Interest Rates at 22 Years High!

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What’s Hot? Over 650,000 American workers are threatening or have gone on strike this summer in an unprecedented wave of union activity. Actor & writer strikes in Hollywood, and potential strikes at United Parcel Service and Detroit’s Big Three automakers reflect the tension. Labor historian Nelson Lichtenstein said, "This will be the biggest moment of striking, really, since the 1970s." Workers demand larger shares of corporate profits amid inflation & changing industry landscapes.

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💰 Asset Managers' Bearish Bets on Dollar Hit All-Time High

Bearish dollar bets by asset managers have hit a record high due to speculation that slowing US inflation will end the Federal Reserve's policy tightening sooner than expected. Institutional investors have increased their net short position on the dollar by 18%, the highest against the euro and pound. Rodrigo Catril, a strategist at National Australia Bank Ltd., predicts a significant downturn for the US dollar due to expected rate cuts.

💼 US Fed Set to Increase Interest Rates to Highest in 22 Years Following Brief Pause

US Federal Reserve is set to increase interest rates to their highest in 22 years, reaching a range of 5.25-5.5%. After a pause in June, positive economic growth and easing inflation have reinforced the possibility of a quarter-percentage point increase. "If I had to bet, I would bet they would raise the Fed funds rate 25 basis points at the next meeting," says Joseph Gagnon from the Peterson Institute for International Economics. Future moves from the Fed remain uncertain, increasing the importance of Chair Jerome Powell's upcoming press conference.

🔥 Wildfires in Rhodes, Greece Force 19,000 to Evacuate

Greece faces severe wildfires, leading to the largest evacuation in its history, with 19,000 people leaving the island of Rhodes. Panic ensued during hasty evacuations, with tourists displaced from hotels, now taking refuge in other accommodations, including ships. Over 250 firefighters are battling the blaze, aided by EU reinforcements. Fires also sprout in other parts of the country, with rising temperatures escalating risks. The situation is dubbed "difficult" due to strong winds and thick smoke.

🌾 Putin Declares Black Sea Grain Deal Obsolete

Russia withdrew from the Black Sea grain deal allowing Ukraine to export grain despite ongoing conflict, citing it as no longer meaningful. Russian President Vladimir Putin suggested Russia could replace Ukrainian grain exports, ahead of an expected record harvest. As Russia and the West vie for influence in Africa, Putin reassured plans to supply grain and other goods, amidst mixed African support for a UN resolution condemning Russia's invasion of Ukraine.

🐦 Musk's Vision: From Twitter to "X"

Elon Musk rebranded Twitter as 'X', replacing the iconic blue bird logo with an 'X' and redirecting X.com to Twitter.com. This follows Musk's warning about Twitter's potential bankruptcy due to ad revenue losses & the recent launch of a rival platform, Threads. Despite a 50% drop in ad revenue and heavy debt, Musk is adamant about transforming the global communication landscape, promoting free speech & being reluctant to delete content.

🤝 White House Inks AI Pact with Tech Giants

President Joe Biden's voluntary agreement with top AI developers like Amazon, Google, and Microsoft includes pre-release testing, cybersecurity, and watermarking for AI-generated content. Emphasizing safety, trust, and combating deep fakes, these guidelines address the regulatory void while Congress finalizes AI legislation. Industry groups support the code of conduct, and an impending executive order on AI underscores the administration's commitment to responsible AI development and deployment.

⛳ First Major Win: Brian Harman Claims British Open

Brian Harman, 36, claimed his first major victory at the British Open, concluding the tournament with a six-shot victory, having scored a 1-under 70 in the final round. "I'm going to have a couple of pints out of this here trophy, I believe," Harman said, marking his first win since the 2017 Wells Fargo Championship. Despite the rain and pressure, he turned back challenges and sealed his victory with remarkable grit.

🏎️ Verstappen's Trophy Cracked Post Red Bull's F1 Record Break

Max Verstappen's trophy was accidentally broken by McLaren's Lando Norris after Red Bull set a new Formula One record with 12 consecutive wins at the Hungarian Grand Prix. Norris joked, "Max just placed it too close to the edge. It fell over I guess. Not my problem, it's his." Despite the mishap, Verstappen celebrated his seventh consecutive victory and ninth win in 11 races this season.

🎬 SAG-AFTRA Woos Online Content Creators

SAG-AFTRA is attempting to recruit more online content creators, according to the guild's national executive director, Duncan Crabtree-Ireland. The move is in preparation for potential labor disputes with tech companies including Apple and Amazon. The union warned creators against working for "struck" companies during a strike, stating that non-union influencers who do so will be denied membership. Crabtree-Ireland emphasized the unique human creativity in content creation, regardless of distribution platforms.

📺 Fake Billion-Dollar Powerball Win: Woman Just Wanted TV Fame

A woman falsely claimed to have won the $1.08 billion Powerball jackpot, according to the granddaughter of the owner of the store that sold the winning ticket. The woman, who entered the store crying with joy, apparently "just wanted to be on TV." The real winner of the third-largest Powerball jackpot in history has not yet come forward. The store owner will receive a $1 million reward for selling the winning ticket.

🏛️ Biden to Commemorate Emmett Till with National Monument

President Biden is set to sign a proclamation establishing a national monument honoring Emmett Till, a 14-year-old African American boy murdered by white supremacists in 1955, and his mother, Mamie Till-Mobley, whose activism helped fuel the Civil Rights Movement. The monument will span three sites in Illinois and Mississippi, including the church where Till's funeral was held and the courthouse where his killers were acquitted.

✈️ Texas Plane Crashes into Home, Injuring Three

A small plane crashed into a vacant two-story home in Georgetown, Texas, injuring all three passengers who were then taken to a local hospital. According to the Georgetown Police Department, the injuries are non-life threatening. The National Transportation Safety Board and Georgetown Fire Department have begun investigating the crash, leading to a small section of Northwest Blvd remaining closed.

On 24 July 1915, Chicago had a wet wakeup. SS Eastland, a packed passenger liner, tipped like a teetering toy in the river. Result? Over 840 soaked souls sadly slipped away, making it one of America's gnarliest nautical nightmares! 🌊😱

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