Member Briefing October 10, 2024
Milton Slams Florida’s West Coast as a Powerful Category 3 Hurricane
Hurricane Milton made landfall near Siesta Key, Florida, as a dangerous Category 3 storm before weakening to a Category 1 as it moves over the state, according to the National Hurricane Center. It is the fifth hurricane to make landfall in the US this year. Milton, the third hurricane to hit Florida this year, has knocked out power for more than 3 million people in the state. Additionally, wind gusts of 100 mph were recorded near Tampa, where a flash flood emergency was issued and emergency services have been halted. Milton has dropped about 16 inches of rain on St. Petersburg, representing a more than a 1-in-1000-year rainfall for the area. Meanwhile, deaths were reported in St. Lucie County, Florida, after a tornado tore through a mobile home retirement community, the county sheriff told CNN.
The eye of Hurricane Milton, which traveled overnight from near the Tampa Bay area east toward Orlando and Cape Canaveral, has moved past the Florida peninsula and exiting the east coast. But the storm – currently a Category 1 hurricane – is still slamming parts of the coast with onshore wind that could create tornadoes along Florida’s Treasure Coast. For instance, Daytona Beach recordeed wind gusts of 83 mph. Storm surge of up to 4 feet is still possible along the coast as the storm departs.
New Hudson Valley Food Bank Distribution Center In Montgomery To Open In November
The new Montgomery distribution center for the Food Bank of Northeastern New York will be ready to provide food for those in need next month. The new 50,000-square-foot building will support several food resources in many area counties. Food bank CEO Tom Nardacci said that by improving logistics communities will be better served. ”We distribute weekly in Sullivan County and that truck comes from Albany because it’s easier for us to distribute from Albany than it is from Cornwall,” he said. “The food will come directly from here and it’ll offer more choice, more variety, and more locally sourced food. It’ll just be so much better for residents of Sullivan County.”
The food bank currently distributes to Mid-Hudson county local food banks from its much smaller Cornwall facility. The new building will have a very large refrigeration capacity, several rows of shelving to store food, andseveral bays for trucks to deliver food to and from the facility. In order to run such a massive operation, up to 15,000 volunteers are needed as well as continued financial support through their capital projects funding campaign.
To donate or sign up to volunteer visit the food bank’s website at regionalfoodbank.net
September CPI Is Out Later Today. Here's What To Expect.
The Consumer Price Index (CPI) report, the Federal Reserve's preferred inflation gauge, is scheduled for release on Thursday, October 10. Overall, economists anticipate that consumer prices rose 0.1% on a monthly basis in September after rising 0.2% in August, according to FactSet’s consensus estimates. That would bring the overall inflation rate down to 2.3% from 2.5% in August. Economists expect core inflation, which excludes volatile food and energy prices, to remain slightly higher thanks to rising prices for used cars, hotels, airfare, and car insurance. The consensus estimate is for 0.2% growth in core inflation on a monthly basis in September and 3.2% growth on an annual basis.
Thursday’s CPI data will come on the heels of the stronger-than-expected September jobs report, which showed that the US economy added 254,000 jobs last month. That data, along with upward revisions to previous months, helped assuage investors’ worries about a slowing economy. Strong jobs data means inflation is back at the forefront for investors and policymakers.
