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WASHINGTON (AP) From Wall Street traders to car dealers to home buyers, Americans are eager for the Federal Reserve to start cutting interest rates and lightening the heavy burden on borrowers.

The Fed is widely expected to do so this year probably several times. Inflation, as measured by its preferred gauge, rose in the second half of 2023 at an annual rate of about 2%  the Fed’s target level. Yet this week, several central bank officials underscored that they werent ready to pull the trigger just yet.

Why, with inflation nearly conquered and the Fed’s key rate at a 22-year high, isn’t now the time to cut?

Most of the Fed’s policymakers have said they’re optimistic that even as the economy and the job market keep growing, inflation pressures will continue to cool. But they also caution that the economy appears so strong that there’s a real risk that price increases could spike again.

And some are worried that if they cut rates now and inflation re-accelerates, then the Fed could be forced into an about-face and have to raise rates again.

“History tells many stories of inflation head-fakes,” said Tom Barkin, president of the Federal Reserve Bank of Richmond, in a speech Thursday.

Inflation had seemed defeated in 1986, Barkin noted, when Paul Volcker was Fed chair.

The Fed reduced rates, but inflation then escalated again the following year, causing the Fed to reverse course,” he said.

“I would love to avoid that roller-coaster if we can, said, Barkin, who is among 12 Fed officials who vote on interest rate policy this year.

Several officials have said they want more time to see if inflation continues to subside. In the meantime, they note, the economy is solid enough that it can thrive without any rate cuts. Last month, for example, Americas employers delivered a burst of hiring, and the unemployment rate stayed at 3.7%.

Theyre going to be glacial, and take their time, said Steven Blitz, chief US economist at GlobalData TS Lombard. Theyre willing to say, We dont know, but we can afford to wait so were going to wait. “

The sturdiness of the economy has also raised questions about just how effective the Feds 11 rate hikes have been. If higher borrowing rates are only barely restraining the economy, some officials may conclude that high rates should stay in place longer or that few rate cuts will be needed.

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I dont feel theres a sense of urgency here, Loretta Mester, president of the Cleveland Federal Reserve, told reporters Tuesday. I think later this year, if things evolve as anticipated, we would be able to start moving the rate down.

Yet their caution carries risks. Right now, the economy appears on track for a soft landing,” in which inflation would be defeated without causing a recession or high unemployment. But the longer that borrowing rates stay high, the higher the risk that many companies and consumers would stop borrowing and spending, weakening the economy and potentially sending it into a recession.

High rates could also compound the struggles of banks that are saddled with bad commercial real estate loans, which would be harder to refinance at higher rates.

The high cost of borrowing has become a headache for David Kelleher’s Chrysler-Jeep dealership just outside of Philadelphia. Just 2 1/2 years ago, Kelleher recalled, his customers could get an auto loan below 3%. Now, they’re lucky to get 5.5%.

Customers who had monthly car lease payments of, say, $400 three years ago are finding that with vehicle prices much higher and interest rates up, their monthly payments would be closer to $650. The trend is pushing many of his customers toward lower-priced used cars or no purchase at all.

We need the government to address the interest rates … and understand that theyve accomplished their goal of lowering inflation,” Kelleher said. If interest rates can come down, I think were going to start selling more cars.

Kelleher is likely to get his wish by May or June, when most economists expect the Fed to start reducing its benchmark rate, which is now at about 5.4%. In December, all but two of the 19 policymakers that participate in the Fed’s policy discussions said they expect the central bank to cut rates this year. (Twelve of those 19 actually get to vote on rate policies each year.)

Yet economic growth has accelerated since then. In the final three months of last year, the economy expanded at an unexpectedly strong 3.3% annual rate. Surveys of manufacturers and service-providers, such as retailers, banks, and shippers, also reported that business perked up last month.

Collectively, the latest reports suggest that the economy may not be headed for a soft landing but rather what some economists call a no landing. By that they mean a scenario in which the economy would remain robust and inflation an ongoing threat, potentially stuck above the Fed’s target. Under this scenario, the Fed would feel compelled to keep rates at elevated levels for an extended period.

