The Evening: The Fed’s big rate cut

Plus, tonight's premiere of  "The Golden Bachelorette."

View in browser|nytimes.com September 18, 2024 By Justin Porter Good evening. Here's the latest at the end of Wednesday. The Fed's big rate cut A second day of explosions in Lebanon Plus, "The Golden Bachelorette" The Fed chair Jerome Powell in Washington today. Mandel Ngan/Agence France-Presse — Getty Images The Fed announced an unusually large rate cut The Federal Reserve cut interest rates by half a percentage point today, lowering them to about 4.9 percent. That's down from a more-than-two-decade high of about 5.33 percent. The decision shows that central bankers think they are winning the war against inflation and are now turning their attention to keeping the job market from weakening further. "Our patient approach over the past year has paid dividends," Jerome Powell, the Fed chair, said. Central bankers expect to cut interest rates more in the months to come, but they are not on a preset path, Powell said. They could speed up if the economy is weak and slow down if it's strong. Here are key takeaways from the Fed's decision. Hezbollah supporters mourned the deaths of four fighters. Diego Ibarra Sanchez for The New York Times More devices exploded in Lebanon At least 20 people were killed and hundreds were wounded when walkie-talkies owned by Hezbollah members exploded across Lebanon today, the second attack involving booby-trapped devices in two days, according to Lebanese and Hezbollah officials. Lebanon was already reeling from an operation yesterday that blew up thousands of pagers. Those blasts killed at least 12 people and wounded more than 2,700 others. Residents of Beirut's southern suburbs said the explosions today did not appear to be as widespread as Tuesday's blasts. But the walkie-talkies were nearly three times heavier than the pagers and set off more large fires, suggesting that they might have contained more explosives, a Times analysis found. Hezbollah has vowed to retaliate, but its members appeared to be in shock, my colleague Ben Hubbard reported. Israel has not confirmed or denied involvement in the attacks, but Lebanese, U.S. and other officials say that Israel is responsible for the pager blasts. Kenny Holston/The New York Times Harris courts Latino voters Vice President Kamala Harris issued one of her sharper lines of criticism today against Donald Trump's immigration plans, including large-scale deportations. "Imagine what that would look like and what that would be," she said at an event hosted by the Congressional Hispanic Caucus Institute. "How's that going to happen? Massive raids? Massive detention camps? What are we talking about?" Harris framed herself as a candidate who would focus on lowering prescription drug prices and addressing housing shortages, reflecting her broader strategy to build support among Latinos. Her campaign has recently devoted $3 million to new advertisements on Spanish-language radio. On the campaign trail The presidential election is 48 days away. In a blow to Harris, the Teamsters, one of the largest labor unions in the U.S., said it would not back a presidential candidate. More than 100 Republicans endorsed Harris, saying in a letter to the public that Trump was "unfit to serve again as president." A Times investigation found that lapses in communication and instructions were part of why the Secret Service failed to protect Trump during the assassination attempt in July. Do you have questions about the election? Send them to us, and we'll find the answers. The New York Times Bulletproofing classrooms Ballistic armored backpacks, clipboards and even pencil cases: As America tries to make its classrooms less vulnerable to active shooters, companies are marketing protective products to parents and schools. Some people see the items as unsettling but prudent, others find them infuriating — and many question their effectiveness. They're also expensive. A bulletproof pencil case sells for $185. More top news Baltimore: The Justice Department is suing the owner and operator of the ship that crashed into the Francis Scott Key Bridge. Ukraine: Russia captured the town of Ukrainsk, a development that underscores its steady advances in the Donetsk region. Kyiv hit an ammunition depot in western Russia. Labor: Boeing said it would temporarily lay off tens of thousands of employees to stem losses from a walkout by the machinists' union. Hearings: The chief executive who was piloting the Titan submersible when it imploded crashed another submersible years earlier, according to new testimony. Business: Tupperware Brands filed for bankruptcy protection after struggling for