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AT&T, T-Mobile and Verizon confirm service outages for customers abroad 2024-06-27 22:54:00+00:00 - First presidential debate to be held Thursday at 9 p.m. First presidential debate to be held Thursday at 9 p.m. 03:32 AT&T, T-Mobile and Verizon, the three major cellular carriers in the U.S., on Thursday said a roaming outage is affecting customers traveling internationally. The outage means that some customers who are abroad are currently unlikely to be able to make phone calls, send text messages or use cellular data. T-Mobile told CBS MoneyWatch that the carrier is "one of several providers impacted by a third-party vendor's issue that is intermittently affecting some international roaming service." The company added that it is working with the vendor to resolve the outage and restore service for customers. AT&T said that its mobile customers abroad were also affected. "The AT&T network is operating normally. Some customers traveling internationally may be experiencing service disruptions due to an issue outside the AT&T network. We're working with one of our roaming connectivity providers to resolve the issue," a spokesperson said in a statement to CBS MoneyWatch. Verizon said that about 30% of its customers weren't able to make calls and that it's working to restore service. The outage stems from connectivity issues at Syniverse, the third-party provider that handles international roaming services for all three carriers, according to CNN, which cited a statement from Syniverse. The disruptions began Thursday morning, according to the report. "Since the onset of these issues, Syniverse has been working closely with our network partners to restore full service," the company said in a statement obtained by CNN. "We understand the inconvenience this has caused and appreciate your patience as we navigate this challenge." A Verizon customer visiting Italy confirmed to CBS MoneyWatch that they had no service as of Thursday afternoon. Some customers griped about the outage on social media, calling on their carriers to restore service for them while away from their home countries. They reported not being able to call Ubers and resorting to hitchhiking to reach their destinations, among other inconveniences. Some said they were unable to get in touch with family members abroad, calling the situation "dangerous." "Every American traveling in Europe right now with Verizon is waking up unable to order an Uber, check banking, log in to their bank, use Google Maps, call a friend or hotel — anything — massive global roaming outage. Dangerous. Zero comms from Verizon. HELP," user Nick Ponton posted on social media platform X. Actor Patrick Schwarzenegger was also among the Verizon customers affected by the international outage. "Does anyone else have Verizon and overseas?? Everyone I'm with phone just fully stopped working...anyone else??" he wrote on X.
That job you applied for might not exist. Here's what's behind a boom in "ghost jobs." 2024-06-27 22:51:00+00:00 - Fake job ads are proliferating online, with more companies admitting to posting realistic-looking job openings that don't actually exist. Forty-percent of companies said they have posted a fake job listing this year, according to a survey in May of 650 hiring managers from career site Resume Builder. Three in 10 companies currently have fake listings on their sites or on job boards, according to the survey. Unlike job scams in which criminals seek to obtain applicants' personal information, hiring managers themselves are often behind these "ghost jobs." While seven in 10 hiring managers say that they believe the practice is morally acceptable and beneficial for business, it complicates job seekers' searches for work, and can also erode their trust in companies. "It's not something new, but it's being taken to a whole new level from what we're seeing," said Resume Builder's chief career advisor Stacie Haller. "It's very concerning, and they're doing it to create a certain impression to the world and to their internal employees. But the word 'fake' shouldn't apply anywhere in the hiring process." Hiring managers told Resume Builder their companies' human resources departments, senior managers and executives and, in a few cases, investors or consultants have come up with the fake job schemes. Of the companies that engaged in the practice, 45% posted between one to five fake job listings; 19% posted 10; 11% posted 50; 10% posted 25; and 13% posted 75 or more. The roles spanned all levels of seniority, from entry level openings to executive-tier jobs. "You better work harder" Companies harbor several motives for running the deceptive ads, according to the survey. First, some aim to trick current employees into thinking that the business is not only growing, but also making an effort to hire more workers and alleviate their existing workloads. In some instances, hiring managers said their goal is to signal to current employees they are replaceable. Nearly 60% of companies surveyed said they collected resumes to keep them on file for a later date, with no intention of immediately hiring anyone. "They may do it to suggest that they're hiring so if you're an employee you'll think, 'We'll relieve you of your workload'," Haller said. "It may also be to say, 'We're a growing company.' On the darker side, it could be to say, 'We're looking to replace you, so you better work harder'." As far as hiring managers are concerned, most say the morally dubious tactic works. Nearly 70% of them said posting fake job listings boosted revenue. Sixty-five percent said the job ads had a positive impact on morale, and 77% reported an uptick in productivity among workers. The rise of these kinds of postings could explain why so many job seekers say they never heard back from recruiters after submitting their resumes. However, some companies go to great lengths to keep up the ruse, even going so far as to interview candidates for the fake jobs. Almost 40% of companies said they always contacted candidates who applied for the fake roles. Of those companies, 85% said they even interviewed candidates. Forty-five percent of companies say they sometimes contacted candidates, and 17% either rarely or never did. Hiring managers are largely on board with the practice. Seven in 10 said they believe it's morally acceptable, despite misleading both jobseekers and existing employees. But it can be hard to keep the ploy under wraps, especially internally. Two-thirds of hiring managers say employees, investors or applicants found out about the fake job listings. When they are exposed, the consequences can be detrimental to a company's recruiting efforts. "It will definitely hurt your reputation, because I don't know anyone who wants to work for a company that lies to them," Haller said. "And if employees find out, in today's world, everyone knows everything — people talk." Can you spot a fake job ad? It can be hard to distinguish between real and fake listings, particularly when a company decides to go through the rigmarole of interviewing applicants. And even if a hiring manager keeps your resume on file, perhaps for reference at a later date, a post is considered fake if the company has no intention of immediately filling the role. For that reason, job posts that have been active for longer periods of time, such as months, might be disingenuous, according to Haller. If a role's salary range is overly broad, that could also indicate the company is not serious about filling the role.
