Fed's Rate Cut Mystery

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BUSINESS & ECONOMY

🔍 Fed Keeps Possibility of 2 Rate Cuts Alive

The Federal Reserve revised its 2024 interest rate outlook on Wednesday, projecting one cut instead of the previously anticipated three. Despite this, Chair Jerome Powell emphasized that the projection remains flexible, highlighting that all potential outcomes, from no cuts to two, are still plausible. Powell clarified, “The projections are just a forecast and not a strong commitment to a particular rate path.” 

📉 Weekly US jobless claims hit 10-month high inflation slows

U.S. weekly jobless claims reached a 10-month high of 242,000 last week, up by 13,000, indicating a cooling labor market. This rise, coupled with producer prices falling 0.2% in May, suggests potential economic easing. Economist Bill Adams noted, "These data nudge the door a little wider open for the Fed to start cutting interest rates later this year."

💼 Yellen: U.S. Debt at Manageable Level 

Treasury Secretary Janet Yellen stated that the U.S. national debt, at $34.7 trillion, is manageable if it remains stable relative to the economy. She highlighted the importance of controlling the real interest cost of the debt and supported President Biden's $3 trillion deficit reduction plan, saying, "If the debt is stabilized relative to the size of the economy, we’re in a reasonable place."

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WORLD

💸 G7 Leaders Approve $50 Billion Loan for Ukraine Backed by Frozen Russain Assets

G7 leaders have agreed on a $50 billion loan plan for Ukraine to purchase weapons and rebuild infrastructure. This loan, expected to be repaid with interest from frozen Russian assets, was announced at the G7 summit in Italy. President Biden stated, “A lasting peace for Ukraine must be underwritten by Ukraine’s own ability to defend itself.”

🚀 Hezbollah Attacks Northern Israel with Rockets and Drones

Hezbollah launched a major attack on northern Israeli military sites, including the Golan Heights, using 150 rockets and 30 explosive drones. The attack, on Thursday, was in retaliation for the assassination of commander Taleb Abdullah in an Israeli air raid. Hezbollah said the operation was "in support of the steadfast Palestinian people and their courageous and honourable resistance in Gaza."

🔌 Puerto Rico Residents Frustrated by Widespread Power Outages

Puerto Ricans expressed frustration over persistent power outages affecting the island since early June, culminating in a massive blackout Wednesday night that left over 340,000 without electricity amid heat warnings. The outages have sparked renewed demands to remove private power companies. San Juan Mayor Miguel Romero declared a state of emergency. 

SCIENCE & TECH

📡 Apple to Enable Satellite Text Messaging This Year

Apple will enable iPhone 14 and 15 users to send text messages via satellite with iOS 18, launching this fall. This new feature, demonstrated by Apple’s Kurt Knight, allows users to send iMessages and SMS when without cellular or Wi-Fi. It requires a clear line of sight to the satellite, restricting indoor and heavily wooded use. 

🚀 Tesla Investors Sue Elon Musk Over Rival AI Company Launch

Tesla shareholders, including the Cleveland Bakers and Teamsters Pension Fund, are suing Elon Musk and Tesla's board for allegedly diverting resources to Musk’s rival AI company, xAI. Filed in Delaware, the suit accuses Musk of breaching fiduciary duty by channeling talent and funds to xAI, affecting Tesla's AI aspirations. The lawsuit follows reports of Musk diverting Nvidia AI chips and raising $6 billion for xAI.

SPORTS & ENTERTAINMENT

🏈 Trevor Lawrence Becomes NFL's Highest-Paid Player with Record Extension

Jacksonville Jaguars quarterback Trevor Lawrence signed a record five-year, $275 million extension, making him tied for the highest-paid player in the NFL with Cincinnati Bengals quarterback Joe Burrow. Lawrence's deal includes $200 million guaranteed reflecting his significant impact since being drafted in 2021. Lawrence expressed his gratitude, saying, "I'm honored and excited for the future with the Jaguars." 

💃 Taylor Swift Fans' Concert Dancing Triggers Seismic Activity in Edinburgh

Taylor Swift fans at her Edinburgh, Scotland concerts on June 7-9, 2024, danced so energetically that they caused seismic activity detectable nearly four miles away. The British Geological Survey reported that songs like “Ready For It?" generated the most movement. The British Geological Survey stated, "The crowd transmitted about 80 kilowatts of power."  

OTHER NEWS

⚡ US Man Dies from Electrocution in Mexican Resort Hot Tub

A 43-year-old American man died after being electrocuted in a hot tub at a private condominium complex in Puerto Peñasco, Mexico. He and another US national were in the jacuzzi when an electrical discharge occurred around 8:30 p.m. on Tuesday. The cause of the electrical failure is under investigation. 

🛑 Senate GOP Blocks Nationwide IVF Access Bill

Senate Republicans blocked a Democrat-led bill guaranteeing nationwide access to in vitro fertilization (IVF) on Thursday, with a procedural vote of 48-47, falling short of the required 60 votes. Republicans argued the bill was unnecessary and political. “There’s no problem. There’s no restrictions on IVF,” said Senator John Cornyn. 

📰 US Supreme Court Upholds Access to Abortion Pill 

The US Supreme Court upheld access to the abortion pill mifepristone, rejecting a bid to restrict its use. In a unanimous ruling, the justices overturned a lower court decision limiting the drug, which is used in over half of US abortions. Biden welcomed the decision, stating, “attacks on medication abortion are part of Republican elected officials’ extreme and dangerous agenda to ban abortion nationwide.”

📉 Only 31% of Workers Under 35 Thrived in 2023 

A Gallup report indicates younger employees report more struggles than older generations with 31% of employees under 35 thriving at work, down 4% from the previous year in 2023, compared to 36% of older employees, increased loneliness and negative emotions contributed to these trends. U.S. companies lost $1.9 trillion in productivity.

THIS DAY THAT YEAR

On June 14, 1777, the Second Continental Congress passed the Flag Resolution, declaring: "Resolved, That the flag of the thirteen United States be thirteen stripes, alternate red and white; that the union be thirteen stars, white in a blue field, representing a new constellation."

BRAIN TEASER

What kind of room has no walls or corners?

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

Here’s what Yesterday’s teaser was:

When it is alive we sing, when it is dead we clap our hands. What is it?

The answer is: Birthday Candles

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