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How much will the Fed cut interest rates? Experts weigh in
Borrowers eager for the Federal Reserve to abandon high interest rates could not have scripted a better four-word declaration than the one on Friday from Fed Chair Jerome Powell: "The time has come." Powell indicated that the Fed would soon bring interest rates down from a 23-year high. The shift could lower borrowing costs for everything from credit cards to auto loans to mortgages. The pace and scale of rate cuts remains unknown, however. A cautious approach could leave borrowers saddled with high costs for the next several years while an aggressive reset could ease loan rates substantially within months. "The question now is how far and how fast should the Fed cut rates?" Mark Zandi, chief economist at Moody's Analytics, said in a post on X on Sunday.
NYPD prepares for possible US Open security threats
Nearly one million spectators are expected to attend the US Open, which begins Monday in Queens, New York. Although a new assessment warns that large events "remain attractive targets for attacks by violent extremists and malicious actors," the NYPD said there are currently no known causes for concern. "There are no specific or credible threats to the US Open. However, we're in a different threat environment than we were last year at this time. And so when we are collectively thinking through all of the measures that we're putting in place around this US Open, we are mindful of what's...
Attendee dies on 1st day of Burning Man Festival, cause of death not released
Authorities are investigating the death of a female attendee who died on the first day of the Burning Man Festival in Nevada's Black Rock Desert. Burning Man’s emergency services personnel found the victim unresponsive around 11:30 a.m. Sunday, according to the Burning Man Project. Deputies responded and confirmed her death, Pershing County Sheriff Jerry Allen said. "This death will remain under investigation until a Cause and Manner can be determined, which will be updated at the conclusion of an autopsy," Allen said in a statement. Her name and age have not been released, pending notification of next of kin.
Dangerously high temperatures to take over Midwest, excessive heat warning issued in Chicago
Thirty-eight million people are under heat alerts Monday as dangerously high temperatures are set to take over the Midwest. An excessive heat warning has been issued in Chicago, where the heat index -- what the temperature feels like with humidity -- could reach a scorching 110 degrees on Monday and Tuesday. The cities of Minneapolis; Madison, Wisconsin; and Omaha, Nebraska, are also under excessive heat warnings. The heat index may climb as high as 115 degrees in these cities on Monday. In Detroit, public schools will be released three hours early on Monday and Tuesday due to the heat.
Mate Rimac is going to revolutionize the auto industry. Then he will take a vacation.
Mate Rimac has a tall order: trying to convince drivers that electric supercars are superior to combustion vehicles. Rimac, the 36-year-old engineering savant from Croatia who started his namesake company 15 years ago, recently pulled the sheet of his latest creation: the Nevera R, an aerodynamically perfected supercar designed to hug every tight corner and give maximum driving pleasure. The performance numbers are nearly impossible to comprehend: 2,107 horsepower and a 0-60 mph time of 1.74 seconds. This insanely powerful supercar is breaking industry records. There are, however, snags in Rimac's master plan. He has acknowledged that turning enthusiasts to electric proselytes could take months, if not years. Rimac spoke to ABC News earlier this month about the challenges of selling his seven-figure sports cars, taking over French marque Bugatti as CEO and why government officials are making a mistake by pushing electric-vehicle mandates. He's also a big supporter of autonomous driving.
SpaceX's Polaris Dawn mission poised to make history with first civilian spacewalk
Embarking on a new chapter of private space exploration, the Polaris Dawn mission is poised to make history this week by launching four private citizens into ultra-high orbit and attempting the first civilian spacewalk. Led by billionaire Jared Isaacman and in collaboration with SpaceX, the crew aims to reach as far as 870 miles above Earth, the highest altitude of any human spaceflight mission in more than a half-century since the Apollo program. SpaceX announced Sunday the Falcon 9 rocket that will carry the Polaris Dawn crew to orbit could launch as early as Tuesday at 3:38 a.m. ET from NASA's Kennedy Space Center in Florida. Isaacman, the CEO of the payment-processing company Shift4, will be joined by former Air Force pilot Scott "Kidd" Poteet and two SpaceX engineers, Anna Menon and Sarah Gillis.
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