Bookcase is recalled after child dies in tip-over incident 2024-06-27 22:49:00+00:00 - New study says furniture tipping over sends thousands of children to hospital each year New study says furniture tipping over sends thousands of children to hospital each year 02:02 Dania Furniture is recalling a bookcase sold online and at its stores nationwide after an unanchored unit tipped over, killing a four-year-old child, the Boise, Idaho, company and the Consumer Product Safety Commission said Thursday. Dania Furniture said it had received the report of the child's death in August of 2023. A law mandating safety measures designed to prevent such tragedies took effect the following month. Made in Italy, about 940 of the recalled bookcases were sold from November 2017 through February 2024 for about $370, the recall notice stated. Recalled Hayden Bookcase. U.S. Consumer Product Safety Commission The recalled product contains six storage cubbies and is made of brown wood with three sliding white doors. The bookcase is 35.5 inches wide, 16 inches deep and 73 inches tall. A label on the back has the SKU number LB2225/A. Households with the product should stop using it unless it is anchored to a wall, and unanchored units should be put in an area that children can't reach, the notice advised. Recalled Hayden Bookcase label. U.S. Consumer Product Safety Commission Owners of the bookcase should contact Dania Furniture to set up a free in-home installation of a tip-over restraint kit. The company is also offering to refund those who prefer to have the recalled bookcase picked up and returned. The company can be reached at 844-722-6347 from 9 a.m. to 6 p.m. PT Monday through Friday, by emailing ProductSafetyHotline@interline.com or online here. Products manufactured before Sept. 1, 2023 are not covered by the Sturdy Act, which requires manufacturers take steps to ensure furniture such as dressers are less likely to tip onto children. Furthermore, parents and others are urged to anchor TV sets and other large furniture to the wall so kids can't pull them down. The law mandates that new furniture be sold with anchor kits. From January 2013 through July 2023, there were 137 reported child fatalities from furniture, TV and appliance tip-over incidents, which injure 17,800 people each year, according to the CPSC. Between 2000 and 2019, 451 children under 17 were killed by furniture and TVs tipping over and crushing them, the agency has noted. Thursday's recall by Dania Furniture marks the fifth recall this year related to tip-over hazards.
Meme stock investor Roaring Kitty posts a cryptic image of a dog, and Chewy's stock jumps 2024-06-27 22:26:00+00:00 - Why are GameStop shares on the rise again? Why are GameStop shares on the rise again? Why are GameStop shares on the rise again? Keith Gill, the meme stock investor who goes by the handle Roaring Kitty on social media, is credited with helping raise the stock price of GameStop in recent weeks. Now, it appears the former financial analyst's influence on Thursday boosted some pet-focused companies. Early this afternoon, Roaring Kitty posted an image of a cartoon dog — with no accompanying text — on his account on X, the former Twitter. Soon after, shares of Chewy, Petco and PetMed Express spiked. Chewy's shares, which opened at $28.85 on Thursday, jumped as high as $39.10 after Gill's post, or a gain of 36%. However, shares of the pet supply company retreated later in the afternoon, closing at $29.05. Petco's shares rose as high as 14%, while PetMed's stock gained 10%. Shares of those companies also gave up most of their gains by the close of Thursday trading. Chewy, Petco and PetMed Express didn't immediately respond to a request for comment Thursday. Gill's post comes one day after Chewy announced it would spend $500 million to repurchase 17.5 million of its own shares. Companies typically buy back shares to boost their per-share earnings or to increase returns for existing shareholders. Roaring Kitty is no stranger to watching the markets move after posting cryptic images on social media. Last month, he posted an image of a sketched man leaning forward in a chair, marking the end of a roughly three-year hiatus from social media. He followed that post with several others featuring various comeback-themed videos featuring movie clips and charged music. In 2020, Gill's online influence surged after he encouraged people to invest in GameStop, whose shares he had started buying the previous year and which soared in the meme-stock frenzy of 2021. His social media platforms of choice: Reddit discussion boards and YouTube, where he posted videos about his takes on financial markets and undervalued stocks. "I believed [GameStop] was dramatically undervalued by the market," Gill said in testifying before the House Financial Services Committee in 2021. "The prevailing analysis about GameStop's impending doom was simply wrong," To be sure, Gill profited after promoting the purchase of GameStop shares, but he also later lost big. In 2021, for example, Gill revealed that he had lost $13 million in a single day when shares of the game retailer retreated. Gill's investments in GameStop eventually became a cornerstone storyline in the 2023 film "Dumb Money," where Gill is portrayed by actor Paul Dano.
Drug prices have risen almost 40% over the past decade, according to a new tracker 2024-06-27 21:54:00+00:00 - The cost of prescription medications in the U.S. has increased 37% since 2014, far surpassing the rate of inflation, according to data from drug savings company GoodRx . Though the price increases have slowed this year in comparison to the past decade, the higher costs are raising out-of-pocket expenses for consumers. The average American spends $16.26 out of pocket per prescription, according to the data. "When things increase … inevitably, they do trickle down to consumers, especially those who are in a high deductible plan or who don't have insurance or find themselves paying substantially out of pocket," said GoodRx director of research Tori Marsh. GoodRx said the patients' share of the cost continues to grow due to rising copays, coinsurances and deductibles. The company found that over the past 10 years, the average person's deductible nearly doubled, and copays are rising as the majority of plans are adding another tier of drugs with higher copays. It's a dynamic GoodRx deems "the big pinch." High medication costs are coupled with reduced insurance coverage. Analyzing coverage for over 3,700 Medicare Part D plans between 2010 and 2024, GoodRx found that the portion of medications covered dropped by 19% over that period. "The impact is really kind of threefold," Marsh said. "Rising costs or rising prices are a big part of it, but it's really that with the combination of increased friction. ... It's hard for people to, in some ways, access their medication or access a pharmacy. And then on top of that, insurance is not what it used to be. It's not covering as much as it used to." On average, Americans pay 2 to 3 times more for prescription drugs than consumers in other developed countries, according to the White House. Drug costs have become a particular focus for President Joe Biden, particularly as he approaches the 2024 election. The Biden administration has taken several measures to lower out-of-pocket drug expenses. On Wednesday, the White House announced it would lower prices on 64 prescription drugs for some Medicare beneficiaries as a result of inflation penalties on drugmakers. The lower costs, effective during the third quarter, will benefit roughly 750,000 people who use the drugs annually, some of whom could save up to $4,593 per day, according to the release. "Despite efforts by policymakers and industry leaders to break down affordability and accessibility barriers, a patient's actual out-of-pocket cost continues to increase and is often a huge surprise to them," said GoodRx interim CEO Scott Wagner said in a news release. — CNBC's Annika Kim Constantino contributed to this report.
