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Fed Cuts Interest Rates by Half a Point, Marking First Trim Since 2020
The Federal Reserve cut interest rates Wednesday by a half-point, turning the page on an era of dangerously high inflation and marking a major shift at the central bank that could bring relief for households and businesses alike.
The rate cut, announced at the end of the Fed’s two-day policy meeting, marks the first time officials trimmed borrowing costs since the pandemic’s early days. And while officials were practically guaranteed to cut rates this week, it was unclear how aggressively they were going to move.
The Fed’s benchmark rate now sits between 4.75 and 5 percent.
At 2:30 p.m., Fed Chair Jerome H. Powell will appear at what will be a closely watched news conference. He’ll be pressed for a diagnosis of the job market, and on whether he thinks Fed policy is responsible for the recent pullback in hiring. Powell will also probably get questions on how much Fed officials expect to lower rates in the coming years to get to a more “neutral” setting, where policy isn’t stifling the economy or pumping it up.
Officials at the central bank have shifted their attention from high inflation to a slowing job market, mindful that they have fallen behind the curve before. In 2021, Fed leaders thought rising inflation would be a temporary blip of the covid economy – only to be proved wrong, which led them to rush to hoist interest rates at the fastest pace in decades. Now, the fear is that people could quickly lose their jobs and the unemployment rate could climb further if the Fed delays much more.
“We do not seek or welcome further cooling in labor market conditions,” Powell said in his most important speech of the year at the Jackson Hole Economic Symposium last month.
This week’s decision came at an especially consequential time ahead of the presidential election. The Fed closely guards its independence from politics, and officials go to great lengths to stick to their mandate of stable prices and full employment. But a rate cut of any size gives some juice to the economy as Vice President Kamala Harris and former president Donald Trump are pitching their economic visions to voters. The Fed is also widely expected to cut rates again at its next meeting, in November – the week of the election.
The Fed’s deliberate, at-times sluggish approach had economists expecting a quarter-point cut. But in the past few days, financial markets leaned more toward a half-point move, especially after August inflation data showed continued progress toward the Fed’s 2 percent target. (According to the Fed’s preferred inflation gauge, prices were up 2.5 percent in July.)
Momentum on inflation meant that for much of the year, officials have talked about a balance of risks: If they cut rates too soon, they run the risk of inflation creeping back up. Or if they wait for total assurance that inflation is cruising to normal levels, they could unnecessarily hurt the job market.
A recent string of data made those hypothetical scenarios more real. July jobs numbers came in way below expectations, and while August’s figures were more in line with expectations, the unemployment rate remains above 4 percent. Big revisions to government data also showed hiring was much slower than previously understood in 2023 and early 2024. That all has prompted Fed officials to change their tune.
“In light of the considerable and ongoing progress toward the [Fed’s] 2 percent inflation goal, I believe that the balance of risks has shifted toward the employment side of our dual mandate, and that monetary policy needs to adjust accordingly,” Fed governor Christopher Waller said in a speech earlier this month.
Some in Washington called for the Fed to go even further. On Monday, three Democratic senators – Elizabeth Warren (Mass.), Sheldon Whitehouse (R.I.) and John Hickenlooper (Colo.) – called for a three-quarter-point cut, arguing Powell’s “delays have threatened the economy and left the Fed behind the curve.” While Warren and others started urging for cuts long before Fed officials were ready, such a big move is incredibly rare outside emergency situations.
(c) Washington Post
FOR SHAME: UN General Assembly Passes Palestinian Resolution Demanding Israel End “Unlawful Presence” In Gaza
Longshoremen At Key US Ports Threatening To Strike Over Automation And Pay
Lebanon Reports 300 Casualties from Walkie-Talkie Explosions
SICKO SANDERS: Bernie Preparing Resolutions To Block $20B In US Arms Sales To Israel
Senator Bernie Sanders is working on a series of resolutions that aim to block over $20 billion in U.S. arms sales to Israel, a bold move that, while unlikely to succeed, marks the strongest opposition from Congress regarding the destruction in Gaza. This comes ahead of the first anniversary of the ongoing conflict between Israel and Hamas.
In a letter addressed to fellow senators on Wednesday, Sanders emphasized that the U.S. cannot be “complicit in this humanitarian disaster.” His actions would prompt a vote to halt arms sales to Israel, though it is improbable that a majority would support it. “Much of this carnage in Gaza has been carried out with U.S.-provided military equipment,” Sanders, an independent from Vermont, stated.
