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Rate Cuts from Jackson Hole?
Jerome Powell, Real Estate Shake Up, and Bad Chicken
Read time: 5-7 Minutes | Total words: 1256
Finance
Powell Heads to the Mountains
The rest wait to see if he talks rate cuts this Friday.
As Jerome Powell and his team prepare for their annual economic pow-wow in Jackson Hole, Wyoming, they find themselves in a very different situation than a year ago. Back then, the big question was how long interest rates needed to stay high to tame inflation. This year, with inflation showing signs of cooling off and the job market slowing down, the question isn't if the Fed will cut rates in September—but by how much.
Investors will be hanging on Powell's every word during his Friday speech at 10 a.m. ET, hoping for hints about the Fed's next moves. Powell has already hinted that a 25 basis point cut is on the table, but he’s been downplaying anything bigger. It’s clear the Fed is watching the labor market closely, and with the unemployment rate creeping up to 4.3% in July, Powell’s tone might shift from last year’s hawkish stance.
As always, the Jackson Hole gathering isn't just about fishing and fresh mountain air—it’s where Fed chairs drop some serious policy knowledge. This year, Powell might revisit the “neutral rate”—that sweet spot where monetary policy isn’t too hot or too cold. Fed watchers are eager to see if he’ll signal a slow and steady rate-cutting path, rather than slamming on the brakes. With market expectations leaning towards a modest quarter-point cut in September, everyone’s keeping an eye on upcoming data, especially the jobs report on September 6th, which could still throw a wrench into the Fed’s plans.
From the Street:
Real Estate
New Way of Doing Business
The National Association of Realtors (NAR) is shaking things up, and sellers might want to take note. As of August 17, sellers and their agents are no longer allowed to advertise how much they’ll pay a buyer’s agent on the MLS. This move aims to curb the long-standing practice of "commission-based steering," where some Realtors might avoid showing homes with lower commission rates. While NAR insists this practice was always against the rules, they claim the new regulations have put any doubts to rest.
These changes didn't come out of nowhere. NAR is responding to a series of antitrust lawsuits accusing them of keeping commissions artificially high by forcing sellers to cover agent fees on both sides of a deal. While NAR denies these allegations, arguing that commissions have always been negotiable, they still agreed to a $418 million settlement and to implement new rules. The final approval for this settlement is expected in November, but the wheels are already in motion.
This could mean reconsidering the standard 3% commission offered to a buyer's broker. But the ripple effects might hit buyers even harder. In hot markets where multiple offers are common, some buyers could find themselves paying their agents out of pocket to sweeten the deal. With these changes, experts are urging homebuyers to read any representation agreements carefully before signing. The landscape is shifting, and for some, it might just mean more out-of-pocket expenses in an already costly process.
Business
167 Thousand Pounds of Bad Chicken
Perdue Foods is recalling a whopping 167,000 pounds of chicken products after discovering a surprise ingredient—metal. Yes, you read that right. The company voluntarily pulled 167,171 pounds of frozen chicken off the shelves after a few unlucky consumers found "foreign material" in their nuggets, according to a company statement.
No one’s reported any injuries or illnesses (thankfully), but Perdue isn't taking any chances. The recall, coordinated with the U.S. Department of Agriculture (USDA), affects three frozen products: Simply Smart Organic Gluten Free Breaded Chicken Breast Nuggets, Breaded Chicken Breast Tenders, and Butcher Box Organic Fully Cooked Frozen Chicken Breast Nuggets. If you’ve got any of these in your freezer with a "best by" date of March 23, 2025, it’s time to check that label for the code P-33944.
So, how did metal end up in chicken? Jeff Shaw, Senior VP of Food Safety at Perdue, explained that a thin strand of metal wire managed to sneak into the manufacturing process. Out of an "abundance of caution," Perdue decided to recall all affected packages. If you have any concerns, the USDA advises contacting your healthcare provider, and in the meantime, maybe double-check your nuggets before digging in.
It’s not the first time Perdue’s had a recall. Back in 2019, they had to pull nearly 32,000 pounds of chicken off the market for potential bone contamination. Looks like 2024 is off to a similarly rough start for the poultry giant.
Around the Water Cooler
Tech
Influencers Turn on Google
Google’s latest attempt to drum up positive press for its Pixel phones has seriously backfired, with influencers calling the strategy out as unethical. For years, Google’s invite-only Team Pixel program has been sending free devices to creators. But a recent twist in the program’s guidelines has some of them crying foul.
Apparently, Google decided it wasn’t enough to gift Pixel phones; now they’re expecting creators to ditch any competitor devices altogether. Screenshots of the new terms leaked online, revealing that creators were expected to feature only Google’s Pixel phones in their content—or risk being dropped from the program. Not surprisingly, this didn’t sit well with many creators. Tech reviewer Adam Matlock, from the TechOdyssey YouTube channel, said he’s out, calling the new rules a bridge too far. Another YouTuber, Kevin Nether of The Tech Ninja channel, also quit, noting that such demands usually come with a paycheck and clear disclosure.
Even tech heavyweight Marques Brownlee weighed in, pointing out that while lifestyle influencers might not blink at these terms, they’re a nightmare for tech reviewers who rely on unbiased opinions to build trust. Brownlee described the move as a “clever way” for Google to guarantee positive press, but also acknowledged that it blurs the lines between genuine reviews and paid promotion.
Google has since backpedaled, with a spokesperson admitting they "missed the mark" and removing the problematic language from the Team Pixel sign-up form. However, the damage may already be done. The controversy has sparked a broader conversation about the ethics of influencer marketing, and whether these behind-the-scenes deals are doing more harm than good to the credibility of online reviews.
In other news:
Entertainment
A Real Life Soap Opera
General Hospital Actor Johnny Wactor Shot
As suspects in the fatal shooting of "General Hospital" actor Johnny Wactor await charges, his family and friends are urging strong legal action and calling on Los Angeles Mayor Karen Bass to address the rising violent crime in the city.
On Monday, Wactor's supporters will hold a press conference demanding the harshest penalties for the accused and immediate measures to curb violent thefts. District Attorney George Gascón, criticized for his leniency on crime, is set to announce charges at 3 p.m., with the LAPD's Interim Chief Dominic Choi joining him.
Wactor, 37, was shot on May 25 while confronting a group stealing the catalytic converter from his car in downtown L.A. Four suspects have been arrested, and police have released surveillance images.
Mayor Bass has emphasized the need for full accountability, while Wactor's mother expressed her deep grief, mourning the loss of her son, who had appeared in nearly 200 episodes of "General Hospital."
From the Lot: