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The Federal Reserve cut interest rates for the third time this year as the US economy continued slowing amid ongoing trade disputes and weak global growth.The federal funds rate, which affects the cost of mortgages, credit cards and other borrowing, will now hover between 1.5% and 1.75%.It isn't clear whether the move will be enough to head off another rate cut in December, the final meeting of the year. Federal Reserve chairman Jerome Powell is set to speak at a press conference later Wednesday afternoon. 523
The device looks similar to a taser, but acts more like a lasso with more and more police officers are adding it to their belt.“It will, much like a boomerang, wrap around the individuals extremities and prevent the individual from moving,” Los Angeles Police Department Chief Michel Moore said.LAPD is the most recent, and largest, police department to test the product. And their officers have to go through four hours of training to use it.“How could we provide the best tools and best options so officers would not have to resort to force, particularly deadly force,” Moore explained.Dozens of police departments around the U.S. are testing or have purchased the remote restraint device, including Sacramento, California, Fort Worth, Texas, and Minneapolis, Minnesota to name a few.“This tool is meant to be used early on in an encounter without causing pain to an individual,” Wrap Technologies Chief Operating Officer Mike Rothans said. He is a retired assistant sheriff with two children who work in law enforcement. The device works by releasing a cord that wraps around a person 20 to 25 feet away. On the end, there are metal anchors. The cord comes out of the device at 513 feet a second. At 10 feet, it drops to 270 feet a second.The devices costs ,000 a piece and are per use.“All you feel is maybe a metal slap from the anchors around each end of the cord. But it doesn’t really cause any pain,” Rothans said.Not everyone is convinced.What happens when someone’s in shorts or they’re in a skirt? What if they accidentally get someone’s neck?,” Cat Brooks, Co-founder of the Anti-Police Terror Project, explained. APTP is a coalition that works toward ending police terror.“We need to be transforming the way law enforcement engages with our community, not what weapons they have to be able to do so,” Brooks said.Rothans explained that one scenario the BolaWrap can be used in, is in the case of confronting someone dealing with a mental health problem.“Basically the issue with the mentally ill or dealing with people in crisis, isn’t unique to one particular area in the U.S.. It’s the same issue we see in small towns in Minnesota, or big cities like New York or Los Angeles,” he said. “Police officers have really become the de facto social services”People with severe mental illness are involved in at least one in four fatal police shootings, according to a study done by the Treatment Advocacy Center.“There’s really no reason to send a badge and a gun into that situation when you can send a mental health professional,” Brooks said.For officers, Rothans says this is a safer option that buys the responder some time.“This restricts their mobility and slows that individual down to allow officers to put a plan into place,” he explained.“There’s no perfect scenario or perfect formula,” Moore said during his press conference announcing the use of the device. 2899
The Dow Jones Industrial Average has been on a wild ride in recent weeks, with record drops and record gains becoming the norm. On Tuesday, the market had another record day. On Tuesday, the index gained more than 2,000 points for the first time in the history of the index, climbing back above 20,000 points to finish the day at 20,685. Overall, the Dow has lost about 8,000 points in the last six weeks. A number of companies that have seen massive losses in the last six weeks regained some ground on Tuesday, including Disney, Boeing, America Express and Visa. It was a better day for oil, which has been hard hit in recent weeks. Chevron shares jumped 18% on Tuesday. 685
The 20-degree wind chill isn’t stopping Herb Bardavid from walking the streets. He's hoping for his next meaningful interaction. With a camera in his hand, Bardavid is hoping to meet a stranger and tell their stories. But it’s not just any stranger. Bardavid interviews New York’s seniors, people over the age of 70, because he believes they all have something to say and a story to tell. “I look at people walking in the street and I want to photograph them and be able to tell their story,” he says. With their permissions, Bardavid puts their stories, along with the photos he takes, on his blog called "Getting Old and Getting Out in New York City."“The elderly in New York tend to be invisible,” he explains. “People look past them.“And I think it’s important to recognize the elderly and their individuality and their importance and their need to be part of society.” Bardavid himself is 75 years old. Despite the calm voice of the semi-retired therapist, people don't always stop when he approaches. “I would say 60 percent of the people I stop are willing to talk to me,” Bardavid says. Or they'll stop and chat, but they don’t want their photo taken, he says.On this cold day, Bardavid is getting even less interviews. "I think we hit the 40 percent today," he says. But just as his walk was nearing an end, he got one more individual to tell their story. “My feeling is everyone's got a story,” Bardavid says. 1433
The average 401(k) balance rose 17% last year to 2,300 from the end of 2018, according to a review of 17.3 million accounts by Fidelity Investments. The average individual retirement account, or IRA, balance rose the same percentage to 5,400.Surging markets around the world were a big reason for the growth: The S&P 500 index had one of its best years in decades with a 31.5% return. Investments of all types logged gains, from junk bonds to stocks from developing economies.But workers’ better savings habits also played a big role.Fidelity said the average worker set aside 8.9% of their pay in their 401(k) in the fourth quarter, a record. Combined with employer matches, the average total savings rate was 13.5% in the quarter, tying its record last reached in the spring of 2019.“Nobody can control the market, so the behaviors of people contributing to their 401(k)s are what get us the most excited,” said Katie Taylor, vice president of thought leadership at Fidelity. “We have people saving 13.5%, which is really close to the 15% that we recommend. That’s a great story.”In many cases, workers may not even realize they’re saving more. Most employers give the option for workers to automatically increase their contributions each year, without having to do anything. Some employers even automatically sign up their employees for these auto-escalation programs, requiring them to opt out if they don’t want their contribution levels to steadily rise.Such features are on top of programs where employers automatically enroll new hires in the 401(k) plan. They all lean on the power of inertia to help workers build up bigger nest eggs. It’s a sharp turnaround from earlier years when workers had to take an extra step to join the 401(k) plan and fill out paperwork whenever they wanted their contribution levels to change.“There’s always a way, if you don’t want to do it, where you can unenroll, but these automatic programs have been a game changer,” Taylor said.Consistent contributions — and giving them time to grow — are keys to building bigger portfolios. Among workers who have been in their 401(k) plan for 10 straight years, the average balance rose to a record 8,200, according to Fidelity.Such figures, though, count only people who have a 401(k). Many lower-income workers, particularly at smaller employers, could not save in a 401(k) even if they wanted to because their companies don’t offer access to one. Legislation passed late last year aims to make it easier for smaller employers to band together and offer plans.Nearly half of all U.S. households aged 55 and over, 48%, had no retirement savings at all as of 2016, according to estimates from the Government Accountability Office. 2737