$1 Trillion Boost for Banks

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BUSINESS & ECONOMY

💰 Fed's High Rates Boost US Banks by $1 Trillion 

US banks accumulated $1.1 trillion in extra revenue during the Federal Reserve’s high-interest rate period starting in March 2022, as analyzed by the Financial Times. While banks earned 5.5% from the Fed, depositors were paid an average of 2.2%. Major banks like JPMorgan Chase benefited the most. Chris McGratty from KBW noted, “Banks will certainly have the ability to reduce deposit costs.”

🪙 Jerome Powell Strengthens Position After Major Fed Rate Cut

Jerome Powell, Chair of the Federal Reserve emerges stronger after orchestrating a notable 50-basis-point rate cut on September 18, despite initial divisions within the Federal Reserve. A weak job market and easing inflation compelled Powell to prioritize economic stability, convincing nearly all voting members to back his decisive move. He stated, "Our success in delivering on these goals matters to all Americans." 

🚨 Congress Approves Temporary Bill to Avert Shutdown, Delays Spending Decisions to December 

Congress passed a temporary funding bill on Wednesday, preventing a government shutdown and extending federal funding through December 20. The measure passed the Senate 78-18 and the House 341-82, with added provisions, including $231 million for the Secret Service. Speaker Mike Johnson called the bill “absolutely necessary,” while Sen. Chuck Schumer added, “This bipartisanship is a good outcome for America.”

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WORLD

🇺🇦 Zelenskyy Unveils 'Victory Plan' for Biden Meeting

During an interview with Robin Roberts on Good Morning America, Ukrainian President Volodymyr Zelenskyy discussed his "Victory Plan" in New York on September 23, 2024. The plan to strengthen Ukraine will be presented to President Biden and other U.S. leaders later this week. Zelenskyy stressed the need for military support to push Russia into negotiations, saying, "We just have to be very strong."

🇵🇸 Abbas Condemns U.S. Support for Israel's Gaza Offensive in UN Speech 

Palestinian President Mahmoud Abbas condemned the U.S. for its diplomatic support and arms supply to Israel during the Gaza war in a UN General Assembly address, accusing Washington of encouraging Israel to continue its assault by vetoing ceasefire resolutions. Abbas urged global intervention, presenting a post-war peace proposal for Gaza. He stated, “This madness cannot continue.”

☢️ Putin Sets New Guidelines for Russia's Nuclear Arsenal

Russian President Vladimir Putin announced new rules for using Russia's nuclear arsenal, stating it could respond with nuclear weapons to a conventional attack that threatens sovereignty, even by non-nuclear powers supported by nuclear states. The revisions lower the threshold for nuclear use, raising global concerns. He emphasized, “Conditions for Russia’s move to use nuclear weapons are clearly stated.”  

🇮🇱 Netanyahu Promises Continued Strikes on Hezbollah in U.N. Speech 

Israeli Prime Minister Benjamin Netanyahu, addressing reporters in New York on Thursday, vowed to persist in military strikes against Hezbollah militants, countering calls for a cease-fire. His comments came before his upcoming speech at the United Nations, amidst escalating violence that has led to heavy casualties and displacement in Lebanon. Netanyahu stated, “We continue to hit Hezbollah with all our might.”

SCIENCE & TECH

🌍 Earth to Get Temporary 'Second Moon,' 

Earth is set to gain a temporary second moon, a small asteroid named 2024 PT5, which will be captured by Earth's gravity from September 29 to November 25, 2024. Discovered by NASA’s ATLAS, this 32-foot asteroid will orbit Earth but is too dim to see without professional telescopes. Dr. Jennifer Millard stated, "This story highlights just how busy our solar system is." 

🚨 FTC Launches Crackdown on Misleading AI Claims 

The Federal Trade Commission (FTC) has launched Operation AI Comply, targeting companies making deceptive AI claims. Actions are being taken against businesses promoting misleading services including  AI-generated reviews and legal tools. The crackdown plans to protect consumers and ensure fair competition. FTC Chair Lina M. Khan stated, “Using AI tools to trick, mislead, or defraud people is illegal.”

SPORTS & ENTERTAINMENT

🌅 Hoda Kotb to Depart NBC's 'Today' Show Early Next Year

Hoda Kotb, a long-standing co-anchor of NBC's Today Show, announced her departure early next year, stating "it’s time" following her 60th birthday. Kotb, who has been with NBC since 1998 and Today since 2007, emphasized her desire to prioritize family. In an emotional announcement, she stated, “This is the hardest thing in the world.”  

🛡️ Cowboys Edge Giants in Defensive Showdown

Dallas Cowboys held off the New York Giants in a 20-15 defensive battle on Thursday night, improving to 2-2. Dak Prescott threw two first-half touchdowns, helping Dallas take a 14-9 halftime lead. Both defenses dominated the second half, preventing further touchdowns. Prescott stated, "Being 2-2 is much better than 1-3." 

🫂 Jeremy Allen White Caught Kissing Costar Molly Gordon in L.A.

Jeremy Allen White and Molly Gordon, co-stars from The Bear, were spotted kissing in Los Angeles on September 25, 2024. The pair embraced warmly, seemingly transitioning their on-screen romance into real life. The moment follows White's recent breakup with singer Rosalia. He also celebrated an Emmy win, stating, "This show has changed my life."

OTHER NEWS

🌍 Major Banks Back Plan to Triple Nuclear Energy by 2050

Fourteen major financial institutions, including Bank of America and Goldman Sachs, pledged support for the Declaration to Triple Nuclear Energy during Climate Week in New York City. Aiming to enhance global capacity by 2050, the plan aligns with the Paris Agreement and supports decarbonization. John Podesta, Senior Advisor to the President, stated, “Nuclear energy is clean energy... we need to make sure it does its part.”

🌧️ Hurricane Helene Deluges Downtown Tampa Streets

Hurricane Helene is intensifying as it moves up Florida's Gulf Coast, posing life-threatening risks to the Tampa Bay area. Heavy rains and tropical storm-force winds could cause a storm surge of 5 to 8 feet. The Emergency Operations Center is activated, with city officials urging residents to stay indoors and avoid driving due to potential flash flooding. 

🔪 Alabama Executes Alan Eugene Miller, Second Inmate to Die by Nitrogen Gas

Alan Eugene Miller, 59, was executed on Thursday in Atmore, Alabama, by nitrogen hypoxia, making him the second inmate known to die by this method. Convicted for killing three coworkers in 1999, Miller had previously requested nitrogen hypoxia after a failed lethal injection attempt. Miller trembled before becoming still. Governor Kay Ivey remarked, "Justice was finally served."

THIS DAY THAT YEAR

On September 27th, 1996, the Taliban, under the leadership of Mohammad Omar, captured the capital city of Kabul, proclaiming Afghanistan an Islamic state marking the beginning of a regime characterized by strict interpretations of Islamic law and significant changes in governance and societal norms across the country.

BRAIN TEASER

What is put on a table, cut, but never eaten?

Nailed it or stumped? Hit us with a reply and find the correct answer 🎯

Here’s what Yeterday’s teaser was:

My voice is tender, my waist is slender and I'm often invited to play. Yet wherever

The answer is: A violin.

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