Morning Business Report: Fed expected to cut rates again amid data blackout from shutdown

The Federal Reserve wraps up its policy meeting today, but officials are making decisions without the usual stream of government data.

(LILAMAX)- The Federal Reserve wraps up its policy meeting today, but officials are making decisions without the usual stream of government data. Nearly all major economic reports have been delayed due to the ongoing shutdown, leaving the Fed “flying blind.”

Most analysts believe the central bank will cut interest rates by a quarter percent, a move expected to drive down borrowing costs for credit cards and car loans.

Meanwhile, UPS shares soared after the company beat Wall Street’s profit forecasts by aggressively cutting costs — including 34,000 jobs eliminated this year. The company said it has shut down daily operations at 93 facilities and expects $3.5 billion in cost savings for 2025. The shipping industry continues to struggle with the ripple effects of tariffs.

On Wall Street, stocks closed at record highs Tuesday as investors await the Fed’s rate decision and ride the momentum of the ongoing AI boom.

Today also marks the anniversary of Black Tuesday, the 1929 stock market crash that saw markets plunge by 25 percent over two days — sparking the Great Depression.

In personal finance news, a new TaxSlayer Pro study finds age 29 is when most Americans seek professional help for their taxes. Researchers say the shift comes as people begin investing or find their finances too complex to handle alone.