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State of Virginia AG race, Norfolk casino progress, Fed cuts interest rates: Sunrise Brief

A breakdown of today's top stories, weather, traffic and what we're talking about on News 3 This Morning.

Pool Richmond Times-Dispatch/City of Norfolk/AP

By: News 3 This Morning team

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TOP STORIES: State of Virginia AG race, Norfolk casino progress, Fed cuts interest rates

News 3's Kurt Williams sat down with both candidates in Virginia's attorney general race with Election Day less than a week away.

Sitting down with Virginia AG candidates Miyares, Jones days before Election Day

Incumbent Republican Attorney General Jason Miyares harped on the threatening text controversy that surrounded his Democratic opponent. While former Del. Jay Jones continued to portray Miyares as being too obedient to the Trump administration. Throughout the interviews, both candidates wore their track records on their sleeves.
"In my opinion, he has disqualified himself. I don't think he passes the most basic test of decency to wish violence on children and to want to see a political assassination of your opponent — I don't think that's acceptable," incumbent Republican Attorney General Jason Miyares said.
"I've taken accountability for my actions, and it's now time for Jason to take accountability for his and his failure to prosecute any case against Donald Trump. He's had more than 50 opportunities to hold the administration accountable, and he can't do it because he is too weak to stand up to the president," Jones said.
The operator's license for the developer and operator of the Norfolk casino was approved on Wednesday, bringing the project a step closer to its temporary opening next month.

Virginia Lottery Board approves license for Norfolk casino’s interim gaming hall

Now, developers will work to get the "Interim Gaming Hall" opened "early next month." This gaming facility will operate until the casino resort fully opens, which is projected for late 2027. The interim hall is located near the main construction site and features a single gaming floor with 130 slot machines, food and beverages.
The permanent casino resort, currently under construction, is being developed through a partnership between the Pamunkey Indian Tribe and Boyd Gaming. The project is estimated to cost around $750 million.
The Federal Reserve cut its key interest rate Wednesday for a second time this year as it seeks to shore up economic growth and hiring even as inflation stays elevated.

Fed cuts key interest rate again as growth slows and inflation stays high

Wednesday's decision brings the Fed's key rate down to about 3.9%, from about 4.1%. The central bank had cranked its rate to roughly 5.3% in 2023 and 2024 to combat the biggest inflation spike in four decades. Lower rates could, over time, reduce borrowing costs for mortgages, auto loans, and credit cards, as well as for business loans.
The move comes amid a fraught time for the central bank, with hiring sluggish and yet inflation stuck above the Fed’s 2% target. Compounding its challenges, the central bank is navigating without the economic signposts it typically relies on from the government, including monthly reports on jobs, inflation and consumer spending, which have been suspended because of the government shutdown. The Fed has signaled it may reduce its key rate again in December but the data drought raises the uncertainty around its next moves.