Fed Reports Decline in Price Pressures

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BUSINESS & ECONOMY

📉 Fed Officials Note Decline in Price Pressures at Last Meeting

Fed officials at their last meeting observed that U.S. price pressures were easing, driven by a slowing economy and reduced pricing power among businesses. The May consumer price index showed weak growth, supporting this view. However, officials opted for a cautious approach, maintaining interest rates at 5.25%-5.50%.

💵 Americans Need $186K a Year for Financial Security

According to a Bankrate survey, Americans feel they need an annual income of $186,000 to achieve financial security, but only 6% earn this amount. The median family income falls between $51,500 and $86,000 with 35% concerned about meeting expenses. Inflation contributes to the income gap, leading many to reduce discretionary spending. Younger generations, however, are hopeful about their future earnings.

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WORLD

📈 Israeli Land Seizures in West Bank Reach Peak

Israeli authorities approved the largest West Bank land seizure in over three decades, totaling 23.7 sq km (9.15 sq miles) in 2024. The decision, made by the Israeli government and publicized by the Peace Now NGO, targets land in the Jordan Valley hindering peace efforts with Palestinians, who see the land grabs as a barrier to a two-state solution.

🗳️ Tories Face Total Annihilation, Final Polls Predict

The final UK election polls predict a catastrophic defeat for the Conservative Party, with predictions showing Labour securing 431 seats, a historic gain of 229 from 2019. The Tories are projected to fall to 102 seats, losing 263 seats giving Labour a significant 212-seat majority, ending 14 years of Conservative rule.

SCIENCE & TECH

🤖 Google AI Set to Challenge Galaxy AI

Google is launching "Google AI" on the upcoming Pixel 9 to compete with Samsung's "Galaxy AI." Samsung's Galaxy AI debuted on the Galaxy S24, featuring AI Wallpaper Generator and Generative AI-powered image editing. Google's offering includes "Add Me," "Pixel Screenshots," and "Studio," promising enhanced group photos, screenshot analysis, and AI-generated content. 

🍏 Major Upgrade Coming to iPhone 16 Design

Apple is set to upgrade the iPhone 16 with a new battery design and powerful processor  The battery will have a stainless steel case, enhancing cell density and battery life. This change aligns with EU regulations for replaceable batteries and aims to make battery replacement easier, potentially extending the device's lifespan.  

SPORTS & ENTERTAINMENT

🛑 Plaschke: LeBron's New Deal Proves Lakers' Offseason Failure

LeBron James' new deal marks a disappointing offseason for the Lakers, according to Plaschke. He criticizes the team's decision to sign James to a two-year, $104 million contract, which he believes hampers their championship prospects. Plaschke compares this to the latter years of Kobe Bryant's career, predicting similar mediocrity for the Lakers. He stated, "The Lakers are doomed to repeat history with LeBron's deal."

🔍 Sean Combs Faces Federal Criminal Probe

Sean "Diddy" Combs is the focus of a federal criminal investigation by the Southern District of New York, confirmed by sources familiar with his legal issues. This follows recent raids on his Los Angeles and Miami homes and allegations of assault and sex trafficking. Ventura's attorney stated, “He was only compelled to ‘apologize’ once his repeated denials were proven false.”

OTHER NEWS

🛑 Jeffries Moves to Halt House Defections Amid Democrat Panic Over Biden

House Minority Leader Hakeem Jeffries is working to prevent House Democrats from defecting amid growing panic over President Biden’s faltering debate performance. President Biden’s personal call to Jeffries highlights his crucial role in maintaining party unity. Democrats fear Biden’s weak showing could jeopardize their slim House majority in the 2024 election.

🔥 13,000 Evacuated in Northern California Wildfire

13,000 residents have been evacuated as a wildfire near Oroville, 150 miles northeast of San Francisco, has burned 3,568 acres. The Thompson Fire, reported on July 2, spread swiftly due to dry vegetation and strong winds. Firefighters are working to contain the blaze despite challenging terrain while Local officials hope residents can return home soon.

🌴 Gen Z & Millennials 'Quiet Vacation' During July 4th Week Without PTO  

Gen Z and millennials are “quiet vacationing” during July 4th week, skipping formal PTO requests to cope with constant work pressure and burnout. A Harris Poll reveals over half of these workers feel pressured to be always available, despite needing rest. Tim Osiecki. Director of thought leadership and trends stated, “Employees are simply trying to balance their need for rest with job demands.”

🇺🇸 60% of Americans Doubt Biden's Fitness for Another Term After Debate

A Yahoo News/YouGov poll reveals that 60% of Americans believe President Biden is not fit for another term following a poor debate performance. Only 24% support his fitness. Despite this, Biden (43%) remains close to Trump (45%) in the 2024 race. The survey involved 1,754 U.S. adults from June 28 to July 1.

THIS DAY THAT YEAR

On July 4th, 1776, the Second Continental Congress adopted the Declaration of Independence, marking the American colonies' formal decision to secede from Great Britain. This historic proclamation is now celebrated annually as a U.S. national holiday.

BRAIN TEASER

You go at red, but stop at green.What am I?

Nailed it or stumped? Hit us with a reply and find the correct answer 🎯

Here’s what Friday’s teaser was:

You’ll find me in scarves, sweaters and mittens and even in the paws of playful cats and kittens. What am I?

The answer is: Yarn

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