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| Here are our top stories today: - The Federal Reserve left interest rates unchanged this week
- An aide to former Brazilian President Jair Bolsonaro said that after he lost re-election in late 2022, Bolsonaro met with military officials to discuss a plan to overturn the results of the vote
- The first painting ever created by Bob Ross on the "Joy of Painting" show is available at auction - for just $10M
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| 1 | | The U.S. Federal Reserve left interest rates unchanged at 5.25%-5.5%. Federal Reserve Chair Jerome Powell said the central bank will likely maintain high interest rates over a long period of time to fight inflation. More: - 5.25%-5% is the highest that the Fed funds rate has been in 22 years.
- The latest Fed projections show that the central bank expects one more interest rate this year and two cuts in 2024 ― in June the Fed projected four cuts in 2024.
- Citigroup economist Andrew Hollenhorst said that a strong labor market and upward wage pressure could keep inflation above the Fed's 2% target.
- The Fed raised its U.S. GDP growth forecast for this year to 2.1%, from 1% in June. The bank now expects the U.S. economy to grow 1.5% in 2024, up from an earlier forecast of 1.1% growth.
- The Bank of England left rates flat this week after 14 consecutive interest rate hikes.
Beyond the Data: - The Fed funds rate was 1.5%-1.75% before the COVID-19 pandemic began.
- The U.S. central bank responded to the pandemic by cutting rates to 0%-0.25% in March 2020.
- Rates stayed there until March 2022, when the Fed implemented its first of 11 consecutive rate hikes.
Q: Do you think the Fed has raised rates enough, given that inflation has slowed dramatically so far in 2023? Join the debate here. 
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| 2 | | The U.S. will allow up to 500,000 Venezuelan migrants who are already in the country to work legally for up to 18 months. Top New York Democrats praised the decision and said that many of the around 110,000 migrants who have arrived in New York over the past year are Venezuelans who will be allowed to work under the rule. More: - The new rule will apply to ~472,000 Venezuelans who arrived in the U.S. before July 31.
- It will temporarily protect them from repatriation and waive a normally months-long process for seeking employment authorization.
- The high number of migrants has strained New York's shelter system and other social services, prompting city and state leaders to call for federal assistance.
Zoom Out: - Homeland Security Secretary Alejandro Mayorkas said the administration made the decision because conditions in Venezuela prevent the safe return of the migrants.
- Venezuelan migrants who arrived since August would not be protected and would be "removed when they are found to not have a legal basis to stay," he said.
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| 3 | | Poland said it will stop providing arms to Ukraine as a dispute over Ukrainian grain export bans escalates. The two nations are feuding over a ban on Ukrainian grain imports that was implemented to protect Polish farmers. More: - After Ukraine's ability to export its grain overseas was hampered by the Russian invasion, the country's agricultural exports flooded Eastern European markets.
- Several Eastern European countries banned the import of Ukrainian grain earlier this year in an effort to protect their farmers from being undercut on price.
- The EU last week suspended the ban, but Poland, Hungary, and Slovakia defied the order and said they will continue to bar the import of Ukrainian grain.
- Ukrainian President Volodymyr Zelensky has criticized the countries and Kyiv has sued all three nations over the ban.
- Polish Prime Minister Mateusz Morawiecki said of the military aid ban: "We no longer transfer weapons to Ukraine because we are now arming Poland."
Zoom Out: - Poland has been one of Ukraine's most stalwart European supporters since the start of the war in February 2022.
- Earlier this week, Poland said that next year it will stop providing financial support to the approximately one million Ukrainian refugees it is hosting.
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| 4 | | ODD NEWS: A Bob Ross painting that was created in the debut episode of "The Joy of Painting" was listed at auction for nearly $10M. The artwork, which was painted in less than 30 minutes, is called "A Walk in the Woods." More: - Ross produced more than 400 paintings on-air during the "The Joy of Painting," which aired on PBS between 1983 and 1994.
- He painted "A Walk in the Woods" in the first episode, which aired on January 11, 1983. The artwork was sold several months later to raise money for the local PBS station.
- The painting hung in the home of the PBS volunteer who bought it for 39 years until gallery owner Ryan Nelson reached out to acquire it.
- Nelson said the painting is a "rookie card for Bob Ross" and that he listed it at a high price to promote Ross' legacy.
Zoom Out: - Ross and "The Joy of Painting" have had a renaissance in recent years, with digital media introducing younger people to Ross' soothing voice and his inspirational comments.
- The official Bob Ross YouTube channel has 635 videos and over 5.63 million subscribers
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| 5 | | An aide to former Brazilian President Jair Bolsonaro told police that Bolsonaro met with military officials to discuss a possible coup after he lost the 2022 presidential election to Luiz Inácio "Lula" da Silva. Brazilian federal police are investigating Bolsonaro and his allies over the January 8, 2023 storming of Brazilian government buildings by Bolsonaro supporters after Lula's inauguration. More: - Brazil's federal election court in June banned Bolsonaro from seeking elected office until 2030.
- In addition to charges that he incited the revolt, Bolsonaro is also accused of embezzlement.
- His former aide, Mauro Cid, reportedly told police that Bolsonaro discussed the possibility of issuing a decree to overturn the result of the election with military officials.
- Cid also said he sold several luxury watches that Bolsonaro had received as state gifts and gave Bolsonaro tens of thousands of dollars afterward.
Zoom Out: - Several of the accused insurrectionists who joined the right-wing attack on Brazil's supreme court, presidential palace, and congress went on trial this week.
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| 6 | | 92-year-old conservative media mogul Rupert Murdoch is stepping down as chair of Fox and News Corp. Murdoch's son Lachlan Murdoch, who currently works as co-chair, will become the chair of News Corp, the parent company of the global media empire. More: - Murdoch Sr. will serve as chairman emeritus of Fox and News Corp.
- Murdoch started his career in mass media when he inherited an Australian newspaper business from his father in 1952.
- He grew that company and later acquired leading television networks, film studios, and newspapers.
- Murdoch launched Fox News in 1996 with the help of future CEO Roger Ailes.
- Ailes resigned as Fox CEO in 2016 after more than 20 women accused him of sexual harassment. He died the following year.
- The conservative media channel has since become the most popular cable news channel in the U.S.
- The Murdoch family has a ~40% voting stake in News Corp and a ~44% voting stake in Fox Corp.
Zoom Out: - Earlier this year, Fox agreed to pay $787.M to settle a lawsuit with Dominion Voting Systems.
- Dominion sued Fox after Fox News personalities like Sean Hannity and Tucker Carlson promoted unfounded conspiracy theories aimed at discrediting the official vote count of the 2020 election.
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| 7 | | QUICK HITS *This is a sponsored post. | | | |
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 | Writer | | Dr. Daniel Smith is an Inside writer with a Ph.D. in Political Science from the University of Cambridge. Follow him on Twitter @DJS12321 or email him at Daniel@inside.com. | | This newsletter was edited by Eduardo Garcia | |
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