Many Syrians rejoiced over the deaths and maiming of thousands of Hezbollah members in the Israeli “exploding pagers” operation. Many Syrians detest Hezbollah and Iran since they support Syrian President Bashar Assad in maintaining his regime while committing massacres against civilians. “We’re happy the Hezbollah pigs are paralyzed and have gone to hell, come on friends, enjoy,” a young Syrian said as he distributed sweets in Idlib, a stronghold of the rebels. Many similar videos were shared online: “The agents of the devil are dead.” There were also Syrians who expressed anger over the impotence of Arab states in the face of Israel, with an interesting reference to Netanyahu. A parody account in the name of Syrian President Bashar al-Assad stated: “Netanyahu is hitting Lebanon, Syria, and deep inside Iran, carrying out precise assassinations and complex infiltrations and yet you see the Israelis wiping the floor with him day and night. On the other hand, we, the leaders of the axis of deception are trampled and blown up day and night. We dare not respond, while we reserve the right to retaliate.” Another Twitter account celebrated the deaths of Hezbollah members but didn’t forget to express joy over the deaths of Zionists as well: “Is it allowed for our mothers and sisters in Aleppo, Idlib, or Daraa to rejoice and express happiness at the deaths of those who uprooted them and killed their children and brothers? Yes it is allowed. It’s also permissible for our mothers and sisters in Gaza to revel in the death of any cursed Zionist even if their death was due to friendly fire or stones from the sky.” (YWN Israel Desk – Jerusalem)
Australian police said Wednesday they have infiltrated Ghost, an encrypted global communications app developed for criminals, leading to dozens of arrests. The app’s alleged administrator, Jay Je Yoon Jung, 32, appeared in a Sydney court Wednesday on charges including supporting a criminal organization and benefitting from proceeds of crime. Jung did not enter pleas or apply to be released on bail. He will remain behind bars until his case returns to court in November. Australian police arrested 38 suspects in raids across four states in recent days while law enforcement agencies were also making arrests in Canada, Sweden, Ireland and Italy, Australian Federal Police Deputy Commissioner Ian McCartney said. “We allege hundreds of criminals including Italian organized crime, motorcycle gang members, Middle Eastern organized crime and Korean organized crime have used Ghost in Australia and overseas to import illicit drugs and order killings,” McCartney told reporters. Australian police had prevented 50 people from being killed, kidnapped or seriously hurt by monitoring threats among 125,000 messages and 120 video calls since March, Assistant Commissioner Kirsty Schofield said. Police allege the Jung developed the app specifically for criminal use in 2017. Australia joined a Europol-led global taskforce targeting Ghost in 2022. Col. Florian Manet, who heads France’s Home Affairs Ministry National Cyber Command Technical Department, said in a statement issued by Australian police that his officers provided technical resources to the task force over several years that helped decrypt the communications. McCartney said the French had “provided a foot in the door” for Australian police to decrypt Ghost communications. Australian police technicians were able to modify software updates regularly pushed out by the administrator, McCartney said. “In effect, we infected the devices, enabling us to access the content on Australian devices,” McCartney said, adding that the alleged administrator lived in his parents’ Sydney home and had no police record. Jung was arrested at his home on Tuesday. Police say Jung used a network of resellers to offer specialized handsets to criminals around the world. The modified smartphones sold for 2,350 Australian dollars ($1,590) which included a six-month subscription to Ghost and tech support. (AP)
The Prime Minister’s Office, this evening (Wednesday, 18 September 2024) [translated from Hebrew]: The fact that Prime Minister Benjamin Netanyahu has acceded to every American proposal for releasing the hostages despite the ultimatum from elements in the coalition completely refutes the claim that he has torpedoed any deal whatsoever due to political considerations. On April 27th, the Prime Minister conveyed to the mediator a framework for releasing the hostages, which Secretary of State Blinken defined as being a very generous proposal. On May 31st, the Prime Minister agreed to the US proposal, and on August 16th, he agreed to the American “final bridging proposal.” On June 12th, Secretary of State Blinken said that Israel had agreed to the proposal while Hamas had not. On August 28th, the Deputy Director of the CIA said that Israel was showing a seriousness in the negotiations that the leader of Hamas would have to respond to. On September 9th, US Special Envoy to the Middle East McGurk said that there was no hostage release deal only because of Hamas’s refusal. On September 9th, even Benny Gantz admitted that, “Hamas has not accepted the framework for months and the world is expected to back Israel.” The false claims in the media against Prime Minister Netanyahu echo the propaganda of the Hamas terrorist organization and invert reality. Prime Minister Netanyahu has already brought about the release of 154 hostages, 117 of whom are alive, and will continue to utilize all means to release the hostages. Whoever wants to assist in the effort to release our hostages needs to pressure the murderer Sinwar and not the Prime Minister of Israel.
