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<!DOCTYPE html> <html lang="en" class=" story nytapp-vi-article " xmlns:og="http://opengraphprotocol.org/schema/"> <head> <meta charset="utf-8" /> <title data-rh="true">Powell Points to Two More Normal-Size Rate Cuts This Year - The New York Times</title> <meta data-rh="true" name="robots" content="noarchive, max-image-preview:large"/><meta data-rh="true" name="description" content="Jerome H. Powell, chair of the Federal Reserve, said that central bankers will lower rates as much as needed, but have forecast two more quarter-point rate cuts this year."/><meta data-rh="true" property="twitter:url" content="https://www.nytimes.com/2024/09/30/business/economy/fed-chair-jerome-powell-interest-rate-cuts.html"/><meta data-rh="true" property="twitter:title" content="Powell Points to Two More Normal-Size Rate Cuts This Year"/><meta data-rh="true" property="twitter:description" content="Jerome H. 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288dpi)" srcSet="https://static01.nyt.com/images/2024/09/30/multimedia/POWELL-01-lwhb/POWELL-01-lwhb-mobileMasterAt3x.jpg?quality=75&auto=webp&disable=upscale&width=1800"/><source media="(max-width: 599px) and (min-device-pixel-ratio: 2),(max-width: 599px) and (min-resolution: 2dppx),(max-width: 599px) and (min-resolution: 192dpi)" srcSet="https://static01.nyt.com/images/2024/09/30/multimedia/POWELL-01-lwhb/POWELL-01-lwhb-mobileMasterAt3x.jpg?quality=75&auto=webp&disable=upscale&width=1200"/><source media="(max-width: 599px) and (min-device-pixel-ratio: 1),(max-width: 599px) and (min-resolution: 1dppx),(max-width: 599px) and (min-resolution: 96dpi)" srcSet="https://static01.nyt.com/images/2024/09/30/multimedia/POWELL-01-lwhb/POWELL-01-lwhb-mobileMasterAt3x.jpg?quality=75&auto=webp&disable=upscale&width=600"/><img alt="Jerome H. Powell, in a dark suit and lavender tie, speaks at a podium with a microphone with the American flag behind him." class="css-rq4mmj" src="https://static01.nyt.com/images/2024/09/30/multimedia/POWELL-01-lwhb/POWELL-01-lwhb-articleLarge.jpg?quality=75&auto=webp&disable=upscale" srcSet="https://static01.nyt.com/images/2024/09/30/multimedia/POWELL-01-lwhb/POWELL-01-lwhb-articleLarge.jpg?quality=75&auto=webp 600w,https://static01.nyt.com/images/2024/09/30/multimedia/POWELL-01-lwhb/POWELL-01-lwhb-jumbo.jpg?quality=75&auto=webp 1024w,https://static01.nyt.com/images/2024/09/30/multimedia/POWELL-01-lwhb/POWELL-01-lwhb-superJumbo.jpg?quality=75&auto=webp 2048w" sizes="((min-width: 600px) and (max-width: 1004px)) 84vw, (min-width: 1005px) 60vw, 100vw" decoding="async" width="600" height="400"/></picture></div><figcaption data-testid="photoviewer-children-ImageCaption" class="css-ktho12 e3rygrp0"><span class="css-jevhma e13ogyst0">Jerome H. Powell, the Federal Reserve chair. Fed officials lowered interest rates by half a percentage point at their September meeting, the first reduction in more than four years.</span><span class="css-14fe1uy e1z0qqy90"><span class="css-1ly73wi e1tej78p0">Credit...</span><span><span aria-hidden="false">Tom Brenner/Reuters</span></span></span></figcaption></figure></div><div class="css-p6m5rf"><div class="byline-container css-1u5onbp epjyd6m2"><div class="css-165eim7 ey68jwv0" aria-hidden="true"><a href="https://www.nytimes.com/by/jeanna-smialek" class="css-uwwqev"><img alt="Jeanna Smialek" title="Jeanna Smialek" src="https://static01.nyt.com/images/2020/07/03/reader-center/author-jeanna-smialek/author-jeanna-smialek-thumbLarge-v2.png" class="css-dc6zx6 ey68jwv2"/></a></div><div class="css-233int epjyd6m1"><p class="css-4anu6l e1jsehar1"><span class="byline-prefix">By </span><a href="https://www.nytimes.com/by/jeanna-smialek" class="last-byline css-ojhyzr e1jsehar0" itemProp="name">Jeanna Smialek</a></p><div class="css-gqryk5 epjyd6m0"></div></div></div></div><div class="css-1c72mta"><time dateTime="2024-09-30T13:55:32-04:00" class="css-1ubbotv e16638kd2"><span class="css-1sbuyqj e16638kd3">Sept. 30, 2024</span></time></div></header><section name="articleBody" class="meteredContent css-1r7ky0e"><div class="css-s99gbd StoryBodyCompanionColumn" data-testid="companionColumn-0"><div class="css-53u6y8"><p class="css-at9mc1 evys1bk0">Jerome H. Powell, the chair of the Federal Reserve, underscored on Monday that officials are likely to lower interest rates in the coming months — but that policymakers do not expect to make those rate cuts in large increments if the economy shapes up as expected.