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New York Times
a minute ago
- New York Times
Weak Jobs Report Raises Chances of a September Interest Rate Cut
The strength of the labor market has been one of the main reasons that Federal Reserve policymakers have felt comfortable waiting to cut interest rates in recent months. The surprisingly weak jobs report on Friday is likely to change that equation. Jerome H. Powell, the Fed chair, described the labor market as 'solid' as recently as Wednesday, pointing to the low unemployment rate and solid job gains to justify the central bank's decision to hold interest rates steady for the fifth consecutive meeting. But the data on Friday called that assessment into question. The unemployment rate ticked up only slightly, to 4.2 percent. But large downward revisions to job growth in May and June suggested that the labor market has not been as strong in recent months as policymakers believed. Fed officials have said repeatedly that their decision on whether and when to resume lowering interest rates would depend on data on both employment and inflation. On Wednesday, Mr. Powell reiterated that the Fed was prepared to act quickly if the labor market showed signs of weakening. 'Downside risks to the labor market are certainly apparent,' he said. Not all Fed officials were prepared to wait. Two Fed governors, Christopher J. Waller and Michelle W. Bowman, dissented from the Fed's decision this week, saying they preferred to lower rates a quarter-point. In statements released Friday, both governors cited concerns about the labor market as reasons for their dissents. 'Private-sector payroll growth is near stall speed, and other data suggest that the downside risks to the labor market have increased,' Mr. Waller wrote. He added that, with inflation still tame, 'we should not wait until the labor market deteriorates before we cut the policy rate.' President Trump also seized on the report to continue browbeating the Fed and Mr. Powell to cut. Using the nickname Mr. Trump has given Mr. Powell, the president said 'Too Little, Too Late. Jerome 'Too Late' Powell is a disaster. DROP THE RATE!'
Fast Company
a minute ago
- Fast Company
How my child acting career made me a better leader
FAST COMPANY EXECUTIVE BOARD Too often, we compartmentalize childhood as separate from adulthood. But those early instincts and experiences often hold clues to our deepest strengths. [Mulad Images, toonsteb/ Adobe Stock] The Fast Company Executive Board is a private, fee-based network of influential leaders, experts, executives, and entrepreneurs who share their insights with our audience.
Forbes
a minute ago
- Forbes
Musk Gave $5 Million To MAGA PAC In June—A Day Before He Attacked Trump's ‘Insane And Destructive' Spending Bill
Elon Musk donated $5 million to a pro-Trump PAC in late June in an apparent effort to mend fences with President Donald Trump after they publicly feuded over the president's signature spending bill, a brief truce that fell apart again last month as the billionaire announced plans to form a third party and resumed his attacks against the president and his administration. Billionaire Elon Musk donated $5 million to a pro-Trump PAC in June. Getty Images Federal Election Commission filings published on Thursday showed Musk gave $5 million to the pro-Trump MAGA Inc. PAC on June 27. On the same day, the world's richest person also gave $5 million each to the Senate Leadership Fund and Congressional Leadership Fund, both of which support GOP candidates. The filings only cover the first six months of 2025, and it is unclear if Musk made any further contributions to the PAC in July before their feud reignited. Musk has not commented on the $15 million donations and has since announced the launch of his America Party to take on both the GOP and Democrats. No major follow-up announcement has been made about the party since then, and a key Tesla investor has claimed 'nothing of substance' has been filed with the FEC. The feud between Musk and Trump first broke out in early June, just days after the president's former 'first buddy' exited his role as a 'special government employee' overseeing efforts to slash government spending. The relationship between the two soured almost immediately as Musk began attacking Trump's signature spending bill. Trump eventually responded by suggesting Musk had 'Trump Derangement Syndrome.' The feud then spiralled into a war of words on social media, with Trump threatening to scrap Musk's government contracts and subsidies and the billionaire alleging in a now-deleted tweet that the president's name was in the so-called 'Epstein List.' While Trump didn't respond to Musk's Epstein jibe initially, the White House has since firmly pushed back on reports his name is in the Epstein Files. After the initial blowup, there appeared to be a brief truce between the two as Musk expressed regret about some of his posts and said they went 'too far.' Musk made the donations to the pro-Trump and GOP PACs during this truce. But after the feud blew up again in July, Musk announced the formation of his 'America Party,' a move that Trump labeled as 'ridiculous.' Musk responded by dredging up the issue around disgraced financier and convicted sex offender Jeffrey Epstein's case again. What Do We Know About The Timeline On Musk's Donations? The filings show all three donations from Musk were made on June 27. Just one day later, the billionaire blew up a three-week detente between him and Trump as he attacked the president's signature spending bill again. In a post on X, Musk said Trump's One Big Beautiful Bill was: 'Utterly insane and destructive. It gives handouts to industries of the past while severely damaging industries of the future.' A couple of days later, Musk ramped up his attacks on the GOP for backing the bill, which would add trillions to the national debt and called them the 'PORKY PIG PARTY!!' Musk also warned: 'If this insane spending bill passes, the America Party will be formed the next day.' The billionaire also vowed that 'Every member of Congress who campaigned on reducing government spending,' and backed the spending bill, 'will lose their primary next year if it is the last thing I do on this Earth.' Just like Musk's apparent peace offering in June, the president also appeared to extend an olive branch towards Musk last week, amid pressure from his base and Democrats to release the so-called Epstein files. In a post on Truth Social, Trump wrote: 'Everyone is stating that I will destroy Elon's companies by taking away some, if not all, of the large-scale subsidies he receives from the U.S. government. This is not so!' The president, who has repeatedly threatened to scrap Musk's government contracts and subsidies since the two former allies began feuding publicly last month, insisted that he wants Musk to 'THRIVE like never before.' The overture, however, was quickly dismissed by Musk, who tweeted: 'The 'subsidies' he's talking about simply do not exist.' Referring to Trump simply as 'DJT', the billionaire said the president has 'already removed or put an expiry date on all sustainable energy support while leaving massive oil & gas subsidies untouched,' a dig at the president's signature spending legislation scrapping the $7,500 federal EV tax credit. He also rejected the suggestion that his rocket company, SpaceX, was receiving favorable treatment, noting 'SpaceX won the NASA contracts by doing a better job for less money,' and moving those contracts to other companies 'would leave astronauts stranded and taxpayers on the hook for twice as much!' Big Number $193 million. That is the amount Musk donated to his America PAC through Election Day last year to help support Trump's candidacy. Further Reading 'Subsidies…Do Not Exist': Musk Dismisses Trump's Apparent Overture Wanting Him To 'Thrive' (Forbes) The Musk Vs. Trump Feud: Timeline (Forbes)
