The Federal Reserve kept its target interest rate unchanged Wednesday for the second straight policy meeting, while acknowledging strong growth over the last few months, Axios Macro's Neil Irwin writes.
Why it matters: In keeping the benchmark federal funds rate in the 5.25% to 5.5% range, the central bank's unanimous decision left open the possibility that its two-year rate hiking campaign may have reached its end. However, it did not rule out another rate hike this year.
State of play: With inflation cooling, several top officials have said they believe the time is right to be patient and allow a series of hikes that pushed rates up by more than five percentage points since March 2022 to have their full effect.
Disney has agreed to buy Comcast's 33% stake in Hulu, the company said Wednesday.
Why it matters: The deal ends years of speculation as to what would happen with that stake, and puts the streaming service firmly in the hands of Disney.
The Federal Reserve kept its target interest rate unchanged Wednesday for the second straight policy meeting, while acknowledging strong growth over the last few months.
Why it matters: In keeping the benchmark federal funds rate in the 5.25% to 5.5% range, the central bank's unanimous decision left open the possibility that its two-year rate hiking campaign may have reached its end. However, it did not rule out another rate hike this year.
Strikes, boardroom battles, and an irreversible decline in longstanding stalwarts have turned Bob Iger's second turn as Disney CEO into a nightmare.
Why it matters: A pop culture and Wall Street touchstone, Disney hasn't been this vulnerable in decades, and Iger has admitted that the problems Disney faces were greater than he anticipated when he returned.
Taylor Swift has accomplished more this calendar year than most artists hope to achieve during an entire career.
Driving the news: Swift currently has the No. 1 song in the country with "Cruel Summer" and is on the verge of scoring her second No. 1 album of 2023 with "1989 (Taylor's Version)."
JetBlue on Tuesday began defending its proposed $3.8 billion takeover of Spirit Airlines, over the U.S. Department of Justice's antitrust objections.
Why it matters: The deal would create America's fifth-largest airline, and be the domestic industry's first major merger since Alaska Air bought Virgin America in 2016. But if JetBlue loses in court, its long-term survival becomes an open question.
The U.S. Small Business Administration has chosen three new lenders to make SBA 7(a) loans nationally, Axios has learned.
Why it matters: This marks the first time in more than 40 years that the SBA has expanded its primary business loan program and brings the total number of nonbank lenders up from 14 to 17.
We here at Closer have conflicting feelings about candy corn.
The intrigue: As it turns out, candy corn maker Brach's has tried various ways to get people interested in the Halloween treat, including "Turkey Dinner packs" and a candy-corn-themed song, CNN reports.
51% of Americans say the right way to eat it is to consume the whole piece at once, according to the National Confectioners Association.
31% start with the narrow white end.
And 18% start with the wider yellow end.
💭 Nathan's thought bubble: I cannot vouch for the integrity of this survey because, had they asked me, I would've said the right way to eat candy corn is to not eat it at all.
A federal jury in Kansas City on Tuesday found the National Association of Realtors (NAR) and some of the largest real estate brokers in the country guilty of colluding to inflate real estate commissions.
Why it matters: The verdict is a major shake up to the U.S. real estate market and could change how Americans purchase homes, or specifically, how they pay for broker fees.
Toyota is raising the wages of its factory workers — all of them non-unionized — after the UAW strikes at General Motors, Ford and Stellantis culminated in pay hikes for unionized employees.
Why it matters: After reaching tentative deals with the Detroit Three, the UAW is setting its sights on organizing non-unionized automotive plants in the U.S. — with Toyota a possible target.
The Japanese central bank's strategy of stimulating its economy by capping long-term borrowing rates is literally history.
Driving the news: The Bank of Japan said it will now maintain a 1% "reference" point as the yield on 10-year Japanese Government Bonds, rather than a cap on those yields.
President Biden's administration has released a new proposal for student loan relief that prioritizes borrowers experiencing financial hardship.
Why it matters: After the Supreme Court struck down Biden's signature student debt relief plan in June, the administration has worked to find additional ways to deliver promised relief to millions of borrowers.
Treasury Wine Estates, a listed Australian wine producer whose brands include Penfolds, agreed to buy Paso Robles, Calif.-based Daou Vineyards for upwards of $1 billion.
Why it matters: This reflects Treasury's belief that U.S. wine consumers are moving upmarket, where producer margins are higher, and away from discount bottles.
Why it matters: AI is not only fueling the stock market — driving companies like Nvidia to new highs — it's adding a little juice to the job market, too.
Trey Yingst, a 30-year-old Jerusalem-based foreign correspondent for Fox News, has been covering wars and power battles in the Middle East and Europe since 2018. He tells Axios that he saw "the worst of humanity on display" during the Oct. 7th Hamas attack on Israel.
Why it matters: The personal toll of war on journalists is rarely covered on air or in print. The stress of reporting out a story and getting it right is often compounded by constant safety and security concerns, as well as mental and emotional baggage.
There have been nearly four times the number of views to TikTok posts using the hashtag #StandwithPalestine globally compared to posts using the hashtag #StandwithIsrael in the past two weeks, according to data from TikTok's creator center.
Why it matters: The data shows how the conversation around the war between Israel and Hamas is playing out on one of the most popular platforms for young people in the world.