Powell said last week that while the Fed wants to see continued strong growth, a strong economy does threaten to send inflation up.

I think that is a risk … that inflation would accelerate, Powell said. I think the greater risk is that it would stabilize at a level meaningfully above 2%. … Thats why we keep our options open here and why were not rushing.”

Other officials this week drove home the point that the Fed is trying to balance the risk of cutting rates too soon which might cause inflation to surge again and keeping rates too high for too long, which could trigger a recession.

At some point, the continued cooling of inflation and labor markets may make it appropriate to reduce rates, Andrea Kugler, a recently appointed Fed governor said Wednesday in her first public speech. On the other hand, if progress on disinflation stalls, it may be appropriate to hold the target range steady at its current level for longer.

Some analysts have pointed to signs that the economy is becoming more productive, or efficient, allowing it grow faster without necessarily increasing inflation. Yet productivity data is notoriously hard to measure, and any meaningful improvement wouldn’t necessarily become apparent for years.

Still, maybe the economy can take higher interest rates than we thought in 2019 before the pandemic, said Eric Swanson, an economist at the University of California, Irvine.

If so, that might not just delay the Fed’s rate cuts, but result in fewer of them. Fed officials are still saying they plan to cut rates perhaps three times this year, below the five or six that some market analysts foresee.

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&214;cal’s NHL rink report: Matthew Schaefer’s hot start, Tusky’s debut, games of the week

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October 20, 2025

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&214;cal's NHL rink report: Matthew Schaefer's hot start, Tusky's debut, games of the week

Matthew Schaefer has had quite the debut in the NHL, hasn’t he? He’s scored a point in every game he’s played — including a fun first NHL goal. ESPN analyst John Tortorella noted that he reminds him of Hall of Famer Chris Pronger with his skating … that’s not bad at all for the New York Islanders‘ first overall pick from the 2025 draft.

The debut has also been historical. Schaefer started his NHL career with a five-game point streak (and counting). That’s the second longest point streak by any defenseman from the start of their career, behind only Marek Zidlicky (six games) in 2003-04. He is the first 18-year-old defenseman in NHL history to achieve that (every other 18-year-old on the list was a forward).

His first NHL goal was electric. There was a big scrum in front on an Islanders power play, amid the chaos the puck is lost, and Schaefer barges in from the blue line and pokes the puck that was barely visible under Logan Thompson‘s pads into the net in a seamless motion. Among his many other traits, the hockey IQ is quite high.

Schaefer turned 18 on Sept. 5; yes, just over a month ago. He is the youngest defenseman to make his NHL debut, to record a point in his NHL debut, the youngest NHL player on record to score his first goal on the power play, and the youngest player to play 25-plus minutes in a game.

He’s also garnering a lot of early “Isles franchise player of the future” nods from the Islanders faithful. It might be a bit early to be doling out accolades like that. But Matthew Schaefer is definitely fun to watch, and the best is yet to come.

Jump ahead:
Games of the week
What I liked this weekend
Hart Trophy candidates
Social post of the week

Biggest games of the week

7:30 p.m. ET | ESPN

Obviously the biggest game of the week from a storyline perspective is Brad Marchand returning for his first game in Boston. He was injured the last time the Panthers visited Boston, so all of the pomp and circumstance will come during this game.

Marchand is a banner- and statue-level guy in Beantown, without question. I expect an extended ovation, then the fans booing him when he levels David Pastrnak in a scrum.

7 p.m. ET | ESPN+

Two playoff teams from last season. Star power aplenty, with Jack Hughes, Nico Hischier and Jesper Bratt on one side, against Auston Matthews, William Nylander and John Tavares on the other.

But there’s another wrinkle to this one. Greg Wyshynski and I created a brand new “North American Hockey Championship” title belt for our digital show “The Drop,” and it’s currently held by me thanks to the Canadian victory in last year’s 4 Nations Face-Off. This is how title defenses work: for every Canada vs. USA international game, men’s or women’s, the title is automatically on the line. In addition, the challenger can choose any NHL game with any sort of Canada vs. USA connection for the belt to be up for grabs.

