Fed's Inflation Solution: Higher Interest Rates

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What’s Hot. In celebration of National French Fry Day on July 13, McDonald's will be giving away free fries of any size, available via orders on their app. The company, which has offered fries since 1955, emphasizes its consistently hot and delicious taste. McDonald's stated, “Everyone gets to enjoy free fries their way at McDonald’s.”

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📈 India Poised to Outrun US Economy by 2075, Says Goldman Sachs

According to Goldman Sachs Research, India is poised to outpace the U.S. to become the world's second-largest economy by 2075, with a projected GDP of $52.5 trillion, a trillion more than America's estimated GDP. Santanu Sengupta, Goldman Sachs' India economist, credits this anticipated growth to India's advantageous demographic and expected capital investment. However, the report warns India's growth may be impeded if labor force participation doesn't increase.

💰 Fed's Inflation Solution: Higher Interest Rates

Federal Reserve officials are considering further increases in interest rates this year to achieve their 2% inflation target. While rates were held steady in June, officials expect further increases, possibly two rate hikes by the end of the year. San Francisco Fed President Mary Daly stated, "Inflation is our No. 1 problem" and reiterated the need for additional hikes to ensure sustainable inflation.

🌍 Turkey Supports Sweden's NATO Bid

Turkey's President Recep Tayyip Erdogan will support Sweden's bid to join NATO, potentially ending a long-standing blockade due to accusations of Sweden hosting Kurdish militants. US President Joe Biden welcomed this move and expressed readiness to work with Turkey on enhancing Euro-Atlantic defense. While NATO called this a "historic step," a clear date for Sweden's membership remains uncertain due to the pending ratification in the Turkish parliament.

🇷🇺 Putin Meets Wagner Leader Post-Mutiny, Confirms Kremlin

President Vladimir Putin convened a meeting with Yevgeny Prigozhin, founder of the Wagner mercenary group, and his commanders after their failed mutiny against Russia's top military officials, marking a significant challenge to Putin's rule. Putin offered them alternative employment and combat options and praised their loyalty. Despite demands from Prigozhin, Putin retains Defence Minister Sergei Shoigu and Chief of General Staff Valery Gerasimov, casting uncertainty over the implementation of a deal ending the mutiny.

🔍 Google's AR Project Stumbles with Leadership Exit

Mark Lucovsky, former head of Google's augmented reality (AR) operating systems, has left the company, citing an "unstable commitment and vision" to AR. His departure follows layoffs, leadership changes, and the reported cancellation of AR glasses, Project Iris. Lucovsky will now explore opportunities in AR technology and generative AI. Amid growing competition in the mixed-reality industry, Google is reportedly focusing on AR software and partnering with Samsung and Qualcomm on a mixed-reality project.

🤖 UN Press Conference: AI Robots Take the Stage

UN's tech agency hosted its first-ever robot press conference at the AI for Good 2023 global summit. A panel of robots, including the UN's robot innovation ambassador, Sophia, answered questions on topics such as job automation and AI leadership. Sophia suggested robots could potentially lead more effectively than humans due to their lack of bias and emotional interference. However, she emphasized the importance of collaboration with humans. The conference showcased the potential and limitations of AI and robotics in advancing UN goals.

🏰 Brad Pitt Faces Legal Filing for 'Looting' Chateau Miraval

Brad Pitt is accused by Angelina Jolie's former investment company, Nouvel, of "looting" and "stripping" assets from Château Miraval, a French estate and winery the ex-couple formerly owned. The allegations, including claims of wasteful spending on vanity projects, are part of an ongoing legal dispute following Jolie's 2021 sale of Nouvel. Pitt had earlier filed a lawsuit deeming the sale "unlawful." Nouvel is seeking $350 million in damages.

🏈 Northwestern Sacks Coach Fitzgerald Over Hazing Allegations

Northwestern University fired football coach Pat Fitzgerald following allegations of widespread hazing within the football program. The university's president, Michael Schill, stated that Fitzgerald should have been aware of the ongoing misconduct. Defensive coordinator David Braun is expected to be the acting coach. Fitzgerald, who denies knowledge of any hazing, was 110-101 over 17 seasons and is considered the school's most successful football coach. The team is expected to begin the season on September 3 at Rutgers.

🚨 Vermont Declares Emergency Amid Flash Floods

Heavy rainfall and flash floods have triggered a state of emergency in Vermont, leaving towns such as Londonderry and Weston isolated. Damage from floods and landslides is estimated in the millions. Vermont Governor Philip Scott warns that "this may be just the start" as more rain is expected. A woman in New York was killed when floodwaters swept her away. Northeast states are bracing for further downpours, with potential life-threatening floods anticipated.

🔥 Record-breaking Heat: First Week of July Hottest Ever, Says UN

The first week of July was declared the hottest week ever recorded worldwide by the World Meteorological Organization (WMO), following the warmest June on record. The rise in temperature is linked to climate change and an emerging El Niño weather pattern. The WMO warns that more records are likely to be broken as El Niño intensifies, with effects likely to be felt into 2024. Global sea surface temperatures also reached record highs for this time of year in May and June.

🚗 Record Fall in Used Vehicle Prices in June

Wholesale used vehicle prices in the US fell by a record 4.2% in June from the previous month, according to Manheim Market Insights, indicating an easing of inflation pressures. Year-on-year, the Manheim Used Vehicle Value Index declined by 10.3%. The drop comes ahead of the Bureau of Labor Statistics' monthly CPI report and follows a 35% surge in used car prices from pre-pandemic levels due to inflation and supply chain challenges.

On this day in 1936, New York City celebrated the grand opening of the Triborough Bridge, a marvel of modern engineering. Conceived by the brilliant mind of David Barnard Steinman, the magnificent structure, later renamed the Robert F. Kennedy Bridge, forever transformed the city's skyline and transportation infrastructure.

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