</p><p class="css-at9mc1 evys1bk0">Fed officials <a class="css-yywogo" href="https://www.nytimes.com/2024/09/18/business/economy/fed-reserve-interest-rate-cut.html" title="">lowered interest rates</a> by half a percentage point, or 50 basis points, at their meeting on Sept. 18, the first reduction in more than four years. Policymakers usually cut borrowing costs in quarter-point increments, so that was an unusually large decrease.</p><p class="css-at9mc1 evys1bk0">The move came as the Fed made notable progress in its fight against rapid inflation. Price increases <a class="css-yywogo" href="https://www.nytimes.com/2024/09/27/business/economy/fed-inflation-pce.html" title="">have slowed</a> substantially since their 2022 peak, which meant that the high interest rates the Fed had maintained since mid-2023 were no longer seen as necessary.</p><p class="css-at9mc1 evys1bk0">Now, the question is how quickly central bankers will ease off in the months ahead. Speaking to business economists at a conference in Nashville on Monday, Mr. Powell pointed to economic projections that Fed officials released following their recent meeting. Those <a class="css-yywogo" href="https://www.nytimes.com/live/2024/09/18/business/fed-interest-rates#the-dot-plot-shows-more-rate-cuts-are-coming-but-disagreement-on-how-many" title="">showed</a> that policymakers thought they would lower rates by another half percentage point by the end of 2024.</p></div><aside class="css-ew4tgv" aria-label="companion column"></aside></div><div data-testid="Dropzone-1"></div><div class="css-s99gbd StoryBodyCompanionColumn" data-testid="companionColumn-1"><div class="css-53u6y8"><p class="css-at9mc1 evys1bk0">“That would mean two more cuts, it wouldn’t mean more 50s,” Mr. Powell said, referring to 50-basis-point cuts. “Of course, that will depend on the data. 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Powell, the chair of the Federal Reserve, underscored on Monday that officials are likely to lower interest rates in the coming months — but that policymakers do not expect to make those rate cuts in large increments if the economy shapes up as expected."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":false,"adsDesktopHoldout":false,"adsHybrid":false,"adsMobile":false,"adsMobileHoldout":false,"bad":false,"index":0},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"Fed officials "},{"__typename":"TextInline","formats":[{"__typename":"LinkFormat","title":"","uri":null,"url":"https:\u002F\u002Fwww.nytimes.com\u002F2024\u002F09\u002F18\u002Fbusiness\u002Feconomy\u002Ffed-reserve-interest-rate-cut.html"}],"text":"lowered interest rates"},{"__typename":"TextInline","formats":[],"text":" by half a percentage point, or 50 basis points, at their meeting on Sept. 18, the first reduction in more than four years. Policymakers usually cut borrowing costs in quarter-point increments, so that was an unusually large decrease."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":false,"adsDesktopHoldout":false,"adsHybrid":false,"adsMobile":false,"adsMobileHoldout":false,"bad":false,"index":1},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"The move came as the Fed made notable progress in its fight against rapid inflation. Price increases "},{"__typename":"TextInline","formats":[{"__typename":"LinkFormat","title":"","uri":null,"url":"https:\u002F\u002Fwww.nytimes.com\u002F2024\u002F09\u002F27\u002Fbusiness\u002Feconomy\u002Ffed-inflation-pce.html"}],"text":"have slowed"},{"__typename":"TextInline","formats":[],"text":" substantially since their 2022 peak, which meant that the high interest rates the Fed had maintained since mid-2023 were no longer seen as necessary."