As the conflict approaches its second year and with President Joe Biden’s attempts to negotiate a cease-fire and secure the release of hostages still uncertain, Sanders’ resolutions aim to curb Israeli Prime Minister Benjamin Netanyahu’s offensive on Gaza. The war has claimed around 41,000 lives in Gaza following Hamas’s surprise attack on October 7, which killed approximately 1,200 Israelis and led to the abduction of 250 people, with militants still holding around 100 hostages.
Though the divided Senate is unlikely to pass the measures, Sanders’ effort seeks to signal to Netanyahu’s government that its military actions are undermining the historically strong bipartisan support for Israel in the U.S. Sanders mentioned that he is coordinating with other colleagues on these initiatives.
Several prominent Senate Democrats have urged the Biden administration to take steps to end the conflict between Israel and Hamas, with particular concern for the humanitarian catastrophe unfolding in Gaza, where countless homes, hospitals, schools, and entire Palestinian families have been devastated.
The resolutions proposed by Sanders would stop sales of missile systems, tank ammunition, and other weapons, some of which have been identified as responsible for some of the most extreme devastation in Gaza. New fighter jets are also included in the halt. Earlier this year, Congress had already temporarily delayed certain arms sales to Israel, as legislators expressed concern over the escalating death toll.
Earlier this year, Netanyahu addressed the U.S. Congress after being invited by House Speaker Mike Johnson, a Republican. His confrontational speech highlighted the growing rift in the U.S. over his military campaign. Several Democrats chose to boycott the address, and many leading Democratic figures openly criticized the tone and message of Netanyahu’s speech.
According to Senate rules, once Sanders presents his resolutions next week, he can quickly trigger a vote to consider the measures. These proposals take the form of a joint resolution of disapproval regarding the arms sales, a tool that grants Congress the ability to oversee international dealings.
Although Sanders believes he will gather some support for his resolutions, they are unlikely to achieve the 51 votes required to pass in the Senate. In the House, where Republicans hold a majority and generally support Netanyahu’s strategy against Hamas, the chances of stopping the arms sales are even slimmer.
{Matzav.com}
24 Hours a Day Non-Stop Learning in Yerushalayim?
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Three kedoshei elyon had one common concept when it came to learning Torah – they were the Ohr Hachaim Hakadosh (Rabbi Chaim ibn Attar 1696-1743) when he came to Eretz Yisroel; the Ramchal (Rabbi Moshe Chaim Luzzatto 1707-1746) when he lived in Padua, Italy; and Hagaon, Harav Chaim Volozhiner, (1749-1821) the famous talmid of the Gaon of Vilna.
They each had a yeshiva with ‘around-the-clock’ Torah learning, 24-hours a day, so that there would be no minute when the sound of Torah learning would not be heard in this world. The 24-hour period would be divided into shifts, and as one ended the next would begin.
Torah-24
A “Torah-24” Center has been opened in Yerushalayim and the Nasi is Maran Sar Hatorah, Harav Chaim Kanievsky, zt”l.
Under ONE ROOF, from 6:00 am – 6:00 am, 10 kollelim fill successive learning shifts. Each kollel focuses on a specific area of in-depth Torah study. The “Torah-24” Kollelim include: Boker (Gemora), Yerushalmi, Bavli, Zeraim-Taharot, Dalet Chelkei Shulchan Aruch, Erev (Gemora), Chatzos- Zohar/Kabbolah, Erev Shabbos (Chumash / Medrash b’iyun).
Already there are 52 avreichim metzuyonim, and a large number of candidates are vying for the remaining slots in the kollelim. All the avreichim are required to take rigorous monthly tests.
Endorsements & Letters
Endorsements include Maranan Hagaonim shlit”a: Harav Gershon Edelstein, Harav Berel Povarsky, Harav Shimon Badani, Harav Dovid Cohen, Harav Boruch Mordechai Ezrachi, Harav Chaim Feinstein, Harav Shimon Galai, Harav Shraga Shteinman.
Letters of support-encouragement have been received from Maranan Hagaonim, shlit”a: Hamekubal Harav David Bazri, Hamashpia Hagadol Reb Elimelech Biderman, Hamekubal Harav Yaakov Meir Schechter, Harav Moishe Sternbuch, Harav Yitzchak Tuvia Weiss.