In this case it’s easy — an American team visiting a Canadian one — and it’s the team for which Wysh grew up rooting against the one for which I grew up rooting. If the Devils win, then the U.S. is the new North American hockey champion. If the Leafs win, Canada retains.

Other key matchups this week

10 p.m. ET | ESPN+

10 p.m. ET | ESPN

9 p.m. ET | ESPN+

9 p.m. ET | ESPN+

6 p.m. ET | ESPN+

What I liked this weekend

Friday was a big day for college hockey. On paper, Boston University vs. Michigan State was already a heavyweight matchup — 34 NHL prospects with 20 NHL teams were represented in the game. The game was broadcast on ESPN2, which is terrific for a matchup so early in the college hockey season. This is the dawn of a new era of NCAA on the ice, with the rules surrounding CHL players changing, and the continued growth and interest in the college game.

The Spartans led 2-0 through two periods, but BU fought back and the game went to overtime tied 3-3. BU’s Cole Eiserman (Islanders prospect) appeared to win it, but MSU’s Shane Vansaghi (Flyers) swept the puck away before it crossed the goal line. The Spartans brought it back the other way, and Matt Basgall (undrafted) scored off a feed from Ryker Lee (Predators).

Also, count me in as a fan of the NHL’s newest mascot, Tusky. I like Tusky’s overall look, and particularly his dark blue mohawk. I thought the introduction of breaking through blocks of foam ice was cute, and the name is easy for kids to say. I’m a massive fan of mascots — they are critical to game presentation and in-arena fun, to social content, and especially to helping kids and new hockey fans make core memories. I look forward to seeing what fun things the Mammoth have planned for Tusky.

MVP candidates if the season ended today…

Vegas center Jack Eichel leads the league with 15 points. He had some support for the Hart among our ESPN hockey crew this preseason, and could remain a top candidate all season (particularly if the scoring keeps up).

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0:49

Jack Eichel nets goal for Golden Knights

Jack Eichel lights the lamp for Golden Knights

Speaking of lighting up the scoreboard, Ottawa Senators forward Shane Pinto has seven goals through six games, with all seven of them at even strength. The Senators will need to find other sources of scoring while Brady Tkachuk is out.

Given that goaltender Connor Hellebuyck won the Hart last season, we can’t forget the netminders this season either. You’d have to take a long look at New York Rangers goalie Igor Shesterkin. Despite going 2-2-1, he boasts a .962 save percentage and is allowing only one goal per game on average. Scott Wedgewood might win out among goalies, however, as he’s started the season 5-0-1 with a .938 save percentage, saving 136 of 145 shots for the first-place Colorado Avalanche.

And hey, if the season ended today, I’d even toss Matthew Schaefer‘s name in the mix based on all the ridiculous stats I highlighted earlier.

Hockey social media post of the week

One of my favorite people on social media is “Kickball Dad” — especially when the Miami Dolphins do something to annoy him, or he’s zipping around the backyard on his mower. He might also be the first person in recorded history to shoot hockey pucks on the beach in the Bahamas.

He’s also a massive Devils fan, and made a video going to the home opener:

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Seven questions that will decide Mariners-Blue Jays ALCS Game 7

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October 20, 2025

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Seven questions that will decide Mariners-Blue Jays ALCS Game 7

  • Multiple Contributors

Oct 20, 2025, 07:00 AM ET

It all comes down to Game 7 in the American League Championship Series — with a trip to the World Series on the line.

The Toronto Blue Jays cruised to victory over the Seattle Mariners in a must-win Game 6 on Sunday night to keep their championship aspirations alive and force Monday’s win-or-go-home ALCS finale, with the winner set to take on the Los Angeles Dodgers in the Fall Classic.

