Daily Briefing: That new car smell

Interest rates are expected to drop for the first time in four years this week. The floor exercise final at the Paris Olympics was even more screwed up than already known. Historic rain levels leave portions of North Carolina soaked.

🙋🏼‍♀️ I'm Nicole Fallert, Daily Briefing author. Here's how to get your patty on for National Cheeseburger Day.

Here's what to expect from the Federal Reserve meeting

After raising its key interest rate for nearly two years to tamp down growth and rising prices, economists expect the Federal Reserve to cut the rate to bring it more in line with slowing inflation.

But is a rate cut incoming? Following July's meeting, Federal Reserve Chair Jerome Powell said: "The economy is moving closer to the point where it will be appropriate to reduce our policy rate. That time is drawing near. That time could be in September if the data support that."

• So, do we have the data? Yes and no. But whether a decrease will be by a quarter or a half percentage point from its 23-year high of 5.25% to 5.50% is basically a coin toss.
• Either way, the Fed's move will reveal whether officials are more concerned about stamping out inflation’s final embers or propping up a labor market that has been cooling a bit too rapidly for most economists’ comfort.
• Time for a new car?: Don’t expect life-changing money impacts right away. Financial institutions are usually slow to lower the rates they charge borrowers when the Fed begins to cut its own rate.

Scoring errors might have cost Simone Biles another Olympic gold

Video submitted this week as part of Jordan Chiles’ appeal to the Swiss Federal Tribunal indicates a scoring inquiry for Simone Biles’ routine in the floor final at the Paris Olympics was never registered, likely costing the Olympic champion another gold medal. Biles won the silver medal, finishing just 0.033 points behind Rebeca Andrade of Brazil. On Tuesday, Biles responded, saying “Honestly not a big deal for me, Rebeca had a better floor anyways." Read more

More Wednesday headlines

• The search for a man accused of opening fire on vehicles and injuring five people on a Kentucky highway stretched past 11 days.
• Paste BN went to a Trump rally to see what it's really like.
• A Florida sheriff posted the mug shot of an 11-year-old charged in a fake school shooting threat.
• Kamala Harris spoke with Black journalists about the economy and the war in Gaza.
• Ping pong balls were thrown at Atlanta city council members in protest of "Cop City."

What's the weather today? Check your local forecast here.

Israeli agency behind Hezbollah pager explosions

Israel's Mossad spy agency planted small amounts of explosive material in Hezbollah pagers that detonated across Lebanon, killing at least nine people and injuring thousands, multiple reports said Wednesday. A wave of coordinated blasts emanating from the handheld wireless communication devices took place Tuesday afternoon as people shopped for groceries, sat in cafes and drove in cars, leaving blood-splattered scenes. Read more

North Carolina braces for more rain after 'historic' deluge

Forecasters say a storm will continue its path northward across North Carolina into the Mid-Atlantic, triggering thunderstorms and heavy rainfall, until it is expected to dissipate on Wednesday. The storm comes after an intense  system earlier this week drenched parts of North Carolina in "historic rainfall," inundating highways and stranding drivers. Read more

Keep scrolling

• What are Instagram Teen Accounts?
• This hobby horse tournament is real and looks sort of fun!
• Melania Trump will give an "intimate portrait" of life with her upcoming memoir.
• Search for a flight as much as you want. It won't change the price.
• Here are 16 players to start or sit in your fantasy team this week.

Sean 'Diddy' Combs denied bail

Federal authorities are charging Sean "Diddy" Combs with racketeering, sex trafficking and transportation to engage in prostitution, according to an unsealed indictment against him by the U.S. Attorney's Office for the Southern District of New York on Tuesday. Following a hearing in which Combs pleaded not guilty to the three charges against him, a judge denied the rapper bail and ruled he must remain in custody as he awaits trial. Read more

Photo of the day: A show in the sky for one night only

When the Harvest Moon rose along the horizon, spectators were treated not only to an exceptionally large and bright supermoon, but – on Tuesday only – a partial lunar eclipse.

Nicole Fallert is a newsletter writer at Paste BN, sign up for the email here. Want to send Nicole a note? Shoot her an email at NFallert@usatoday.com.