The Federal Reserve made its third consecutive interest rate cut on Wednesday, reducing its benchmark rate by a quarter of a percentage point. The move, widely anticipated by investors and financial markets, brings the federal funds rate to a target range of 4.25 percent to 4.50 percent. Since beginning its rate cuts in September, the Fed has now lowered rates by a total of 100 basis points, or one percentage point.
The prosecution concluded its case on Wednesday in the federal corruption trial of former Illinois House Speaker Michael Madigan, setting the stage for closing arguments in the coming days.
Defense attorneys for former Illinois House Speaker Michael Madigan and codefendant Michael McClain are set to begin presenting their case Wednesday in a corruption trial that has captured significant attention. The trial, which involves 23 counts of bribery, racketeering, and official misconduct, centers around the alleged "Madigan Enterprise" scheme in which utilities like ComEd and AT&T Illinois allegedly provided no-work jobs and contracts to individuals loyal to Madigan in exchange for favorable legislation in Springfield.
The nonprofit Fix the Court, an organization advocating for Supreme Court reforms under the banner of “ethics” and “transparency,” is facing backlash for questionable financial practices. Fiscal 2023 financial disclosures reveal the group paid its director, Gabe Roth, a salary amounting to 96% of its annual revenue.
With a federal shutdown looming on Friday, congressional leaders are in a race against time to pass a continuing resolution (CR) to keep the government running. Key sticking points include farm aid and disaster assistance, with bipartisan negotiations at a standstill.
Mayor Brandon Johnson’s revised 2025 Chicago budget proposal, the fourth draft, has eliminated plans for a property tax increase and unpaid furlough days for city employees, following resistance from the Chicago City Council.
