 |
|
|
|||||
Federal Reserve officials expect inflation to worsen in the coming months but they still foresee two interest rate cuts by the end of this year, the same as they projected in March. The Fed kept its key rate unchanged for the fourth straight meeting Wednesday, and said the economy is expanding at a solid pace.” Changes to the Fed’s rate typically though not always influence borrowing costs for mortgages, auto loans, credit cards, and business loans. The central bank also released its latest quarterly projections for the economy and interest rates. It expects noticeably weaker growth, higher inflation, and slightly higher unemployment by the end of this year than it had forecast in March, before President Donald Trump announced sweeping tariffs April 2. Most of those duties were then postponed April 9. The Fed also signaled it would cut rates just once in 2026, down from two cuts projected in March. Fed officials see inflation, according to its preferred measure, rising to 3% by the end of this year, from 2.1% in April. It also projects the unemployment rate will rise to 4.5%, from 4.2% currently. Growth is expected to slow to just 1.4% this year, down from 2.5% last year. Despite the gloomier outlook, Fed chair Jerome Powell and other officials have underscored that they are holding off from any changes to their key rate because of the uncertainty surrounding the impact of the tariffs and economic outlook. Many of the Fed’s policymakers have expressed particular concern that the duties could boost prices, creating another surge of inflation just a couple of years after the worst inflation spike in four decades. THIS IS A BREAKING NEWS UPDATE. APs earlier story follows below. The inflation-fighters at the Federal Reserve are expected to keep their key interest rate unchanged Wednesday for the fourth straight time. That’s likely to shift attention to how many interest rate cuts they forecast for this year. It’s widely expected that the 19 Fed officials that participate in the central bank’s interest-rate decisions will project two rate cuts for this year, as they did in December and March. But some economists expect that one or both of those cuts could be pushed back to 2026. The Fed will almost certainly keep the short-term rate it controls at about 4.3%, economists say, where it has stood since the central bank last cut rates in December. Since then, it has stayed on the sidelines while it evaluates the impact of President Donald Trump’s tariffs and other policy changes on the economy and prices. Inflation has been cooling since January, and many economists say that without the higher import taxes, the Fed would likely be cutting its rate further. According to the Fed’s preferred measure, inflation dropped to just 2.1% in April, the lowest since last September. Core inflation which exclude the volatile food and energy categories was 2.5%. Those figures suggest inflation is largely coming under control, for now. Yet the Fed’s short-term interest rate remains at an elevated level intended to slow growth and inflation. Some economists argue that with inflation cooling, the Fed could resume its rate reductions. When the Fed reduces its rate, it often though not always leads to lower costs for consumer and business borrowing, including for mortgages, auto loans, and credit cards. Yet financial markets also influence the level of longer-term rates and can keep them elevated even if the Fed reduces the shorter-term rate it controls. But Fed officials have said they want to see whether Trump’s tariffs boost inflation and for how long. Economists generally believe a tariff hike should at least lead to a one-time increase in prices, as companies seek to offset the cost of higher duties. Many Fed officials, however, are worried that the tariffs could lead to more sustained inflation. While theory might suggest that (the Fed) should look through a one-time increase in prices, I would be uncomfortable staking the Feds reputation and credibility on theory, Jeffrey Schmid, president of the Fed’s Kansas City branch and a voting member of the Fed’s interest-rate setting committee, said earlier this month. The Trump White House has sharply ramped up pressure on Powell to reduce borrowing costs, with Trump himself calling the Fed chair a numbskull last week for not cutting. Other officials, including Vice President JD Vance and Commerce Secretary Howard Lutnick, are also calling for a rate reduction. The Bank of England has cut its rate twice this year but is expected to keep it unchanged at 4.25% when it meets Thursday. Christopher Rugaber, AP economics writer
Category:
E-Commerce
