The Federal Reserve is expected to keep rates unchanged for now despite high prices
WASHINGTON (AP) — Federal Reserve policymakers are losing patience with inflation, which has been stuck above their 2% target for more than five years. But they may not be ready to turn their frustration into action by raising interest rates — not this week anyway. Meeting in Washington Tuesday and Wednesday, the Fed is expected to keep its benchmark interest rate unchanged. Members of the central bank’s rate-setting committee may not be so reluctant to act when they gather again next Sept. 15-16. Overall, only 29% of Wall Street traders predict that the Fed will raise rates this week. But 76% foresee a rate hike in September.
Minnesota’s first-in-the-nation law banning prediction markets is halted in federal court
HARRISBURG, Pa. (AP) — A federal judge has temporarily blocked Minnesota’s law banning prediction markets, which was set to take effect Saturday. The decision marks a clash between President Donald Trump’s administration and states over regulation. U.S. District Judge Katherine Menendez found that the U.S. Commodity Futures Trading Commission, Kalshi and Polymarket are likely to succeed in their challenge. The law would have criminalized creating or operating prediction markets. Kalshi, Polymarket and the CFTC argue federal law gives the CFTC exclusive jurisdiction. Minnesota Attorney General Keith Ellison insists prediction markets are gambling and plans to defend the state’s law.
Russia accuses Telegram CEO Pavel Durov of aiding terrorism in its latest digital crackdown
Russian authorities have charged Pavel Durov, the founder and CEO of the popular messaging app Telegram, with aiding terrorism and placed him on an international wanted list. The Federal Security Service, or FSB, accused Telegram of failing to remove content allegedly used by Ukrainian intelligence and extremist groups. This comes as Russia intensifies efforts to control the internet, restricting Telegram and other platforms. Durov, a billionaire who lives in Dubai, could face life in prison if convicted. Since Moscow’s full-scale invasion of Ukraine in 2022, Russian authorities have been cracking down on internet freedom, banning platforms like Facebook and Instagram.
US bans foreign-made humanoid robots, targeting China over national security
HONG KONG (AP) — The U.S. Federal Communications Commission is banning imports of new foreign-made humanoid robots and power inverters, citing national security risks. The move targets China, which dominates the global market for humanoid robots. The FCC’s ban also includes quadruped robots, often called robot dogs. The ban could test relations with Beijing ahead of a planned U.S. visit by Chinese leader Xi Jinping in September. China has criticized the move, accusing the U.S. of protectionism. The ban follows other U.S. restrictions on Chinese products.
Oil prices jump following fighting in the Middle East, while US stocks drift
NEW YORK (AP) — Oil prices are back to jumping, while the U.S. stock market is holding relatively steady ahead of a Federal Reserve decision on what to do with interest rates. The S&P 500 slipped 0.1% Wednesday. The Dow Jones Industrial Average fell 458 points, and the Nasdaq composite added 0.1%. The action was stronger in the oil market, where Brent crude leaped 5.6% to top $86 per barrel after fighting resumed in the Middle East. It’s swung between $72 and $102 this month. Treasury yields rose, as traders see a modest chance the Fed will raise rates for the first time in three years.
Elon Musk launches invite-only X Money with a Visa debit card, 6% yield and real-time transfers
NEW YORK (AP) — Elon Musk’s social media company X, previously Twitter, has launched X Money, a bank account-like service for users to send money to each other. X Money isn’t a new bank; it uses Cross River Bank’s technology and services. Currently, it’s invite-only and available to X’s paying members. Users receive an X-branded Visa debit card for ATM use and can send money in real-time. To attract customers, X Money offers a 6% yield on deposits and 3% cashback on eligible purchases. Musk aims to turn X into an “everything app,” entering a market dominated by services like Venmo and Cash App.
CBS’ ’60 minutes’ announces new slate of correspondents for upcoming 59th season
NEW YORK (AP) — CBS’s “60 Minutes” has announced a slate of new correspondents and contributors for its 59th season. The show’s executive producer, Nick Bilton, shared the news Tuesday. Ross Douthat, an opinion columnist from The New York Times, and Norah O’Donnell, former anchor of ‘CBS Evening News,’ will join as correspondents. Sebastian Junger, Gianna Toboni and Trevor Phillips join as contributors. The moves come two months after a major shakeup at the news magazine, led by new editor-in-chief Bari Weiss, which installed Bilton as executive producer and let to departures of three correspondents: Sharyn Alfonsi, Cecilia Vega and Scott Pelley.
Vietnam’s biggest company, Vingroup, goes global as its home market slows
HANOI, Vietnam (AP) — Vietnam’s biggest conglomerate, Vingroup, is expanding into global markets as business at home slows. The privately owned business empire plans nearly two dozen projects in at least 15 countries, from a “Vietnam Town” in Uzbekistan to smart cities in India and a riverfront development in Congo. Profits from Vingroup’s real estate business have long funded its investments in diverse industries including automaking and technology, but Vietnam’s property market is cooling while its electric vehicle company VinFast is losing money. Analysts say Vingroup hopes to replicate the integrated residential and commercial communities it built in Vietnam in other fast-growing developing economies.
The 5 best midsize three-row SUVs, according to Edmunds
Three-row SUVs are staples of American family life, offering an ideal balance of size, space and utility. Today’s top five picks for moving your people include the top-rated Hyundai Palisade and Kia Telluride. For families needing cavernous cargo space and efficient hybrid options, the Toyota Grand Highlander stands out, while the Ford Explorer offers a more athletic option. The forthcoming redesigned Volkswagen Atlas also offers massive cargo space and true adult-size seating in all three rows, rounding out the best options for modern families.
Americans’ confidence in US economy falls as Iran conflict sends gas prices higher
WASHINGTON (AP) — Americans’ confidence in the economy fell this month as gas prices resumed their climb after the U.S. and Iran stepped up their fighting. The Conference Board said Tuesday that its consumer confidence index fell to 90.8 in July from 92.2 in June. Consumers view of current business and labor market conditions fell by 3.6 points to 114.9, the third straight monthly decline. Consumer attitudes had improved modestly in June as gas prices came down to around $3.70 a gallon from more than $4.50 a gallon in late April and early May. But consumer anxiety increased in July, along with the price of gas.
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