The Federal Reserve cut its key interest rate Wednesday for a second time this year as it seeks to shore up economic growth and hiring even as inflation stays elevated. The move comes amid a fraught time for the central bank, with hiring sluggish and yet inflation stuck above the Fed’s 2% target. Compounding its challenges, the central bank is navigating without much of the economic data it typically relies on from the government. Fed Chair Jerome Powell also cautioned that further rate cuts weren’t guaranteed, citing the lack of economic reports and sharp divisions among 19 Fed officials who participate in the central bank’s interest-rate deliberations.

Stocks rallied to more records ahead of a week packed with potentially market-moving events. The S&P 500 rose 1.2% Monday. The Dow Jones Industrial Average added 0.7%, and the Nasdaq composite jumped 1.9%. Stocks also climbed to strong gains in Asia ahead of a meeting on Thursday between the heads of the United States and China. The hope is that the talks could clear rising tensions between the world’s two largest economies. This upcoming week will feature profit reports from some of Wall Street's most influential companies and a meeting by the Federal Reserve on interest rates. Gold's price fell back toward $4,000 per ounce.

Wall Street rose to records after an update said U.S. households are feeling a bit less pain from inflation than feared. The S&P 500 climbed 0.8% Friday and topped its prior all-time high set earlier this month. The Dow Jones Industrial Average jumped 1%, and the Nasdaq composite rallied 1.1%. Both also set records. The inflation data could clear the way for the Federal Reserve to keep cutting interest rates in hopes of helping the slowing job market. A strong earnings report from Ford Motor and continued gains for AI stars also helped to drive stocks higher.

Bolivia’s first conservative president-elect in 20 years, Rodrigo Paz, has injected a sharp note of realism into his plan for solving Bolivia’s worst economic crisis in four decades. His first news conference as president-elect Monday came a day after his surprise electoral victory signaled the end of decades of leftist rule. After years antipathy toward the United States under the Movement Toward Socialism party, Paz promised to rebuild relations with the U.S. and attract foreign investment to a country long locked out of international markets. Paz is a centrist senator who was never a nationally prominent figure until the campaign.

President Donald Trump says the United States could buy Argentine beef in an attempt to bring down prices for American consumers. The Republican president told reporters aboard Air Force One during a flight Sunday from Florida to Washington that "If we do that, that will bring our beef prices down.” Trump promised days earlier to address the issue as part of his efforts to keep inflation in check. U.S. beef prices have been stubbornly high for a variety of reasons, including drought and reduced imports from Mexico due to a flesh-eating pest in cattle herds there.