As anti-ICE protests intensify across the country, kids are turning Roblox into a protest ground online. Last week, thousands took to the streets to protest the Trump administrations immigration policies. Meanwhile, on Roblox, avatars faced off with players dressed in police SWAT gear in the popular Brookhaven roleplay world (based on the real city of Brookhaven, Georgia), as Taylor Lorenz first reported in User Mag. After her story published, Lorenz shared an update that Roblox protesters are now facing police violence. A screenshot of a text shared with Lorenz (which she then posted on X) reads: I was in a Roblox ice protest but then we all got shot. By the police. On Monday I reported on anti-ICE protests taking over Roblox. One of the kids I interviewed texted me this morning to share that the Roblox protesters are now facing police violence. https://t.co/bmGLJmKXd0 pic.twitter.com/0qvdZvwGv7— Taylor Lorenz (@TaylorLorenz) June 18, 2025 Players have been sharing updates across TikTok and Discord, posting dates and times for upcoming protests. Some Roblox players are even enacting their own ICE raids. One TikTok video shows a player dressed as an ICE agent, barging into another players Roblox home and violently arresting him. @riobandzblox Know your rights #iceraids #ice #scared #skit #besafe #robloxskit #dahood i was only temporary – my head is empty Roblox hosts around 85 million daily active users globally, about 40% of whom are under the age of 12. Brookhaven is Robloxs most-visited experience ever, with over 65 billion visits, and recently won two Roblox Innovation Awards 2024 categories: “Best Roleplay/Life Sim” and “Best Social Hangout.” A study published earlier this year in Cornell Universitys preprint server arXiv found that in-game roleplay and avatar customization help kids aged eight to 13 explore their identities. As the iPad generation grows up, gaming platforms like Roblox are becoming spaces where they process major world events. Virtual protests arent new. In 2016, young users took to Club Penguin to protest President Donald Trumps victory in an election they were too young to vote in, declaring not my president and penguins of color matter in the speech bubbles above their penguin avatars. In 2020, gamers staged virtual sit-ins in Habbo and held demonstrations in Toontown during the Black Lives Matter protests amid lockdown restrictions. These protests may be virtual, but that doesnt make them any less real. Gen Alpha has grown up online, and with many still too young to vote or take their activism to the streets, it makes sense theyre showing up in droves in the spaces they inhabit every day. As one TikTok user shared, her younger sister couldnt attend the anti-ICE protests in person because of safety concerns. Instead, her sister told her: Its ok I protested on Roblox yesterday.
Category:
E-Commerce
More Americans are watching TV via streaming platforms than both broadcast and cable combined for the first time ever. The finding comes from Nielson’s monthly Gauge report, which was launched four years ago to provide insight on what viewers are watching, as well as how they are watching it. The latest report found that streaming accounted for 44.8% of total TV viewership in Maythe largest share on record. Meanwhile, broadcast and cable TV only made up 20.1% and 24.1%, respectively, for a total of 44.2%. Its fitting that this inflection point coincides with the four year anniversary of Nielsens The Gauge, which has become the gold standard for streaming TV measurement, said Karthik Rao, Nielsen CEO, in the report. Its also a credit to media companies, who have deftly adapted their programming strategies to meet their viewers where they are watching TVwhether its on streaming or linear platforms. Previously, the Gauge reported another big milestone for streaming platforms. In July 2022, for the first time, streaming topped cable viewership. At the time, it accounted for 34.8% of viewership while cable made up 34.4%. Broadcast made up 21.6%. However today, the combined total for both cable and broadcast viewing still falls behind the percentage of monthly streamers. Predictably, streaming usage has steadily been increasing in recent years. Since 2021, viewers streamed their entertainment 71% more than they used other sources. During the same time period, TV viewers watched (and binge-watched) 21% less via broadcast. Likewise, cable viewing plummeted by 39%. Per the report, free services have been a major part of the uptick in viewers streaming content over the past four years. YouTube, the most-used streaming platform, saw streaming surge by 120% over the time period. Last month, the platform accounted for 12.5% of all TV viewership. Netflix, the leading Subscription Video On Demand (SVOD) service, saw an increase in viewership by 27% since 2021. As viewers keep turning toward streaming platforms, the services are evolving to keep up with demand. In April, Netflix Co-CEO Ted Sarandos explained the platform’s goals for expansion, which included becoming a trillion-dollar company. Sarandos explained that video podcasts could soon be viewable on the platform, saying, the lines are getting blurry between podcasts and talk shows, adding, as the popularity of video podcasts grows, I suspect youll see some of them find their way to Netflix. Streaming platforms have expanded to include some major events, too, which were once only available on cable or broadcast. In 2021, the Olympics were shown on Peacock, NBCs streaming platform. And this year, even The Super Bowl streamed on Tubi. Likewise, in 2025, the Oscars was viewable on Hulu, making it accessible to those without cable or broadcast TV for the first time.
Category:
E-Commerce
All news |
||||||||||||||||||
|
||||||||||||||||||