Global Headlines
Middle East
- Israel And Hamas: The Latest News – The Guardian
- Palestinian Groups Hamas And Fatah Discuss Post-Gaza Plans – Reuters
- Biden And Netanyahu Speak As Israel Mulls Iran Response - BBC
- U.S. Frustrated by Israel’s Reluctance to Share Iran Retaliation Plans - WSJ
- Will Israel Attack Iran’s Nuclear Program? Here’s What To Know As Ex-PM Calls For Strikes - Forbes
- As Israel Plots To Strike Iran, Its Choices Range From Symbolic To Severe - AP
- Violent ‘Megalomaniac’ Sinwar Takes Hamas on Even More Radical Path - WSJ
- Dozens Killed As Israeli Troops Pound Central And Northern Gaza - AP
- Interactive Map- Israel’s Operation In Gaza – Institute For The Study Of War
- Map – Tracking Hamas’ Attack On Israel – Live Universal Awareness Map
Ukraine
- Ukraine And Russia: The Latest News – The Guardian
- Critical Ukraine War Meeting Canceled After Joe Biden Pulls Out - Newsweek
- Most Of Europe Is Fine Without Russian Gas - Politico
- Ukrainian Drone Strikes Another Arms Depot Inside Russia, Officials Say - AP
- Kremlin Confirms Trump Sent Covid Tests To Putin, But Denies Reported Calls Between Them - Forbes
- Crimea Satellite Images Show Russian Pantsir System at Site of Explosion - Newsweek
- Watch 400 Shahed Attack Drones Explode At The Same Time In Southern Russia - Forbes
- Why Russia Is in More Trouble Than It Looks – New York Magazine
- Interactive Map: Assessed Control Of Terrain In Ukraine – Institute For The Study Of War
- Map – Tracking Russia’s Invasion Of Ukraine – Live Universal Awareness Map
Other Headlines
- Ratan Tata—Ex-Leader Of India’s Massive Tata Group—Dies At 86 - Forbes
- Orban Calls For ‘Change’ In EU Address, Lawmakers Slam His Democratic Backsliding – France 24
- Von Der Leyen Attacks Orbán’s Support For Russia In Fiery Speech To European Parliament – Politico
- Turkish Airlines Pilot Dies Mid-Flight Forcing Emergency Landing - Newsweek
- Haiti: Criminal Violence, Hunger Trapping Children – Human Rights Watch
- Kenyan MPs Vote To Impeach Deputy President Rigathi Gachagua – France 24
- Chinese Stocks Tumble Most Since 2020 on Stimulus Skepticism - Bloomberg
- Jürgen Klopp To Take On New Role As Head Of Global Soccer At Red Bull - AP
- Most Taiwanese Believe China Unlikely To Invade In Coming Five Years, Poll Shows – NBC
Policy and Politics
Judge Rules New York's New Even-Year Election Law Violates State Constitution
A New York state Supreme Court judge in Syracuse on Tuesday ruled that the new state law that will move many local elections to line up with state and federal elections in even-numbered years violates the state Constitution. The judge sided with Republican-led challenges to the law arguing that it conflicts individual county charters. Twenty New York counties are chartered, meaning they have locally drafted and approved laws outlining the structure and authority of county government, and there have been three separate amendments in the state Constitution allowing for and protecting counties' abilities to govern through charters.
At issue is a law passed by the Legislature and signed by Gov. Kathy Hochul in December 2023 that moves several local elections outside of New York City to even-numbered years starting in 2025, with the exception of some city or village elections, and races for county clerk, sheriff, district attorneys, local judges and others protected in the state Constitution. “The prerequisites of a special law were not followed and the subject matter of the Even Year Election Law is inherently a local issue as it affects no state offices. The Even Year Election Law is unconstitutional as specifically prohibited by Article IX of the New York State Constitution,” Judge Gerard Neri wrote in his ruling.
Read more at NY State of Politics
EPA Sets Final Rules For Lead Pipe Replacement As Capital Region And Hudson Valley
The U.S. Environmental Protection Agency issued final rules and announced additional funding Tuesday as it called for the complete replacement of lead pipes that deliver local drinking water supplies within the next decade, a measure that Capital Region and Hudson Valley communities have been pursuing. The final Lead and Copper Improvements Rule establishes rigorous testing of drinking water and sets a lower threshold at which communities must protect residents exposure to lead in water. Communities also must improve communication about the problem including the location of lead pipes and plans to replace them. Of the funding, 49% must go to disadvantaged communities as grants or payment forgiveness.Securing funding will make replacements possible as local cities have been undertaking the work as money becomes available.
The Environmental Policy Innovation Center in Washington said in June that an estimated 11,000 communities nationwide have lead pipes delivering drinking water in homes. There are an estimated 500,000 service lines in New York state to replace. The EPA said there is $2.6 billion in “newly available drinking water infrastructure funding through the Bipartisan Infrastructure Law” for lead pipe replacement.
Read More at the Albany Times Union
Federal Deficit Hit $1.8 Trillion for 2024, CBO Says
The U.S. budget deficit topped $1.8 trillion in the latest fiscal year, driven by higher spending on interest and programs for older Americans, as the government faces a persistent gap between federal outlays and tax collections. The new data comes as Republican presidential nominee Donald Trump and Democratic pick Kamala Harris are both proposing new tax and spending plans that are estimated to add trillions more to the deficit over the next decade.
- Total revenue hit $4.92 trillion, up 11%. as individual income taxes rose 11% or $249 billion. Corporate income taxes rose 26% or $109 billion
- Social Security and Medicare rose 8% and 9% respectively.
- Net interest on the debt held by the public rose 34%, or $240 billion. Interest payments on the debt are now larger at $950 billion than the entire defense budget of $826 billion or Medicare ($869 billion). Interest payments account for 14% of the budget.
