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The Federal Reserve is poised to cut interest rates on Wednesday for the first time since the 2008 financial crisis to extend the longest economic expansion in US history.The move would come despite a strong US economy. But some cracks are beginning to show: The global economy is softening, American manufacturing is slowing, and the global trade war isn't helping matters.But a potential rate cut would also follow months of pressure from President Donald Trump, who has broken with his predecessors' practice of walling off the central bank from politics.Jerome Powell, the chairman of the world's most influential central bank, has repeatedly pledged to follow economic data, and policymakers have become increasingly worried that uncertainty, caused in part by the President's trade wars with China and other countries, will hamper global growth and dampen investment."We are carefully monitoring these developments and assessing their implications for the US economic outlook and inflation, and will act as appropriate to sustain the expansion," Powell reiterated in remarks delivered at a French government conference in Paris on July 16.Even before the central bank signaled the possibility last month, investors had already priced in a reduction in the federal funds rate, which influences the cost of mortgages, credits cards and other borrowing. Those expectations piled on additional pressure on the Fed to move at this week's meeting to avoid rattling markets with an abrupt change in course.The Fed chairman has brushed off such pressures -- political or otherwise -- arguing the Fed is "insulated" from such demands as an independent institution outside of the control of the White House and whose decisions are informed by incoming economic data.The Fed last raised rates in December but has backed off plans for further tightening.In June, Powell began to make the case that the Fed, like other central banks, around the world needed to act earlier to get ahead of any economic weakness especially given how low interest rates currently are -- a reversal from his previous stance."If you see weakness, it's better to come in earlier rather than later," Powell said at an appearance before the Council on Foreign Relations in New York. "I think most central banks would want to act preemptively and let a downturn gather steam, in a sense, the thought being an ounce of prevention is worth a pound of cure."That message has been echoed by other top officials, including Federal Reserve Bank President William Dudley.Efforts by the Fed to prevent an economic downturn is unlikely to win a reprieve from the White House. A day before policymakers were set to gather for their two-day interest-setting meeting in Washington this week, Trump chastised the Fed for making "all the wrong moves," adding, "a small rate cut is not enough."Trump has kept up a year-long relentless attacks against the Fed, often lamenting he regrets appointing Powell for the role, and going so far as to threaten to fire him. He's called the central bank his "biggest threat" and accused them of behaving like a "stubborn child" for refusing to cut rates and keeping credit too tight.It will be up to Powell during his now-routine press conference to justify the decision to plow ahead with a rate cut given some prevailing strength in the economy. Since their last meeting in June, the data has consistently surprised to the upside with stronger-than-expected job gains, retail sales and economic growth in the second quarter.Wall Street analysts also suggest Friday's upcoming jobs numbers will also be an important economic milestone that will determine whether a further rate hike may be coming as early as September as some anticipate."Expect an overall strong report, eroding the case for further cuts, but given the strong easing bias of Fed leaders, much depends on exactly how strong the report is and how they adjust their messaging in response," Josh Wright, iCIMS' chief economist and former Fed staffer said. "'One and done' still seems like an economically justifiable outcome." 4095

The Department of Labor reported Thursday that 1.8 million Americans filed initial claims for unemployment during the week ending May 30, bringing an 11-week total to about 42 million. 196

The 5-year-old boy who was thrown off a third-floor balcony at the Mall of America in Minnesota has been transferred from the intensive care unit to rehab, according to a post on his family-run GoFundMe account.The family says the boy, identified only as Landen, "has endured so much already."Landen suffered numerous broken bones, head trauma and severe bleeding, according to 390

The bill is signed and the federal trillion stimulus package is on the way.But many people are still confused and wonder if they will get a check for ,200.Here's what we do know about who will qualify for the stimulus funds laid out the CARES Act, as of April 8.Q: How will I receive my check?For those who received their last IRS tax refund via direct deposit, the money will go directly into their bank account.Those that received their refund the old-fashioned way, a check will come by mail. But that could take several months, the government says.The IRS is supposed to set up a portal on its website in the coming days, where anyone can update their bank account.Q: Will I qualify for a ,200 stimulus check?About 90% of adults should qualify for an initial ,200 stimulus payment, with a second payment possible later this spring. If they qualify:Individuals will receive a check for ,200.Married couples will receive a check for ,400.Each dependent child will receive 0 (payable to their parents). If your child is a college student who works a job, the rules are still murky as to who gets the check.Q: Who does not qualify for a check?High-income individuals will not receive a check.Benefits will phase out starting at ,000 in Adjusted Gross Income.Singles earning more than ,000 (Adjusted Gross Income) in 2019 will not receive any check.Married couples earning more than 8,000 in 2019 will not receive any check.Q: What if you owe back child support or back taxes?Right now, it does not appear the government will take anything out of stimulus checks for unpaid taxes or other government liens.However, the Wall Street Journal says back child support will likely be taken out of checks.Q: What if you get Social Security and do not file taxes?Seniors on Social Security and younger people on disability will now qualify for a check automatically.Those that receive Social Security do not have to file any tax forms, and the check will go to the same bank account (or mailbox) where they receive monthly benefit checks.However, younger people with very little income and not file taxes must have filed taxes last year or this spring in order to receive a check. That check will be based on your 2018 or 2019 tax return. So younger people must file a 1040 this spring, or the government has no way of knowing if they qualify.Q: What if some of your income is unreported cash?That should not affect the checks, as they are based on the last tax return a person has filed.Q: When will I receive my money?Congressional leaders hope to have the first checks heading to bank accounts in the next week or two. However, if the IRS does not have a bank account number on file, it could be three months before paper checks arrive.As always, don't waste your money._______________________________Don't Waste Your Money" is a registered trademark of Scripps Media, Inc. ("Scripps"). 2917