U.S. needs major nuclear power expansion to meet rising electricity demand, Southern Company CEO says 2024-06-27 21:49:00+00:00 - The United States needs to build a significant number of nuclear plants to supply surging energy demand while also meeting climate goals, the CEO of Southern Company said at an event on Thursday. "This country will need more nuclear plants going forward," Chris Womack said at the Reuters Global Energy Transition conference in New York City. "It's upwards of 10 large gigawatts of nuclear power that I think we have to have going forward," the CEO said. This is equivalent to about 10 new nuclear plants with a single reactor each. The typical reactor in the U.S. produces about a gigawatt of electricity, according to the Department of Energy. Based on market capitalization, Southern Company is the second largest name in the Utilities Select Sector SPDR Fund (XLU) . It's also one of the largest providers of electricity in the nation, serving millions of people across Georgia, Alabama and Mississippi. Last year, the Atlanta-headquartered utility completed the first nuclear plant in the U.S. in more than three decades, with the second of two new reactors having started commercial operations in April. Womack said Southern Company is seeing a level of electricity demand that that the utility has not faced since the advent of air conditioning and heat pumps in the South in the 1970s and 1980s. After two decades of nearly flat power growth, Southern Company is now expecting demand to grow by three to four times, the CEO said. "A lot of this is dependent and contingent upon what we see with artificial intelligence and all those large learning models and what data centers will consume," Womack said. "You're also seeing in the Southeast, this incredible population growth and you're seeing all this onshoring with manufacturing."
Jamie Kellner, TV Executive Who Started Fox and WB, Dies at 77 2024-06-27 21:48:31.568000+00:00 - Jamie Kellner, a media executive who helped build Fox Broadcasting into a thriving television network with shows such as “Beverly Hills, 90210” and “The Simpsons” — and who went on to create the WB network, known for the angsty “Dawson’s Creek” and “Buffy the Vampire Slayer” — died on June 21 at his home in Montecito, Calif., near Santa Barbara. He was 77. The cause was cancer, said Brad Turell, a family spokesman. Mr. Kellner was one of the most successful television executives of his generation, whose knack for capturing young viewers — first men at Fox, then women at WB — lured viewers away from the Big Three networks that had ruled television for nearly 40 years. Mr. Kellner believed ABC, NBC and CBS were ignoring viewers under 35 and were hamstrung by middle-of-the-road taste. Rupert Murdoch, Fox Inc.’s owner, and Barry Diller, its chairman, recruited Mr. Kellner from the television syndication business in 1986 and installed him as president of the Fox Broadcasting Company. Its aspiration to be the first new TV network since ABC in 1948 was broadly derided. But from the debut in 1987 of its first series, the lowbrow family sitcom “Married … With Children,” which was shown on six Murdoch-owned stations and a string of independent ones that Mr. Kellner helped stitch together, the new network began stealing the Big Three’s audience.
Boeing issues pile up with space trouble and NTSB sanctions 2024-06-27 21:37:48+00:00 - Boeing's Starliner has kept two astronauts in space for weeks longer than their scheduled stay, as the NTSB sanctioned the company for releasing sensitive information about January's door panel incident. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
NFL hit with $4.8 billion in damages over 'Sunday Ticket' antitrust case 2024-06-27 21:35:00+00:00 - A jury in U.S. District Court ordered the NFL to pay nearly $4.8 billion in damages Thursday after ruling that the league violated antitrust laws in distributing out-of-market Sunday afternoon games on a premium subscription service. The jury awarded $4.7 billion in damages to the residential class and $96 million in damages to the commercial class. The lawsuit covered 2.4 million residential subscribers and 48,000 businesses who paid for the package of out-of-market games from the 2011 through 2022 seasons on DirecTV. The lawsuit claimed the league broke antitrust laws by selling its package of Sunday games at an inflated price. The subscribers also say the league restricted competition by offering “Sunday Ticket” only on a satellite provider. The NFL said it would appeal the verdict. That appeal would go to the 9th Circuit and then possibly the Supreme Court. “We are disappointed with the jury’s verdict today in the NFL Sunday Ticket class action lawsuit,” the league said in a statement. “We continue to believe that our media distribution strategy, which features all NFL games broadcast on free over-the-air television in the markets of the participating teams and national distribution of our most popular games, supplemented by many additional choices including RedZone, Sunday Ticket and NFL+, is by far the most fan friendly distribution model in all of sports and entertainment. “We will certainly contest this decision as we believe that the class action claims in this case are baseless and without merit.” The jury of five men and three women deliberated for nearly five hours before reaching its decision. “This case transcends football. This case matters,” plaintiffs attorney Bill Carmody said during Wednesday’s closing arguments. “It’s about justice. It’s about telling the 32 team owners who collectively own all the big TV rights, the most popular content in the history of TV — that’s what they have. It’s about telling them that even you cannot ignore the antitrust laws. Even you cannot collude to overcharge consumers. Even you can’t hide the truth and think you’re going to get away with it.” The league maintained it has the right to sell “Sunday Ticket” under its antitrust exemption for broadcasting. The plaintiffs say that only covers over-the-air broadcasts and not pay TV. DirecTV had “Sunday Ticket” from its inception in 1994 through 2022. The league signed a seven-year deal with Google’s YouTube TV that began with the 2023 season. The lawsuit was originally filed in 2015 by the Mucky Duck sports bar in San Francisco but was dismissed in 2017. Two years later, the 9th U.S. Circuit Court of Appeals, which has jurisdiction over California and eight other states, reinstated the case. Gutierrez ruled last year the case could proceed as a class action.
