I m ritika gupta. Welcome to business today, live from New York, us shares have made a strong start this thursday as investors wrap their heads around Thatjumbo Half Percent cut in Interest Rates from the Federal Reserve and later comments from chairjerome powell. Was it a Panic Measure in response to a sharp slowdown in the economy . Traders remember similar moves just before the Dotcom Crash the Global Financial Crisis and the pandemic. Well, in his Press Conference Mr powell was keen to dispel any such negative thoughts. The us economy is in a good place and our Decision Today is designed to keep it there. More specifically the economy is growing at a solid pace. Inflation is coming down closer to our 2 objective over time and the Labour Market is still in solid shape. Our intention is really to maintain the strength that we currently see in the us economy. Lets bring in steven schoenfeld, ceo of financial Data Provider marketvectors here in New York. We see equities rallying today.
Caution at the Bank Of England. It keeps Interest Rates on hold but the governor tells us they are optimistic that Borrowing Costs are on the Path Down. Over on Wall Street though the party is back on. Shares hit a new Record High as the fed says the economys in a good place despite Itsjumbo Rate cut billion dollar breaks Australias Economy rides a wave of interest in surfing. It is the government fully with the sport . All those puns to come a little later in the programme. We start here in the uk where the bank of England Governor Andrew Bailey has said Interest Rates are now gradually on the Path Down despite the Banks Decision to keep the cost of borrowing on hold today. The banks main rate was left at 5 after it was cut last month for the first time in more than four years. The bank ratcheted up Interest Rates to try and control inflation which hit a peak of 11. 1 back in 2022. Since then inflation has been brought down significantly its sitting just above the banks target curre
Diverting forces, resources And energy towArds the north. These events confirms thAt there is A serious risk of A drAmAtic escAlAtion in lebAnon, And everything must be done to Avoid thAt escAlAtion. Hello And welcome. On the context in the next hour. After A second dAy of deAdly explosions Across lebAnon, tArgeting hezbollAh, well be live injerusAlem, lebAnon And wAshington. IsrAeli leAders sAy theyre opening A new phAse in the wAr, And the Centre Of GrAvity is shifting to the north. Well Ask whAt does thAt meAn . Also on the progrAmme the us CentrAl BAnk goes big with its first Interest RAte Cut in four yeArs, lowering its key Lending RAte by hAlf A PercentAge Point. And who is briefing AgAinst the LAbour Chief of stAff Sue GrAy And why . As the bbc is told she eArns more thAn her boss the prime minister. We stArt in lebAnon, where theres been A fresh wAve of explosions Across the country, which hAve killed At leAst 1A people, with more thAn A50 injured. HAnd held rAdios or WAlkie TA
Joining me tonight are political Strategist And Commentator Rina Shah and columnist for the i and former Labour Executive Director of Policy Andrew Fisher first , the latest headlines. Israels Defence Minister has said the military is opening a new phase in the war, and will be diverting troops and resources northwards. Yoav gallant was speaking to troops at an airbase near the border with lebanon. It comes as 14 people have been killed and at least a50 injured in further explosions across lebanon involving Walkie Talkies. The us Federal Reserve has cut Interest Rates by half a Percentage Point in its first reduction since the pandemic. It puts the Central Banks benchmark Lending Rate at between 4. 75 and 5 , sharply lowering the cost of borrowing with less than 50 days to go until the us president ial election. The Foreign Office has summoned the russian ambassador to the uk over the expulsion of six british diplomats from moscow. A spokesperson Accused Moscow Of Making malicious and
Live from london this live from london this is business todAy. Is business todAy. We stArt in the Red SeA where irAn bAcked Yemeni Houthi rebels AttAcked two more Crude Oil TAnkers with missiles And drones on mondAy in whAt us CentrAl CommAnd cAlled Reckless Acts of terrorism. LAte lAst week the group releAsed these pictures of Another AttAck on the greek flAgged tAnker sounion. Since the houthis begAn tArgeting ships in support of the pAlestiniAns over the GAzA WAr bAck in november they hAve lAunched more thAn 70 AttAcks, sinking two vessels, Seizing Another And killling At leAst three seAfArers. The economic impAct hAs been felt fAr beyond the region with ships forced to divert on A long And costly detour Around the horn of AfricA. West coAst soAred 389 Betwen December And july. From AsiA to europe its been even more expensive up 469 over the sAme period. Those prices hAve eAsed A little since but Are still mAssively higher thAn when the houthis begAn their AttAcks. Peter sAnd is Chi