Fed Chair Signals Rate Cuts Ahead

Federal Reserve Chair Jerome Powell stated that the “time has come” for interest rate cuts during a speech at Jackson Hole, Wyoming.

The Fed will likely cut rates at its September 17-18 meeting. Analysts predict between a quarter-percentage-point to half-percentage-point reduction.

Currently, the Fed’s policy rate sits between 5.25%-5.50%. Powell expects this to drop to the range of 3%-3.25% by the end of 2025.

Unemployment rate has increased to 4.3%. Powell stressed the importance of supporting the labor market as inflation stabilizes around 2%.

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Telegram CEO Pavel Durov Arrested in France

Pavel Durov, CEO of Telegram, was arrested in France this weekend. He landed at Le Bourget Airport from Azerbaijan when French authorities detained him under an arrest warrant.

The warrant stems from an investigation into Telegram’s content moderation practices. The messaging platform, with 950 million users, allegedly facilitates criminal activities, including drug trafficking and distribution of child pornography.

Russia's government and Elon Musk criticized the detention, suggesting it undermines free speech in Europe.

Durov previously fled Russia in 2014 to escape government pressure. Telegram has been both criticized and praised for its loose moderation policies.

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Tensions Ebb in Middle East

Israel launched a preemptive strike against Hezbollah in Lebanon on Sunday. Approximately 100 Israeli jets targeted 40 locations, hitting thousands of rocket launchers.

This action followed Hezbollah's preparations for a massive missile attack on northern and central Israel. In retaliation, Hezbollah fired over 200 rockets at Israel.

The tensions escalated after the Israeli military killed Hezbollah commander Fuad Shukr in Beirut.

Both sides indicated a desire to avoid further escalation, citing their satisfaction with the current outcomes.

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NASA's Astronauts Extend Stay

NASA extended astronauts Suni Williams and Butch Wilmore's stay aboard the International Space Station (ISS) until 2025.

Originally planned for an 8 day mission, they will return in February 2025 via a SpaceX capsule. This decision comes due to unresolved issues with the Boeing Starliner’s propulsion systems, which will return to Earth uncrewed.

The Starliner faced a helium leak and thruster malfunctions.

NASA Administrator Bill Nelson emphasized that safety remains the top priority, stating that a test flight is inherently risky.

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