Oklahoma Superintendent Ryan Walters orders Bible taught in schools 2024-06-27 21:34:00+00:00 - Oklahoma will require schools to teach the Bible and have a copy in every classroom, the state’s top education official announced Thursday. Effective immediately, Oklahoma schools are required to incorporate the Bible as part of the curricula in grades five through 12, according to a memo Superintendent of Public Instruction Ryan Walters sent to all school districts. Schools are instructed to refer to the Bible and the Ten Commandments for their “substantial influence on our nation’s founders and the foundational principles of our Constitution.” “Immediate and strict compliance is expected,” the memo noted. Walters said at a state Board of Education meeting Thursday, “We’ll be teaching from the Bible in the classroom to ensure that this historical understanding is there for every student in the state of Oklahoma.” Americans United for Separation of Church and State, a nonprofit civil liberties group, said in a statement that Walters’ new Bible policy is “trampling the religious freedom of public school children and their families.” More on Ryan Walters Since he took office in January 2023, Walters has fought to "put God back in schools." Walters publicly vilified an Oklahoma principal with a side gig as a drag performer, who ultimately resigned. Walters pushed an emergency rule this year to prevent students from changing the genders listed on their school files. “This is textbook Christian Nationalism: Walters is abusing the power of his public office to impose his religious beliefs on everyone else’s children,” Rachel Laser, the group’s CEO, said in the statement. Her organization is “ready to step in,” she wrote, though she stopped short of vowing legal action. The group has already sued to block a new Louisiana law requiring the Ten Commandments to be displayed in public schools. Walters, a former high school history teacher, has built a national profile over his first year and a half in office as a staunch proponent of incorporating Christian beliefs and teachings into state education policy. Gov. Kevin Stitt, a Republican, recently approved a package of regulations put forward by Walters that included time for prayer in schools and expanded the state Education Department’s “foundational values” to acknowledge a “Creator” and the existence of good and evil. But Walters has also drawn pushback. Stitt issued an executive order this month prohibiting state agencies from entering into sole-source contracts with marketing and public relations firms after Walters hired a public relations firm at $200 per hour to help him get national media attention. The state Supreme Court ruled this week that a state contract to fund a Catholic charter school violated both state and federal law and must be voided. It would have been the country’s first religious charter school. Walters called the ruling “sanctioned discrimination against Christians” in a statement. “This ruling cannot and must not stand,” he wrote. State Attorney General Gentner Drummond, also a conservative Republican, disagreed. “This decision is a tremendous victory for religious liberty,” he said in a statement. “The framers of the U.S. Constitution and those who drafted Oklahoma’s Constitution clearly understood how best to protect religious freedom: by preventing the State from sponsoring any religion at all.”
Nike shares plunge after retailer says quarterly sales will fall 10%, warns on China weakness 2024-06-27 21:28:00+00:00 - Nike shoes and logo are seen at a store in Nice, France on May 28, 2024. Shares of Nike plunged on Thursday after the retailer cut its full-year guidance and said it expects sales to drop 10% during its current quarter as the sneaker giant warned of soft sales in China and "uneven" consumer trends across the globe. The company now expects fiscal 2025 sales to be down mid-single digits. It previously expected sales to grow. Nike also expects sales in the first half to be down in the high-single digits, compared to previous guidance of declines in the low-single digits. "A comeback at this scale takes time," the retailer's finance chief Matthew Friend said on a call with analysts. "With this in mind, we've considered a number of factors and scenarios in revising our outlook for fiscal 2025." The company cut its guidance as it contends with slower online sales, planned declines in classic footwear franchises, "increased macro uncertainty" in Greater China and "uneven consumer trends" across Nike's markets, Friend said. It also expects sales into wholesalers to be slower as it scales new innovations and pulls back on classic franchises. Shares plunged roughly 11% in extended trading. For the fiscal fourth quarter, the company handily beat earnings estimates as its cost-cutting efforts continue to bear fruit, but Nike fell short on revenue. Here's how Nike did during the period compared with what Wall Street was anticipating, based on a survey of analysts by LSEG: Earnings per share: $1.01 adjusted vs. 83 cents expected $1.01 adjusted vs. 83 cents expected Revenue: $12.61 billion vs. $12.84 billion expected The company's reported net income for the three-month period that ended May 31 was $1.5 billion, or 99 cents per share, compared with $1.03 billion, or 66 cents per share, a year earlier. Sales dropped to $12.61 billion, down about 2% from $12.83 billion a year earlier. In fiscal 2024, Nike posted sales of $51.36 billion, which is flat compared to the prior year. It's the slowest pace of growth the company has seen since 2010, excluding the Covid-19 pandemic. Nike executives attributed the sales miss to a range of factors. They said its lifestyle business declined during the quarter and that momentum in its performance business, such as its basketball and running shoes, wasn't enough to offset it. Nike saw weakness in online sales in April and May because it had a higher share of lifestyle products. It also saw traffic in China decline beginning in April due to macro conditions in the region. Despite the traffic decline in China, sales in the region exceeded Wall Street expectations, according to StreetAccount, coming in at $1.86 billion, compared with estimates of $1.79 billion. It was the only geographical segment to top estimates for the period. Sales in North America, its largest market, came in at $5.28 billion, below StreetAccount expectations of $5.45 billion. In Europe, Middle East and Africa, Nike posted revenue of $3.29 billion, compared to estimates of $3.32 billion. In Asia Pacific and Latin America, Nike saw $1.71 billion in sales, compared to estimates of $1.77 billion.
Investing in Space: Why ULA needs to launch its second Vulcan rocket as soon as possible 2024-06-27 21:26:00+00:00 - CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. CNBC's Michael Sheetz reports and curates the latest news, investor updates and exclusive interviews on the most important companies reaching new heights. Sign up to receive future editions. It's easy to lose the forest for the trees when reporting on the day-to-day of the space industry. I often find myself needing to step back and walk through why an event or announcement matters, because often what a space company or agency thinks has obvious importance doesn't immediately resonate with CNBC's audience. A great example of that from this week is United Launch Alliance's Cert-2 mission. If you're in the weeds of the space world, hearing CEO Tory Bruno announce that ULA is going to bite the bullet and fly Cert-2 without a customer payload is a wild declaration. After all, aren't rockets expensive? Don't rockets often wait months or even years for spacecraft to be ready to launch? Why send a $100 million empty Vulcan into orbit with nobody paying for it, especially if ULA's sold more than 70 launches to customers? The simple answer is that Cert-2 does have a customer: The Pentagon. But let's unpack that. National security missions are the most lucrative launch contracts, to the tune of billions of dollars a year in rocket orders. Some of them are low-cost, experimental missions, but the majority are expensive, top secret satellites the Pentagon isn't willing to let just anyone fly. Enter the National Security Space Launch (NSSL) program. ULA and SpaceX are both already in the NSSL program, but any time they bring a new rocket to market, Space Force requires that specific rocket complete launches successfully before certifying it to fly a NSSL mission. Hence the name of Vulcan's second mission, Cert-2. The rocket launched for the first time in January, which was the first launch toward certification. "What Space Force is looking to see with Cert-2 is another successful flight just like Cert-1," Bruno said during a press conference Wednesday. After Cert-2, ULA will send the Space Force "gigabytes of data for all of the instrumentation on every part of the rocket," Bruno said, and, assuming they "find no surprises," Vulcan will be clear to start launching NSSL missions. ULA was planning to fly Sierra Space's inaugural cargo Dream Chaser spaceplane on Cert-2, but Bruno said the latter company's CEO Tom Vice "felt that he was putting a little too much schedule risk against my needs." Dream Chaser is stepping aside, to be replaced by an "inert payload," also known as a "mass simulator" (think big block of concrete and metal), so that Cert-2 can launch by September. Why the rush? Well, the Pentagon's already bought a whole bunch of Vulcan launches and expects two of those missions – USSF-106 and USSF-87 – to fly before the end of the year. Already, Air Force top brass Frank Calvelli put pressure on Bruno and ULA in a letter sent last month to the rocket company's joint owners, Boeing and Lockheed Martin, outlining concern "due to Vulcan delays." The Air Force also imposed a financial penalty on ULA, of an undisclosed amount, due to Vulcan's delays. One question mark that had been hanging over the next three Vulcan missions is at least largely settled: Blue Origin's ability to deliver BE-4 engines for the rockets. The company delivered to ULA the six engines needed for its three launches, and Bruno noted he has "a great deal more confidence" in that relationship. A year ago that wasn't the case, Bruno said, noting his company had "a big concern" about securing the engines ULA needed. That was back when Blue Origin had a BE-4 engine explode during acceptance testing — an engine that was intended for the Cert-2 launch. Timely deliveries of the BE-4 engines becomes even more important next year, as Bruno expects ULA to make 20 launches in 2025, half of those on its Atlas V rockets and half with Vulcan. The company overall has 16 Atlas V rockets remaining to launch, before it's all-in on Vulcan. The Pentagon is ULA's most important customer. So, while the military may not be paying for Cert-2 directly, the backlog of NSSL orders is why ULA is willing to pay out of pocket to launch the mission. Oh, and there's the other open question about the long-rumored ULA sale process. I thought, as did others, that Vulcan's successful debut earlier this year would close a deal. Additionally Jeff Bezos' raft of stock sales earlier this year made Blue Origin look like the likely winner. I'm speculating, but whoever wants to buy ULA may be waiting until after Cert-2 – or for perhaps a more friendly FTC if there's a change in the White House this November.