For more “Torah-24” information click on: www.torah-24.com or call 718-766-5022
Hundreds of Yiden at the Tzion of the Tosfos Yom Tov on the Yurtzat Provided By Keren Tosfos Yom Tov
Gallant: Israel Shifts Focus to Northern Front as ‘New Phase’ of War Begins
Moshe ‘Bogie’ Ya’alon was Targeted by Hezbollah in Assassination Attempt
Yesterday, Israeli Intelligence cleared for publication that former Defense Minister and Chief of Staff Moshe (Bogie) Ya’alon
was targeted by Hezbollah in an assassination attempt last year.
On Rosh Hashanah last year, a bomb exploded in Yarkon Park in Tel Aviv. Investigations into the explosion led to the arrest of 8 suspects, who placed a claymore bomb in the part in an attempt to assassinate the former Israeli Defense leader.
Reacting to the news, Ya’alon said: “It’s not the first time someone has tried to kill me.”
The news of the attempted assassination of Ya’alon comes as the ISA cleared for publication that it had prevented an assassination attempt by Hezbollah, targeting a former Defense official. This second assassination attempt also used a claymore bomb, this time attached to a remotely operated device with a cellphone camera, so it could be remotely detonated by Hezbollah from within Lebanon.
{Matzav.com}
The Federal Reserve Has Finally Lowered Rates. Here’s What Consumers Should Know
Federal Reserve Cuts Interest Rate By Sizable Half-Point, Its First Rate Cut In 4+ Years
Portugal Declares A State Of Calamity As Wildfires Rage Out Of Control
Donald Trump Warns Election Cheaters ‘Will Be Prosecuted to the Fullest Extent of the Law’
Former President Donald Trump has declared that anyone involved in voter fraud during this year’s election will face “the fullest extent of the Law” once he returns to the White House.
Trump, who is the Republican candidate for president, is competing against Vice President Kamala Harris, the Democratic candidate, in the November 5 election that will determine who will assume the presidency in January.
The ex-president, who has claimed that President Joe Biden’s win in the 2020 election was tainted by fraud in key battleground states, stated that he and many others will be closely monitoring this year’s election.
“CEASE & DESIST: I, together with many Attorneys and Legal Scholars, am watching the Sanctity of the 2024 Presidential Election very closely because I know, better than most, the rampant Cheating and Skullduggery that has taken place by the Democrats in the 2020 Presidential Election,” Trump wrote on Truth Social on Tuesday.
“It was a Disgrace to our Nation! Therefore, the 2024 Election, where Votes have just started being cast, will be under the closest professional scrutiny and, WHEN I WIN, those people that CHEATED will be prosecuted to the fullest extent of the Law, which will include long term prison sentences so that this Depravity of Justice does not happen again.”
Trump further stated: “We cannot let our Country further devolve into a Third World Nation, AND WE WON’T! Please beware that this legal exposure extends to Lawyers, Political Operatives, Donors, Illegal Voters, & Corrupt Election Officials. Those involved in unscrupulous behavior will be sought out, caught, and prosecuted at levels, unfortunately, never seen before in our Country.”
The initial mail ballots for the general election were distributed on Wednesday, following a debate between Trump and Harris. Early in-person voting is scheduled to begin as early as Friday in certain states.
Typically, the first set of mail ballots is sent to military and overseas voters. Federal regulations require this to be completed at least 45 days before the election, which falls on September 21 this year.
State and local election officials have raised concerns about potential issues with the country’s mail delivery system, warning that it might disenfranchise voters in the upcoming presidential election and informing the U.S. Postal Service that longstanding problems remain unresolved.
{Matzav.com}
Watch: Who Was Responsible for the Lebanon Pager Attacks? An Andrew Marr Analysis
Some 3,000 Hezbollah terrorists in Lebanon were seriously injured after pagers used for communication exploded. A Hezbollah spokesperson said it was the “biggest security breach yet.” Hezbollah claimed that the pagers were blown up by Israel. Here is analysis from Andrew Marr.
WATCH:
Chinese Aircraft Carrier Comes Closer Than Ever To Japan
THIS SUNDAY! Amudim Gets On The Case and Unite To Heal Goes Live
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Standing at the precipice of despair, your world crumbles beneath your feet. The whispers of darkness grow louder, drowning out any flicker of hope. This is the reality for countless individuals in our community—people grappling with the suffocating weight of mental health crises, addiction, trauma, and abuse. In these moments of utter darkness, when all seems lost, there’s one beacon that refuses to let the light go out: Amudim.Amudim: Not a Helpline, A Lifeline
Amudim isn’t just an organization; it’s a constant presence, a lifeline that reaches into the abyss, grasping firmly to pull you back from the brink. When someone reaches out—voice trembling, spirit broken—they’re not met with cold statistics or impersonal advice. They’re embraced by a dedicated clinical case manager who becomes their unwavering ally in the fight for their life and hope for their future.
