Fed's Three Rate Cuts Questioned

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BUSINESS & ECONOMY

📉 Fed’s Mester: Three Rate Cuts Unlikely This Year 

Cleveland Fed President Loretta Mester stated on Monday that her previous forecast of three rate cuts this year might be too many, due to rising inflation risks and a stronger-than-expected economy. Speaking to Bloomberg Television, she remarked, "The developments I've seen in the economy right now, I would not think that that's still appropriate." 

📈 Inflation Rises 20% Since Biden's Tenure Began 

Inflation has risen over 19.4% since President Biden took office in 2021, driven by increased costs in gasoline, groceries, and rent. Despite efforts to combat inflation, price growth remains high, causing financial strain for American households. In March, families paid $227 more monthly compared to the previous year, which poses a significant issue for Biden’s re-election campaign. 

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WORLD

🗣️ Biden Condemns ICC for Equating Israel and Hamas

On Monday, President Biden condemned the ICC's effort to issue arrest warrants for Israeli and Hamas leaders, denouncing the equivalence it implied between a US ally and a terrorist group. He stated, “Let me be clear, there is no equivalence – none – between Israel and Hamas.” The ICC's actions threaten diplomatic relations and complicate conflict resolution efforts. 

🌍 Over 810,000 Palestinians Flee Rafah Amid Israeli Attacks, Says UN

The UNRWA reported that Israel's military offensive in Rafah, southern Gaza Strip, has displaced over 810,000 Palestinians in the past two weeks. The offensive, which began on May 6, has resulted in significant casualties and destruction. The UN agency called for a cease-fire, stating, "People are forced to leave everything behind looking for safety. But there's no safe zone." 

🔍 UN Warns of Nuclear Trafficking Risks

The UN's nuclear watchdog, the International Atomic Energy Agency (IAEA), has urged vigilance after thousands of instances of missing radioactive materials. Last year, 31 countries reported 168 incidents of lost, stolen, or mishandled nuclear materials, consistent with historical averages. Over the past 30 years, the IAEA has documented over 4,200 such incidents. 

SCIENCE & TECH

🔍 Microsoft's AI Chatbot Remembers Your Every Move on New PCs

Microsoft introduces an upgraded version of its AI assistant, Copilot, for Windows PCs. This new feature, Windows Recall, enables the AI chatbot to remember everything you do on your computer, akin to having a photographic memory. Users can filter what they don't want tracked to maintain privacy.  The rollout begins on June 18 for premium models. 

📈 ChatGPT Mobile Revenue Soars After GPT-4o Launch

OpenAI's mobile app revenue spiked after the launch of GPT-4o, a model handling text, speech, and video with real-time responsiveness. Despite being free on the web, mobile users need a $19.99/month subscription to access it. The app's revenue surged 22% on launch day, reaching $900,000. From May 13-17, net revenue hit $4.2 million, with 81% from Apple's App Store. 

🚀 Ed Dwight, First Black Astronaut Candidate, Becomes Oldest in Space

Sixty years after his astronaut candidacy, Ed Dwight finally flew into space with Jeff Bezos' Blue Origin. Initially championed by President Kennedy but not selected in 1963, the 90-year-old experienced weightlessness on a 10-minute flight. Dwight called it “a life-changing experience,” adding, “I thought I didn’t need this in my life, but now, I am ecstatic.” 

SPORTS & ENTERTAINMENT

📜 Trump Campaign to Sue 'The Apprentice' Filmmakers Over Ivana Trump Rape Scene

The Trump campaign, represented by Steven Cheung, vowed Monday to sue "The Apprentice" filmmakers over a scene depicting Donald Trump raping his ex-wife Ivana. Directed by Ali Abbasi and premiered in Cannes, the film is accused of containing false content. Cheung stated, "We will be filing a lawsuit to address the blatantly false assertions from these pretend filmmakers." 

🎤 Scarlett Johansson 'Shocked and Angered' by OpenAI's Use of Similar Voice

Scarlett Johansson asserts that OpenAI utilized a voice for ChatGPT resembling her own, despite her refusal of an offer to lend her voice. She has engaged legal representation and is requesting clarity regarding the creation of the voice. OpenAI maintains that the voice belongs to an undisclosed actor. Johansson is seeking a "resolution in the form of transparency" and expressed feelings of shock, anger, and disbelief. 

OTHER NEWS

🔒 Michael Cohen Admits to Stealing from Trump Org to Reclaim Stormy Daniels Hush Money

Michael Cohen admitted to stealing $60,000 from the Trump Organization while trying to recover $130,000 paid to Stormy Daniels in 2016. He overstated payments to a tech firm to pocket extra cash due to his frustration over a reduced bonus. Under cross-examination, Cohen confirmed, “Yes, sir,” when asked if he stole from the Trump Organization. 

🇺🇸 Biden Urges Johnson & McConnell on Border Bill

President Biden spoke on Monday with Speaker Mike Johnson (R-La.) and Senate Minority Leader Mitch McConnell (R-Ky.) to advocate for a Senate vote on a bipartisan border security bill. The legislation aims to increase Border Patrol personnel, enhance technology to combat fentanyl trafficking and bolster national security. Biden urged, “Congressional Republicans should stop playing politics and act quickly to pass this bipartisan border legislation.” 

🌆 U.S. Cities Rebound After Pandemic Population Drop

U.S. cities, especially Detroit, are recovering from pandemic-related population losses, according to the latest U.S. Census Bureau data. From July 2022 to July 2023, large cities, including Detroit, saw population growth after years of decline. Notably, Detroit recorded growth for the first time in nearly 70 years. Mayor Mike Duggan remarked, "Now, nobody can say that, and that’s a great feeling.” 

THIS DAY THAT YEAR

On May 21st, 1927, American aviator Charles Lindbergh made history by completing the first nonstop solo flight across the Atlantic Ocean. Piloting the monoplane Spirit of St. Louis, Lindbergh journeyed from New York to Paris in approximately 33.5 hours.

BRAIN TEASER

I am something that you cannot use until it is broken. What am I? 

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

Here’s what friday’s teaser was

Lifting me is easy but you’ll find throwing me very difficult. What am I?

The answer is: A feather

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