FCC wants to make carriers unlock phones within 60 days of activation 2024-06-27 21:14:00+00:00 - AT&T reimbursing customers after widespread network outage AT&T reimbursing customers after widespread network outage 00:28 Wireless providers would have to unlock all cellphones within 60 days of activation under a proposal unveiled Thursday by the Federal Communications Commission. The new rule would allow mobile phone owners to switch to another service provider more easily, so long as their devices are compatible with the new provider's wireless network, according to the regulator. "When you buy a phone, you should have the freedom to decide when to change service to the carrier you want and not have the device you own stuck by practices that prevent you from making that choice," FCC Chairwoman Jessica Rosenworcel said in a statement. Beyond giving people more choices, the proposal would increase competition by reducing switching costs and confusion by applying the same rules to all providers, stated the FCC, the federal agency in charge of implementing and enforcing the country's communications law and regulations. As things stand, some cellphones contain software that prevents them from being used on different mobile networks even if they are technologically compatible. If one buys a phone from one provider to use on its' network, the device may come "locked" so it can only be used with that service. The process of unlocking currently varies by device and carrier, according to the FCC. Some unlock devices after certain conditions are met, while others require phone owners to request instructions or to come into a physical store. The FCC will vote July 18 as to whether to move forward with the idea by seeking comment on the proposed requirement. The agency is also seeking input as to whether its proposed rule should apply to existing as well as future wireless contracts, along with the potential impact on the secondary phone market.
IMF says Fed should hold interest rates where they are until 'at least' end of year 2024-06-27 21:09:00+00:00 - The Federal Reserve should wait to cut interest rates until "at least" the end of the year, according to the head of the International Monetary Fund. The U.S. is the only G20 economy to see growth above pre-pandemic levels, and "robust" growth indicates ongoing upside risks to inflation, the 190-country agency said. "We do recognize important upside risks," IMF Managing Director Kristalina Georgieva said at a press briefing on Thursday. "Given those risks, we agree that the Fed should keep policy rates at current levels until at least late 2024." The Fed's current fed funds rate has stood within the range of 5.25% to 5.50% since July 2023. The IMF, often called the world's "lender of last resort," forecasts that the core personal consumption expenditures price index — the Fed's preferred measure of inflation — will end 2024 at around 2.5% and reach the Fed's 2% target rate by mid-2025, ahead of the Fed's own projection for 2026. U.S. economic strength during the Fed's rate-hike cycle was aided by labor supply and productivity gains, Georgieva said, while highlighting the need for "clear evidence" that inflation is coming down to the 2% target before the Fed cuts rates. Nonetheless, the IMF's "more optimistic" assessment of the downward inflation trajectory is based on indications of a cooling labor market in the U.S. and weakening consumer demand. "I want to recognize that a lesson we learned from the last [few] years is we are at a time of more uncertainty. This uncertainty also lies ahead. We are confident, however, that the Fed will move through that, and certainly with the same prudence it has demonstrated over the last year," Georgieva said. Correction: A previous version of this article misstated Kristalina Georgieva's name.
