Anna's Daybreak News

Thursday, 5:22 AM

September 19, 2024

Good morning news friend! Stay updated with the latest news, keeping pace with the quickly changing flow of events. 📰🌟

Federal Reserve Cuts Interest Rates

The Federal Reserve cut interest rates by half a percentage point. This is the first cut in over four years and lowers the benchmark rate to the range of 4.75%-5.00%.

The Fed plans to continue cutting rates, projecting another half-point reduction by the end of 2024 and further cuts in 2025 and 2026. Rates are expected to reach 2.9% by 2027.

Inflation decreased from a peak of 9.1% in June 2022 to 2.5% in August 2024. PCE is projected to reach the Fed’s 2% target by 2026.

The cut follows an 11 to 1 vote with a dissenting voice coming from Fed Governor Michelle Bowman, who expressed concerns, preferring a smaller cut.

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Americans Can Now Renew Passports Online

The State Department announced that adult passport holders can now renew their passports at Travel.State.Gov/renewonline.

This online service targets adults whose passports expired within the last five years or will expire soon. It does not cover children's passports or first-time applications.

About 5 million Americans can benefit from this service annually. In 2023, the department processed 24 million passports, with 40% being renewals.

Applications now complete in less that six weeks and fees remain unchanged at $130 for regular renewals. 

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Microsoft and Anduril to Power Future Soldiers

Microsoft and Anduril partnered to improve the US Army's Integrated Visual Augmentation System (IVAS).

The Army plans to spend up to $21.9 billion on the IVAS project. In fiscal 2025, the Army will request $255 million for 3,162 IVAS 1.2 systems. Additionally, $98 million will fund research to improve IVAS technology.

The IVAS includes headsets with night-vision, thermal sensing, augmented reality features and Anduril’s Lattice which acts as a situational awareness tool, using AI and computer vision to detect airborne threats.

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Google’s Ad Tech Battle Continues

Google offered to to sell its ad marketplace AdX to end an EU antitrust investigation. However, the European Publishers Council publishers rejected this proposal.

The Council demands more than just AdX, citing conflicts of interest from Google's role in all aspects of the ad tech supply chain. 

Meanwhile, Google won a court battle against a $1.66 billion antitrust fine from the European Union. The EU’s General Court ruled that the European Commission's 2019 penalty was flawed. 

The Commission accused Google of using exclusivity clauses in its ad contracts. The court stated that this did not prove Google stifled innovation or harmed consumers.

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FTC Takes on Luxury Fashion

Tapestry, the owner of Coach, is fighting to merge with Capri, which owns Michael Kors, Versace, and Jimmy Choo.

The $8.5 billion deal has been stalled for five months due to the Federal Trade Commission’s (FTC) antitrust lawsuit.

Regulators argue that the merger could raise prices and reduce competition in the "accessible luxury" handbag market, which includes bags priced between $100 and $1,000. Together, the companies control over 50% of this market.

The court will rule within months, with closing arguments set for September 30.

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“Life is about execution rather than purpose”

Baked with love,

Anna Eisenberg ❤️