Saving Lives, Every Case, Every day.
For Amudim’s case managers, each ring of the phone is a new challenge, a new opportunity to make a difference. These dedicated professionals are more than just trained experts; they’re companions, confidants, and guides. They’re there every step of the way, providing support, important resources, and a listening ear.
Meet Sarah, an Amudim case manager. Last month, she received a call from a young mother contemplating suicide. Sarah didn’t just talk her off the ledge; she became the ledge—a solid foundation of support that lasted well beyond that harrowing night. For weeks, Sarah was there, guiding not just the mother but her entire family through the turbulent waters of recovery, one day at a time.
Take David’s story. Trapped in the merciless grip of addiction, he had lost his job, his family, and nearly his will to live. His Amudim case manager, Michael, didn’t just point him towards rehab—he walked every step of the journey with him. From late-night crisis calls to accompanying him to court dates, Michael was the constant presence that reminded David that he was worth fighting for.
A Network of Support
Amudim’s impact extends far beyond individual cases. With case managers stationed in communities across 66 countries, they’re a network of support that’s always within reach.
Amudim is on the case to prevent crises and build stronger communities. Through education and awareness, they aim for prevention and to create our world as a place where lifesaving support for those struggling with mental health, abuse, addiction and trauma is easily obtainable. With thousands of new cases a year, our annual campaign is the lifeblood of our organization, fueling our ability to assign case workers to each person in need and to serve our people.
The Power of You
Now, imagine yourself standing not at the edge of that abyss, but at the precipice of change. The work Amudim does is monumental, but they can’t do it alone. It takes Amudim. It takes their tireless case managers. And it takes you—yes, you—to make miracles happen.
Your support isn’t just a donation; it’s a lifeline thrown to someone drowning in despair. It’s the difference between a child lost to addiction and a family reunited. It’s the whisper of hope in the darkest hour that says, “You are not alone.”
The time to act is now. Will you answer the call? Will you stand with Amudim and declare that in our community, no one fights alone?
Your support can help save lives, every case, every day. It can be the hand that pulls someone back from the brink, the voice that breaks through the silence of suffering, the light that pierces the darkest night.
Amudim is On the Case- By their side, every day; Our case managers are giving them the strength to stand again.
With thousands of new cases a year, our annual campaign is the lifeblood of our organization, fueling our ability to assign case workers to each person in need and to serve our people.
It’s a case of life and death. Of helplessness or hope.
And you can be part of the deciding factor.
Get on the Case Today.
Showcasing the Best of Amudim
September 22- 23
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Gedolim of Eretz Yisroel Issue Letters in Support of Atzeres Tefillah Regarding Draft Decree
Senior gedolei Torah in Eretz Yisroel—Rav Meir Tzvi Bergman, Rosh Yeshivas Rashbi; Rav Dov Landau, Rosh Yeshivas Slabodka; Rav Moshe Hillel Hirsch, Rosh Yeshivas Slabodka; Rav Aviezer Piltz, Rosh Yeshivas Tifrach; Rav Chaim Feinstein, Rosh Yeshivas Ateres Shlomo; and Rav Dovid Cohen, Rosh Yeshivas Chevron—have written special letters to kehillos in the United States, calling on them to join an upcoming tefillah gathering against the draft decree in Eretz Yisroel.
Earlier today, Matzav.com shared a poster containing the names of American rebbes and roshei yeshivas calling for an atzeres tefillah. As mentioned, both Satmar factions will unite, with both brothers, the two Satmar Rebbes, Rav Aharon Teitelbaum and Rav Zalman Leib Teitelbaum, participating together in the rally, whose date and location have not yet been announced.
Now, the gedolei Torah of Eretz Yisroel have joined in calling for participation in the rally.
In his letter, Rav Meir Tzvi Bergman writes, “To my dear brothers and friends, the Torah community and yeshiva students in the Diaspora of America, God-fearing and God-honoring individuals, and every Jew. The terrifying warning of my father-in-law, Rabbeinu HaGadol, the Avi Ezri zt”l, is already well known, that the decree of drafting yeshiva students is a decree of spiritual annihilation and religious coercion. This is a matter of ‘Yeihareg v’al ya’avor’ (one must be killed rather than transgress), as explicitly stated in the laws of Kiddush Hashem in Shulchan Aruch Yoreh De’ah. He asked that this be publicized in his name. Every Jew is obligated to do everything in their power to save the nation, lest they be among those who did not come to the aid of God among the mighty.”