years with declining sales and increasing competition. Health: Adults under 50 have been developing cancer at increasingly higher rates. Scientists think alcohol use may be one factor driving the trend. Cars: Owners of electric cars and pickup trucks made by General Motors will be able to use Tesla's extensive charging network starting today. Music: A judge ordered Sean Combs to remain in jail until his trial for sex trafficking and racketeering, rejecting an appeal that he be released on bail. TIME TO UNWIND Joan Vassos,the first Golden Bachelorette. Jennelle Fong for The New York Times The 'Golden Bachelorette' and real love onscreen Joan Vassos, a 61-year-old school administrator and grandmother, didn't find love on "The Golden Bachelor." She'll give romance another try as the star of ABC's new spinoff, which premieres tonight — even if, as she put it, "it's a weird way to meet somebody." As reality shows shift focus from the young, a strange experience has emerged for a specific set of viewers: the strangeness of watching their parent date, flirt, kiss and even fall in love on television. Some TV producers have gleefully latched on to the concept or even ratcheted up the shock value with shows like the infamous "MILF Manor." The Google Pixel 9 Pro Fold, left, and the Motorola Razr. Kelsey McClellan for The New York Times Foldable phones are almost good enough Folding phones have been generating a buzz since their debut in 2019, but software, durability issues and prices over $1,500 have kept them a niche item. Now, a shift is underway. The devices keep getting better, and some are becoming cheaper, our TechFix columnist, Brian Chen, writes. He is convinced that phones with bendable screens will become mainstream in the next few years, and he says his next device will be foldable. Dinner table topics Emily Assiran/Getty Images Still here for you: Steve Burns, the former star of the beloved children's show "Blue's Clues," has a new audience on TikTok. The first time for the last time: The actress Maria Bello writes about the last time she saw the first man she had sex with, now dying of A.L.S. A love letter to Sichuan: Fiery, mouth-numbing peppers remind us why we seek out certain tastes. Getting away: An architect gets fresh air at his cluttered cabin in Cape Cod, where charm is more important than air-conditioning. WHAT TO DO TONIGHT Craig Lee for The New York Times Cook: This classic stick-to-your-ribs beef stew is ideal for feeding a crowd. Enjoy: Here's a collection of seven new tracks that you need to hear. Watch: The dream world of "Sirocco and the Kingdom of Winds" explores the indelible bond between sisters. Heal: Chronic inflammation can be a silent killer, but your diet can play a role in tamping it down. Listen: The "Modern Love" podcast reads some "X-Files" erotic fan fiction to Gillian Anderson. Hunt: What home can you buy with a $600,000 budget in Kentucky, Texas and Connecticut? Browse: London has small, specialized shops that sell unique wares in spots full of wonder. Play: Today's Spelling Bee, Wordle and Mini Crossword. For more, find all our games here. ONE LAST THING Mossmouth Reliving 1980s video games UFO 50 isn't just a single video game. It's actually 50 arcade-style games that cover sports, puzzles and role-playing, among other things. The project recreates the scrappy era of early PC gaming, one of the developers said, recalling being a kid and receiving disks filled with strange games and little information beyond a title. A player starting up UFO 50 for the first time will have no idea how to even play the individual games. Figuring out each one's controls and objectives is part of the puzzle. It's a head-spinning psychotropic experience, our reviewer writes. Have an epic evening. Thanks for reading. — Justin Sign up here to get this newsletter in your inbox. Reach our team at evening@nytimes.com. And follow The New York Times on Instagram, Threads, Facebook and TikTok at @nytimes. Writer: Matthew Cullen Editorial Director: Adam Pasick Editors: Carole Landry, Whet Moser, Justin Porter, Jonathan Wolfe Need help? Review our newsletter help page or contact us for assistance. You received this email because you signed up for The Evening from The New York Times. To stop receiving The Evening, unsubscribe. To opt out of other promotional emails from The Times, including those regarding The Athletic, manage your email settings. To opt out of updates and offers sent from The Athletic, submit a request. Subscribe to The TimesGet The New York Times app Connect with us on: Change Your EmailPrivacy PolicyContact UsCalifornia Notices The New York Times Company. 620 Eighth Avenue New York, NY 10018