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The Federal Reserve will hold interest rates steady at 4.25%-4.5% following a much-anticipated meeting yesterday, a decision that comes amid economic uncertainty driven by trade standoffs in recent weeks. The board also signaled it would still target two cuts this year, potentially lowering rates to 3.75%-4.0%.
The group also lowered its projections for growth of the US economy in 2025, projecting a gross domestic product increase of 1.7%—down from 2.1% following a December meeting—and upped its estimate of core price inflation to 2.8%. Reports from the meeting also suggested the Fed would slow the drawdown of nearly $6.8T in assets, a portfolio largely stockpiled during stimulus efforts over the past decade and a half. See an overview of how the Federal Reserve works here.
Stocks were buoyed on news that two rate cuts were likely coming at some point this year (S&P 500 +1.1%, Dow +0.9%, Nasdaq +1.4%). See historical interest rates here. |
Netflix Director Arrested |
Writer-director Carl Rinsch was arrested this week in Hollywood on federal charges that he misused millions of dollars slated for a Netflix TV production to fund personal investments in securities and cryptocurrency. Rinsch's best-known work is the 2013 historical fantasy box office flop "47 Ronin" starring Keanu Reeves.
Netflix (see history) picked up production of "White Horse" in 2018 with an initial investment of $44M . After cost overruns, Rinsch received another $11M for the show. The indictment alleges Rinsch lost more than half that amount on risky securities—including investments in a biopharma company and an S&P 500-linked exchange-traded fund—before shifting the remainder to cryptocurrency, where he profited significantly. He faces counts of wire fraud, money laundering, and use of illicit funds.
He then spent more than $10M on luxury cars, hotels, credit cards, and lawyers; no episodes of the show, later renamed "Conquest," were produced. An arbitrator ordered Rinsch to pay Netflix nearly $12M in August. Read a deep dive into the saga here. |
Turkish police arrested Istanbul Mayor Ekrem İmamoğlu yesterday, accusing the leader of corruption and links to terrorism. The detainment occurred days before İmamoğlu was set to be selected as his party's presidential candidate and comes amid ongoing crackdowns on opposition voices in Turkey.
İmamoğlu is a key rival of populist Turkish President Recep Tayyip Erdoğan, who has led the country for 22 years, first as prime minister and then as president—he faces term limits in 2028. Parliament could potentially call for early elections, presenting an opportunity for Erdoğan to run again due to a constitutional technicality. İmamoğlu's popularity has posed a threat to Erdoğan, who faces negative public opinion. Erdoğan and the ruling party have denied claims that the arrest is politically motivated.
Prosecutors issued related warrants for about 100 other opposition figures. Protests have erupted in Istanbul—Turkey’s largest city—despite authorities closing roads and banning demonstrations for four days. |
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In partnership with SmartAsset |
7 Mistakes When Choosing A Financial Advisor |
Working with a financial advisor can be a crucial part of any healthy retirement plan.
Research suggests that people who work with a financial advisor feel more at ease about their finances and could end up with about 15% more money to spend in retirement.* But choosing the wrong one could wreak havoc. Avoiding these 7 mistakes people make when hiring an advisor could potentially help reduce financial stress.
Interested in finding a vetted financial advisor? SmartAsset's no-cost tool can help you find and compare vetted fiduciary advisors serving your area, each legally bound to work in your best interest. You may even be able to instantly connect for a free introductory consultation. Take the free advisor match quiz. |
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Sports, Entertainment, & Culture |
> March Madness kicks off in earnest today with the first round of the men's tournament; see complete tourney preview (More) | ... and the women's "First Four" matchups wrap up tonight (More) |
> Trump administration suspends $175M in federal funding for the University of Pennsylvania over the participation of a transgender athlete on Penn's swim team (More) | Columbia University faces deadline today to make a wide range of policy changes or lose $400M in federal funding (More) |
> Global music streaming revenue topped $20B in 2024, a 7% increase over 2023; Taylor Swift was biggest-selling global artist for third straight year (More) |
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In partnership with Motley Fool Money |
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> Federal appeals court rules copyright can only be granted to artworks originally created by humans; case centered on a dispute over AI-generated, "Star Trek"-themed poetry (More) |
> Humans and parrots share common brain circuitry for complex vocalizations, new study finds; species known as budgerigars are the only animals known to share the trait (More) |
> Genetic study suggests modern humans descended from two separate populations that split around 1.5 million years ago, but intermixed again roughly 300,000 years ago (More) |
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> European regulators announce antitrust charges against Google, warn Apple of violations under the Digital Markets Act (More) |
> Yum Brands partners with chipmaker Nvidia to accelerate its use of AI in operations; parent company is owner of Taco Bell, Pizza Hut, and KFC, among others (More) |
> Nissan to cut 20% of top managerial positions; timing coincides with arrival of new CEO Ivan Espinosa (More) |
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> US Institute of Peace sues to block efforts by Department of Government Efficiency; DOGE staff required local police to enter property earlier this week, IOP officials argue the group is an independent nonprofit (More) |
> President Donald Trump, Ukrainian President Volodymyr Zelenskyy hold hourlong call on plan toward ending Russia's war in Ukraine; discussion comes one day after a separate call between Trump and Russian President Vladimir Putin (More) |
> Historians begin to examine new trove of roughly 63,000 pages of documents related to the assassination of former President John F. Kennedy, released by President Donald Trump Tuesday (More) |
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> The Last Drops of Mexico City
LongLead | Rodrigo Cervantes and Jérôme Sessini. In the heart of Mexico City, a silent water crisis unfolds as climate change, agricultural demands, and the city’s drinking water needs stretch its resources to a breaking point. (Read)
> The Missing Congresswoman
Politico | Michael Schaffer. In 2023, a small Texas website with just 10 staff members uncovered that Rep. Kay Granger (R-TX), who had been serving in Congress for over 25 years, was struggling with dementia and had vanished from the political scene. How did the 2,000-member Capitol Hill press corps miss the story? (Read) |
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How to Set Up a Family Trust |
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*Disclosure: "Journal of Retirement Study Winter" (2020). The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of your future results. Please follow the link to see the methodologies employed in the Journal of Retirement study. |
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