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2025-09-18 13:38:02| Fast Company

The Federal Reserve’s nearly unanimous decision Wednesday to reduce its key interest rate was seen by many observers as a quiet show of unity and independence amid President Donald Trump’s relentless pressure for steeper cuts and his unprecedented effort to fire a top Fed official.Many Fed-watchers expected a contentious two-day meeting this week, with the economy’s future uncertain and a Trump appointee hastily added to the board just hours before the meeting began. The White House has also floated several members of the Fed’s governing board as potential replacements for the current chair, Jerome Powell, when his term ends in May, creating incentives for those officials to push for the deep rate cuts Trump has demanded.Some economists expected as many as three dissenting votes among the 12 voting members of the rate-setting committee, which would be the most in five years and somewhat unusual for a consensus-driven organization. Even four dissents which hasn’t happened since 1992 weren’t out of the question.Trump has appointed three members to the Fed’s governing board two in his first term all of whom could have voted in favor of steeper cuts.And many officials on the rate-setting committee are wary of cutting too quickly, with inflation still clearly above the Fed’s 2% target. Some observers thought one of those policymakers could dissent in the other direction in favor of not cutting rates at all.Instead, just one official dissented from the Fed’s decision to reduce its rate by a quarter-point: Stephen Miran, who was nominated by Trump to an empty seat and hurriedly approved by the Senate late Monday, just hours before the two-day meeting began.Brian Bethune, a Boston College economist, was impressed by the Fed’s unity in the face of White House pressure.“They all came together to support what seems to be a very balanced decision,” he said. The nearly unanimous vote “sends a very strong message that they’re not going to bow to the monarch. They’re going to do what’s appropriate for the economy.”Trump has said that one of the Fed governors he appointed in 2018 Christopher Waller is a potential replacement for Powell, and Waller dissented in favor of a rate cut in July, when the Fed kept borrowing costs unchanged. Another Trump appointee from his first term, Michelle Bowman, also dissented in July. Yet on Wednesday they both voted with their colleagues.On social media, Jason Furman, a top economic adviser in the Obama White House, posted that he was “thrilled” that Trump appointees Bowman and Waller did not join in Miran’s dissent. “Bodes well for the Fed’s independence,” wrote Furman, now an economist at Harvard University.In the weeks leading up to the meeting, Trump sought to fire Fed governor Lisa Cook, who was appointed by former President Joe Biden, after accusing her of mortgage fraud, which she has denied. It was the first time in the Fed’s 112-year history that a president has sought to remove a governor.Many legal experts consider the firing a threat to the Fed’s independence, as Trump has openly discussed securing a majority on the Fed’s governing board. Cook sued to keep her job and a court ruled she could remain on the Fed’s board while her lawsuit is resolved.An appeals court upheld that decision late Monday, enabling Cook to vote in favor of a rate cut Wednesday. Also late Monday, the Senate voted along party lines to confirm Miran as a Fed governor. He was sworn in Tuesday morning.Previous presidents have appointed their economic advisers to the Fed. Former chair Ben Bernanke was an adviser in the Bush administration before being appointed chair of the Fed. But Miran’s case is unusual because he is keeping his position at the White House, while taking unpaid leave.Powell has always sought to avoid a direct confrontation with Trump and avoided commenting on Cook’s case during a news conference Wednesday, and he didn’t say anything directly about Miran’s status.“We’re strongly committed to maintaining our independence and beyond that I really don’t have anything to share,” Powell said when asked about Miran.Powell also repeatedly noted that with inflation still above the Fed’s 2% target, while unemployment has also risen, it’s not clear what steps the Fed should take next. If it cuts its rate too much, it could overstimulate the economy and accelerate inflation. If it keeps its rate too high, an ongoing hiring slowdown could get worse.“It’s challenging to know what to do,” Powell said. “There are no risk-free paths now.”Nevertheless, “we came together at the meeting and acted with a high degree of unity,” he added.Claudia Sahm, a former Fed economist and now chief economist at New Century Advisors, said Fed policymakers likely acted out of support for the Fed as an institution.“The institution is under attack,” she said. “This was not the time for three dissents.” AP Business Writers Paul Wiseman and Alex Veiga contributed to this report. Veiga contributed from Los Angeles. Christopher Rugaber, AP Economics Writer


Category: E-Commerce

 

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2025-09-18 13:11:13| Fast Company

Over the past few years, celebrity-backed liquor brands have enjoyed an undeniable cultural momentand tequila is currently the hottest drink in the game. Just ask Hailee Steinfeld. This February, the Academy Award-nominated actress partnered with Premium Beers Group, a leader within the alcohol industry in Mexico, to launch her own tequila cocktail brand called Angel Margarita. At the Fast Company Innovation Festival on September 16, Steinfeld told audiences that the brand is all about creating something that feels real and authentic in a beverage industry full of other players.  From left: Jeff Beer, Hailee Steinfeld, and Jordi Zindel speak onstage during the Fast Company Innovation Festival 2025 on September 16, 2025, in New York City. [Photo: Eugene Gologursky/Getty Images for Fast Company] Steinfeld is the latest in a series of celebrities to debut her own tequila brand, joining George Clooneys Casamigos (which sold for $1 billion in 2017), Dwayne The Rock Johnsons Teremana, Matthew and Camila McConaugheys Pantalones Tequila, and Kendall Jenners 818 Tequila.  Unlike those brands, though, Angel Margarita is not a pure spirit, but rather a premixed cocktail that comes in lime, grapefruit, ranch water, and wild berry flavors. It signals that, as ready-to-drink (RTD) cocktails hit the mainstream, theyre poised to become the next trend in celebrity beverage collaborations. [Photo: Eugene Gologursky/Getty Images for Fast Company] Why RTD cocktails will be the next celebrity alcohol fad According to Jordi Zindel, the CEO of Angel Margarita, the brand was inspired by Steinfelds own margarita recipe, which she perfected after moving into a new home with a bar.  I was, like, I can’t have a great bar and not be able to be behind it and make a house cocktail, Steinfeld said. The go-to was a margarita, because I felt I could nail a classic margarita. With a lot of trial and a lot of error, Angel Margarita was born, and I now have the perfect cocktail that I can pour over ice. After everybody loves it and enjoys it, I tell them its from a can. [Photo: Eugene Gologursky/Getty Images for Fast Company] Theres a reason why Steinfeld might have opted for a ready-to-drink beverage over a plain tequila: According to the spirits trade association Distilled Spirits Council of the United States, RTD sales were up 27% in 2023, making them the fastest-growing spirits category by revenue.  Building on the earlier success of hard seltzer companies like White Claw and Truly, brands like Captain Morgan, Jack Daniel’s, and Bacardi have all jumped onto the RTD trend. Meanwhile, companies focusing exclusively on canned cocktailslike Cutwater and On the Rocksare taking off with Gen Zers and millennials.  Steinfeld announced at the Innovation Festival that Angel Margarita is set to launch in New York next week. As the brand begins to expand its reach, its only a matter of time before other public figures pick up on the growing RTD market as a new way to reach fans.


Category: E-Commerce

 

2025-09-18 13:05:00| Fast Company

Dating app usage is falling, with more and more users viewing it as a chore rather than a chance to find love. Bumble, the app famous for having women make the first move, is far from immune to the dating downfall.  So it comes as no surprise that the company is leaning into one of its other pillars: friendship. Bumble has launched a new BFF app for what it describes as The Great Friennassance. According to researchnotably, commissioned by Bumble55% of 18- to 35-year-olds are looking for more local friends, while one in four want friends they can bring to events.  ‘Find your people’ The stand-alone app, which is available for U.S. users, includes a lot of similar features of the dating app, such as interest-based matching, photo prompts, and customizable profiles. It also includes a Groups area that uses technology from Geneva, a group and community app, to create spaces where people can discuss shared interests and find events in their area. Bumble purchased Geneva last year.  From the beginning, our mission has been to help people build relationships that matter. Seeing how members use BFF to create deep, lasting friendships reminds us that what people really crave is belonging, Whitney Wolfe Herd, founder and CEO of Bumble, said in a statement. With BFFs focus on communities, were making it possible not just to meet someonebut to truly find your people. Bumble BFF first launched in 2016 and the company created an app called Bumble for Friends in 2023. Its unclear how Bumble BFF will impact the original friendship app. Fast Company has reached out to Bumble for comment and will update this post if we hear back. Missteps, layoffs, and leadership shakeups Bumble had quite a tumultuous run recently. In January 2024, Herd stepped down as CEO and became executive chair. Under the leadership of her successor, former Slack CEO Lidiane Jones, the company swiftly cut about 350 roles and, that April, rolled out a redesign. It included an updated compatibility algorithm, allowed men to message first, and rolled out new ads.  The latter brought immense controversy in response to ads such as, You know full well a vow of celibacy is not the answer and thou shalt not give up on dating and become a nun. Social media users called out Bumble for trying to control womens bodily autonomy and get them to lower their standards. The company pulled the ads and admitted, We made a mistake.  Then, this March, Herd returned to the helm of Bumble and is prioritizing quality over quantity, stating that members with low-quality and incomplete profiles might be removed from the app. She also cut the companys headcount by 30% this summer, a move that could save Bumble $40 million annually.  Shares of Bumble Inc (Nasdaq: BMBL) are down around 13% year to date.


Category: E-Commerce

 

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