Combs’ team will once again argue for his release while he awaits a sex-trafficking trial.
Here’s what you need to know today.
The Fed is expected to cut the key interest rate
The Federal Reserve is poised to cut its key interest rate for the first time since the start of the Covid pandemic in 2020. From how much is the big question that will be answered today.
Many experts had expected a cut of 0.25% from the current level of 5.3%, according to a CNBC poll. The Fed tends to move in increments of 0.25%, and until recently, there was general agreement that it was likely to lower the rate by that amount.
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But mixed signals from the economy have some Wall Street traders predicting a 0.5% cut is more likely. Unemployment is relatively low at 4.2%. However, it has increased in four of the last five months. Meanwhile, retail sales were steady, but restaurant spending weakened.
Some say a 0.5% cut is needed to stave off an impending recession. Others argue that such a big move would indicate that the Fed thinks the economy is in worse shape than recent data suggests.
Read the full story here.
Who made the pager explosion? A messy global trail emerges behind the deadly explosions in Lebanon
An electronics manufacturer in Taiwan said it did not make the pagers used by members of the militant group Hezbollah that exploded simultaneously across Lebanon yesterday, killing at least nine people.
More than 2,750 others were injured in the blasts, according to Lebanon’s health ministry, including Iran’s ambassador to the country. In a statement, the Iran-backed Hezbollah said there would be a “severe account” of the explosions, for which it blamed Israel without providing evidence. Israel has not commented directly on the explosions.
Images of the destroyed pagers showed they were carrying stickers from Taiwan-based Gold Apollo. The company’s founder and president, Hsu Ching-kuang, told reporters that the pagers were made by another company licensed to use its brand. Gold Apollo identified the other company as BAC based in Hungary.
Reached by phone, the CEO of BAC Consulting, Cristiana Bársony-Arcidiacono, confirmed that her company worked with Gold Apollo. But when asked about pagers and explosions, he said, “I don’t do pagers. I’m just the middleman. I think you’re wrong.”
Hezbollah said it distributed pagers to members, many of whom have stopped using cellphones for fear Israel could use them to track and monitor them. The blasts come amid growing concern that tensions between Israel and the Lebanon-based militant group could spiral into all-out war.
Here’s what we know.
Sean ‘Diddy’ Combs jailed on sex trafficking charges
The legal team of Sean “Diddy” Combs He will be back in court this afternoon to argue, again, in favor of releasing the rapper-turned-mogul on bail to await a federal sex-trafficking trial.
Prosecutors in the Southern District of New York accused Combs of using his sprawling business empire to abuse, threaten and traffic women to “satisfy his sexual desires” and protect his reputation. The indictment centers around Combs’ alleged orchestration of elaborate sex parties that he called “freak offs.” Here’s what the indictment alleges.
Combs made his first appearance in court yesterday, where he pleaded not guilty to the charges. His offer to post a $50 million bond was denied, and he was sent to prison. Prosecutors say he should remain in jail until the trial begins.
Politics in brief
Funding Struggle: Speaker Mike Johnson told the House will vote today on a six-month stopgap funding bill, the same legislation he abruptly gutted last week. But he did not promise that the package would go through.
Trump on taxes: Donald Trump called to return a controversial part of his signature tax bill, suggesting he will seek to restore a state and local tax deduction commonly known as SALT.
Harris interview: Vice President Kamala Harris ripped off Trump’s remarks about Haitian immigrants in Springfield, Ohio, but gave indirect answers on Gaza and reparations in a discussion hosted by the National Association of Black Journalists.
The right to the IVF act: Senate Republicans blocked a vote to establish protections for access to in vitro fertilization, saying that the action of the Democrats on the issue is unnecessary and politically motivated.
A political speech problem: “The current level of political discourse is unsustainable for this democracy,” writes NBC News chief political analyst Chuck Todd. Just look at the Trump campaign’s approach to the former president’s second apparent assassination attempt or the false rumors about Haitian migrants in Ohio. Read the full analysis here.
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Read all about it
- In an exclusive interview, the crew of the Polaris Dawn mission he recalled his experience conducting the world’s first civilian spacewalk.
- The University of North Texas Health Science Center will stop accepting unclaimed bodies after an NBC News investigation documented how the program used the remains without the consent of the dead or their families.
- A Chinese American family meet the descendants of the Black couple who rented it in 1939, when no one else. A $5 million donation reunited the two families in San Diego.
- The Home Depot agreed to a $2 million settlement in a case that claimed customers were being overcharged and were paying more for items at checkout than advertised prices.
Staff Choice: A glimpse of inspiration in the process of mass violence in France
France has been rocked by the trial of 51 men accused of raping a woman after her 50-year-old husband drugged her and invited online strangers to assault her repeatedly. But by Gisèle Pelicot rare, courageous choice to give up his anonymity so that she could advocate for other victims made her a national symbol of defiance, and a hero for the dozens of women who lined up outside the court every day to applaud her as she entered to hear gut-wrenching evidence.
“Today I took back control of my life,” he testified as the trial began. “Many women don’t have the test. I have the test.” — Annie Hill, platform editor
NBC Select: Online Shopping, Simplified
Thinking about holiday shopping too? If so, good timing – Amazon announced the dates for their October Prime Day sale. It’s only for Prime members, so you’ll have to sign up in time if you want to buy it. And did you know that in addition to free shipping, members also get benefits like Prime Video and Grubhub+. Here’s everything you need to know on your Prime membership.
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