Will Toronto finish off the comeback, or will Seattle punch its ticket to its first World Series appearance? We asked our MLB experts to answer seven questions that will decide Game 7 — plus a bonus one looking forward to how the AL pennant winner could match up against the reigning champions.

1. How much will home-field advantage matter for Toronto in Game 7?

Jorge Castillo: It doesn’t hurt. The crowds at Rogers Centre down the stretch of the regular season and into October have been electric. Players have repeatedly complimented the atmosphere. But the Mariners won Games 1 and 2 in Toronto. Those crowds were raucous and it didn’t matter.

Buster Olney: It could mean nothing; the Mariners know they can win in Toronto, as they did in Games 1 and 2. But I do think that getting a lead will be important, because if Seattle falls behind by two or three runs, the challenge of winning one final game at Rogers Centre will be made more difficult by the bonkers crowd.

2. The Mariners have had vibes on their side all season long. How much will Seattle’s ability to keep finding a way matter in Game 7?

Jeff Passan: Vibes take a team only so far. The Mariners are here because of their starting pitching and ability to hit home runs — and they need George Kirby to avoid another disastrous start and the offense to chill with the strikeouts. In Game 3, Kirby got shelled for eight runs, half of which came on three home runs. He instead needs to channel his last win-or-go-home game, when he throttled Detroit for five innings in the division series.

While Seattle has outhomered the Blue Jays in the ALCS, its 28.1% strikeout rate is not good, and Shane Bieber, on the mound for Toronto, will rely heavily on spin — so that happens to play right into his wheelhouse. Both teams are worn down, and getting an early lead would go a long way toward getting the Mariners’ offense right.

Olney: After Game 6, the Mariners talked about how their energy is good and that coming back is part of their identity. But it’s much more important for Seattle to play a clean game — which Julio Rodriguez mentioned after Sunday’s loss. The Mariners made many mistakes early in Game 6, with defensive errors from Rodriguez and Eugenio Suarez and a baserunning mistake by J.P. Crawford. The Blue Jays consistently put the ball in play and pressure the defense, and Seattle has to respond better to survive.

3. Which team has the Game 7 pitching advantage, and why?

David Schoenfield: Slight edge overall to the Blue Jays, mostly based on how the pitching matchup played out in Game 3, when Bieber pitched well (six innings, four hits, two runs, eight strikeouts, 16 swinging strikes) and Kirby did not (four innings, eight runs, three home runs, nine swinging strikes). The Mariners have the late-game edge with Andres Munoz, who will have two days of rest after not pitching in Game 6; Blue Jays closer Jeff Hoffman threw 35 pitches Sunday.

The Mariners do have some early long relief options available in Bryan Woo and Luis Castillo (who threw just 48 pitches in his Game 4 start), but Castillo has been terrible on the road and Woo is an unknown risk, pitching on two days of rest coming off an injury. Look for Kevin Gausman to be a bullpen option for the Blue Jays. Indeed, the Jays would probably like to use Bieber, Gausman, Louis Varland and Hoffman and go no deeper in their pen than that. If someone else gets in the game, though, the Mariners have a chance.

Castillo: The starting pitching edge goes to Toronto for the reasons David presented, but the unknown variable here is Bryan Woo. The All-Star right-hander was Seattle’s ace during the regular season, but a pectoral injury has limited him to those two innings in Game 5. If he can give the Mariners any real, effective length, I think the overall advantage goes to Seattle with Andrés Muñoz also on three days’ rest. Woo is the best pitcher in this series when healthy. He could be the difference.

4. Which player MUST deliver for Seattle to win?

Schoenfield: Kirby. Through six ALCS games, Bryce Miller is the only Mariners starter who has had a good game — and he was the worst of the group in the regular season. Even with two solid efforts from Miller, the rotation has a 7.33 ERA in this series, allowing a .310 average and .993 OPS. Kirby doesn’t have to go deep — and won’t be expected to — but Seattle needs four or five strong innings from him.