- The Federal Government now spends about one in four of every dollar that Americans produce.
Health and Wellness
World Mental Health Day 2024: Take These Steps Today To Ensure Better Mental Health In Your Daily Life
World Mental Health Day is observed on October 10 each year to raise awareness about mental health issues and promote mental well-being across the globe. It provides an opportunity to discuss mental health openly, advocate for better mental health services, and address the stigma associated with mental illness. Maintaining good mental health requires consistent efforts to foster a positive mindset, emotional stability, and well-being. Incorporating small changes into daily life can lead to improved mental health over time.
Read on as we share tips to help you boost your mental health through simple daily tasks. 10 Steps to ensure better mental health in daily life
Election 2024
- Pennsylvania 2024 Trump-Harris Polls: Harris Has Less Than 1-Point Lead In Polling Averages - Forbes
- Exclusive: Harris' Lead Over Trump Narrows To 46% Vs 43%, Reuters/Ipsos Poll Finds - Reuters
- Kamala Harris' Lead with Latinos is Shrinking - Newsweek
- This Pennsylvania County Picks Presidents. How The Harris Vs. Trump Fight Is Going. - Reuters
- More Americans Identify as Republican Than Democrat. Here’s What That Means for the Election. - WSJ
- Real Clear Politics Latest General Election Polls – Real Clear Politics
- Real Clear Politics Electoral Map
- Latest Polls - FiveThirtyEight
Industry News
Nobel Prize In Chemistry Awarded to Google DeepMind’s Demis Hassabis and John Jumper for AlphaFold
It has been a big week for Nobel Prizes in the world of artificial intelligence. The Royal Swedish Academy of Sciences today announced the Nobel Prize in Chemistry winners for 2024, with DeepMind CEO Demis Hassabis and Director John Jumper sharing one-half of the prize, with David Baker — who is head of the Institute for Protein Design at the University of Washington — securing the other half. The news comes a day after AI pioneers Geoff Hinton and John Hopfield won the Nobel Prize in Physics for their foundational work in machine learning and AI.
Though its potential had been touted for years, the Google subsidiary presented the second version of the AI model in 2020, going much of the way toward solving a problem that had stumped scientists for years by predicting the 3D structure of proteins using nothing more than their genetic sequence. The shape of a protein dictates how it works, and figuring out its shape was historically a slow, labor-intensive process that would often require years of lab experiments. With AlphaFold, DeepMind was able to accelerate this to mere hours, covering most of the 200 million proteins in existence. The ramifications of this can’t be overstated, as this kind of data is vital to things like drug discovery, diagnosing diseases, and bioengineering.
Mexico Wants to Curb Chinese Imports With Help From U.S. Companies
Mexico wants to reduce its dependence on imports from China and is asking some of the world’s biggest manufacturers and tech firms operating in the country to identify Chinese products and parts that could be made locally. The administration of leftist President Claudia Sheinbaum, who took office last week, wants U.S. carmakers and semiconductor manufacturers as well as global giants in the aerospace and electronics sectors to substitute some goods and components manufactured in China, Malaysia, Vietnam and Taiwan, said Deputy Trade Minister Luis Rosendo Gutiérrez.
The initiative comes as the Sheinbaum administration gears up for a review of the U.S.-Mexico-Canada Agreement in 2026. Consultations on the trade pact are set to begin in the second half of 2025, according to the document. The talks among the three North American trading partners are expected to be more complex than in 2018 when the USMCA was signed to replace its forerunner Nafta, according to the presentation. Subjects to be discussed are expected to include trade with China and requirements for increased North American content in goods imported tariff-free into the U.S.
GM Expects Lower EV Losses In 2025, Will Drop Ultium Name
General Motors said Tuesday that it is dropping the name “Ultium” for its electric vehicle batteries and the technology that propels its EVs despite spending years and millions of dollars to promote the brand. The company said the batteries and technologies will remain, but the name “Ultium” will go. GM also announced it will start building a battery cell development center at the company's Global Technical Center in Warren. It did not provide a date for when it will break ground, but said the center will be a new building with a target of early 2027 to start building battery cells.
GM leaders assured investors that EVs will not remain a bottomless pit of profit losses. "We believe our EV losses have peaked this year and we’re focused on significantly improving profitability next year," GM CEO Mary Barra said, adding that GM is on track to produce 200,000 EVs in North America this year and the EV portfolio will reach positive variable profit this quarter.
