 Powell went on to say in light of progress on inflation, keeping interest rates too high for too long is another risk to the economy. The next opportunity for the Fed to cut interest rates is in September. Jay O'Brien, ABC News, Washington. If you have an iPhone, you could be the target of a new smishing attack. Smishing is when a scam artist targets you through text messages. In this particular case, the bad guys are posing as Apple service representatives with a link to what looks like an iCloud login. That's where they try and get your Apple ID.