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":false,"adsDesktopHoldout":false,"adsHybrid":false,"adsMobile":false,"adsMobileHoldout":true,"bad":false,"index":2},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"Now, the question is how quickly central bankers will ease off in the months ahead. Speaking to business economists at a conference in Nashville on Monday, Mr. Powell pointed to economic projections that Fed officials released following their recent meeting. Those "},{"__typename":"TextInline","formats":[{"__typename":"LinkFormat","title":"","uri":null,"url":"https:\u002F\u002Fwww.nytimes.com\u002Flive\u002F2024\u002F09\u002F18\u002Fbusiness\u002Ffed-interest-rates#the-dot-plot-shows-more-rate-cuts-are-coming-but-disagreement-on-how-many"}],"text":"showed"},{"__typename":"TextInline","formats":[],"text":" that policymakers thought they would lower rates by another half percentage point by the end of 2024."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":true,"adsDesktopHoldout":true,"adsHybrid":true,"adsMobile":true,"adsMobileHoldout":false,"bad":false,"index":3},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"“That would mean two more cuts, it wouldn’t mean more 50s,” Mr. Powell said, referring to 50-basis-point cuts. “Of course, that will depend on the data. But ultimately, that’s what the baseline is.”"}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":false,"adsDesktopHoldout":false,"adsHybrid":false,"adsMobile":false,"adsMobileHoldout":false,"bad":false,"index":4},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"The Fed is facing two big risks as it approaches its upcoming policy decisions in November and December."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":false,"adsDesktopHoldout":false,"adsHybrid":false,"adsMobile":false,"adsMobileHoldout":false,"bad":false,"index":5},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"High interest rates slow the economy by making it more expensive to borrow to buy a home, finance a car purchase, or expand a business. By lowering interest rates, Fed officials are essentially taking their foot off the economic brakes."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":false,"adsDesktopHoldout":false,"adsHybrid":false,"adsMobile":false,"adsMobileHoldout":true,"bad":false,"index":6},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"But figuring out how quickly to do that is an inexact science. On one hand, officials do not want to lower interest rates so quickly that they cause the economy to sharply accelerate, fueling a burst in demand that could keep inflation too hot for comfort. On the other, they do not want to reduce rates too slowly, causing the job market to slow so much that unemployment jumps sharply and there is a risk of an outright recession."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":false,"adsDesktopHoldout":false,"adsHybrid":true,"adsMobile":true,"adsMobileHoldout":false,"bad":false,"index":7},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"The goal is to carve a middle path, often called a “soft landing,” in which Fed policy slows the economy enough to wrestle inflation fully under control without causing a painful downturn."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":true,"adsDesktopHoldout":true,"adsHybrid":false,"adsMobile":false,"adsMobileHoldout":false,"bad":false,"index":8},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"But a gentle cooling is still not guaranteed."}],"textAlign":"LEFT"},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"Inflation has been coming down nicely, and is now just slightly above the Fed’s official target of 2 percent on an overall basis. But the "},{"__typename":"TextInline","formats":[{"__typename":"LinkFormat","title":"","uri":null,"url":"https:\u002F\u002Fwww.nytimes.com\u002F2024\u002F09\u002F06\u002Fbusiness\u002Feconomy\u002Fjobs-reports-federal-reserve-interest-rates.html"}],"text":"unemployment rate"},{"__typename":"TextInline","formats":[],"text":" has climbed notably over the past year."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":false,"adsDesktopHoldout":false,"adsHybrid":false,"adsMobile":false,"adsMobileHoldout":false,"bad":false,"index":9},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"“Inflation has moved down, and unemployment has moved up, in both cases significantly,” Mr. Powell said Monday."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":false,"adsDesktopHoldout":false,"adsHybrid":false,"adsMobile":false,"adsMobileHoldout":true,"bad":false,"index":10},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"That combination is why the Fed started their rate cuts with a relatively large reduction."