The already-delayed professional sports seasons in North America could be on hiatus for significantly longer than first planned after federal officials said Sunday that they recommend all in-person events involving 50 people or more be called off for the next eight weeks.That’s twice as long as the 30-day shutdowns that the NBA, NHL and Major League Soccer decided to put into place last week in response to the global coronavirus pandemic that has already made a deep impact on the U.S. financial markets and has been blamed for at least 64 deaths in this country.Major League Baseball also was going with what essentially was a 30-day shutdown after canceling the rest of spring training and pushing back the start of regular season play for two weeks; opening day was to have been March 26.But new recommendations from the Centers for Disease Control and Prevention on Sunday night seem to suggest that sports in this country could for all intents and purposes be gone until May, if not later.“CDC, in accordance with its guidance for large events and mass gatherings, recommends that for the next 8 weeks, organizers ... cancel or postpone in-person events that consist of 50 people or more throughout the United States,” it said. “Events of any size should only be continued if they can be carried out with adherence to guidelines for protecting vulnerable populations, hand hygiene, and social distancing.”The eight-week window easily exceeds what would have been the remainder of the NBA and NHL regular seasons, plus would cover about the first 25% of the MLB season — or roughly 40 games per team. It would also cast serious doubt on the ability to hold other major U.S. sporting events as planned, such as the Kentucky Derby in early May. The NBA was already bracing to play games without fans in arenas, something that would have started late last week had a player -- Rudy Gobert of the Utah Jazz -- not tested positive for the virus, COVID-19. Utah teammate Donovan Mitchell and Detroit’s Christian Wood have tested positive since, but Gobert’s diagnosis was enough for the league to say that it was suspending play.“I’ve been feeling a little better every single day,” Gobert said in a video posted Sunday. He added, “I wish I would have took this thing more seriously.”Later Sunday, a person with knowledge of the matter said the NBA has sent teams a memo saying players can leave their home markets during the shutdown if they so choose — yet another clear sign that the game’s hiatus is not ending anytime soon. But if those players do leave for another market, they must do so after coordinating plans with their teams and medical advisers.The memo also told teams formal practices will remain off indefinitely, individual workouts at team facilities may continue and detailed other safeguards teams should be taking at this point, according to the person who spoke to The Associated Press on condition of anonymity because the memo had not been released publicly.The NBA has already been asking teams to share availability for their arenas through the end of July, a sign that the league is prepared to extend the season at least that long if necessary — and those moves came a couple of days before the CDC made its latest recommendation. The NBA regular season was to have ended April 15 and the NBA Finals were to have started June 4, with the season done on or before June 21.For most people, the new coronavirus causes only mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia. The vast majority of people recover from the new virus. According to the World Health Organization, people with mild illness recover in about two weeks, while those with more severe illness may take three to six weeks to recover. In mainland China, where the virus first exploded, more than 80,000 people have been diagnosed and more than 58,000 have so far recovered.It’s not just the team sports that have been shut down: Pro tennis and golf have basically been called off for the next several weeks, with such marquee events as Indian Wells and the Miami Open in tennis and The Players Championship and Masters in golf either canceled or postponed. The NCAA men’s Division I college basketball tournament — March Madness — was to release its bracket Sunday and start the now-canceled 68-team tournament Tuesday. The women’s Division I tournament was to have started this week.They’ve all been called off, as have all other winter- and spring-sport seasons at all levels of the NCAA. Most high school state associations have also had to cancel seasons and championships as well. Some minor-league hockey leagues have canceled seasons, and it seems increasingly unlikely that the G League -- the NBA’s minor league -- will resume play this season. Even a polo match in South Florida on Sunday was played without fans or reporters present, with organizers saying they needed to take ultimate precautions.Some NBA players were spending Sunday at home playing video games; Miami’s Goran Dragic posted a video of himself outside his house kicking a soccer ball around. Others, like Golden State’s Stephen Curry, were urging their fans to continue taking the pandemic seriously.“We all have to take responsibility for ourselves and do whatever it takes to #stopthespread,” Curry told his 14.1 million followers on Twitter. “There’s a sense of urgency to flatten the curve and give ourselves and the healthcare system the best chance to get through this pandemic. Share this message and let’s protect each other!”___Follow AP coverage of the virus outbreak at 5700