The Supreme Court will hear arguments on a law that could lead to a ban of TikTok, while the Federal Reserve signals a more cautious approach to future interest rate cuts.
The Supreme Court announced it will hear arguments challenging a law that could lead to a ban of TikTok. Stock futures were slightly up Thursday morning as investors digested the Federal Reserve 's revised outlook for interest rates next year, indicating a more cautious approach to additional cuts in the future. The Fed anticipates only two more cuts in 2025, two less than its September projection.
'Today was a closer call but we decided it was the right call,' Fed Chair Jerome Powell said at his post-meeting news conference. The Fed rate sets what banks charge each other for overnight lending but also influences consumer debt, including mortgages, credit cards and auto loans. Meanwhile, the Supreme Court scheduled oral arguments in the case concerning a law that could lead to a ban of ByteDance's social media app TikTok for January 10th, nine days before the law's effective date. The law would require ByteDance to sell the app or force Google, Apple, and other platforms to stop supporting it in the United States. TikTok has surged in popularity in recent years and is estimated to be used by 170 million Americans. Additionally, OpenAI, the company behind the viral chatbot ChatGPT, is rolling out a new phone-based number service, 1-800-CHATGPT. Users will initially get 15 minutes free per month and can access its features by dialing the US number (1-800-242-8478) or messaging it via WhatsApp. This follows a series of updates from OpenAI as part of a 12-day release event, including the launch of their AI video-generation tool. These announcements are part of an aggressive growth plan for OpenAI as it competes with a growing number of rivals in a market projected to exceed $1 trillion in revenue within a decade.
FINANCE LAW TIKTOK FEDERAL RESERVE SUPREME COURT INTEREST RATES TECHNOLOGY
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