Top news of the day. U.S. midterm elections on November 3, six days away.  Hope they are held and results accepted. As I mentioned yesterday, Israel is on a path to select two leaders, prime minister and president.  Could be named today, or next week, or by the end of the year.  If delayed that long, there will a second set of Knesset elections.  In the meantime, Benjamin Netanyahu carries on as Prime Minister.  The Federal Reserve voted 10-2 to hold its benchmark interest rate within the current 3.75%-4.00% range, acknowledging that inflation remains elevated.  If there was any added hint, it is that further rate hikes will still be coming on top of this high level today.  As you know, Kevin Wharsh replaced Jerome Powell as chairman in May. In a way, the roots of this series about the science to stop and reverse began with a posting on 8May2016, more than a decade ago, about how life began.   If you click on that article, at the very end I cong...

Before my hurricane comparison, a few international developments.  I begin with President Donald Trump, here with South Korean President Lee Jae Myung.  From  Time : Like other political and business leaders around the world,   South Korean President Lee Jae-myung   looked to lavish the U.S. President with a gift, a thinly veiled attempt to get to his heart. While some, like   Japan’s Prime Minister who met Trump on Tuesday , have lavished him with   golf clubs , and others have flattered him with honorary   medals and trophies , Lee presented the man who earlier this year   proclaimed himself “king” on a fake TIME magazine cover   with a gold crown . That photo above is gift of gold crown to Trump to commemorate a golden age of the Korea-U.S. alliance.  Note Lee's special gold tie.  A replica of a 1000-year old Korean kingdom crown.  Symbolizes the divine connection between authority of the heavens and sovereignty on eart...

This could well be my most humdrum posting ever.  Today, I will try to simplify all you need to know about the Federal Reserve System.  Why? The Federal Reserve today cut the interest rate for the first time this year.   President Trump's political pressure and weakening labor market were reasons.   The U.S. lost jobs in June. So far this year, the economy has added 598,000 jobs, compared with 1.4 million for the first eight months of 2024. The unemployment rate also ticked higher last month to 4.3%, a level not seen since September 2017 outside of the Covid-19 pandemic. The cut was from 4.25% to 4%.  I did not know there were so many members on the Committee, but the vote was 11-1.  The dissenter was newly appointed governor ( members are called governors ) Stephen Miran.  He wanted a reduction of half a percent.  Trump has two others on the panel, and they went for the quarter point.   This lower rate should help businesses hire, ...