Castillo: Since David went with Kirby, I’ll go with Cal Raleigh. The AL MVP candidate has been Seattle’s best player all year, from the regular season through the playoffs, on both sides of the ball. So it was strange to see him have such a rough Game 6, going 0-for-4 with three strikeouts, a GIDP, and a throwing error that allowed Toronto’s final run to score. It’s hard to imagine the Mariners winning Game 7 without some contributions from Raleigh.

5. Which player MUST deliver for Toronto to move on?

Passan: In the Blue Jays’ six wins this postseason, Vladimir Guerrero Jr. is 15-for-26 with five home runs, 10 RBIs and one strikeout in 30 plate appearances. He is a human litmus test and a reminder that as Vlad Jr. goes, so go the Blue Jays. Getting a good start from Bieber would help plenty — Toronto’s bullpen this postseason has been so helter skelter, relying on any reliever for too long is inviting disaster — but amid the endless cycling of pitchers expected in Game 7, the players with the opportunities to do the most will be on the offensive side. And in the ALCS, no one has been better than Guerrero, who has struck out just twice in 47 plate appearances this postseason.

Olney: Bieber, due to all of the uncertainty presented by the Toronto bullpen. It’s unclear how much Hoffman can provide following his Game 6 outing, and while Varland is trusted, he’s also going to be working on back-to-back days. Jays manager John Schneider talked before Game 6 about possibly using Max Scherzer out of the bullpen, or maybe Chris Bassitt, but it’s difficult to know exactly what he’s going to get from either.

The Jays traded for Bieber at the deadline in the hope that he could pitch meaningful games for them, and it’s hard to imagine a situation more important to a franchise playing for the opportunity to go to the World Series for the first time in 32 years.

6. Call your shot: Who is one unexpected player you think could decide Game 7?

Schoenfield: Ernie Clement has become less surprising as the postseason has rolled along, as he’s hitting .447. Remarkably, he and Guerrero have struck out just twice each in 10 postseason games. That sums up Toronto’s advantage at the plate: These guys put the ball in play. Considering Guerrero might not see a pitch any closer than Manitoba in this game, the players coming up behind him might have to do the damage — and Clement is one of those who will get RBI opportunities.

Passan: Crawford bats in the bottom third of the Mariners’ lineup and has only two hits in the ALCS. So why him? Well, he’s due, for one, but beyond that, Crawford puts together excellent plate appearances every time up — his 4.5 pitches per is the second-highest number among regulars — and he has the lowest strikeout rate among any Seattle player this series.

During the regular season, Crawford’s high-leverage numbers were off the charts: .340/.476/.620. He craves moments that matter. And none in the history of the Mariners franchise matters as much as a Game 7 with a chance to go to the World Series.

7. And really call your shot: Which team will be the last one standing in this ALCS?

Castillo: I’ve written this before and I’ll write it again: I picked Seattle to win the World Series before the season began so I’m not going to deviate from that even though the Blue Jays have been the better team since dropping the first two games of this series. Seattle rebounds with a 6-4 win.

Passan: The coin-flip nature of postseason baseball is personified by the record of home teams in winner-takes-all games: 71-67. And considering how back-and-forth this series has been, either team emerging would make plenty of sense. The idea that Kirby and Bieber both shove is very realistic, which would make this a battle of the bullpens. With Andrés Muńoz able to work multiple innings after two days’ rest and Hoffman coming off a 35-pitch outing, though, the edge tilts ever so slightly in Seattle’s favor. The Mariners advance to their first World Series with a 3-2 win.

Bonus: Which team should the Dodgers want to see move on — or is L.A. simply too good for it to matter?

Passan: Simply because Los Angeles would have home-field advantage and less strenuous travel, the answer is Seattle. In terms of talent, as the ALCS has illustrated, the Blue Jays and Mariners are about as evenly matched as it gets. The Blue Jays’ lack of an effective left-handed reliever against a Dodgers lineup with Shohei Ohtani, Freddie Freeman and Max Muncy would work decidedly in Los Angeles’ favor.