A group of Palestinian terrorists has been apprehended by IDF forces near Hebron for suspected terror-related activities. The IDF has not released further details on the incident. Since October 7, the IDF has conducted daily operations across the West Bank, targeting Hamas and Islamic Jihad members, with thousands of terrorists taken into custody. (YWN World Headquarters – NYC)
Israeli Air Force fighter jets early on Wednesday shot down a drone from Iraq that was approaching the Kinneret, the military said.
The Kinneret is situated in the northeastern part of the country between the Golan Heights and the Galil regions.
The interception came after sirens sounded in Tiveryah and several other communities between 4:32 and 4:36 a.m. local time. Sirens again sounded after the UAV was shot down due to the possibility of falling shrapnel.
There were no injuries reported in the incident.
Also on Wednesday, the Israel Defense Forces reported the interception of a drone that crossed from Lebanon into the area off the coast of Rosh HaNikra. Since the UAV was shot down over the Mediterranean Sea, no sirens were activated.
Sirens that sounded in the area of Metula near the Lebanese border and in the Upper Galil area in the morning hours were false alarms, according to the IDF.
During its nearly year-long war against Hamas in Gaza, Israel has faced attacks from multiple fronts, including at times from the eastern border. An example of the latter was a drone intercepted by Israel’s aerial defense array on the night of Sept. 3.
The drone did not cross into Israeli territory and no injuries were reported, according to the military. According to Israeli media reports, it was shot down over Jordan.
A group of Iranian-backed militias calling itself the Islamic Resistance in Iraq claimed responsibility for the attack, saying that it had launched drones at the Port of Chaifa.
A naval base building in the southern Israeli city of Eilat was lightly damaged by a drone attack earlier this year.
The UAV was launched from Iraq and entered Israeli territory from Jordan.
“IDF soldiers identified a suspicious aerial target that crossed from the east towards Israeli territory. The target fell in the area of the Gulf of Eilat. No injuries were reported and there was light damage caused to a building,” the IDF said at the time.
