DOJ Releases Ghislaine Maxwell Interview Transcript

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  U.S. stocks surge as Fed Chair Jerome Powell opens a path for rate cuts.

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  Plus, how some retail giants are winning in the tariff economy.

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  Retailers say we're seeing the same thing from consumers we've seen for over a year now,

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  which is cautiousness.

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  But you just got a little bit of a hint that for low and middle income shoppers,

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  that's getting amplified as tariffs raise prices.

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  And the Justice Department has released Epstein associate Ghislaine Maxwell's interview transcripts.

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  It's Friday, August 22nd.

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  I'm Sabrina Siddiqui for The Wall Street Journal, covering for Alex Ossola.

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  This is the PM edition of What's News,

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  the top headlines and business stories that move the world today.

• 00:48

  Federal Reserve Chair Jerome Powell opened the door for the central bank to cut rates as soon as its meeting next month.

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  In a widely anticipated speech today at the Fed's annual meeting in Jackson Hole, Wyoming,

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  Powell said the Fed faces a challenging situation as tariffs drive up costs

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  while the labor market appears to be softening.

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  While the labor market appears to be in balance,

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  it is a curious kind of balance that results from a marked slowing in both the supply of and demand for workers.

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  This unusual situation suggests that downside risks to employment are rising.

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  And if those risks materialize,

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  they can do so quickly in the form of sharply higher layoffs and rising unemployment.

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