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Federal Reserve cuts benchmark interest rate

The Federal Reserve cut its benchmark interest rate Wednesday by an unusually large half-point, a dramatic shift after more than two years of high rates that helped tame inflation but also made borrowing painfully expensive for American consumers.

The rate cut, the Fed's first in more than four years, reflects its new focus on bolstering the job market. The Fed's move also has the potential to scramble the economic landscape just as Americans prepare to vote.

Meanwhile, mortgage buyer Freddie Mac said Thursday the average rate on a 30-year mortgage in the U.S. fell to 6.09% from 6.20% last week.

STOPGAP FUNDING: The House on Wednesday rejected Speaker Mike Johnson's proposal that would have linked temporary funding for the federal government to a mandate that states require proof of citizenship when people register to vote. The vote was 220-202.

SPACEX: A billionaire spacewalker returned to Earth with his crew last Sunday, ending a five-day trip that lifted them higher than anyone has traveled since NASA's moonwalkers. The capsule carrying tech entrepreneur Jared Isaacman, two SpaceX engineers and a former Air Force Thunderbird pilot splashed down in the Gulf of Mexico.

SEVERE WEATHER: Parts of North Carolina were hit by a massive storm this past week that left one man dead and caused extreme flooding. Carolina Beach, in New Hanover County, recorded more than 18 inches of rain in 12 hours and almost 21 inches overall. Ocean Isle Beach, a little over 30 miles from Carolina Beach, picked up less than 4 inches of rain.

Lies about migrants disrupt Ohio town

Ohio stationed state police at Springfield schools Tuesday in response to a rash of bomb threats - the vast majority that officials said came from overseas - after former President Donald Trump and his running mate, Ohio Sen. JD Vance, falsely said legal Haitian immigrants in the small city were eating dogs and cats.

Schools, government buildings and elected officials' homes in Springfield were among the targets of more than 30 hoax threats made last week that forced evacuations and closures. Two more schools had to be evacuated Monday.

BRIDGE COLLAPSE: The Justice Department filed a lawsuit Wednesday alleging the owner and manager of the cargo ship that caused the deadly Francis Scott Key Bridge collapse in March in Baltimore recklessly cut corners and ignored electrical problems. The suit seeks to recover more than $100 million that the government spent to clear debris and reopen the city's port.

COMPUTER HACKERS: The FBI disrupted a group of hackers working at the direction of the Chinese government who targeted universities, government agencies and other organizations, Director Chris Wray said Wednesday. The hacking campaign installed malicious software on more than 200,000 consumer devices.

CAMPAIGN HACK: Iranian hackers sought to interest President Joe Biden's campaign in information stolen from rival Donald Trump's campaign in an effort to interfere in the 2024 election, the FBI and other federal agencies said Wednesday.

- Associated Press

113 Consecutive days with a high temperature of at least 100 degrees F in Phoenix, Arizona. The streak was broken Tuesday when the high was just 93.

?The reality is that the decline at Tupperware is not new. It is very difficult to see how the brand can get back to its glory days."

- Neil Saunders, managing director of GlobalData, commenting Wednesday on Orlando, Florida-based Tupperware filing for Chapter 11 bankruptcy protection on Tuesday. EMMY AWARDS: "Shogun" had historic wins in an epic 18-Emmy first season while "Hacks" scored an upset for best comedy on what was still a four-trophy night for "The Bear." Last Sunday's telecast on ABC reached nearly 7 million viewers, a jump of more than 50% from the record low of the last ceremony in January, according to ABC.

TITO JACKSON (1953-2024): Tito Jackson, one of the brothers who made up the beloved pop group the Jackson 5, died last Sunday. He was 70. Jackson was the third of nine children, including global superstars Michael and Janet, and was part of a music-making family whose songs have sold hundreds of millions of copies.

JANE'S ADDICTION: Alternative rock band Jane's Addiction canceled its latest tour Monday after an onstage scuffle between lead singer Perry Farrell and guitarist Dave Navarro on Friday in Boston. Videos showed Farrell lunging at Navarro before taking a swing at the guitarist. Farrell was dragged off stage, and the concert was over.

'DIDDY' COMBS: Sean "Diddy" Combs was jailed Tuesday pending a trial in his federal sex trafficking case after a magistrate ordered him held without bail on charges that accuse the music mogul of presiding over a sordid empire of sex crimes. Combs, who was arrested late Monday, pleaded not guilty to racketeering conspiracy and sex trafficking.