President Biden assured “a peaceful and orderly transition,” congratulating both President-elect Trump for his win and Vice President Harris for putting “her whole heart and effort” into her campaign. He emphasized unity and respect for differing views, urging Americans to see each other as fellow citizens. He said the electoral system is “fair and it is transparent” and “it can be trusted, win or lose.” (UPI)
The Federal Reserve cut interest rates by 0.25%, bringing the lending rate range to 4.50-4.75%. The Fed said labor market conditions have eased since earlier in the year, and the unemployment rate has moved up but remains low. Inflation, the Fed said, “has made progress toward the Committee’s 2% objective but remains somewhat elevated.” (UPI)
The FDA plans to pull a widely used ingredient in cough and cold medicines (phenylephrine) due to its lack of effectiveness as a nasal decongestant. Data suggests low absorption levels in the body, prompting a proposal for its removal from over-the-counter products, sparking industry resistance and calls for reformulation or withdrawal by manufacturers. (CBS News)
A fast-spreading Southern California brush fire grew to 20,000 acres, destroying homes and leading to mass evacuations. Gov. Gavin Newsom mobilized state and federal resources to combat the blaze, which raged amid warm temperatures and strong winds, prompting red-flag warnings in Ventura and Los Angeles counties. Multiple injuries were reported. (ABC News)
Arkansas man Andrew Riels was cited for illegally hunting a 15-point buck, then entering it into a Louisiana competition. He faces charges of hunting contest fraud and violating interstate commerce regulations, with potential fines of up to $3,000 and up to one year of jail time. Arkansas also cited him for illegal hunting. (AP)
