Powell signals Fed rate cuts possible amid slow jobs
Federal Reserve Chair Jerome Powell told the House Financial Services Committee that the Fed will increasingly weigh employment with inflation as it contemplates rate cuts. He noted progress against inflation but said cutting too late or too little could hurt activity and jobs, signaling easing may begin this year. The central bank has a dual mandate to stabilize prices and promote maximum employment while preparing Basel III reforms to banks.
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Wall Street hits all time highs as AI boom drives gains
Wall Street extended its rally to a seventh day with the S&P 500 above 5600 and the Nasdaq at a fresh high. Nvidia and TSMC aided gains along with AMD in a bid boosted by AI optimism while Powell signaled patience on rate cuts pending more inflation data.
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Intuit to lay off 1800 as AI push reshapes company
Intuit announced an AI focused reorganization cutting about 10 percent of staff, 1800 roles, with over 1000 layoffs for underperforming employees and 300 more to streamline work. Boise and Edmonton offices to close, over 250 workers affected. Severance includes 16 weeks base pay plus two weeks per year plus six months health coverage. Last day set for Sept 9. charges estimated at 250 to 260 million dollars.
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CBS News Chief Resigns as CNN Cuts 100 Jobs
Ingrid Ciprian-Mathews resigns as CBS News president after under a year in the role and will advise through the presidential election. CNN cuts about 100 positions from a 3,500-strong staff while planning digital subscriptions and new monetization, including video-focused products and AI enhancements.
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