Economic De-escalation underway!

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💼 Fed Eyes Elevated Inflation Despite Recent Cool Down

US inflation continued to soften in June, with the Consumer Price Index forecasted to climb 3.1% YoY due to lower gas prices. However, core CPI is predicted to rise 5% YoY, still more than double the Federal Reserve's target. This keeps the Fed leaning towards resuming interest rate hikes this month. As quoted by Bloomberg Economics, "Fed speakers have telegraphed their intention to raise rates by another 25 basis points at their July meeting."

🇨🇳 Yellen's China Visit: A Step Towards Economic De-escalation

Treasury Secretary Janet Yellen's 2-day visit to Beijing aims to create a robust framework for managing economic competition amidst intensifying US-China rivalry. She highlighted that any US measures against China are purely for national security, not economic advantage. Yellen's stance on the situation: "We seek to diversify, not to decouple," with a willingness to consider Beijing's feedback. Her visit also eases concerns about a divided global economy & promotes the idea of US-China collaboration, despite potential future restrictions on US investments in China's tech sectors.

🌍 NATO United on Ukraine Amid Putin's Watchful Eyes

US leaders, including President Biden, assert that Ukraine must resolve its conflict with Russia before it can join NATO. Biden noted a lack of consensus on Ukraine's membership amid ongoing warfare. He also deemed it "premature" to call for a vote on Ukraine's NATO membership as the country still needs to fulfill some requirements. Despite these reservations, Biden assured the US's commitment to supplying security assistance to Ukraine. President also expressed optimism about Sweden's likely NATO membership.

🚱 North Korea Urges Halt on Japan's Fukushima Wastewater Release

North Korea has urged the international community to prevent Japan from releasing treated wastewater from the Fukushima nuclear plant into the ocean, terming the move "evil" & "anti-humanitarian." The call comes despite the UN’s International Atomic Energy Agency endorsing Tokyo's plan as safe & in compliance with international environmental safety standards. Concerns persist about potential environmental & public health impacts, particularly over the potential bioaccumulation of tritium, a radioactive hydrogen isotope in the wastewater.

🔬 Threads App Sets Record with 100M Users in a Week

Threads, an Instagram text-based messaging app, reached a record-breaking 100 million users within its first week, significantly faster than rivals ChatGPT, TikTok, and Instagram. The app allows users to share posts with up to 500 characters, five-minute videos, and/or ten images. Despite raising some privacy concerns, Meta CEO Mark Zuckerberg described the high sign-up numbers as "beyond our expectations." However, the app currently isn't available in the European Union due to data protection issues.

🌌 17 States to Experience Northern Lights Due to Solar Storm

A solar storm forecast for Thursday could allow skywatchers in 17 U.S. states to see the northern lights, or aurora borealis, a phenomenon typically visible in Alaska, Canada, and Scandinavia. The expected visibility is linked to an 11-year solar cycle predicted to peak in 2024. States with potential visibility include Alaska, Oregon, Washington, Idaho, Montana, Wyoming, North Dakota, South Dakota, Minnesota, Wisconsin, Michigan, New York, New Hampshire, Vermont, Indiana, Maine, and Maryland.

🏎️ Verstappen Triumphs at British Grand Prix: Norris Secures Second

Max Verstappen secured his sixth consecutive win at the British Grand Prix, with McLaren's Lando Norris finishing second, and Lewis Hamilton of Mercedes taking third place. Verstappen's victory extends Red Bull's win streak to 11, equalling a record set by McLaren. Norris' second place is a significant boost for McLaren, which had struggled in previous races.

🎵 Elton John's Emotional Farewell at Final Tour

Legendary singer Sir Elton John concluded his final tour, "Farewell Yellow Brick Road," with a performance in Stockholm, Sweden. The tour started in 2018 and had to be paused due to the COVID-19 pandemic and a hip injury John sustained in 2021. Upon ending his touring career, John plans to spend more time with his family and embark on a different path in life.

⛈️ NY Battles Flash Floods as Northeast Storms Intensify

Severe storms hitting the U.S. Northeast have led to significant flooding in areas from North Carolina to New Hampshire. As of Monday, over 42 million people were under flood watches. In New York, Governor Kathy Hochul declared a state of emergency in Ontario & Orange counties due to the flooding. National Weather Service warned that the region could see flooding similar to that caused by Hurricane Irene in 2011.

👮 Georgia Mayor Faces Burglary and Trespassing Charges

South Fulton Mayor Khalid Kamau in Georgia has been charged with burglary and criminal trespassing, leading to his temporary replacement by Mayor Pro Tem Natasha Williams-Brown. Five city council members, including Williams-Brown, had sued Kamau earlier this year seeking his removal from office. Kamau, who maintains his innocence, has also been ordered to undergo a mental health evaluation, with further details withheld due to an ongoing investigation.

⚽ AR Trophy Hunt to Kick-off at US Premier League Tournament

To coincide with its first-ever U.S.-hosted Summer Series tournament, the Premier League has launched an augmented reality (AR) scavenger hunt. The "Premier League Trophy Hunt" allows fans to search for 20 virtual trophies in five host cities, with participants eligible to win prizes. Additionally, users can virtually place a Premier League Trophy anywhere they choose and take selfies with a custom filter. This initiative marks the Premier League's first venture into gamified AR experiences.

On this day in 1962, our screens got a mega upgrade. Telstar 1, the cosmic trailblazer, shot to the stars, making 'long-distance' a thing of the past. The first to relay live TV and phone chats across the Atlantic, Telstar 1 dialed up a new era in communication, turning the world into a global village!

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