(JNS)
Sen. John Fetterman slammed the New York Times on Tuesday for promoting Hamas propaganda after the newspaper published an interview with Khaled Meshal, a senior official of the terrorist organization. The article, headlined “Hamas is surviving war in Israel. Now it hopes to thrive in Gaza again,” featured insights from a two-hour interview with Meshal in Doha, Qatar. The Times reported Meshal’s claim that Hamas “is winning the war and will play a decisive role in Gaza’s future,” despite Israel’s efforts to eliminate the group responsible for the October 7 attacks that killed 1,200 people. Meshal said that Hamas was not in a rush for a ceasefire and would not relinquish its demands for an end to the war and Israeli withdrawal. Fetterman took to social media to rebuke the Times for giving a platform to one of Hamas’ most senior leaders. “No idea why NYT would platform this propaganda from a terrorist. Undoubtedly, Israel will hold him accountable,” Fetterman wrote on X. “Hamas is no different than WWII Nazis and I fully support Israel’s commitment to neutralize them.” The Times article highlighted that the U.S. has accused Meshal and other Hamas leaders of orchestrating the October 7 attacks. Despite this, the report included Meshal’s assertion that Hamas “has the upper hand” and has brought Israel into “a state of attrition.” Meshal also suggested that President Joe Biden’s shifting stance—from supporting Hamas’ destruction to advocating for a ceasefire—indicated a “practical recognition” of the group. He dismissed alternatives proposed by Israel and the U.S. for administering Gaza without Hamas, claiming that such proposals were unrealistic. The article acknowledged that many in Gaza have criticized Hamas for the October 7 massacre, which ignited a full-scale war. However, Meshal dismissed these critics, calling them a minority, and defended the group’s actions, saying the destruction caused was a necessary “price” for Palestinian freedom. “As a Palestinian, my responsibility is to fight and resist until liberation,” Meshal told the Times. (YWN World Headquarters – NYC)
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
The U.N. General Assembly strongly supported a nonbinding Palestinian resolution Wednesday demanding that Israel end its “unlawful presence” in Gaza and the West Bank within a year. The vote in the 193-member world body was 124-14, with 43 abstentions. Among those in opposition was the United States, Israel’s closest ally. The resolution was adopted as Israel’s war against Hamas in Gaza approaches its first anniversary and as violence in the West Bank reaches new highs. Troubled efforts to broker a cease-fire deal in Gaza and are pressing ahead, with Secretary of State Antony Blinken meeting fellow mediators Wednesday in Egypt, even as attacks elsewhere in the region raise fears of escalating conflict in the Middle East. Riyad Mansour, the Palestinian U.N. ambassador, called the vote a turning point “in our struggle for freedom and justice.” “It sends a clear message that Israel’s occupation must end as soon as possible and that the Palestinian people’s right to self-determination must be realized,” he said. Israel’s U.N. Ambassador, Danny Danon, slammed the vote as “a shameful decision that backs the Palestinian Authority’s diplomatic terrorism.” “Instead of marking the anniversary of the Oct. 7 massacre by condemning Hamas and calling for the release of all 101 of the remaining hostages, the General Assembly continues to dance to the music of the Palestinian Authority, which backs the Hamas murderers,” Danon said. While the resolution is not legally binding, the extent of its support reflects world opinion. There are no vetoes in the General Assembly, unlike in the 15-member Security Council. The resolution also demands the withdrawal of all Israeli forces and the evacuation of settlers from Palestinian territories “without delay.” And it urges countries to impose sanctions on those responsible for maintaining Israel’s presence in the territories and halt arms exports to Israel if they’re suspected of being used there. In addition, the resolution calls for Israel to pay reparations to Palestinians for the damage caused by its presence and urges countries to take steps to prevent trade or investments that maintain Israel’s presence in the territories. It comes in response to a ruling by the top United Nations court in July that said Israel’s presence in the Palestinian territories is unlawful and must end. In the sweeping condemnation of Israel’s rule over the lands it captured during the 1967 war, the International Court of Justice said Israel had no right to sovereignty over the Palestinian territories and was violating international laws against acquiring the lands by force. The court’s opinion also is not legally binding. Nonetheless, the Palestinians drafted the resolution to try to implement the ruling. The General Assembly’s consideration of the resolution began Tuesday with Mansour stressing that any country that thinks the Palestinian people “will accept a life of servitude” — or that claims peace is possible without a just solution to the Israeli-Palestinian conflict — is “not being realistic.” The solution remains an independent Palestinian state based on the 1967 borders, with East Jerusalem as its capital, living side by side in peace and security with Israel, he said – which Israel has previously offered, and was rejected by the Palestinians. U.S. Ambassador to the U.N. Linda Thomas Greenfield told reporters Tuesday that the resolution has “a significant number of flaws.” She said it goes beyond the ICJ ruling and […]