Similarly, the Mariners have difficulty hitting high-octane fastballs. Their regular-season OPS against 97-mph-plus heaters was .639 (compared to Toronto’s MLB-best .766), and while they have hit four home runs off such pitches in the postseason, they remain susceptible. In the end, whoever advances faces a juggernaut that will be heavily favored and rightfully so.

Olney: In speaking with some evaluators with other teams, there is near unanimity in the opinion that the Blue Jays would present a better challenge to L.A. because of the nature of their offense. They can put the ball in play more consistently and, of course, have Guerrero; with all due respect to all of the future Hall of Famers in the Dodgers’ lineup, Guerrero would be the most dangerous hitter in any series he played in right now.

We’ll see that in Game 7, when it seems very likely the Mariners will pitch around him just about every opportunity they have — an appropriate response when facing a guy who has more homers (six) than strikeouts (two) in the postseason.

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Ex-England footballer Stuart Pearce’s son Harley dies in tractor crash

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October 20, 2025

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Ex-England footballer Stuart Pearce's son Harley dies in tractor crash

The son of former England footballer Stuart Pearce has died in a crash, his family has said.

Harley Pearce, from Marlborough in Wiltshire, was driving a tractor near Witcombe, Gloucestershire, on Thursday, when he was involved in a collision, police said.

The 21-year-old farming worker died at the scene, on the A417 Old Birdlip Hill in Witcombe, around five miles from Gloucester.

No other vehicles were involved, Gloucestershire Constabulary said. Emergency services were called to the scene of the incident at about 2.30pm on October 16.

Stuart Pearce at last year's FA Cup Final at Wembley. Pic: PA
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Stuart Pearce at last year’s FA Cup Final at Wembley. Pic: PA

Harley Pearce was 21 and worked in farming, according to reports.

‘Our shining star’

In a tribute posted on Facebook, Harley sister, Chelsea Pearce, said the family was “truly shocked and utterly heartbroken at the loss of our cherished son and devoted brother, Harley”.

He was, the family said, was a soul “who left an unforgettable imprint on all who knew him”.

“He was a golden boy with an infectious smile, and this shocking tragedy will leave a huge hole in the hearts of those who were fortunate enough to have known him.”

He had “a quiet, understated strength and deep kindness”.

The family said they were “so proud of the young man he had become, exhibiting a wonderful work ethic and entrepreneurial spirit in the farming industry.

“He will always be our shining star. Rest in Peace, our beautiful son and brother. You will never, ever be forgotten.”

What have police said?

Harley ran his own company, Harley Pearce Agricultural Service, talkSPORT said.

Gloucestershire Constabulary said on Thursday: “The driver of the tractor, a man in his 20s and from Wiltshire, was pronounced dead at the scene.

“His next of kin are aware and being supported by specially trained officers.”

The force is appealing for any witnesses or anyone with dashcam footage to contact them.

‘Tragic news’

Harley’s father, Stuart Pearce, played 78 times for England and was part of the Three Lions squads which reached the semi-finals of the 1990 World Cup and Euro 96, the FA said on its website.

He was later the head coach of the England Under-21s.

During a long club career, he made more than 400 appearances for Nottingham Forest, many of them as captain, during a 12-year spell at the City Ground.

He later managed the club, as well as another former club, Manchester City.

Pearce currently works as a pundit on talkSPORT, which said on its website that Harley and Chelsea were the two children he had with his ex-wife Liz.

Presenter Jim White said during a broadcast on Monday that “everybody here on this show and at talkSPORT sends our heartfelt condolences to the family of Stuart Pearce after that tragic news we’ve just heard”.

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Several of the clubs he played for posted tributes on X, including Forest, who said they were “deeply saddened”.

The club said: “The thoughts of everyone connected with Nottingham Forest are with Stuart and his family at this truly difficult time.”

West Ham United said: “We are saddened to hear of Harley Pearce’s passing.

“Everyone at the Club sends their deepest condolences to Stuart and his family at this tragic time.”

Manchester City said: “Everyone at Manchester City sends their love and thoughts to Stuart and his family at this very difficult time.”

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