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M&M Breaking News

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M&M Breaking News

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  • Mega Millions jackpot soars to an estimated $944 million for Christmas Eve drawing This Christmas Eve, one lucky lottery ticket could celebrate with a Mega Millions jackpot nearing $1 billion – the largest prize ever offered in the month of December. With no one winning the jackpot Friday, the grand prize for Tuesday’s drawing ballooned from $862 million to $944 million, according to the lottery. A jackpot winner in Tuesday’s drawing could choose to receive the money in annuitized payments or take a lump sum estimated at $429.4 million. Friday’s winning numbers were: 2, 20, 51, 56, 67 and Mega Ball 19. Although no tickets matched all six numbers in Friday night’s drawing, five tickets still won $1 million each by matching the first five numbers. Those tickets were sold in Arkansas, Illinois, Indiana and Pennsylvania, according to the Mega Millions website. The holiday drawing is part of what the Mega Millions organization is calling the “most unusual jackpot year.” Since Mega Millions began in 2002, there has never been a single year where all jackpots won ranked among the top 10 largest prizes awarded at the time. In March, a New Jersey Mega Millions ticket holder won a whopping $1.13 billion prize. In June, an anonymous player in Illinois took home $552 million after punching in the winning numbers in an online lottery purchase. And in September, a Houston-area resident claimed an $800 million Mega Millions jackpot prize a month after purchasing the winning ticket at a gas station convenience store in Sugar Land. Historically, December has been a pretty lucky month for Mega Millions players, with 13 jackpots won during the holiday season. But the jackpot has only been won once on Christmas Eve, according to Mega Millions. Overall, the chances of winning a Mega Millions jackpot are approximately 1 in 302.5 million. “We tend to see sales go up during the holidays,” Joshua Johnston, the lead director of the Mega Millions Consortium, told CNN, adding that the bump in ticket sales happens as people are out and about shopping. “There’s just really not a product on the market for two bucks that will give you an opportunity throughout the course of a few days to just kind of imagine and dream what it would be like to win that sum of money,” he said. “And that’s just so much fun to think about, especially around the holidays, when there’s already a sense of magic in the air.”
  • Key takeaways from the Fed’s third rate cut Federal Reserve Chair Jerome Powell at a news conference on November 7 in Washington, DC. The Federal Reserve on Wednesday cut interest rates by a quarter point, the third rate cut since it began to lower borrowing costs in September. The central bank’s latest move leaves its benchmark lending rate at a range of 4.25%-4.5%, a two-year low. The decision to cut was not unanimous, is an attempt to ease pressure on America’s economy from elevated interest rates to preserve the labor market’s health. Fed Chair Jerome Powell said the latest rate cut was “a closer call,” adding that recent inflation readings were “the single biggest factor” on officials’ minds during the meeting. Cleveland Fed President Beth Hammack was the lone dissenter on Wednesday’s decision, preferring to keep rates at their current levels. The Fed signaled in its policy statement that it is leaning toward holding rates steady in the future, since inflation remains stubbornly above the central bank’s 2% target. The US economy has also proved remarkably resilient in the face of elevated borrowing costs, giving the Fed some reassurance that it can stand pat without risking any undue economic damage. Fed officials penciled in just two rate cuts for next year, according to their latest forecasts, down from the four they projected in September. Officials also project slightly stronger economic growth, slightly lower unemployment, and for inflation in 2025 to be higher than they previously thought. The projections overall suggest Fed officials expect the US economy next year to be buoyant, with no recession in sight. They expect inflation to reach their target over a longer period than they previously estimated, not touching 2% until 2027. Related article Dow plunges more than 1,100 points and marked its longest losing streak since 1974 Powell sang the US economy’s praises in his post-meeting news conference, saying its strength has been “the story” of the year. Powell affirmed the likelihood of fewer rate cuts next year that the projections showed. That sent markets into a tailspin, with the Dow dropping by more than 1,000 points. Some investors are bullish on the prospects of strong growth next year, which could come about from the policies of President-elect Donald Trump. The incoming administration promises extending the 2017 tax cuts and cutting down on regulations — policies poised to boost growth if they’re enacted. However, Trump’s threat of massive tariffs on goods coming from Mexico, Canada and China could derail the Goldilocks economy the Fed has seen so far, since the stiff tariffs Trump has floated are widely expected to stoke inflation.
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