}],"textAlign":"LEFT"},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"The September decision “reflects our growing confidence that, with an appropriate recalibration of our policy stance, strength in the labor market can be maintained in a context of moderate economic growth and inflation moving sustainably down to 2 percent,” Mr. Powell explained."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":false,"adsDesktopHoldout":false,"adsHybrid":true,"adsMobile":true,"adsMobileHoldout":false,"bad":false,"index":11},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"Preventing the job market from cooling further will require the Fed to strike a delicate balance."}],"textAlign":"LEFT"},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"Even after the recent cut, rates remain at "},{"__typename":"TextInline","formats":[{"__typename":"LinkFormat","title":"","uri":null,"url":"https:\u002F\u002Fwww.newyorkfed.org\u002Fmarkets\u002Freference-rates\u002Feffr"}],"text":"roughly 4.8 percent"},{"__typename":"TextInline","formats":[],"text":", which is much higher than the level most economists think is necessary to keep the economy growing steadily over time. Fed officials expect rates to "},{"__typename":"TextInline","formats":[{"__typename":"LinkFormat","title":"","uri":null,"url":"https:\u002F\u002Ffred.stlouisfed.org\u002Fseries\u002FFEDTARMDLR"}],"text":"hover around 3 percent"},{"__typename":"TextInline","formats":[],"text":" in the longer run."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":false,"adsDesktopHoldout":false,"adsHybrid":false,"adsMobile":false,"adsMobileHoldout":false,"bad":false,"index":12},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"That level is sometimes referred to as a “neutral rate” or a “neutral policy stance.”"}],"textAlign":"LEFT"},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"“Looking forward, if the economy evolves broadly as expected, policy will move over time toward a more neutral stance,” Mr. Powell said Monday. “But we are not on any preset course.”"}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":false,"adsDesktopHoldout":true,"adsHybrid":false,"adsMobile":false,"adsMobileHoldout":false,"bad":false,"index":13},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"Fed officials will receive key economic data between now and their next rate decision on Nov. 6-7, including a jobs report on Friday that should offer insight into how well the labor market is holding up."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":false,"adsDesktopHoldout":false,"adsHybrid":false,"adsMobile":false,"adsMobileHoldout":true,"bad":false,"index":14},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"“Most of the data that we’ll see before our next meeting hasn’t come yet,” Mr. Powell said Monday."}],"textAlign":"LEFT"},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"What data officials have gotten since their latest meeting has been encouraging. Mr. Powell noted that he had paid attention to data revisions showing that growth and income in recent years "},{"__typename":"TextInline","formats":[{"__typename":"LinkFormat","title":"","uri":null,"url":"https:\u002F\u002Fwww.nytimes.com\u002F2024\u002F09\u002F26\u002Fbusiness\u002Feconomy\u002Feconomy-pandemic-rebound-gdp.html"}],"text":"had been stronger"},{"__typename":"TextInline","formats":[],"text":" than initially reported. The takeaway, he said, is that officials can be more comfortable that consumer spending can continue to chug along."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":true,"adsDesktopHoldout":false,"adsHybrid":true,"adsMobile":true,"adsMobileHoldout":false,"bad":false,"index":15},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"But he said that while the revisions make the Fed feel more confident “at the margin,” they would not stop officials from paying careful attention to incoming job market data. Hiring often deteriorates before consumer spending slows down."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":false,"adsDesktopHoldout":false,"adsHybrid":false,"adsMobile":false,"adsMobileHoldout":false,"bad":false,"index":16},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"And as Fed officials assess their next steps, Mr. Powell made it clear that they are not taking a soft landing for granted."