Headline News from The Associated Press
AP Headline News - Jul 02 2024 21:00 (EDT)
And he news I'm Ben Thomas, Federal Reserve Chair Jerome Powell says inflation is slowing again though it's not time yet for interest rate cuts at Donahue has the latest. The Fed's target inflation rate is 2 percent, Powell says it's now at 2.6 percent. So yes, we've made a lot of progress. We just want to understand that the levels that we're seeing are a true reading on what is actually happening with underlying inflation. Speaking at the European Central Bank's monetary policy conference in Portugal, Powell says more time is needed before there is a cut in interest rates. People were saying you need to declare victory. This is over. And then we had a quarter of inflation which was well above 3 percent. So we want to be more confident and frankly because the U.S. economy is strong and the labor market is strong, we have the ability to take our time and get this rate. Powell also said the job market is cooling, lowering inflation pressure. Most economists think the Fed's first rate cut will happen in September, with possibly another cut to follow by the end of the year. Ed Donahue, Washington. Gains on Wall Street today, the Dow rose 0.4 percent while the S&P gained 0.6 and the NASDAQ 0.8, both closing at new highs. Tesla led the way despite a drop in global sales for the second straight quarter, but Tom Christian reports. It looks like maybe they're kind of on the way toward a turnaround and they could see positive sales in the second half of the year. What this all means is that Tesla had been struggling and may be coming out of it now, but the incentives that they had to do may have an effect on earnings cut into earnings and its profit margins once it does second quarter earnings later in July. The judge has delayed Donald Trump's hush money sentencing until at least September to weigh the Supreme Court ruling on presidential immunity. When the FDA has approved a second Alzheimer's drug shown to modestly slow the disease, it's for patients with early or mild cases. This is AP News. It's been a conservative party stronghold for more than three decades in Morton in Marsh, a market town in the famous Cotswolds area, quote "gift shops", sit next to old pubs. Evie Smith-Lermass will vote for the increasingly popular centrist liberal democrats and hopes her vote will make a difference. This has been a touristy forever for 32 years long, but I've been alive, and so this is actually quite an exciting election for me because it's the first time that actually Lib Dems might win, and actually my vote might count.