Federal Reserve cuts key rate, sees healthier economy next year
WASHINGTON (AP) — The Federal Reserve reduced its key interest rate for the third time in a row Wednesday but signaled that it may leave rates unchanged in the coming months. Chair Jerome Powell signaled at a news conference that the Fed would likely hold off on further rate cuts in the coming months while it evaluated the health of the economy. And in a set of quarterly economic projections, Fed officials signaled they expect to lower rates just once next year. Wednesday’s cut reduced the rate to about 3.6%, the lowest it has been in nearly three years.
US stocks rise after the Fed cuts rates and hopes build for more
NEW YORK (AP) — The U.S. stock market neared its all-time high after the Federal Reserve cut its main interest rate to bolster the job market, and hopes strengthened for more cuts to come in 2026. The S&P 500 climbed 0.7% and ended just shy of its all-time high set in October. The Dow Jones Industrial Average jumped 1%, and the Nasdaq composite rose 0.3%. The rate cut was widely expected. Some investors found encouragement from comments by Fed Chair Jerome Powell, which they said were less forceful about shutting down the possibility of future cuts than they had been anticipating. Treasury yields eased.
What the Federal Reserve rate cut means for you
NEW YORK (AP) — The Federal Reserve cut its benchmark interest rate by a quarter point Wednesday for the third time since September, bringing its key rate to about 3.6%, the lowest in nearly three years. Before September, it had gone nine months without a cut. The benchmark rate is the rate at which banks borrow and lend to one another, and the Fed has two goals when it sets the rate: one, to manage prices for goods and services, and two, to encourage full employment. The benchmark rate also affects the interest rates consumers pay to borrow money via credit cards, auto loans, mortgages, and other financial products.
Trump's 'gold card' program goes live, offering US visas starting at $1 million per person
WASHINGTON (AP) — President Donald Trump has announced the long-awaited launch of a "gold card" program offering legal status and a pathway to U.S. citizenship. Individuals can pay $1 million, and corporations can pay $2 million per foreign-born employee. The program is meant to replace EB-5 visas and is aiming at attracting top talent and generate federal revenue. Trump said the funds will benefit the U.S. government. The program effectively offers a green card, but Trump argued that it will mean a stronger path to citizenship. Commerce Secretary Howard Lutnick said the program will include $15,000 for applicant vetting and said Trump's idea was to “bring the best people into America.”
Philanthropist MacKenzie Scott gave $7.1 billion to nonprofits in 2025, a major increase
NEW YORK (AP) — The author and philanthropist MacKenzie Scott revealed $7.1 billion in donations to nonprofits in 2025 Tuesday, marking a significant increase in her annual giving from recent years. Scott acknowledged donating $2.6 billion in 2024 and $2.1 billion in 2023. The gifts this year bring her total giving since 2019 to $26.3 billion. Scott acknowledged the donations in an essay on her website. Scott’s donations have captured the attention of nonprofits and other charitable funders because they come with no strings attached and are often very large compared to the annual budgets of the recipient organizations
A guide to good manners at the retail counter this holiday season
Retail workers are bracing for the holiday shopping season and its stressed-out customers. Most interactions are pleasant, retail industry leaders say. But then there are the shoppers who become demanding and rude. Nick Leighton hosts the etiquette podcast “Were You Raised by Wolves?” He urges shoppers to hold on to their manners. Remember that many retail clerks in November and December are seasonal workers hired to handle the holiday rush. They're not CEOs who can make policy changes. Experts recommend that customers reduce their own stress by planning shopping trips ahead and leaving themselves time. Establishing eye contact with the clerk and smiling can go a long way.
Coca-Cola names a company veteran as its new CEO
Coca-Cola said Wednesday that its chief operating officer will become its next CEO in the first quarter of 2026. The Atlanta beverage giant said its board elected Henrique Braun as CEO effective March 31. James Quincey, Coke’s current chairman and CEO, will transition to executive chairman of the company. The 57-year-old Braun has worked at Coca-Cola for three decades. He has led operations in Brazil, Latin America, Greater China and South Korea.
CBS appoints Tony Dokoupil as anchor of its flagship 'CBS Evening News' broadcast
CBS says Tony Dokoupil will take over at the beginning of next year as anchor of its flagship “CBS Evening News” broadcast. He moves from the mornings, where he has been part of the anchor team for “CBS Mornings” since 2019. He represents the first major hire for Bari Weiss, the Free Press editor installed this fall as CBS News editor-in-chief following the network's corporate takeover by Paramount. Dokoupil faces a major challenge competing against the dominant David Muir of ABC's “World News Tonight,” which has nearly double the CBS audience. Dokoupil replaces the pairing of John Dickerson and Maurice DuBois, who both left the network recently.
Canada's top envoy to the US will resign before review of free trade agreement
TORONTO (AP) — Canada’s ambassador to the U.S. for the last six years says she’s resigning next year as the two major trading partners review the free trade agreement. Ambassador Kirsten Hillman said Tuesday it is the right time to put in place someone who will see a review of the free trade agreement through to conclusion. Canada’s free trade deal with the U.S. is up for review in 2026. Canadian Prime Minister Mark Carney says Hillman “prepared the foundations for Canada in the upcoming review" of the agreement.
First of 30 oil lease sales planned for Gulf of Mexico draws $300 million from companies
WASHINGTON (AP) — Oil companies have offered $300 million for drilling rights in the Gulf of Mexico in the first offshore lease sale for the region since 2023. Wednesday's Department of Interior auction was the first of 30 sales planned for the Gulf under Republican efforts to ramp up U.S. fossil fuel production. The sale came after President Donald Trump’s administration announced plans to allow new drilling off Florida and California for the first time in decades, drawing pushback from critics worried about impacts on tourism. Wednesday’s sale was mandated by the sweeping tax-and-spending bill approved by Republicans over the summer. Thirty companies submitted bids, including industry giants Chevron, Shell and BP.