'Bridgerton' fans are taking their season 3 complaints to TikTok. Is a backlash coming? 2024-06-27 21:06:07+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview On paper, "Bridgerton" season three was a roaring success for Netflix, breaking viewership records, driving the social-media conversation, and cementing the romantic drama's status as one of the streamer's most popular series ever. But on the internet, the reception hasn't been entirely positive. While many were pleased with the conclusion to the long-simmering friends-to-lovers romance between Colin Bridgerton (Luke Newton) and Penelope Featherington (Nicola Coughlan), some took to platforms like TikTok and Reddit to air their grievances with how Polin's romance was handled and the way writers changed key plot points from the source material. They've even started Change.org petitions to rectify some of the "mistakes" they believe the Netflix drama has made. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. A few are specifically pointing the finger at Jess Brownell, who took over showrunning duties for the first time this season (series creator Chris Van Dusen was at the helm for seasons one and two). The outcry, particularly over the decision to gender-swap Francesca Bridgerton's (Hannah Dodd) eventual love interest, was so intense it even prompted Julia Quinn, the writer of the original book series, to step in and defend the show. Advertisement Of course, some dissent is to be expected from any property with a huge and fervent fan base — particularly one that includes book fans who have been attached to these characters long before we watched Phoebe Dynevor and Regé-Jean Page steam up our screens in 2020. But could this growing dissatisfaction jeopardize the show? Here's what to know. A two-part release schedule sidelined Colin and Penelope's story for other character arcs Luke Newton as Colin Bridgerton and Nicola Coughlan as Penelope Featherington on season three, episode two of "Bridgerton." Liam Daniel/Netflix While "Bridgerton" season one, which focused on the lustful love story between Simon Basset (Page) and Daphne Bridgerton (Dynevor), and season two, centered on Anthony Bridgerton (Jonathan Bailey) and Kate Sharma's (Simone Ashley) simmering enemies-to-lovers dynamic, were both released in full on their respective premiere dates in 2020 and 2022, Netflix decided to split season three into two parts. Breadcrumbing Penelope and Colin's romantic payoff by splitting the season in half with two release dates a month apart had a domino effect on the rest of the season. Not only did it disrupt the couple's momentum in the eyes of fans, but it increased their anticipation of something sexy and spectacular happening in part two to arguably unrealistic levels. Advertisement There's no shortage of disgruntled TikTokers poking fun at themselves for getting hyped over part two, only to be massively let down. "I'm so disappointed honestly by 'Bridgerton' season three, part two," TikToker @lightfrommars said in one video that's been viewed over 770,000 times. "I just felt like it was all so rushed." "This new showrunner… she dropped the ball. She heavily dropped the ball, in my opinion," she added. It didn't help that part one, which comprised four episodes, required the writers to juggle multiple narrative balls and set the stage for other storylines. Advertisement Large portions of the first half were dedicated to setting up Francesca's burgeoning love story with John Stirling (Victor Alli), Benedict Bridgerton's (Luke Thompson) flirtation with spicy widow Lady Tilley Arnold (Hannah New), and Anthony and Kate making up for that lack of sex in season two by getting busy all over Bridgerton house — not to mention matriarch Violet Bridgerton (Ruth Gemmell) making eyes at Lady Danbury's long-lost, invented-for-the-show brother, Lord Anderson (Daniel Francis). While it's certainly true that more attention was given to subplots this season than in seasons past, there's a reason for that. Unlike the two love stories featured in the earlier seasons, where one-half of each central couple was a new cast member, Penelope and Colin have both been major characters from the beginning. Though largely in the background, we've watched Penelope pine for Colin (and Colin be an oblivious doof about it) since season one. The show didn't need to spend time introducing and building up their dynamic in season three because it already had. On top of that, the Lady Whistledown drama — a major part of "Romancing Mister Bridgerton," the book season three was based on — was also adapted before season three, freeing up space for Brownell and the writers to bring in more prominent romantic subplots for the other characters this season. Advertisement The Whistledown reveal was changed (and arguably improved) from how it plays out in the book to accommodate this reordering. Viewers learned Penelope's secret identity way back in season one; Eloise Bridgerton found out in season two, which led to the implosion of their friendship. Here, Colin doesn't find out the truth until one of the last episodes of the season. This reordering means we don't get any of the sexual tension present in the book — like Colin being very upset with Penelope, but also extremely horny — that precipitates his proposal of marriage. In the show, it's reversed; the carriage hookup happens before the Whistledown discovery, as does their first time having sex (the famous mirror scene), essentially making Colin contractually obligated to marry Penelope even though he's miffed at her. Part two does have the big mirror scene (a furniture-breaking romp that was well-received by fans). But other than that, there were no other sex scenes for the main pairing. Related stories Except some viewers refused to believe that was true. Advertisement A change.org petition alleges intimate Polin scenes were removed from the show — but there's no proof "Bridgerton" fans were upset that Polin didn't have more intimacy. Netflix One day after season three, part two was released, a user named "Polin Bridgerton" started a change.org petition demanding that Netflix and Shondaland release "deleted scenes" of Polin that were removed from the final cut. As of writing, the petition has over 71,000 signatures. The petition also pointed to a Redditor's graphic comparing total screentime for each of the season's couples as proof that Penelope and Colin's fans had been shafted in season three. (According to the graphic's creator, Polin had 99 minutes and 32 seconds of screentime total, putting them just ahead of Kate and Anthony's total screentime across all three seasons, but only 78 minutes and 22 seconds of screentime in season three — a solid five minutes less than Kanthony got to develop their romance in their own season.) The petition even lists out some of the scenes they say were cut, including: Colin going home with Penelope after he finds her at the modiste, which leads to an angry kissing scene Polin laying in bed together talking about publishing Colin's manuscripts Colin whispering sweet nothings to Pen in front of the mirror, kissing her neck and being playful Long intimate montage in episode 8 (including a scene in which Colin goes down on Pen) The problem? There's no proof any of these scenes actually existed. Advertisement One Business Insider reporter who viewed screeners of all four episodes in part two ahead of release can confirm that none of these moments were present in pre-release episode cuts provided to journalists. And if you don't trust us, at least trust Nicola Coughlan, who very clearly swatted down this deleted-scene theory in a reply to a fan's comment on Instagram. "Bridgerton" star Nicola Coughlan responds to fan comment about alleged deleted Polin scenes. Nicola Coughlan/Instagram Executive producer Tom Verica also denied the existence of deleted footage, writing on Instagram, "Not sure where this all came from but these claims are false. The supposed scenes ... don't exist." The petition to release extra scenes — whether they exist or not — points to fans' broader issues with Polin's love story this season. Advertisement "I don't even know why Penelope likes Colin," TikToker notwildlin said in a video begging for a flashback or more backstory giving context for Penelope's feelings for him. Another TikToker named Maia Douglas posted several videos, including one over nine minutes long breaking down her issues with how Polin was portrayed in season three. Douglas specifically accused