In his letter, the Rosh HaYeshiva addresses the yeshiva students who refuse to appear at the draft offices: “All of Klal Yisroel should honor and elevate the yeshiva students in the Holy Land, the mighty warriors standing on the front lines of the battle, who do not report and do not cooperate at all with the military authorities.”
Rav Moshe Hillel Hirsch wrote: “From the mountains of Tzion comes the call that to our deep sorrow, in recent times, the hand of those who fight against our holy Torah and the preservation of Judaism in the Holy Land has intensified. They do not recognize that our nation is a nation only by virtue of its Torah, as Rav Saadia Gaon said. They pursue and impose harsh decrees on yeshiva students and kollel scholars, uprooting them from the study halls and severing them from the source of life, burdening their families and threatening the survival of the yeshivas, which are the foundation of the Jewish home, so that they may falter, and the honor of the Torah and its scholars is brought to the dust.
“Therefore, it is of great importance and benefit to raise a loud and unified cry of protest from all the communities in their places of residence across the globe, to raise the banner of our faith in the Torah and its scholars, to frighten and protest against their evil schemes, and to call a rally in the public square to pour out prayers and supplications, so that the decree is removed from the sanctuaries of our lives—the Torah institutions and their students.”
In their letter, Rav Aviezer Pilz, Rav Chaim Feinstein, and Rav Dovid Cohen write: “We are raising a cry from the sanctuary of Hashem in Tzion to those who fear Hashem and tremble at His word regarding the hand of the wicked that has been raised against the Torah scholars, the precious yeshiva students and kollel scholars. With force and coercion, they work to uproot them from the tents of Torah, sever them from the source of life, and throw them into the abyss. They also burden the families of the Torah scholars and the survival of the yeshivas and kollelim, so that they may falter, and the honor of the Torah is brought low.
“Our brethren in the Diaspora, wherever they dwell, come to the aid of Hashem among the mighty in their fight for the foundations of the Jewish home. Raise the banner and proclaim that our nation is a nation only by virtue of its Torah. Torah scholars are the purpose of creation, its crown, and its splendor, and all their evil schemes will not succeed. Raise your voices, cry out, and rally in the public square, stand by your brothers, for this will greatly benefit the success of this existential struggle for the soul of the Jewish home. We pray before the Giver of the Torah that the path of the wicked will not succeed, and their schemes will not come to fruition, and we will merit to see the return of Hashem to Tzion, like precious stones shining with splendor, speedily in our days.”
{Matzav.com Israel}
Rav Yehoshua Abba Busel to Deliver Shiur Klali at BMG Today
Rav Yehoshua Abba Busel will deliver his first shiur klali today at Bais Medrash Govoah in Lakewood, NJ.
This shiur klali marks the second instance of the next generation of yeshiva leadership, specifically the sons or sons-in-law of the current roshei yeshiva, delivering such a shiur. The first was when Rav Aharon Olshin delivered a shiur klali last zeman.
The shiur klali is scheduled to take place at 12:45 p.m.
This shiur klali serves as a form of hachtarah for Rav Busel, as he has assumed the title of “R”M” at the yeshiva.
Rav Busel’s wife, Miriam Golda, is a daughter of Rav Yisroel Neuman , rosh yeshiva of Bais Medrash Govoah in Lakewood, NJ,
He is a son of Rav Yaakov Busel zt”l, the late rosh yeshiva of Yeshivas Rabbeinu Yaakov Yosef of Edison, NJ. He is a grandson of Rav Boruch Sorotzkin zt”l, rosh yeshiva of Yeshivas Telshe Cleveland.
Rav Busel also serves as rov of the High Street Shul in Lakewood.
Bais Medrash Govoah is famously led by four roshei yeshiva: Rav Aryeh Malkiel Kotler, Rav Yeruchem Olshin, Rav Dovid Schustal, and Rav Yisroel Neuman. Rav Kotler is a son of the rosh yeshiva Rav Shneur Kotler and a grandson of the yeshiva’s founder, Rav Aharon Kotler. Rav Schustal is a son-in-law of Rav Shneur Kotler. Rav Olshin and Rav Neuman are both sons-in-law of Rav Dov Schwartzman, who, in turn, was a son-in-law of Rav Aharon Kotler.
{Matzav.com}