Inflation Ease Pushes Fed Toward Rate Cut in 2024 Election Year
Inflation cooled to 2.5 percent year over year in August, the smallest since February 2021, with core prices up 3.2 percent from a year earlier. Gas prices dropped 0.6 percent from July to August, and used cars fell 1 percent, while grocery costs held steady. The Census Bureau reported a 4 percent rise in median inflation adjusted income to above $80,000. The data arrives ahead of a presidential debate where inflation remains a central issue.
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Market rally rebounds as Big Tech leads gains
Stocks closed higher after a volatile session with the S&P 500 rising 1.1 percent and the Nasdaq up 2.2 percent. Nvidia and other techs helped offset broad declines, fueling a third straight rally as inflation data and Fed rate-cut expectations shaped a cautious optimism about a quarter-point cut next week.
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Mixed reviews for Trump Harris debate on ABC
The first and possibly only 2024 debate between Donald Trump and Kamala Harris drew polarized reactions as ABC moderators David Muir and Linsey Davis faced criticism from Trump and his supporters. Time counts show Trump held 43 minutes 3 seconds to Harris 37 minutes 41 seconds with fact checks and exchanges on abortion immigration and crime.
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Johnson postpones vote on temporary funding bill with voter proof rule
Speaker Mike Johnson postponed a vote on a six month continuing resolution linking funding to a voter proof of citizenship requirement. Democrats oppose the measure and some Republicans doubt it will pass as consensus talks continue. The stopgap would fund agencies through March 28 to avert a partial government shutdown before Oct 1.
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