One news station ran a hyperbolic headline that claimed, “Hackers may have stolen the Social Security numbers of every American.” They haven’t. Nevertheless, now is a good time to freeze your credit files with the major bureaus (Equifax, Experian, and TransUnion) if you haven’t already.
Weekly Digest – August 28 2024
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Fed’s preferred price gauge is set to reinforce rate cuts
US inflation figures in the coming week will reinforce that long-awaited interest-rate cuts are coming soon, while a reading on consumer spending is seen indicating that the central bank has been successful at keeping the expansion intact.
The massive Social Security number breach is actually a good thing
IRS announces unchanged interest rates for fourth quarter of 2024
The Internal Revenue Service (IRS) announced that interest rates will remain unchanged for the fourth quarter of 2024, continuing the rates that have been in place. These rates apply to overpayments and underpayments for the calendar quarter beginning October 1, 2024.
Armed conflict is stressing the bones of the global economy
What does British Airways’ recent decision to suspend its London-Beijing route have to do with the war in Ukraine? How does the Israel-Palestine conflict lead to cargo ships with containers falling overboard in rough weather off the southern African coast? What does an earthquake in Tonga tell us about the vulnerability of Taiwan’s communications infrastructure? Each are examples of the strain armed conflict is putting on the physical infrastructure that makes our world move — and work.
At Jackson Hole, Fed faces pivotal test on unemployment
Four years after Federal Reserve Chair Jerome Powell made fighting unemployment a bigger priority during the COVID-19 pandemic, he faces a pivotal test of that commitment amid rising joblessness, mounting evidence inflation is under control, and a benchmark interest rate that is still the highest in a quarter of a century.
Wall Street ends sharply higher as Powell cements September rate cut hopes
U.S. stocks rallied on Friday as dovish remarks from U.S. Federal Reserve Chair Jerome Powell solidified expectations that the central bank will cut its key policy rate in September.
US jobless claims, business activity keep economy on gradual cooling path
The number of Americans filing new applications for unemployment benefits ticked up in the latest week, but appeared to be steadying near a level consistent with a gradual cooling of the labor market that should set the stage for the Federal Reserve to kick off interest rate cuts next month.
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