Good evening. Here's the latest at the end of Wednesday.
The Fed cut rates and signaled a long fight against inflationFederal Reserve officials made their third and final rate cut of 2024 today, reducing borrowing costs by a quarter of a percentage point. They also shook up financial markets by forecasting notably higher inflation and two fewer rate cuts in 2025 than they had previously expected. Stock markets dropped after the Fed announced its projections. The S&P 500 fell nearly 3 percent, its worst day since the beginning of August. Jerome Powell, the Fed chair, said that the central bank cut rates after each of its last three meetings because inflation had significantly slowed, but that it was a "closer call" this time. He added that he expects the Fed to cut interest rates more slowly next year, because inflation appears to be lingering. For more: Donald Trump's vows to cut taxes, impose high tariffs and crack down on immigration have added uncertainty to the economic forecasts.
The Supreme Court agreed to weigh in on the TikTok banThe Supreme Court agreed today to hear TikTok's challenge to a law that could ban the popular video app in the U.S. The justices set aside two hours for the argument on Jan. 10, an exceptionally fast track that could result in a ruling before the ban is set to go into effect on Jan. 19. "The court seems to recognize the gravity of banning an app used by 170 million Americans," my colleague Sapna Maheshwari, who reports on TikTok, told me. The law calls for TikTok to face a ban in the U.S. unless it is sold to a non-Chinese company. ByteDance, its parent company, argues that the law violates the First Amendment. The Biden administration argues that the law is necessary for national security reasons. In related news, the court also agreed to consider whether South Carolina can eliminate Medicaid funding for any services offered by Planned Parenthood.
House ethics panel voted to release the Gaetz reportThe House Ethics Committee secretly voted this month to release an investigative report into the conduct of former Representative Matt Gaetz, Trump's initial pick to run the Justice Department. Gaetz dropped his bid to become attorney general after the weight of allegations of sex trafficking and drug use made it clear he would not be confirmed by the Senate. Lawmakers on the panel plan to release the report after House members cast the final votes of the Congress this week. They previously voted against releasing the report.
California declared an emergency over bird fluGov. Gavin Newsom of California declared today that the outbreak of bird flu among the state's dairy cattle constituted an emergency, a stark acknowledgment of the increasing seriousness of the contagion's spread. Since the state first identified the virus — known as H5N1 — in cattle in August, California's Agriculture Department has found it in 645 dairy farms, about half of them in the past 30 days. The announcement followed news that an individual in Louisiana had been hospitalized with bird flu, the first severe case in a human identified so far in the U.S. More top news
International
The debate over best picture is heating upThe year is winding down, but awards season is ramping up. So our columnist Kyle Buchanan is out today with his projections for the Oscars' top category. Kyle writes that the five strongest best picture contenders are what he calls the A-B-C-D-E movies: "Anora," "The Brutalist," "Conclave," "Dune: Part Two" and "Emilia Pérez." But the real debate is over which five other films will join them as nominees. Here's what we expect. More in movies: Our critic argues that the definition of a "New York movie" changed this year.
The making and remaking of a holiday classic"Have Yourself a Merry Little Christmas" was not always a holiday staple. Judy Garland first performed it during the 1944 musical film "Meet Me in St. Louis," only after the lyrics were softened at her request. The song was far from the movie's biggest hit. But the tune endured, thanks in part to Frank Sinatra, who altered the lyrics again in 1957 to give it a cheerier postwar sheen. In recent decades, countless chart-topping artists recorded their own versions of the song — cementing its spot in the holiday canon. We're asking readers: What's the tradition, old or new, that you're most looking forward to this year? To share your thoughts, fill out this form. We may contact you to include your contribution in The Evening.
Dinner table topics
Cook: This deceptively simple black lime salmon is as striking in flavor as in appearance. Watch: "Didi" is one of this month's best under-the-radar streaming picks. Read: These books make for great gifts. Learn: Apple's new photos app is confusing. We have some tips. Manage: Here's how to keep "Christmas tree syndrome" symptoms at bay. Exercise: This 20-minute band workout can help you build strength. Play: Here are today's Spelling Bee, Wordle and Mini Crossword. Find all our games here.
Tupi is just two weeks old. He's already famous.It has been a big year for cute baby zoo animals. Over the summer, a pygmy hippo named Moo Deng captured the world's admiration from a zoo in Thailand. Then Haggis, another baby hippo, got his own wave of interest in Scotland. Now a capybara named Tupi has become the latest social media star. He was born two weeks ago at the San Antonio Zoo, and received an outpouring of love after his introduction to the internet. But in a twist that seemed fitting to close out 2024, less than an hour after the announcement of his birth, the zoo put out a statement that Tupi and the zoo were not affiliated with a digital coin that had been named after the animal. Have a darling evening. Thanks for reading. I'll be back tomorrow. — Matthew Sean Kawasaki-Culligan was our photo editor today. We welcome your feedback. Write to us at evening@nytimes.com.
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