Read more at The Detroit Free Press
Boeing Withdraws Offer Made To Striking Factory Workers—No Further Negotiations Planned
Boeing said Tuesday it has withdrawn a pay raise offer made to its striking factory workers after negotiations between both sides fell apart, extending the major work stoppage that began last month as the plane maker grapples with multiple financial and regulatory woes. Stephanie Pope, the president and CEO of Boeing’s Commercial Airplanes division, said the plane maker “bargained in good faith” and offered “increases in take-home pay and retirement.” Pope claimed the union did not “seriously consider” Boeing’s proposals and instead made “non-negotiable demands far in excess of what can be accepted if we are to remain competitive as a business.”
The International Association of Machinists and Aerospace Workers (IAM)—which represents the 33,000 striking workers—issued its own statement saying the company was “hell-bent on standing on the non-negotiated offer” it released to the media last month. The union claimed Boeing “refused to propose” any wage increases, vacation benefits or reinstate defined benefit pensions, among other things. The union said its negotiating committee “attempted to address multiple priorities” that could have led to a fresh offer it could bring to a vote, “but the company wasn’t willing to move in our direction.”
Advocates Worry Gov. Hochul May 'Move The Goalposts' On Climate Action
At the biggest environmental event of the year in New York City, numerous advocates, politicians and business leaders worried that self-professed climate “champion” Gov. Kathy Hochul is on the verge of walking back the state’s ambitious emissions goals and deadlines. They feared her recent comments about the “collateral damage” of climate goals augured a delay to emissions reduction targets set for 2030 and beyond. Any move to pump the brakes on clean energy goals could undermine Hochul's claims to be a "climate advocate" and a "huge champion" of environmental issues.
“It's premature to move the goalposts,” said Noah Ginsburg, executive director at New York Solar Energy Industries Association, whose group participated in a Climate Week panel. A July report from the state’s research and development authority found that New York is far behind on its renewable energy goal of 70% clean power by 2030. At the current rate, New York will reach only 44% clean power by 2030. Ginsburg was among the many speakers who said Hochul should be redoubling efforts to reach that goal.
Nationwide Meat Recall Over Listeria Contamination Fears
Oklahoma-based BrucePac is recalling 9,986,245 pounds of ready-to-eat meat and poultry products after routine testing conducted by the U.S. Food Safety and Inspection Service found contamination with Listeria monocytogenes, a bacterium that causes food poisoning. Further investigation by the FSIS found that BrucePac's ready-to-eat chicken was the source of the bacterium.
Impacted products were shipped to establishments and distributors nationwide, then distributed to restaurants and institutions. A full list of products impacted is not yet available; however. all affected items were produced from June 19, 2024 to October 8, 2024 and bear the establishment numbers "51205 or P-51205" inside or under the USDA mark of inspection. There have been no confirmed illnesses in relation to consuming the product reported so far, the FSIS has confirmed.
Healthcare Premiums Are Soaring Even as Inflation Eases, in Charts
Inflation is easing across much of the economy. For healthcare? Not yet. The cost of employer health insurance rose 7% for a second straight year, maintaining a growth rate not seen in more than a decade, according to an annual survey by the healthcare nonprofit KFF. The back-to-back years of rapid increases have added more than $3,000 to the average family premium, which reached roughly $25,500 this year.
Businesses absorbed this year’s higher premium costs—one of several signals in recent years that employers are sensitive to the limits of what workers can afford, said Matthew Rae, associate director of the KFF healthcare marketplace program and an author of the survey. Employers spent about $1,880 more this year, bringing their average cost for family premiums to $19,276. Workers’ share of the average family premium dropped by roughly $280 from last year, to $6,296.
Top 10 OSHA Violations of 2024
The more things change, the more nothing seems to have changed at all. Yes, we’re talking about OSHA’s annual reveal of the most frequent workplace safety violations. The 10 categories on last year’s list all appear on the list again this year—the violations haven’t changed; only their relative position on the Top 10 list. And once again, as per usual, the number one violation was Fall Protection—General Requirements (and in fact, another category related to fall protection, focusing on Training Requirements, finished in 7th place, up one position from 8th place last year. And Ladders retained its hold on 3rd place again this year).
Scott Ketcham, director of OSHA’s Directorate of Enforcement Programs, presented the preliminary list at the recent National Safety Council (NSC) Safety Congress & Expo in Orlando, Fla. Given the timing of the NSC show, Ketcham clarified that Top 10 list reflected violations that occurred from Oct. 1, 2023, to Sept. 5, 2024. (Also, the results are based solely on federal OSHA data; data collected from state OSHA agencies is not included in the list.) One encouraging sign, at least, is that 8 of the 10 categories had fewer violations this year than in the previous year.