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":false,"adsDesktopHoldout":false,"adsHybrid":false,"adsMobile":false,"adsMobileHoldout":false,"bad":false,"index":17},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"“Our design overall is to achieve disinflation down to 2 percent without the kind of painful increase in unemployment that has often come with disinflation processes,” he said. “We haven’t completed that task.”"}],"textAlign":"LEFT"}]},"storyFormat":"Article","storylines":[{"__typename":"AssociatedStoryline","ruleName":"styln-us-economy","storyline":{"__typename":"Storyline","context":null,"displayName":"U.S. Economy","experimentalJsonBlob":"{\"data\":[{\"version\":1,\"type\":\"experimentalJsonBlob\",\"data\":[]}]}","guide":null,"hubAssets":[],"primaryAssets":[{"__typename":"StorylinePrimaryAsset","asset":{"__typename":"Article","uri":"nyt:\u002F\u002Farticle\u002F65618648-415e-5764-b05e-5e42888dd70d","url":"https:\u002F\u002Fwww.nytimes.com\u002F2025\u002F02\u002F12\u002Fbusiness\u002Finflation-cpi-report-january.html"},"displayName":"Inflation Report","status":null},{"__typename":"StorylinePrimaryAsset","asset":{"__typename":"Article","uri":"nyt:\u002F\u002Farticle\u002F71bda2bf-c8d0-502a-807b-a7aff29fc405","url":"https:\u002F\u002Fwww.nytimes.com\u002F2025\u002F02\u002F07\u002Fbusiness\u002Feconomy\u002Fjobs-federal-reserve-interest-rates.html"},"displayName":"Pause on Rate Cuts","status":null},{"__typename":"StorylinePrimaryAsset","asset":{"__typename":"Article","uri":"nyt:\u002F\u002Farticle\u002F82430d0e-2ecc-59ef-a420-76b6966af9df","url":"https:\u002F\u002Fwww.nytimes.com\u002F2025\u002F02\u002F05\u002Fbusiness\u002Feconomy\u002Fus-trade-deficit-2024-record.html"},"displayName":"Trade Deficit Hits Record","status":null},{"__typename":"StorylinePrimaryAsset","asset":{"__typename":"Article","uri":"nyt:\u002F\u002Farticle\u002Faa2170a9-d347-5d2a-ac9e-9b9af4a056b9","url":"https:\u002F\u002Fwww.nytimes.com\u002F2025\u002F01\u002F30\u002Fbusiness\u002Feconomy\u002Feconomy-gdp-q4.html"},"displayName":"G.D.P. 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Then Sam Altman, the chief executive of OpenAI, \u003Ca href=\\\"https:\u002F\u002Fwww.nytimes.com\u002F2025\u002F02\u002F08\u002Ftechnology\u002Fsam-altman-elon-musk-trump.html\\\"\u003Esneaked into the White House\u003C\u002Fa\u003E.\",\"\u003Cstrong\u003EWhere to Find the Gossip: \u003C\u002Fstrong\u003EEmily Sundberg’s business newsletter, Feed Me, is read by dealmakers and strivers alike and \u003Ca href=\\\"https:\u002F\u002Fwww.nytimes.com\u002F2025\u002F02\u002F07\u002Fbusiness\u002Femily-sundberg-feed-me.html\\\"\u003Ehas made her a rising Substack star\u003C\u002Fa\u003E.\",\"\u003Cstrong\u003EWhat Happens to Emerging Black Sellers?: \u003C\u002Fstrong\u003EBlack-owned brands got a foot in the door through D.E.I. programs at big retailers like Target and Amazon. Now amid a sudden pullback, \u003Ca href=\\\"https:\u002F\u002Fwww.nytimes.com\u002F2025\u002F02\u002F05\u002Fbusiness\u002Fdei-target-black-sellers.html\\\"\u003Ethey worry the door might be closing\u003C\u002Fa\u003E.\",\"\u003Cstrong\u003ESilicon Valley Workers Quietly Protest: \u003C\u002Fstrong\u003EAs Mark Zuckerberg and other tech titans have embraced Trump and muffled internal dissent at their companies, their mostly left-leaning employees have objected with \u003Ca href=\\\"https:\u002F\u002Fwww.nytimes.com\u002F2025\u002F01\u002F29\u002Ftechnology\u002Ftampons-silicon-valley-workers-protest.html\\\"\u003Esubtle acts of defiance\u003C\u002Fa\u003E.\",\"\u003Cstrong\u003EBill Gates Isn’t Like Those Other Tech Billionaires:\u003C\u002Fstrong\u003E The Microsoft co-founder and philanthropist is taking a break from the future to examine his past — and \u003Ca href=\\\"https:\u002F\u002Fwww.nytimes.com\u002F2025\u002F01\u002F30\u002Ftechnology\u002Fbill-gates-tech-billionaires-memoir.html\\\"\u003Emulling where the billionaires now fit in\u003C\u002Fa\u003E.