Fed set to cut interest rates; fee to pay college athletes

WASHINGTON (AP) — Having all but tamed inflation, the Federal Reserve is poised to do something Wednesday it hasn’t done in more than four years: Cut its benchmark interest rate, a step that should lead to lower borrowing costs for consumers and businesses. And yet an unusual air of uncertainty overhangs this week’s meeting: It’s unclear just how large the Fed’s rate cut will be. Wall Street traders and some economists foresee a growing likelihood that the central bank will announce a larger-than-usual half-point cut. Many analysts foresee a more typical quarter-point rate cut. 

NEW YORK (AP) — Sean “Diddy” Combs has been ordered held without bail in his federal sex trafficking case. U.S. Magistrate Judge Robyn Tarnofsky made the decision Tuesday after hearing lengthy arguments from prosecutors and Combs’ lawyers. The music mogul pleaded not guilty to racketeering conspiracy and sex trafficking. 

NEW YORK (AP) — In what appeared to be a sophisticated, remote attack, pagers used by hundreds of members of Hezbollah exploded almost simultaneously in Lebanon and Syria. The attack killed at least 12 people, including two children, and wounded thousands more. 

NEW YORK (AP) — Tupperware Brands has filed for Chapter 11 bankruptcy protection. The company that revolutionized food storage decades ago says it plans to continue operating and will seek court approval for a sale. 

A key employee who labeled a doomed experimental submersible unsafe prior to its last, fatal voyage testified Tuesday that the tragedy could have been prevented if a federal safety agency had investigated his complaint. David Lochridge, OceanGate’s former operations director, said he felt let down by the Occupational Safety and Health Administration’s decision not to follow through on the complaint. 

In other news:

• Trump holds first event since an apparent assassination attempt while Harris does a rare interview.
• Florida will launch criminal probe into apparent assassination attempt of Trump, governor says.
• Harris condemns Trump's rhetoric, says voters should make sure he 'can't have that microphone again.'
• Senate Republicans again block legislation to guarantee women's rights to IVF.
• The FBI is investigating suspicious packages sent to election officials in more than a dozen states.
• Radio Nikki Haley launching a weekly SiriusXM radio talk show at least through January.
• US military acknowledges Yemen's Houthi rebels shot down 2 MQ-9 Reaper drones.
• US retail sales ticked up last month in sign of ongoing consumer resilience.
• Boeing says it's considering temporary layoffs to save cash during the strike by machinists.
• US court upholds British socialite Ghislaine Maxwell's sex trafficking conviction.
• A Southern California man pleads not guilty to setting a fire that exploded into a massive wildfire.
• Major League Baseball playoff races continue, the WNBA regular season is nearing a conclusion, an NCAA university is adding a fee to football tickets next season, the Dolphins place their starting quarterback on IR, and the Chiefs bring back a former standout.

—The Associated Press

About this program

Host Terry Lipshetz is managing editor of the national newsroom for Lee Enterprises. Besides producing the daily Hot off the Wire news podcast, Terry conducts periodic interviews for this Behind the Headlines program, co-hosts the Streamed & Screened movies and television program and is the former producer of Across the Sky, a podcast dedicated to weather and climate.