Hurricane Milton Delivers 'Catastrophic Flooding' To Florida

Oct 10, 2024, 10:04 AM•ibt-mail

Newsletter Oct 10, 2024

Quick Six

Hurricane Milton delivers 'catastrophic flooding' to Florida
Powerful Hurricane Milton slammed into Florida's southwest coast on Wednesday night, bringing "catastrophic flooding" to the areas surrounding Sarasota. Hurricane Milton, which spent the past few days as a record-setting Category 5, churned down to a Category 3 by the time it made landfall in Siesta Key at approximately 9 p.m. ET. Milton came ashore with sustained winds up to 120 mph and a storm surge estimated at 10 to 15 feet. Flash flood warnings were issued for the entire Tampa Bay region, which had received over 9 inches of rainfall shortly after making landfall.
SEE WHY HURRICANE MILTON COULD HAVE BEEN WORSE

Fed divided over interest rate cut but plans for more to come
The Federal Reserve's rate-setting committee was divided during interest rate deliberations last month, although most voted for the half percentage-point cut, according to minutes of the meeting published Wednesday. Policymakers voted 11-to-1 in favor of the larger cut to boost demand and bolster the labor market amid signs inflation was falling toward the bank's long-term 2% target.
WHY SOME FED OFFICIALS ARE CAUTIOUS OF RATE CUTS

Wall Street sets records despite fears of Mideast war, storm
Wall Street surged for the second straight session on Wednesday to set record highs at two of the three major indices. The Dow Jones Industrial Average rose 431 points (1.03%) to close at a record-high 42,513, while the S&P 500 also notched a fresh high by climbing 40 points (0.71%) to 5,792. The Nasdaq Composite also fared well with a 108-point rise (0.60%) to close at 18,291.
SEE WHICH SHARES LED THE SURGE FOR TECH STOCKS

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Markets

DJIA	42,512.00	1.03%
S&P 500	5,792.04	0.71%
Nasdaq Composite	18,291.62	0.60%
Japan: Nikkei 225	39,395.05	0.30%
UK: FTSE 100	8,243.74	0.65%
Crude Oil Futures	73.75	0.70%
Gold Futures	2,630.00	0.15%
Yen	149.16	-0.10%
Euro	1.09	0.03%
* As of market close

Bots are promoting Trump on Musk's X: ASP

Hundreds of apparent pro-Russian bot accounts on X are pushing US election misinformation and amplifying falsehoods about Democratic contender Kamala Harris, a research group said Thursday, calling them "sleeper agents" for having evaded detection for years. The findings by the Washington-based American Sunlight Project (ASP) demonstrate how bot-like activity plagues X, previously called Twitter, despite pledges by billionaire owner Elon Musk, a major supporter of former President Donald Trump, to crack down on the digital manipulation.

SEE THE MASS PROPAGANDA ASP FOUND IN A SMALL SAMPLE

OpenAI accuses Elon Musk of harrassment

OpenAI has accused Elon Musk of harassment in response to a new lawsuit filed by the Tesla founder. The fresh legal war comes as the Microsoft-backed AI firm is changing its business model into a for-profit one. Months after abruptly withdrawing a lawsuit against OpenAI without explanation, Musk filed a new lawsuit in federal court against the AI company and its CEO Sam Altman. He alleged his former partners, including Altman, manipulated him into investing in OpenAI.

WHY ELON MUSK SEEMS TO HAVE IT OUT FOR SAM ALTMAN

Social Security recipients await COLA news

More than 70 million Social Security recipients are waiting for the news Thursday about how much their cost-of-living (COLA) increase will be for 2025. Due in part to falling inflation, it is expected to be lower for the second year in a row. Last year's increase was 3.2%. 2023's increase was 8.7% due to rampant inflation. The increase is tied to government inflation numbers. It's still better than 2016, when there was no raise.

WHY SOCIAL SECURITY'S FATE COULD DEPEND ON ELECTION

Extra point

Who was the first person to get a Social Security check? How much?

Wednesday's answer: Disney World's Magic Kingdom has closed only 12 times in 53 years -- 10 times for hurricanes, once for the 9/11 terror attacks in 2001, and most recently for the COVID-19 pandemic in 2020.

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