Divided Fed ponders US interest-rate cut at end of tumultuous year

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A divided Federal Reserve meets this week to decide whether to cut interest rates, the US central bank’s last meeting before the end of a tumultuous year.The US central bank faces a number of unique challenges as it weighs its latest interest-rate decision.After the six-week government shutdown briefly shuttered the Bureau of Labor Statistics, the federal agency that collects economic data on prices and employment, Fed officials have less data to make their decision.Making matters more complicated is what appears to be growing internal division among the committee’s voting members, who are split on whether there should be a third rate cut before the end of the year.Rates currently sit at a range of 3.

75% to 4%,Although the committee started cutting the decades-high interest rates last fall, a majority consensus held off on cuts in the first half of the year, citing economic uncertainty from tariffs,The committee has since cut rates by a half-point after its September and October meetings, with a growing number of committee officials signaling there should be a third cut this year,Markets are expecting a final rate cut on Wednesday, but it’s unclear whether enough officials will agree on the move,The Fed has a dual mandate to stabilize prices and the labor market.

Raising interest rates can steady prices: the Fed pushed rates up quickly when inflation hit 9,1% in 2022,But if the central bank isn’t careful, high interest rates can push up unemployment,The risk means setting interest rates is a delicate balancing act that has huge repercussions on the economy,In recent months, the Fed chair, Jerome Powell, has said officials are observing pressure from both sides of the Fed’s mandate.

Both prices and unemployment are going up: inflation went from 2.3% in April to 3% in September while the unemployment rate increased from 4% in January to 4.4% in September.When explaining the Fed’s most recent rate cut in October, Powell said that a majority of officials were more concerned about the labor market over inflation, but “we have one tool”.“We can’t do both of those at once.

People have different forecasts … and they have different levels of risk aversion,” Powell said, noting that much of the division in October was over how officials seemed to be thinking about a December rate cut.Because of the government shutdown, the collection of October’s data was cancelled, and November’s price and labor market data will be released later in December.While it is unclear whether more data would have built a stronger consensus, it would have given officials a clearer picture of the economy during a turbulent period.In October, Powell said the lack of data meant officials would need to proceed with caution in their December meeting.“What do you do if you’re driving in the fog? You slow down,” he said.

Amid the internal debates on the upcoming Fed meeting, multiple reports have said Donald Trump is zeroing in on Kevin Hassett, a close ally to the president and his current director of the national economic council, as the potential next chair of the Fed.Powell, who was appointed by Trump in 2018 and was reappointed by Biden again in 2022, is facing the end of his term in May.Hassett has been one of the president’s staunch economic advocates over the past year, insisting that prices have been stable and that the White House’s tariffs have strengthened the economy.He has also been a vocal proponent of more rate cuts, which Trump believes will boost the economy without raising prices.This will be the eighth meeting of the Federal Open Market Committee (FOMC), which has 12 members who vote on rate changes.

The committee will announce its decision on Wednesday afternoon.
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Christmas mixers: Thomasina Miers’ recipes for fire cider and spiced cocktail syrup

Despite being known for shaking a cocktail on Instagram now and again, very little will induce me to last-minute cocktailery if I am entertaining a serious number of guests. However, a good drinks recipe that you can prep in advance is a lovely thing to dazzle your friends with and to gift over Christmas. With or without alcohol, this pair look good and taste delicious, and should help everyone ease into the December festivities.This makes a delicious base to which you can add soda, juice, tonic or any other mixer for a thirst-quenching and delicious alternative to an alcoholic drink in the evening. Prep 15 minInfuse 1 week+ Makes 500ml bottleFor the fire cider2 jalapeños, finely sliced seeds and all1 large thumb of ginger, peeled and finely sliced2 branches fresh rosemary1 cinnamon stick3 heaped tbsp honey2 garlic cloves, peeled1 thumb turmeric, peeled and finely sliced (optional)350ml apple cider vinegarFor the cranberry fizz (serves 1)30ml fire cider 75ml cranberry juice1 wedge of orange Sparkling water, to topMix all the ingredients for the fire cider in a sterilised 500ml jar, then put in the fridge for at least week, and preferably three to extract the most goodness from the ingredients