Determined to thwart the automating of their jobs, about 45,000 dockworkers along the U.S. East and Gulf Coasts are threatening to strike on Oct. 1, a move that would shut down ports that handle about half the nation’s cargo from ships. The International Longshoremen’s Union is demanding significantly higher wages and a total ban on the automation of cranes, gates and container movements that are used in the loading or loading of freight at 36 U.S. ports. Whenever and however the dispute is resolved, it’s likely to affect how freight moves in and out of the United States for years to come. If a strike were resolved within a few weeks, consumers probably wouldn’t notice any major shortages of retail goods. But a strike that persists for more than a month would likely cause a shortage of some consumer products, although most holiday retail goods have already arrived from overseas. A prolonged strike would almost certainly hurt the U.S. economy. Even a brief strike would cause disruptions. Heavier vehicular traffic would be likely at key points around the country as cargo was diverted to West Coast ports, where workers belong to a different union not involved in the strike. And once the longshoremen’s union eventually returned to work, a ship backlog would likely result. For every day of a port strike, experts say it takes four to six days to clear it up. “I think everyone’s a bit nervous about it,” said Mia Ginter, director of North America ocean shipping for C.H. Robinson, a logistics firm. “The rhetoric this time with the ILA is at a level we haven’t seen before.” The longshoremen’s union and the United States Maritime Alliance, which represents the ports, haven’t met to negotiate since June, when the union said it suspended national talks to first complete local port agreements. No further national contract talks have been scheduled. Harold Daggett, the union president, warned earlier this month that the longshoremen stood ready to strike once their contract expires on Sept. 30. “We are very far apart,” Daggett said. “Mark my words, we’ll shut them down Oct. 1 if we don’t get the kind of wages we deserve.” Top-scale port workers now earn a base pay of $39 an hour, or just over $81,000 a year. But with overtime and other benefits, some can make in excess of $200,000 annually. Neither the union nor the ports would discuss pay levels. But a 2019-2020 report by the Waterfront Commission, which oversees New York Harbor, said about a third of the longshoremen based there made $200,000 or more. Daggett contends, though, that higher-paid longshoremen work up to 100 hours a week, most of it overtime, and sacrifice much of their family time in doing so. The Maritime Alliance has said it’s committed to resuming talks and avoiding the first national longshoremen’s strike since 1977. It has accused the union of having already decided in advance to walk off the job. “We need to sit down and negotiate a new agreement that avoids an unnecessary and costly strike that will be detrimental to both sides,” the alliance said in a statement. In the case of a short-lived strike, industry experts say consumers wouldn’t likely notice shortages of store goods during the holiday shopping season. Most retailers had goods transported ahead […]
According to Lebanon’s health ministry, nine individuals have lost their lives and over 300 others have sustained injuries following a series of walkie-talkie explosions that occurred throughout the country this afternoon.
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}
[COMMUNICATED]
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
Defense Minister Yoav Gallant says Israel’s focus has moved to the northern front as a “new phase” of the war is beginning. Gallant made the comments while visiting the Ramat David airbase. Excerpts from the Minister’s remarks: “The ‘center of gravity’ is moving north, meaning that we are allocating forces, resources and energy for the northern arena. We have not forgotten the hostages and we have not forgotten our missions in the south – we are committed to our duties, and we are carrying them out simultaneously.” “Operations are carried out by all the security organizations and our task is clear – ensuring the safe return of Israel’s northern residents to their homes.” “If we look at the current picture – the IDF has made excellent achievements, together with the ISA and the Mossad – the results of their work are impressive. We know how important it is at this time to carry out our activities in close cooperation. We are fully coordinated and united in our determination to achieve our goals: the Prime Minister, the IDF Chief of the General Staff, ISA Director, Mossad Director and Minister of Defense. Everything they represent, everything is dedicated to a single goal – the return of the residents [of the north to their homes].” “I believe that we are at the start of a new phase in the war and we must adapt. This is true for everyone, certainly for those who are in the air or controlling what happens in the air – because the position here is stronger – it’s not Hamas. This is something else and we need to prepare for this accordingly and take it into account.” “We must remain consistent over time – this war requires great courage, determination and perseverance. Thank you for everything you do. We are going to complete our missions on all fronts. You have the duty, but also the privilege to take a part in this effort.” (YWN World Headquarters – NYC)
