These are the headlines you Need2Know: * Confusion at the NATO summit after President Trump said allies will add billions of dollars to defense spending. But French president Emmanuel Macron rebuffed those claims. * Stormy Daniels was arrested after an alleged misdemeanor at a Columbus, Ohio, strip club. Her lawyer, Michael Avenatti, has also been working to reunite families at the southern border. * The U.S. Senate voted yesterday on a non-binding resolution giving it a say on what tariffs are levied and against whom. * New evidence prompted the Department of Justice reopened the case of Emmett Till, a 14-year-old boy who was killed in 1955 in Money, Miss. * John Schnatter, founder and former CEO of Papa John’s, has resigned his chairman role after a racially-charged comment on a conference call. * Americans made it to both the men’s and women’s Wimbledon semifinals, the first time since 2009. Cheddar Big News' Jill Wagner tells us the latest.

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Federal Reserve cuts key rate as shutdown clouds economic outlook
The Federal Reserve cut its key interest rate Wednesday for a second time this year as it seeks to shore up economic growth and hiring even as inflation stays elevated. The move comes amid a fraught time for the central bank, with hiring sluggish and yet inflation stuck above the Fed’s 2% target. Compounding its challenges, the central bank is navigating without much of the economic data it typically relies on from the government. The Fed has signaled it may reduce its key rate again in December but the data drought raises the uncertainty around its next moves. Fed Chair Jerome Powell told reporters that there were “strongly differing views” at the central bank's policy meeting about to proceed going forward.
US and China say a trade deal is drawing closer as meeting nears
U.S. and Chinese officials say a trade deal between the world’s two largest economies is drawing closer. The sides have reached an initial consensus for President Donald Trump and Chinese leader Xi Jinping to aim to finalize during their high-stakes meeting Thursday in South Korea. Any agreement would be a relief to international markets. Trump's treasury secretary says discussions with China yielded preliminary agreements to stop the precursor chemicals for fentanyl from coming into the United States. Scott Bessent also says Beijing would make “substantial” purchases of soybean and other agricultural products while putting off export controls on rare earth elements needed for advanced technologies.
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