Good morning, and welcome to The Epoch Times News Brief for Thursday, September 19, 2024. I’m Bill Thomas, we have some very intriguing stories to share with you right now, and here’s what’s going on.
The Fed has weighed in with a very significant change to interest rates, election officials throughout the U.S. are receiving suspicious packages, and the Teamsters have finally decided whom they’ll endorse for president in the upcoming election.
Also, a major kitchenware supplier says to ensure survival, they’ll have to change their business model, and if your passport is about to expire, no need to worry, we have some good news to share with you.
Fed Announces Jumbo-Sized Rate Cut
The Federal Reserve is cutting interest rates for the first time in four years, in a significant decision that affects credit cards, auto loans, and mortgages.Yesterday, the Fed lowered the federal funds rate by 50 basis points, or half a point, and it’s the first time the agency has brought down the key lending rate since the onset of the coronavirus pandemic.
Fed Chair Jerome Powell says that the group is trying to restore stability to prices, while avoiding a painful increase in unemployment that is sometimes associated with decreasing inflation. Powell also says that the group doesn’t want a “further cooling” in the labor market.
Another spokesperson for the committee that made the decision says that the Fed is confident that inflation is moving toward 2 percent, and that it’s trying to balance their goals regarding employment and inflation.
The Fed also says that recent indicators suggest that economic activity is still growing at a solid pace, and that the unemployment rate “remains low.”
President Joe Biden weighed in on the drop, pointing out that both inflation and interest rates are falling, while the economy remains strong. However, the central bank’s decision to lower interest rates just ahead of November’s presidential election is expected to draw criticism.
You should know that the Fed’s committee members voted in favor of the half-point drop by an 11–1 margin, with the lone dissenter requesting a quarter-point reduction instead.
You should also know that some policymakers expect the Fed to make another half-point rate cut later this year, and that inflation is also forecast to continue easing off.
At the onset of the coronavirus pandemic, the Fed slashed interest rates to nearly zero percent to help cushion the economic blows of the public health crisis. However, the Fed began increasing the interest rate in March 2022, following it up with 10 additional rate hikes.
Suspicious Packages Sent to Election Officials Across United States
Election officials in over a dozen states have recently received suspicious packages containing white powder, and the FBI is now looking into the situation.The questionable packages were received earlier this week, and they were addressed to secretaries of state and election offices in a number of states, including Iowa, Kansas, Nebraska, Tennessee, Wyoming, Oklahoma, Connecticut, and Indiana.
The FBI and the U.S. Postal Service both say they’re trying to figure out how many packages were sent, by whom, and why.
You should know that so far, the unknown powder has been found to be harmless, but the FBI and Postal Service are still warning people to be very cautious when they are handling mail from unrecognized senders.
State officials in Iowa and Kansas both evacuated their office buildings after multiple employees were exposed to the unknown substance. Hazmat teams in those states later determined that the contents were not hazardous.
Workers in a Wyoming office building near the state Capitol in Cheyenne were also sent home after a suspicious package was received by the secretary of state’s office, but so far, officials in that state have not yet determined whether or not the contents pose a threat.
Authorities in Oklahoma say that the white powder sent to their election office has been officially identified as nothing more than flour.
Connecticut Secretary of State Stephanie Thomas says that a cybersecurity agency first alerted her office to the problem after the U.S. Postal Service intercepted a suspicious envelope at one of their facilities in West Hartford, Connecticut.
That envelope matched the descriptions of those received by election offices in other states, and it has since been sent to the state lab for testing.
You should know that these latest incidents mark the second time in a year that election offices in multiple states have been targeted with suspicious packages. Last November, letters containing the deadly drug fentanyl were sent to government buildings in a number of states, causing delays in local elections.
Teamsters Union Makes No Endorsement for President
The International Brotherhood of Teamsters says that for the first time since 1996, it will not endorse a presidential candidate.You should know, the Teamsters union is one of the largest labor organizations in the United States, with around 1.3 million members.
Teamsters General President Sean O’Brien says his group made that very significant decision because neither candidate made serious commitments to the union to put working people before big businesses.
O’Brien says the Teamsters wanted guarantees from both former President Donald Trump and Vice President Kamala Harris that they wouldn’t interfere in union affairs, but the group was unable to secure their pledges.
O’Brien is the union’s first president in its 121-year history to speak at a Republican National Convention (RNC) and that was earlier this year in Milwaukee, Wisconsin. At the time, he gave a speech advocating for working-class families but did not offer an endorsement.
Both Trump and President Joe Biden separately met with the Teamsters recently to seek the group’s endorsement, and earlier this week, Harris made her pitch for the support of the Teamsters during a roundtable discussion with the union’s leadership.
You should know that the Teamsters have historically endorsed Democrats for president, and backed Biden in 2020. However, the union released an internal poll showing that 58 percent of its members back Trump, while 31 percent favor Harris in this election.
Tupperware Files for Bankruptcy
Tupperware is filing for Chapter 11 bankruptcy here in the United States.The Orlando, Florida-based kitchenware company has faced declining sales of its products, and now says that it will ask the courts to approve a sale process for the business.
The company’s CEO says the bankruptcy process is the best path forward, and it will allow Tupperware to transform into a technology-led business that will assist in its long-term survival.
The CEO also says that the company will continue to sell its high-quality range of products to customers throughout the bankruptcy process.
You should know that Tupperware has been trying to turn its business around since 2021, and that sales of its products have been declining since the end of that year.
The food-storage container company has been around since 1946, and has been reporting very high operating losses over the last couple of years. Just last year, the company raised “substantial doubt” about its ability to continue operating due to its financial situation.
Americans Can Now Renew Their Passports Online
The U.S. Department of State says that Americans can now renew their passports online, eliminating the previous time-consuming paper application process for an enormous number of people.Secretary of State Antony Blinken says that the updated digital application process will save Americans time and effort, and it will be easier. He says that the State Department is making the latest changes in order to offer people the most efficient and convenient passport renewal experience possible.
The government’s website was updated just yesterday. It now allows Americans to create an account and submit their passport renewal applications online, instead of printing out and sending paper applications and checks by mail. However, the new program does have some limitations.
In order to take advantage of the new rules, a U.S. citizen must currently reside in the United States, have had a valid passport for 10 years, and be over the age of 25. An applicant’s current passport cannot be damaged, and the passport holder needs to be able to upload a digital photo of themselves and pay with a debit or credit card.
Additionally, special passports for official or diplomatic purposes cannot be renewed on the website.
You should also know that a U.S. citizen can only renew their passport online if their current travel document was issued between 2009 and 2015, and a person can’t travel for at least eight weeks from the date the renewal application is submitted.
However, the State Department says that most applications are now completed in far less than the advertised eight weeks, and that this new online renewal system is expected to further reduce the waiting time.
And speaking of time, it looks like our time is just about up for today, so we’re gonna call it a wrap for the Thursday edition of the Epoch Times News Brief.
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And finally, as we do each and every day on this program, we wrap everything up with a very notable quote and this one comes to us from the legendary musician Herbie Hancock, who said:
“Music happens to be an art form that transcends language.”
Before we go, today is National Butterscotch Pudding Day. The taste, the smell and the texture are all overwhelming.
For all of us here at the Epoch Times News Brief, I’m Bill Thomas.
The Epoch Times News Brief program was written today by David Ross.
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Enjoy the remainder of your Thursday and we’ll see you right back here next time for another edition of the Epoch Times News Brief.
For now, let’s all continue to watch out for one another and have an absolutely superb day today. Bye for now.