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Jamie Oliver to relaunch Italian restaurant chain in UK six years after collapse

Jamie Oliver is to revive his Jamie’s Italian restaurant chain in the UK, more than six years after the celebrity chef’s brand collapsed.Jamie’s Italian is poised to be relaunched in the spring, starting with a restaurant in London’s Leicester Square.Oliver’s return to the UK restaurant scene is being backed by Brava Hospitality Group – the private equity-backed group that runs the Prezzo chain – which intends to relaunch the brand across the UK.“As a chef, having the chance to return to the high street is incredibly important to me,” he said. “I will drive the menus, make sure the sourcing is right, the staff training, and ensure the look and feel of the restaurant is brought to life in the right way

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Maximum protein, minimal carbs: why gym bros are flocking to Australia’s charcoal chicken shops

From El Jannah’s webpage dedicated to ‘health-conscious individuals’ to Habibi Chicken’s ‘Gym Bro’ pack, businesses are catering to the post-leg day crowdGet our weekend culture and lifestyle emailPopularised in Australia by Balkan and Lebanese immigrants, charcoal chicken has long been part of our comfort-food canon. But recently, the humble chicken shop has had a renaissance – driven by fresh takes on the classics, the expansion of longstanding chains and a surge of protein-conscious gym goers.In June, charcoal chicken chain El Jannah, which has more than 50 stores, launched a page on its website dedicated to protein and macros – complete with recommendations for the best post-leg day order – a clear nod to the fitness crowd.In Wagga Wagga, Habibi Chicken has a “Gym Bro” pack – a half or quarter chicken, tabbouleh, pita and toum, no chips. Co-owner Mariam Rehman says it’s a top seller, designed to maximise protein and reduce carbs

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Helen Goh’s recipe for edible Christmas baubles | The sweet spot

These edible baubles make a joyful addition to the Christmas table or tree. Soft, chewy, marshmallow-coated Rice Krispies are studded with pistachios and cranberries, chocolate and ginger, or peppermint candy cane; they’re as fun to make as they are to eat, and they make a perfect little gift. To add a ribbon for hanging, cut small lengths of ribbon, then loop and knot the ends. Push the knotted end gently into the top of each ball while it’s still pliable, then reshape around it, so it holds the knot securely as it sets. Alternatively, wrap each bauble in cellophane, then gather at the top and tie with a ribbon, leaving a long loop for hanging

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A gentle trade in edible gifts binds communities together

A guest at our restaurant recently told me about her mother’s seasonal side hustle, though no one would have dared call it that out loud: in the weeks before Christmas, she became a quiet merchant of puddings. The proper kind of pudding, too: all dense but not leaden, heavy with prunes and warm with careful spicing.As December crept in, forgotten cousins and semi-estranged uncles seemed to find reasons to drop by her place. She never advertised the fact, of course, but everyone knew that if you came bearing even a modest offering, you might just leave with a pudding wrapped in waxed paper and still warm with possibility. The exchanges were subtle

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Chocolate tart and zabaglione: Angela Hartnett’s easy make-ahead Christmas desserts – recipes

When you’re the cook of the house, you spend quite enough time in the kitchen on Christmas Day as it is. And, after those time-consuming nibbles, the smoked salmon starter and the turkey-with-all-the-trimmings main event, the last thing you want is a pudding that demands even more hands-on time at the culinary coalface. For me, the main requirement of any Christmas dessert is that it can be made well in advance, not least because, by the time the pudding stage comes around, I’ll be completely knackered and more than ready to put up my feet and finally relax (or, more likely, fall asleep on the sofa).Prep 15 minRest 3 hr+Cook 40 minServes 6-8For the sweet pastry500g plain flour, plus extra for dusting 150g caster sugar 250g cold butter, diced2-3 eggs, lightly beatenFor the filling640g 70%-cocoa dark chocolate, broken into small pieces800ml double cream 64g glucose syrup 64g cold butter, cubed 100g roasted hazelnuts, lightly choppedPut the flour and sugar in a large bowl, stir to combine, then add the diced butter and work it in with your fingertips until the mix takes on the consistency of rough breadcrumbs. Add two of the beaten eggs, then mix until the dough comes together into a ball; if need be, add the third beaten egg, but take great care not to overwork the dough