showrunner Jess Brownell of centering herself by spending so much time developing Francesca's eventual queer love story, and of being fatphobic for not having faith in the actors, specifically Coughlan as Penelope, to bring the chemistry required for more romantic scenes. Douglas pointed to Brownell's quotes in an interview saying that she saw herself as a queer woman in Francesca's story in the books and wanted to plant the seeds for the future season where Francesca would be the lead and fall in love with a woman — Michaela Stirling, a gender-swapped version of the character Michael Stirling from the books. "They did not believe in this season. They did everything to distract us from the main couple because they thought they needed the bells and whistles because this could've been a letdown," Douglas said in one video. Advertisement Another TikToker, Marie Soledad, noted that "Bridgerton showrunner fatphobia" had even started trending on the platform. But she urged creators to lay off Brownell, pointing out that the showrunner and Netflix had already diverted from the source material to make the story less fatphobic (in the books, Colin and Penelope's romance starts after she's lost a significant amount of weight). Masali Baduza plays a gender-swapped version of Francesca's eventual love interest. Netflix There's also another subsection of fans who are threatening to boycott future seasons of the show: the ride-or-die Francesca and Michael fans who adore her book, "When He Was Wicked," and are devastated not to see Francesca's eventual romance play out on screen the way they imagined it would. While there is a contingent of fans who are angry about Brownell's decision to give Francesca a queer love story for homophobic and misogynoiristic reasons, others, many of whom are collectively mourning in the subreddit r/FranchaelStirling, maintain that they're upset about the radical changes to the character that will need to happen to accommodate the switch and are insisting that they won't watch Francesca's eventual season because they aren't getting the Michael Stirling they hoped for. (Never mind the fact that Julia Quinn, who wrote all the books, has wholeheartedly endorsed the queer love story for Francesca.) The Franchael fans have started their own change.org petition, demanding that the writers restore Michael Stirling for the Netflix series. Advertisement "I am not against the LGBTQ+ community in any way shape or form," wrote Abbie Mills, who started the petition. "So if that's why you're here, you may want to find a different petition to sign. We're just book lovers here, who want them to stay as close to print as possible. Michael, we will continue to work to bring you to our screens!" Complaints from 'Bridgerton' fans could affect the show — though it's probably safe for now Does this spell doom for the Bridgertons? Probably not. Liam Daniel/Netflix While Netflix has only committed to four seasons of "Bridgerton" at this point, it's unlikely they'll can their crown jewel prematurely. Quinn's books provide material for eight seasons, and Van Dusen has said that creating eight seasons would be the ultimate goal. In terms of viewer interest, the numbers don't lie: Season three opened with 45.1 million views, marking the show's best launch to date and putting "Bridgerton" on track to topple "Stranger Things" as Netflix's biggest TV series ever. "Bridgerton" season three also topped Nielsen's streaming chart, with 2.19 billion viewing minutes. From a publicity and marketing standpoint, the show has also been a home run. With "Stranger Things" coming to an end with season five in late 2025 or 2026, Netflix isn't about to put all its eggs in the "Wednesday" basket. (Jenna Ortega is busy, and Netflix conspicuously didn't lock down a multi-season renewal — just season two so far.) Advertisement So no matter how mad the "Bridgerton" fans are — and how much some factions may insist they're not watching anymore — I'd put my money on the romantic drama's continuation. In addition to satiating those who have been clamoring for a prominent queer love story on the show for years, Francesca's storyline in her eventual season will likely draw in a brand new audience who never watched the show before because they never saw themselves represented in it. If anything, the controversy may even propel "Bridgerton" to new heights. Hey, it's happened before.
New Covid Shots Recommended for Americans 6 Months and Older This Fall 2024-06-27 20:55:48.567000+00:00 - All Americans ages 6 months and older should receive one of the new Covid-19 vaccines when they become available this fall, scientific advisers to the Centers for Disease Control and Prevention said on Thursday. The recommendation comes as the nation faces a summer wave of Covid, with the number of infections rising in at least 39 states and territories. Most Americans have acquired layers of immunity against the coronavirus from repeat infections or vaccine doses, or both. The vaccines now offer an incremental boost, remaining effective for only a few months as immunity wanes and the virus continues to evolve. Still, across every age group, a vast majority of Americans who were hospitalized for Covid did not receive one of the shots offered last fall, according to data presented at a meeting of the C.D.C.’s Advisory Committee on Immunization Practices.
Jury orders NFL to pay nearly $4.8 billion in ‘Sunday Ticket’ case for violating antitrust laws 2024-06-27 20:54:02+00:00 - LOS ANGELES (AP) — A jury in U.S. District Court ordered the NFL to pay nearly $4.8 billion in damages Thursday after ruling that the league violated antitrust laws in distributing out-of-market Sunday afternoon games on a premium subscription service. The jury awarded $4.7 billion in damages to the residential class and $96 million in damages to the commercial class. The lawsuit covered 2.4 million residential subscribers and 48,000 businesses who paid for the package of out-of-market games from the 2011 through 2022 seasons on DirecTV. The lawsuit claimed the league broke antitrust laws by selling its package of Sunday games at an inflated price. The subscribers also say the league restricted competition by offering “Sunday Ticket” only on a satellite provider. The NFL said it would appeal the verdict. That appeal would go to the 9th Circuit and then possibly the Supreme Court. “We are disappointed with the jury’s verdict today in the NFL Sunday Ticket class action lawsuit,” the league said in a statement. “We continue to believe that our media distribution strategy, which features all NFL games broadcast on free over-the-air television in the markets of the participating teams and national distribution of our most popular games, supplemented by many additional choices including RedZone, Sunday Ticket and NFL+, is by far the most fan friendly distribution model in all of sports and entertainment. “We will certainly contest this decision as we believe that the class action claims in this case are baseless and without merit.” The jury of five men and three women deliberated for nearly five hours before reaching its decision. “This case transcends football. This case matters,” plaintiffs attorney Bill Carmody said during Wednesday’s closing arguments. “It’s about justice. It’s about telling the 32 team owners who collectively own all the big TV rights, the most popular content in the history of TV — that’s what they have. It’s about telling them that even you cannot ignore the antitrust laws. Even you cannot collude to overcharge consumers. Even you can’t hide the truth and think you’re going to get away with it.” The league maintained it has the right to sell “Sunday Ticket” under its antitrust exemption for broadcasting. The plaintiffs say that only covers over-the-air broadcasts and not pay TV. DirecTV had “Sunday Ticket” from its inception in 1994 through 2022. The league signed a seven-year deal with Google’s YouTube TV that began with the 2023 season. The lawsuit was originally filed in 2015 by the Mucky Duck sports bar in San Francisco but was dismissed in 2017. Two years later, the 9th U.S. Circuit Court of Appeals, which has jurisdiction over California and eight other states, reinstated the case. Gutierrez ruled last year the case could proceed as a class action. ___ AP NFL: https://apnews.com/hub/nfl
