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| Hello, N2K’ers! | This week, our world famous News HaikuTM competition focuses on news that Albania’s prime minister has “hired” an AI-generated “Minister” (a.k.a. a robot) to root out corruption. Send me your haiku by Thursday at noon Eastern for consideration. Now let’s talk about the news you Need2Know, eh? | —Matt Davis, Need2Know Chedditor | | News You Need2Know | | If you like this newsletter, why not forward it to a friend so they can subscribe here? If you don’t, why not forward to an enemy? Thank you! |
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| | What’s the stock market up to, eh? | $SPX ( ▼ 0.1% ) $DJI ( ▲ 0.57% ) $NDX ( ▼ 0.33% ) | | Companies mentioned in today’s newsletter | $NVDA ( ▼ 2.63% ) $GOOG ( ▼ 0.62% ) $TSLA ( ▲ 1.01% ) $UL ( ▲ 0.91% ) | | Stocks rise as Fed cuts interest rates | | The Federal Reserve announced a quarter-point cut to its key interest rate yesterday, bringing it down to approximately 4.1%. This is the Fed’s first rate cut since December, with officials signaling two more reductions likely before the year ends. The decision comes as the central bank grows increasingly concerned over the nation’s weakening labor market. | "In this less dynamic and somewhat softer labor market, the downside risks to employment appear to have risen," said Fed chair Jerome Powell during a press conference after the two-day meeting. There’s been a sharp slowdown in hiring and a rise in unemployment, factors that could ultimately impact economic growth. | The Fed’s decision is not without internal dissent. Newly appointed policymaker Stephen Miran, an ally of the president’s, who preferred a larger half-point rate cut, cast the sole dissenting vote. Powell emphasized, however, that there wasn’t “very much support” among officials for a more aggressive reduction. Ya’burnt. | Most stocks rose on the news although the S&P was dragged down just a touch by Nvidia $NVDA ( ▼ 2.63% ) which fell around 3% on news that China is banning companies from buying its AI chips. | The New York Times ran a big story on high unemployment for college grads yesterday including this important line: | When the federal government released its August employment numbers on Sept. 5, the overall unemployment rate was still relatively low, at just over 4 percent. But underneath was a concerning statistic: The portion of unemployed people who have been out of work for more than six months, which is considered “long-term,” rose to its highest share in over three years — to nearly 26 percent. |
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| It’s got some disturbing graphs in there, too. If you know an unemployed college grad, tell ‘em I said “keep your chin up.” Because these are some unprecedented rough times. | | | Song of the day: Rafiq Bhatia, ‘Clearing, Crickets’ |  | Rafiq Bhatia - “Clearing, Crickets" |
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| This four-minute meditation is taken from Mr. Bhatia’s new album “Environments” and sounds like the thick humidity of a languid summer evening — just like the ones that have just ended for another year. | | You should totally subscribe to this magazine | | Cheddar’s sister publication Sunset Magazine is offering N2K readers a mad discount through September, you can get a year’s subscription for almost 50% off with discount code: N2K20 | | From luxury nature getaways to expert gardening tips, each issue is packed with inspiration to elevate your home, adventures, and way of life. |
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| | Free yourself from advertising forever! | Now you can sign up for an optional ad-free version of Need2Know! Subscribe for just $5 a month, or $50 a year, and you can continue to enjoy this reasonably high-quality newsletter uninterrupted. Bonus: The immense satisfaction that comes from supporting journalism*! | | Keep This Stock Ticker on Your Watchlist | | They’re a private company, but Pacaso just reserved the Nasdaq ticker “$PCSO.” | No surprise the same firms that backed Uber, eBay, and Venmo already invested in Pacaso. What is unique is Pacaso is giving the same opportunity to everyday investors. And 10,000+ people have already joined them. | Created a former Zillow exec who sold his first venture for $120M, Pacaso brings co-ownership to the $1.3T vacation home industry. | They’ve generated $1B+ worth of luxury home transactions across 2,000+ owners. That’s good for more than $110M in gross profit since inception, including 41% YoY growth last year alone. | And you can join them today for just $2.90/share. But don’t wait too long. Invest in Pacaso before the opportunity ends September 18. | Invest While You Still Can | Paid advertisement for Pacaso’s Regulation A offering. Read the offering circular at invest.pacaso.com. Reserving a ticker symbol is not a guarantee that the company will go public. Listing on the NASDAQ is subject to approvals. | *This counts as journalism, right? | |
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