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By NerdWallet

Inflation has slowed and the labor market has softened enough to satisfy the Federal Reserve. That means the central bank is about to cut interest rates.

On Aug. 23, Fed Chair Jerome Powell said, “The time has come for policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”

In other words, Americans should prepare to finally catch a break when it comes to borrowing to pay for a home, buy a car or open a new credit card. There are also other implications for the health of the broader economy.

Back in March 2022, the Federal Open Markets Committee (FOMC) began to increase the federal funds rate in response to growing inflation. It hiked rates 11 times before finally pausing. The rates, set at 5.25% to 5.50%, haven’t budged since July 2023.

The first cut will almost certainly happen at the Fed’s upcoming meeting scheduled for Sept. 17-18. The futures market’s CME FedWatch Tool now predicts a 87% likelihood that the FOMC will cut the current target rate by 25 basis points; it predicts a 13% likelihood of a larger cut of 50 basis points. read more

By HALELUYA HADERO, AP Business Writer

TikTok faced off with the U.S. government in federal court on Monday, arguing a law that could ban the platform in a few short months is unconstitutional while the Justice Department said it is needed to eliminate a national security risk posed by the popular social media company.

In a more than two hour appearance before a panel of three judges at a federal appeals court in Washington, attorneys for the two sides – and content creators – were pressed on their best arguments for and against the law that forces the two companies to break ties by mid-January or lose one of their biggest markets in the world.

Andrew Pincus, a veteran attorney representing the two companies, argued in court that the law unfairly targets the company and runs afoul of the First Amendment because TikTok Inc. – the U.S. arm of TikTok – is an American entity. After his remarks, another attorney representing content creators who are also challenging the law argued it violates the rights of U.S. speakers and is akin to prohibiting Americans from publishing on foreign-owned media outlets, such as Politico, Al Jazeera or Spotify. read more

By DAVID KOENIG

DALLAS (AP) — Boeing plans to freeze hiring and reduce travel and is considering temporary layoffs to save cash during the factory workers’ strike that began last week.

The company told employees Monday that the moves, which include reduced spending on suppliers, are necessary because “our business is in a difficult period.”

Chief Financial Officer Brian West detailed 10 immediate cutbacks in a memo to employees.

“We are also considering the difficult step of temporary furloughs for many employees, managers and executives in the coming weeks,” West said.

West said Boeing’s business is in a difficult spot, and “This strike jeopardizes our recovery in a significant way.”

About 33,000 workers represented by the International Association of Machinists and Aerospace Workers began a strike early Friday. The walkout came after workers rejected an offer with pay raises of 25% over four years.