Welcome to The Hill's Business & Economy newsletter, where we have the latest on the Federal Reserve's rate cuts and the Teamsters' endorsement news.{beacon} Business & Economy Business & Economy   The Big Story  Fed cuts interest rates for first time in years The Federal Reserve cut interest rates by 50 basis points, marking a jumbo cut that signals the central bank’s confidence that its war against inflation is coming to an end. © The Hill, Tierney L. CrossThe new federal funds rate is 4.75 percent to 5 percent.  How far and how fast the Fed cuts rates moving forward remains to be seen. While Fed Chair Jerome Powell told lawmakers earlier this year that the era of near-zero interest rates is likely over, the central bank projected in June that the median interest rate would drop to 4.1 percent in 2025 and 3.1 percent in 2026. The Fed further lowered its median rate forecast Wednesday to 3.4 percent next year and 2.9 percent in 2026, as well as in the long run, according to new economic projections.  “This would only be the first cut of a rate-cutting cycle. The size and frequency of future cuts will give us a better understanding of whether the Fed believes they are behind, or ahead of, ‘the curve,’” said Jonathan Ernest, an economics professor at Case Western Reserve University.  The jobless rate ticked up to 4.3 percent in July and clocked at 4.2 percent last month. That’s relatively low by historical standards but still a sign of labor market “cooling” the Fed had been watching for as it waited to cut rates.  While some economists believe the Fed could have started cutting rates in July, the next few months are critical as the central bank attempts to bring the economy in for a “soft landing,” maintaining its dual mandate of low inflation and maximum employment as it brings down rates.  The Hill's Taylor Giorno digs deeper here.  Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.   Did someone forward you this newsletter? Subscribe here.   Essential Reads  Key business and economic news with implications this week and beyond:  Teamsters president on no endorsement: ‘There was a lot of dancing around’Teamsters General President Sean O’Brien told The Hill that the union did not endorse Vice President Harris or former President Trump “because both candidates didn’t commit on the core issues that we need to get accomplished on behalf of our members.”  Full Story  Powell pushes back on suggestion Fed got behind in rate cutsThe Federal Reserve cut interest rates by a half-percentage point Wednesday and is projecting another half-percentage point cut over the course of its remaining two meetings this year, signaling a faster pace of monetary stimulus than analysts had been expecting over the summer.  Full Story  Trump weighs in on Fed rate cut during stop at Manhattan bitcoin barFormer President Trump on Wednesday said the Federal Reserve’s decision to cut interest rates showed the economy was struggling, or the central bank was “playing politics.”  Full Story  Michelle Bowman becomes first Fed governor to dissent since 2005 Michelle Bowman, a governor on the Federal Reserve Board, became the first Fed official since 2005 to vote against the central bank’s interest rate decision when she dissented Wednesday against the Fed’s move to cut rates by 50 basis points.  Full Story   The Ticker  Upcoming news themes and events we're watching: The National Association of Realtors is set to release new figures on existing home sales for August on Thursday at 10 am E.T.    In Other News  Branch out with more stories from the day:Teamsters union declines to endorse Trump or Harris for president WASHINGTON (AP) — The International Brotherhood of Teamsters declined Wednesday to endorse Kamala … Full Story   Good to Know  Business and economic news we've flagged from other outlets:Dow closes lower, giving up 375-point pop after big Fed rate cut (CNBC)  The Fed’s rate cuts could have unintended consequences for the housing market (CNN)  Treasury-bill rates tumble after Fed delivers biggest interest-rate cut since 2008 (MarketWatch)   What Others are Reading  Top stories on The Hill right now: Shapiro forgets ID, denied alcohol while trying to celebrate canned cocktails law Pennsylvania Gov. Josh Shapiro (D) may have been the first consumer denied an alcoholic beverage under a new state law expanding access to canned cocktails. Read more Teamsters union skips endorsement in presidential race for first time since 1996 Editor’s note: The story has been updated to reflect the number of times in recent election cycles that the union has not endorsed a candidate. Read more  What People Think  Opinion related to business and economic issues submitted to The Hill: The circular logic of Kamalanomics  You're all caught up. See you tomorrow!  Close Thank you for signing up! Subscribe to more newsletters here The latest in politics and policy. Direct to your inbox. Sign up for the Business and Economy newsletter Subscribe