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Federal Reserve set to cut interest rates – but still Trump won’t be happy

Stocks soared on Friday following the strongest signal yet that US the Federal Reserve is gearing up to start cutting interest rates again this fall. But how long can this celebration last?While Wall Street cheered the biggest headline from the speech by the Fed chair, Jerome Powell, at the annual Jackson Hole symposium in Wyoming, Powell also delivered a reality check on where interest rates could settle in the longer term.“We cannot say for certain where rates will settle out over the longer run, but their neutral level may now be higher than during the 2010s,” said Powell.In other words: even if the Fed does start cutting interest rates again this year, they may not fall back to their pre-pandemic levels. It’s a signal, despite the short-term optimism on potential rate cuts, that the Fed’s long-term outlook is more unstable

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Wall Street jumps after US Fed’s Powell signals possible rate cut – as it happened

US Federal Reserve chair Jerome Powell has nodded to a possible rate cut at the central bank’s September meeting.However, Powell stopped short of committing to cutting rates next months during a speech to policymakers and economists at the Fed’s annual Jackson Hole conference.He acknowledged the tight rope that policymakers have to walk at a time of potential risks for the US jobs market, while there is the possibility that inflation moves higher.Powell said:The stability of the unemployment rate and other labour market measures allows us to proceed carefully as we consider changes to our policy stance. Nonetheless, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance

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Trump says Intel has agreed to give US government a 10% stake

The US government has taken an unprecedented 10% stake in Intel under a deal with the struggling chipmaker and is planning more such moves, according to Donald Trump and the commerce secretary, Howard Lutnick, the latest extraordinary intervention by the White House in corporate America.Lutnick wrote on X: “BIG NEWS: The United States of America now owns 10% of Intel, one of our great American technology companies. Thanks to Intel CEO @LipBuTan1 for striking a deal that’s fair to Intel and fair to the American People.”Trump met with Lip-Bu Tan on Friday and posed for a photo with Lutnick. The development follows a meeting between Tan and Trump earlier this month that was sparked by the US president’s demand for the Intel chief’s resignation over his ties to Chinese firms

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Elon Musk and X reach tentative settlement with laid-off Twitter staff

Elon Musk and his social media platform, X, reached a tentative settlement on Wednesday with former Twitter employees after a years-long legal battle over severance pay. Former staff had sought $500m in a proposed class action suit against the billionaire.A court filing released on Wednesday stated that both parties had reached a settlement agreement in principle and requested that a scheduled 17 September hearing in the case be postponed while they worked to finalize a deal. The filing did not disclose any details of the tentative agreement and it is unclear what level of compensation that former employees may receive.Former Twitter employees, led by Courtney McMillian and Ronald Cooper, alleged that the company failed to appropriately pay thousands of workers severance after conducting mass layoffs

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Ethical Diamond shines bright to hand William Buick a first success in the Ebor

It paid to follow the money in the Ebor as the 5-1 favourite, Ethical Diamond, one of two runners in the field from the Willie Mullins yard, replaced his stable companion, Hipop De Loire, at the top of the market and then came home as a comfortable winner under William Buick. Ascending (12-1), Queenstown (25-1) and Stressfree (28-1) were next across the line.It was a first success in Europe’s richest Flat handicap for Buick, and a third for Mullins, whose immense strength in depth over jumps is increasingly being deployed in major staying events on the Flat.“Willie said to let him float along down the back and that’s exactly what he did,” Buick said. “I’ve never won the Ebor before, but I’ve never had a better ride in the Ebor before, and when I asked him to accelerate, he was right there for me

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Amy Cokayne calls for England to be ‘more clinical’ despite USA thrashing

England want to be “more clinical” at the Women’s Rugby World Cup, their hooker Amy Cokayne said after the 69-7 thrashing of the USA in Friday’s opening game.While the Red Roses were dominant on the scoreboard, the performance was not the most efficient, with many try chances going begging because of errors. Cokayne, who is playing in her third World Cup, said England would be frustrated with the points they left out there and also a failure to deal cleanly with the USA’s kicks at restarts.“There are a few things that didn’t quite go right, so lots for us to work on,” the 29-year-old said. “We’ll look at it, but it is competition rugby