The Federal Reserve is expected cut the key interest rate by a quarter-point. A man was arrested in the assassination of a Russian general in Moscow. And two NASA astronauts’ return flight to Earth has been pushed back… again.
Here’s what to know today.
Interest rate drop expected
Another quarter-point cut to the key interest rate is expected today, as the Federal Reserve continues its efforts to boost what seems to be a steady but cooling economy. Currently, the central bank’s federal funds rate is at a 4.5%-to-4.75% range.
Economic experts believe that after today’s announcement, the Fed will “pause” and hold rates steady next month so they can assess how things are faring. For now, it appears likely the Fed will pull off a “soft landing” for the U.S. economy in which unemployment and inflation remain relatively low, a new Bank of America survey found.
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While data paints a rosy picture of the economy, there are some warning signs flashing about underlying weaknesses.
Indicators that the economy is on relatively firm footing include an inflation rate far beyond its post-pandemic highs and steady retail sales. But experts are keeping a close eye on the labor market, where job growth has largely become concentrated in health care and state and local government — sectors that tend to say little about where we are in the business cycle — while job growth has virtually flatlined in industries like manufacturing, business and professional services. There’s also uncertainty about the incoming Trump administration.
Suspect detained in assassination of Russian general
A man has been arrested in connection with the assassination of the head of Russia’s chemical, radiological and biological weapons unit, Lt. Gen. Igor Kirillov, authorities in the country said.
The suspect was identified as an Uzbek national in his twenties. “During the interrogation, he explained that he was recruited by the Ukrainian special services,” a spokesperson for Russia’s Investigative Committee said. Yesterday, Ukraine’s security service claimed responsibility for the attack.
Funding bill released with days to spare before deadline
Congress has until the end of Friday to pass a short-term bill that would keep the government open until March 14, pushing a new funding deadline into President-elect Donald Trump’s first 100 days in office.
Leaders rolled out the continuing resolution yesterday afternoon after numerous delays, days ahead of Friday’s key deadline. Here’s some of what’s included in the 1,547-page bill:
→ $100.4 billion for disaster relief funding to address damage caused by hurricanes Helene and Milton, roughly the amount President Joe Biden had requested.
→ $10 million in economic assistance for farmers; a one-year extension of the farm bill; and a provision reauthorizing a Department of Homeland Security program to address threats from drones, given concerns about recent sightings
While March presents a messy deadline in the first months of Trump’s presidency, pushing back a long-term funding deal could benefit Republicans, who will also seize control of the Senate in January.
Read more politics news:
- The theme of Trump’s inaugural address will be “unity,” the president-elect said recently. What that means in practice is anyone’s guess.
- The last time the U.S. had three one-term presidents in a row was in the late 1800s, and from that period, significant reform happened. So what could a new reform movement look like? NBC News chief political analyst Chuck Todd lays out a few of his own ideas. Read the full analysis here.
- Lawyers for Trump said they have received evidence of “grave juror misconduct” in his New York hush money case. Prosecutors called the allegations “vague.”
- President Joe Biden said he is in favor of a ban on stock trading by members of Congress, the first time he has taken a side on an issue that has been brought up several times in recent years.
Luigi Mangione indicted on first-degree murder charge
The man accused of killing UnitedHealthcare CEO Brian Thompson earlier this month has been indicted on charges of first-degree murder in furtherance of terrorism, the Manhattan district attorney’s office announced yesterday. The latest indictment elevates the case against Luigi Mangione, who was also charged with two counts of second-degree murder and several weapons charges.
At a news conference, Manhattan District Attorney Alvin Bragg called Thompson’s slaying a “brazen, targeted and premeditated shooting.”
Mangione has been held in Pennsylvania since his arrest last week. A source familiar with the situation said that Mangione plans to waive extradition to New York at a hearing tomorrow. Bragg said that means Mangione will be “brought to New York forthwith.”
NASA astronauts’ return to Earth is pushed back
Two NASA astronauts who have been stuck at the International Space Station since their Boeing spacecraft ran into problems last summer will have to remain there even longer. NASA announced yesterday that the next astronaut crew’s launch to the ISS has been pushed back from February to no earlier than late March to allow for more time to “complete processing” a new SpaceX spacecraft that will be used for the mission.
Astronauts Suni Williams and Butch Wilmore launched on the challenge-plagued first test flight of Boeing’s Starliner vehicle in June and originally intended to spend about a week at the space station. By the time they return to Earth, they will have spent more than nine months living and working in orbit.
Read All About It
- Police in Madison, Wisconsin, said a “combination of factors” led a 15-year-old student at Abundant Life Christian School to open fire during study hall on Monday, killing a teacher and a student. A day after the shooting, community members gathered for a vigil outside the State Capitol to honor the victims.
- Rex Heuermann, the man accused in the Gilgo Beach serial killings, has been charged in a seventh woman’s murder.
- A San Francisco jury found IT consultant Nima Momeni guilty of second-degree murder in the death of CashApp founder Bob Lee.
- Japanese automakers Nissan Motor and Honda Motor reportedly plan to enter merger negotiations.
Staff Pick: Concerns over counterfeit weight loss drugs grow
Public health officials have a warning for those looking to get their hands on effective yet pricey weight loss drugs: Beware of counterfeit versions. The recent raid of a woman’s Tennessee home, where more than 300 vials fake weight loss drugs were found, sheds light on a growing concern across the country as the black market for such medicines explodes. NBC News’ health team spoke to experts about the potential dangers of consuming counterfeit drugs and who’s most at risk of encountering them. — Elizabeth Robinson, newsletter editor
NBC Select: Online Shopping, Simplified
Hunched over your computer or phone screen? It’s probably time to try a posture corrector. Experts shared what to look for when shopping for one. Plus, check out the best workout headphones of 2024.
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