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 cut its benchmark interest rate from its 23-year high, with consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses. On Wednesday, the Fed announced that it reduced its key rate by an unusually large half-percentage point, to between 4.75 and 5 percent, the first rate cut in more than four years. The central bank is acting because, after imposing 11 rate hikes dating back to March 2022, it feels confident that inflation is finally mild enough that it can begin to ease the cost of borrowing. At the same time, the Fed has grown more concerned about the health of the job market. Lower rates would help support the pace of hiring and keep unemployment down. “Recent indicators suggest that economic activity has continued to expand at a solid pace,” the Fed said in a statement. “Job gains have slowed, and the unemployment rate has moved up but remains low. Inflation has made further progress.” More Fed rate cuts are expected in the coming months, with the steepness of the reductions dependent on the direction of inflation and job growth. What do the Fed’s rate cuts mean for savers? Although taking action now to try to capitalize on lower rates, like shifting money out of a certificate of deposit or refinancing a mortgage, “might be warranted for some, you shouldn’t feel obligated to completely change up your financial strategy just because rates move lower,” said Jacob Channel, a senior economist at LendingTree. “Act cautiously and responsibly,” Channel said, “and don’t make any rash decisions based on a single Fed meeting or economic report.” Eventually, yields for savers will decline as the Fed lowers its benchmark rate. “As attractive as yields on savings instruments have recently been, it’s wise not to hold too much in cash because these are short-term instruments and their yields are ephemeral,” said Christine Benz, director of personal finance at Morningstar. “The really great yields that we’ve had recently may go lower.” If you don’t have a need for cash right away, you can continue to lock in what are “still pretty decent yields on offer,” she said. In that case, “longer-term certificates of deposit might make sense.” “Lower interest rates make it harder to maximize savings and preserve the capital built while interest rates have been higher,” said Matt Brannon, a personal finance expert at MarketWatch guides. “An easy short-term move to protect your savings is to shift your funds into a high-yield savings account, which offers higher interest rates than traditional savings accounts… These types of savings accounts will still help you to preserve capital due to comparatively higher interest rates.” How will the rate cuts affect credit card debt and other borrowing? “While lower rates are certainly a good thing for those struggling with debt, the truth is that this one rate cut isn’t really going to make much of a difference for most people,” said Matt Schulz, a credit analyst at LendingTree. That said, the Fed’s declining benchmark rate will eventually mean better rates for borrowers, many of whom are facing some of the highest credit card interest rates in decades. The average interest rate is 23.18% for new offers and 21.51% for existing accounts, according to WalletHub’s August Credit Card Landscape Report. Still, […]
The Federal Reserve on Wednesday cut its benchmark interest rate by an unusually large half-point, a dramatic shift after more than two years of high rates helped tame inflation but that also made borrowing painfully expensive for American consumers. The rate cut, the Fed’s first in more than four years, reflects its new focus on bolstering the job market, which has shown clear signs of slowing. Coming just weeks before the presidential election, the Fed’s move also has the potential to scramble the economic landscape just as Americans prepare to vote. The central bank’s action lowered its key rate to roughly 4.8%, down from a two-decade high of 5.3%, where it had stood for 14 months as it struggled to curb the worst inflation streak in four decades. Inflation has tumbled from a peak of 9.1% in mid-2022 to a three-year low of 2.5% in August, not far above the Fed’s 2% target. The Fed’s policymakers also signaled that they expect to cut their key rate by an additional half-point in their final two meetings this year, in November and December. And they envision four more rate cuts in 2025 and two in 2026. In a statement, the Fed came closer than it has before to declaring victory over inflation: It said it “has gained greater confidence that inflation is moving sustainably toward 2%.” Though the central bank now believes inflation is largely