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Top News

Fed cuts interest rates by half point, signals two additional cuts this year

The Federal Reserve cut interest rates by 50 basis points, reducing the benchmark rate to 4.75%-5.0%, marking the first policy easing since 2020. The decision, made after a split vote, signals the end of the Fed's aggressive inflation-fighting campaign. Fed officials project two more cuts in 2024 and four in 2025, with potential additional cuts in 2026.

Fed Chair Jerome Powell emphasized broad support for the move and rejected the notion that the Fed was "playing catch-up" as the labor market cools. Despite slowing job growth, Powell highlighted the Fed's confidence in inflation's downward trend.

Mortgage and refinance rates today, September 18, 2024: Rates have plummeted and should continue falling

Mortgage rates have been trending downwards, with fixed rates falling significantly since early August. The average 30-year fixed rate has dropped by 55 basis points, while the 15-year fixed rate is down 54 basis points. This decline has been driven by expectations that the Federal Reserve would cut interest rates, which it did by 50 basis points at its latest meeting, with more cuts expected in 2024 and 2025. As a result, mortgage rates are expected to continue decreasing.

Here are the current mortgage rates:

- 30-year fixed: 5.58%

- 15-year fixed: 4.86%

- 5/1 ARM: 5.99%

- 30-year FHA: 4.66%

- 30-year VA: 4.97%

Refinance rates have followed a similar trend, with the 30-year fixed refinance rate at 5.55%.

Though the Federal Reserve doesn't directly control mortgage rates, its actions influence the 10-year Treasury yield, which moves closely with mortgage rates. Therefore, as the Fed cuts rates, mortgage rates are likely to decrease further.

YouTube launches Communities, a Discord-like space for creators and fans to interact with each other

YouTube has introduced a new feature called "Communities" during its Made On YouTube event. This space is designed to allow creators and their subscribers to interact more deeply, similar to how platforms like Discord or Reddit operate. Within a creator's channel, viewers can now share their own content, such as videos or photos, and engage in discussions with other fans over shared interests. This moves beyond just commenting on videos, creating a more interactive environment. Initially, the feature will be available exclusively to subscribers, offering a dedicated place for fans to connect with each other and the creator.

Animal Fat Was Used In Tirupati Laddoos, Says Chandrababu Naidu; YSR Congress Refutes

Andhra Pradesh Chief Minister Chandrababu Naidu has alleged that animal fat was used in the famous Tirupati laddoos under the previous YSR Congress government, instead of ghee. He claimed this compromised the sanctity of the Sri Venkateswara Temple's offerings and meals, but his government is now restoring purity by using pure ghee. The YSR Congress dismissed these allegations as malicious and accused Naidu of trying to damage the temple's reputation.

Movie News

Stree 2 Becomes Highest-grossing Hindi Film Ever In India BO

Shraddha Kapoor's Stree 2 has broken box office records, earning over Rs 586 crore in India, making it the highest-grossing Hindi film ever. The horror-comedy surpassed Shah Rukh Khan’s Jawan in just 34 days, while Jawan took 57 days to achieve similar success. Additionally, Stree 2 has collected Rs 130 crore overseas, although it trails behind other blockbusters like Pathaan and Jawan in international markets.

Jani Master is in a Real Deep Mess!

Choreographer Jani Master is facing serious legal trouble due to a sexual assault case filed by a colleague, with substantial evidence reportedly provided. Jani Master is currently absconding, and legal experts suggest it will be difficult for him to avoid prosecution given the severity of the charges. His team claims the case is politically motivated, but this defense seems weak as more victims may come forward. The case has drawn significant attention and could have lasting consequences for Jani Master’s career and reputation.

Ram Charan’s Game Changer: Thaman reconfirms the release date

Ram Charan's much-anticipated political drama Game Changer, directed by Shankar, is set for a December 20, 2024 release. The film's music composer Thaman recently confirmed that background score sessions will begin in October. Starring Bollywood actress Kiara Advani as the female lead, the movie also features SJ Suryah, Anjali, and others in key roles. Produced by Dil Raju, this big-budget pan-India project has generated significant buzz, despite earlier delays in production. Fans can now look forward to its Christmas release.

Theatre Releases

Source: Filmibeat