The Federal Reserve is expected to hold interest rates steady during its two-day policy meeting this week but signal potential rate cuts as soon as September, acknowledging that inflation is nearing the 2% target. 

Recent data shows easing price pressures, with the PCE price index rising at just 1.5% annualized since March. Fed officials may change their inflation description from "elevated" to "moderately elevated," reflecting confidence that inflation will continue to decline. 

Policymakers believe rate cuts might be necessary before inflation fully returns to the target. Fed Chair Jerome Powell will hold a press conference following the policy statement release detailing the future path of policy. 

Finsum: The market is still pricing in two more cuts by the end of the year, we’ll see if that comes to fruition. 

The New York Times has curated a list of the 100 best books of the 21st century, showcasing a diverse range of voices and genres. This prestigious selection includes works of fiction, non-fiction, poetry, and graphic novels that have made a significant impact on literature and culture. 

Topping the list is “My brilliant Friend: A Novel” by Elena Ferrante, who features three books on the list. Michael Pollan's "The Omnivore's Dilemma," book is a deep dive into the complexities of the modern food industry. The list also features influential memoirs such as "Educated" by Tara Westover and groundbreaking novels like "The Road" by Cormac McCarthy. 

Each book on the list is celebrated for its storytelling, insight, and contribution to the literary landscape. This compilation serves as a testament to the rich and evolving nature of contemporary literature.

Finsum: The number nine and ten spots highlight two wonderful dystopian novels “Never Let Me Go” and “Station Eleven” 

Smarsh, a compliance tech firm serving major global financial institutions, has integrated OpenAI’s ChatGPT Enterprise Compliance API into its platform. This enables clients to utilize generative AI while adhering to regulatory requirements. 

According to Chief Product Officer Goutam Nadella, regulated industries face challenges with new cloud-based solutions due to stringent oversight. The integration allows for AI-generated content to be tagged, helping financial institutions comply with upcoming regulations. 

CEO Kim Crawford Goodman highlighted the importance of maintaining governance policies for AI-generated content. This aligns with FINRA's Regulatory Notice 24-09 regarding the supervision of electronic correspondence using generative AI.

Finsum: AI is best used to augment the relationship between advisors and clients and can serve for scheduling and many writing tasks.