defeated, many Americans remain upset with still-high prices for groceries, gas, rent and other necessities. Former President Donald Trump blames the Biden-Harris administration for sparking an inflationary surge. Vice President Kamala Harris, in turn, has charged that Trump’s promise to slap tariffs on all imports would raise prices for consumers even further. Rate cuts by the Fed should, over time, lower borrowing costs for mortgages, auto loans and credit cards, boosting Americans’ finances and supporting more spending and growth. Homeowners will be able to refinance mortgages at lower rates, saving on monthly payments, and even shift credit card debt to lower-cost personal loans or home equity lines. Businesses may also borrow and invest more. Average mortgage rates have already dropped to an 18-month low of 6.2%, according to Freddie Mac, spurring a jump in demand for refinancings. The Fed’s next policy meeting is Nov. 6-7 — immediately after the presidential election. By cutting rates this week, soon before the election, the Fed is risking attacks from Trump, who has argued that lowering rates now amounts to political interference. Yet Politico has reported that even some key Senate Republicans who were interviewed have expressed support for a Fed rate cut this week. The central bank’s officials fought against high inflation by raising their key rate 11 times in 2022 and 2023. Wage growth has since slowed, removing a potential source of inflationary pressure. And oil and gas prices are falling, a sign that inflation should continue to cool in the months ahead. Consumers are also pushing back against high prices, forcing such companies as Target and McDonald’s to dangle deals and discounts. Yet after several years of strong job growth, employers have slowed hiring, and the unemployment rate has risen nearly a full percentage point from its half-century low in April 2023 to a still-low 4.2%. Once unemployment rises that much, it tends to keep climbing. Fed officials […]
More than 100 wildfires stretched thousands of firefighters to the limit in northern Portugal on Wednesday, with seven deaths since the worst spate of fires in recent years spread out of control over the weekend. Portuguese Prime Minister Luís Montenegro declared a state of calamity for the hardest-hit areas late on Tuesday, invoking powers to mobilize more firefighters and civil servants. He also called on police investigators to redouble their efforts to find those who started the fires and pledged help for those who have lost their homes or have been evacuated. “We are well aware that these difficult hours are not over yet,” Montenegro told the nation in a televised address. “We have to continue to give everything we have and ask for help from our partners and friends so that we can reinforce the protection of our people and property.” The European Copernicus satellite service said that over 15,000 hectares (37,000 acres) had been scorched and a combined 13 kilometers (8 miles) of fire fronts had been detected as on Tuesday night. It added that an area home to 210,000 people was exposed to the fire risk. The hot, dry conditions behind the outbreaks in Portugal coincided this week with flooding in central Europe. The European Union said Wednesday that the juxtaposed extreme weather phenomena are proof of a “climate breakdown. ” Fellow European Union members Spain, France, Italy and Greece have committed two water-dropping aircraft each to help Portuguese firefighters. Spain’s military is also sending 240 soldiers and vehicles from its emergency response battalions specialized in combating fires to its neighbor. Thick grey smoke and the smell of burnt wood reached some 85 kilometers across the border into northwest Spain. Montenegro made a special call for security forces to pursue both arsonists and any individuals who started a fire out of negligence. Portuguese national police said that they have arrested seven men suspected of having started wildfires in recent days. Authorities have prohibited the use of heavy farming equipment to reduce the risk of inadvertently starting a blaze. Among the hardest hit areas is the district of Aveiro, south of the northern city of Porto, but several major blazes were also raging out of control in other wooded areas. Authorities have yet to release figures for property damage or the number of evacuees, but Portuguese state broadcaster RTP has shown charred houses in rural villages and local residents trying to battle flames with buckets of water, hoses, and even large tree branches. Other televised images showed visibility reduced to a few meters as orange smoke enveloped the terrain. Three firefighters died in their vehicle on Tuesday, while another had succumbed to what authorities called a “sudden illness” while on duty over the weekend. Three civilians have also perished, according to civil protection authorities. Portugal was devasted by massive fires in 2017 that killed over 120 people. Experts link the fires to both climate change and the abandonment of traditional farming and forestry professions that helped keep rural areas clear of underbrush that is now fuel for fires. (AP)
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}
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