\"]}]}]}}]}]}","guide":{"__typename":"StorylineGuide","displayName":"Explore Our Business and Tech Coverage","leadIn":"Dive deeper into the people, issues and trends shaping the worlds of business and technology.","sections":[{"__typename":"StorylineGuideSection","items":[{"__typename":"StorylineGuideItem","content":{"__typename":"ListBlock","content":[{"__typename":"ListItemBlock","content":[{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[{"__typename":"BoldFormat"}],"text":"How Altman Won Over Trump: "},{"__typename":"TextInline","formats":[],"text":"After helping President Trump get elected, Elon Musk was poised to dominate America’s A.I. policies. Then Sam Altman, the chief executive of OpenAI, "},{"__typename":"TextInline","formats":[{"__typename":"LinkFormat","uri":"nyt:\u002F\u002Farticle\u002Ffa5d0071-24b5-57d6-9e68-6c592806380e","url":"https:\u002F\u002Fwww.nytimes.com\u002F2025\u002F02\u002F08\u002Ftechnology\u002Fsam-altman-elon-musk-trump.html"}],"text":"sneaked into the White House"},{"__typename":"TextInline","formats":[],"text":"."}]}]},{"__typename":"ListItemBlock","content":[{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[{"__typename":"BoldFormat"}],"text":"Where to Find the Gossip: "},{"__typename":"TextInline","formats":[],"text":"Emily Sundberg’s business newsletter, Feed Me, is read by dealmakers and strivers alike and "},{"__typename":"TextInline","formats":[{"__typename":"LinkFormat","uri":"nyt:\u002F\u002Farticle\u002F942a2fdd-62c8-563e-a76c-a33e475c82cb","url":"https:\u002F\u002Fwww.nytimes.com\u002F2025\u002F02\u002F07\u002Fbusiness\u002Femily-sundberg-feed-me.html"}],"text":"has made her a rising Substack star"},{"__typename":"TextInline","formats":[],"text":"."}]}]},{"__typename":"ListItemBlock","content":[{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[{"__typename":"BoldFormat"}],"text":"What Happens to Emerging Black Sellers?: "},{"__typename":"TextInline","formats":[],"text":"Black-owned brands got a foot in the door through D.E.I. programs at big retailers like Target and Amazon. Now amid a sudden pullback, "},{"__typename":"TextInline","formats":[{"__typename":"LinkFormat","uri":"nyt:\u002F\u002Farticle\u002F01195438-338a-5fcc-930b-3aa95114c1c0","url":"https:\u002F\u002Fwww.nytimes.com\u002F2025\u002F02\u002F05\u002Fbusiness\u002Fdei-target-black-sellers.html"}],"text":"they worry the door might be closing"},{"__typename":"TextInline","formats":[],"text":"."}]}]},{"__typename":"ListItemBlock","content":[{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[{"__typename":"BoldFormat"}],"text":"Silicon Valley Workers Quietly Protest: "},{"__typename":"TextInline","formats":[],"text":"As Mark Zuckerberg and other tech titans have embraced Trump and muffled internal dissent at their companies, their mostly left-leaning employees have objected with "},{"__typename":"TextInline","formats":[{"__typename":"LinkFormat","uri":"nyt:\u002F\u002Farticle\u002Fab5f9275-c085-5285-a15e-6397ae965a1f","url":"https:\u002F\u002Fwww.nytimes.com\u002F2025\u002F01\u002F29\u002Ftechnology\u002Ftampons-silicon-valley-workers-protest.html"}],"text":"subtle acts of defiance"},{"__typename":"TextInline","formats":[],"text":"."}]}]},{"__typename":"ListItemBlock","content":[{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[{"__typename":"BoldFormat"}],"text":"Bill Gates Isn’t Like Those Other Tech Billionaires:"},{"__typename":"TextInline","formats":[],"text":" The Microsoft co-founder and philanthropist is taking a break from the future to examine his past — and "},{"__typename":"TextInline","formats":[{"__typename":"LinkFormat","uri":"nyt:\u002F\u002Farticle\u002F6be1ebe8-d6bf-5352-bf58-c78c349d1c4d","url":"https:\u002F\u002Fwww.nytimes.com\u002F2025\u002F01\u002F30\u002Ftechnology\u002Fbill-gates-tech-billionaires-memoir.html"}],"text":"mulling where the billionaires now fit in"},{"__typename":"TextInline","formats":[],"text":"."}]}]}]}}]}]},"hubAssets":[],"primaryAssets":[],"promotedLiveAssets":[],"tone":"NEWS","topLinks":null,"uri":"nyt:\u002F\u002Fstoryline\u002F3ef25df1-b742-4684-8f0a-fae77b4d2826","url":"https:\u002F\u002Fwww.nytimes.com\u002Fstoryline\u002F3ef25df1-b742-4684-8f0a-fae77b4d2826"},"testName":""}],"subsection":{"__typename":"Section","displayName":"Economy","id":"U2VjdGlvbjpueXQ6Ly9zZWN0aW9uLzE3YjM1OWM0LTY3YTEtNTE4Yy05YTM0LTIyZmMyNTU2YzQ5ZA==","name":"economy","uri":"nyt:\u002F\u002Fsection\u002F17b359c4-67a1-518c-9a34-22fc2556c49d","url":"\u002Fsection\u002Fbusiness\u002Feconomy"},"summary":"Jerome H. 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