Pro-Kremlin X accounts push fake Fox News articles ahead of debate 2024-06-27 20:43:00+00:00 - A network of pro-Kremlin accounts on X pushed fake Fox News articles in the hours ahead of Thursday’s presidential debate, attempting to spread false narratives including one about former President Donald Trump’s support in the business community. The fake articles, first reported on X by the account @antibot4navalny, an anonymous group of analysts tracking Russia-related influence operations, directed people to a fake version of Fox News’ website. That website appears to be part of a known Russian disinformation campaign that has mimicked legitimate news websites from Le Monde in France to The Washington Post. E.U. researchers dubbed it the doppelgänger network in 2022. In March, Alethea, a company that researches online risks including disinformation, identified 81 websites and more than 5,000 X accounts as part of the campaign. The messages posted Thursday on X from some of those accounts, many of which rarely post, were unique but carried similar messaging and had been reposted thousands of times by early afternoon. “Biden’s presidency could be our downfall. Trump seems to be our only hope of recovery,” one read. Many pointed to a fake article with the headline “Businesses Chooses Trump and a Great America” that claimed businesspeople from Silicon Valley and beyond were lining up to support Trump. Laundering propaganda through Kremlin-created or approved news outlets is a tried and true tactic, but this campaign has taken on a modern twist. It uses a fake website that credibly imitates a legitimate news outlet, sharing links through a network of seemingly automated accounts in a way that is not easily detected by platforms and researchers. Another article shared by accounts in the network with the headline “Mission: Almost Impossible” included an argument that President Joe Biden would need only to remain on his feet to win the debate and that Democrats were plotting to steal the election. It also included dehumanizing language about immigrants, in furtherance of the conspiracy theory of widespread illegal voting by immigrants. Efforts to manipulate social media discussion around the debate — arguably the first major event of the campaign season — underscore the warnings that many researchers, technologists and political scientists have issued regarding the threat that disinformation continues to pose, particularly as technology platforms have pulled back on moderation efforts. The fake version of the Fox News website along with the accounts on X also highlight how foreign manipulation efforts have evolved in recent years. The fake website looks almost identical to Fox News’ real website, and the fake article uses the name of a real Fox News reporter. “The story is fake,” a Fox News spokesperson confirmed in an email. The X accounts are also more convincing than previous manipulation efforts that often posted in broken English and used similar or identical phrases across dozens of accounts. The aims, however, appear to be similar to those from previous election cycles. The doppelgänger network uses X accounts that mostly pose as conservative voters to spread the manufactured articles and ultimately attempt to stoke division in the U.S. Subjects of previous articles have included Taylor Swift, military aid funding to Ukraine and the border crisis. The doppelgänger operation, while prolific in content creation, often fails to reach and engage Americans, C. Shawn Eib, head of investigations at Alethea, said in an email to NBC News. Its latest efforts, “while widespread, do not appear to be gaining substantial engagement from authentic U.S. audiences.”
Meet Bill and Melinda Gates' Gen Z daughter Phoebe, a Stanford graduate and activist who's dating Paul McCartney's grandson 2024-06-27 20:37:39+00:00 - Phoebe Gates is the youngest daughter of Bill and Melinda Gates. Bill and Melinda Gates. Getty/Scott Olson Bill Gates and Melinda French Gates, who married in 1994 and divorced in 2021, have three children: Jennifer, 28, Rory, 25, and Phoebe, 21. The children all went to Seattle's Lakeside School, a private high school their father also attended, and are now on different trajectories. Jennifer is a decorated equestrian who just graduated from medical school, while Rory is a congressional analyst, according to a 2023 Puck report. While her brother stays out of the spotlight, Phoebe is sharing her life online, and has ambitions in the fashion industry. The three Gates children will inherit at least some of their parents' wealth: Bill Gates has said he plans to leave them "only" $10 million each. "I definitely think leaving kids massive amounts of money is not a favor to them," Gates said in a 2013 Reddit "Ask Me Anything." "Warren Buffett was part of an article in Fortune talking about this in 1986 before I met him, and it made me think about it and decide he was right." Today, nearly five decades after cofounding Microsoft, Bill Gates has a fortune of about $134 billion, according to Forbes. He left Microsoft's board in 2020 — although is still reportedly "intimately involved" at the company — and has remained focused on the Gates Foundation, which he once ran with French Gates. She also became a billionaire following their divorce.
There's a big Fed inflation reading coming Friday. Here's what to expect 2024-06-27 20:29:00+00:00 - People purchase beverages in a store on a sweltering afternoon in Brooklyn, New York, on the first day of summer on June 21, 2024. There could be some pretty good inflation news on the way from the Commerce Department when it releases a key economic report Friday. The personal consumption expenditures price index, an inflation measure the Federal Reserve watches closely, is expected to show little, if any, monthly increase for May, the first time that would be the case since November 2023. But even more importantly, when stripping out volatile food and energy prices, the core PCE price index, which draws even closer scrutiny from Fed policymakers, is set to indicate its lowest annual reading since March 2021. If that date rings a bell, it's when core PCE first passed the Fed's coveted 2% inflation target during this cycle. Despite a series of aggressive interest rate increases since then, the central bank has yet to wrest the pace of price increases back into its target range. The official Dow Jones forecasts for Friday's numbers are for the headline, or all-item, PCE price reading to come in flat on the month, while core is projected to rise 0.1%. That would compare to respective increases of 0.3% and 0.2% in April. Both headline and core are forecast at 2.6% on a year-over-year basis. Should the core PCE price forecasts transpire, it will serve as a milestone of sorts. "We are in line with [the forecast] that the PCE core pricing data will come in soft," said Beth Ann Bovino, chief economist at U.S. Bank. "That's good news for the Fed. It's also good for people's pocketbooks, although I don't know if people feel it just yet." Indeed, while the rate of inflation has receded precipitously from its mid-2022 peak, prices have not. Since that March 2021 benchmark, core PCE is up 14%. That steep climb and its pernicious effect is why Fed officials are not ready to declare victory yet, despite the obvious progress made since the rate hikes began in March 2022. "Returning inflation sustainably to our 2% target is an ongoing process and not a fait accompli," Fed Governor Lisa Cook said earlier this week. Cook and her colleagues have been circumspect about the timing and pace of rate cuts, though most agree that easing is likely at some point this year as long as the data stays in line. Futures markets are currently pricing in a good likelihood that the Fed will enact its first quarter-percentage-point cut in September, with another to follow by the end of the year. Policymakers at their meeting earlier this month penciled in just one cut. "We do expect softening in the real economy — not falling off a cliff, just softening — that suggests that inflation will be softer as well later on. That gives us reason to expect the Fed will be able to likely have their first cut in September," Bovino said. "Now we all know it depends on the data and the Fed is still watching," she added. "Could they wait? Could it just be a one and done this year? I can't rule it out. But it does look like the numbers might give the Fed cover to cut rates two times this year." In addition to the inflation numbers, the Commerce Department at 8:30 a.m. ET will release figures on personal income and consumer spending, with estimates at a rise of 0.4% and 0.3%, respectively.