May Inflation Eases Up

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BUSINESS & ECONOMY

📉 Inflation Slows to 3.3% in May 

Inflation slowed in May with the consumer price index holding flat monthly but up 3.3% from last year, slightly below expectations. Core CPI, excluding food and energy, rose 0.2% monthly and 3.4% annually. Energy prices dropped 2%, and food prices rose just 0.1%. Corporate economist Robert Frick stated, “Finally, some positive surprises as both headline and core inflation beat forecasts.”

📉 Fed Holds Rates Steady, Signals One Cut This Year

The Federal Reserve maintained its key interest rate on Wednesday and indicated only one rate cut is expected this year, contrary to previous expectations of three influenced by modest inflation progress, suggesting a "higher-for-longer" interest rate stance. Fed Chair Jerome Powell stated, "We see today’s report as progress but we don’t see ourselves as having the confidence that would warrant beginning to loosen policy at this time." 

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WORLD

🇺🇸🇺🇦 US and Ukraine to Seal Long-Term Security Deal at G7

The US and Ukraine are set to sign a long-term security agreement during the G7 summit in Italy. This pact, reached after months of negotiation, aims to strengthen US-Ukraine defense collaboration for 10 years, covering training, weapon production, and intelligence sharing. However, it remains an executive agreement, not binding future US presidents. 

🔍 Norway Unveils Europe's Biggest Rare Earth Metal Deposit 

Rare Earths Norway has discovered Europe's largest deposit of rare earth metals in Telemark, southeast Norway, estimated at 8.8 million metric tons. The discovery is vital for Europe's bid to reduce reliance on China for these elements, which are essential for clean energy technologies. CEO Alf Reistad called it a “great milestone.”

🔴 60% of Gazans Have Lost Family in Israel's War

A survey conducted by the Palestinian Center for Policy and Survey Research revealed that 60% of Palestinians in Gaza have experienced the loss of family members due to Israel's military actions. Nearly 80% have had a family member killed or injured while two-thirds of the respondents support the Hamas attack on October 7, as they believe it brought global attention to the Palestinian issue. 

SCIENCE & TECH

🍎 Apple Reportedly Not Paying OpenAI for ChatGPT in iOS 18

Apple announces the integration of ChatGPT into iOS 18 at WWDC. Bloomberg reports Apple is not paying OpenAI for this partnership, viewing the technology's exposure across its devices as valuable. The collaboration does not generate immediate revenue and users can opt-in for free, with additional features available to ChatGPT Plus subscribers. 

🌟 New Star to Light Up Night Sky in Spectacular Nova Explosion

Scientists are eagerly anticipating a "once-in-a-lifetime" nova explosion that will make it seem like a new star has appeared in the night sky. Visible to the naked eye, this event is expected to occur between now and September. Dr. Rebekah Hounsell from NASA’s Goddard Space Flight Center stated, "It’s incredibly exciting to have this front-row seat."

🚁 Paris Olympics to Test 'Flying Taxis'

France's transport minister announced that experimental "flying taxis" will be tested during the Paris Olympics. These futuristic drones, capable of transporting several people, will not be available for public use but could serve future roles such as ambulances to evaluate their effectiveness and environmental impact. Patrice Vergriete, the French Minister for Transport stated, "We are going to experiment with this world-first during the Olympic Games.” 

SPORTS & ENTERTAINMENT

🏀 NBA Legend Jerry West Passes at 86

NBA legend Jerry West passed away at 86 on Wednesday morning, the LA Clippers announced. West was an NBA champion, Finals MVP, and a 14-time All-Star. His silhouette is believed to be the NBA logo. NBA Commissioner Adam Silver stated, "Jerry West was a basketball genius and a defining figure in our league for more than 60 years." 

💔 'Grey's Anatomy' Star Sara Ramírez Files for Divorce After 12 Years

Sara Ramírez, known for her role in "Grey's Anatomy," has filed for divorce from her estranged husband, Ryan DeBolt, after 12 years of marriage. The filing, made in Los Angeles Superior Court, cites irreconcilable differences. The couple, separated since 2018, will split legal costs, and property division will follow a prenuptial agreement. Ramírez stated, "As an actor, I have a healthy boundary around outside opinions." 

OTHER NEWS

🗳️ North Dakota Imposes Age Limits on Congressional Candidates

North Dakota voters passed a measure to impose age limits on congressional candidates, barring those who could be 81 by the term's end. The measure, approved by 61% of voters, is the first in the nation to set such age restrictions and may face legal challenges. Sen. Kevin Cramer stated, "To limit those decisions arbitrarily just doesn’t make sense to me."

🔴 House GOP Votes to Hold Attorney General Garland in Contempt

The House voted Wednesday to hold Attorney General Merrick Garland in contempt for withholding audio recordings related to President Biden's handling of classified documents. Garland defied subpoenas from Republican-led committees while the resolution passed 216 to 207. Speaker Mike Johnson stated, "This decision was not made lightly but is essential to ensure transparency and accountability."  

🎯 Arizona Man Planned 'Race War' Mass Shooting at Atlanta Concert

Authorities arrested Mark Adams Prieto, 58, from Prescott, Arizona, for plotting a mass shooting at Atlanta's State Farm Arena to incite a "race war" targeting African Americans and other minorities. He discussed the plan with FBI informants, aiming to attack during a Bad Bunny concert. Prieto allegedly said he wanted to "incite a race war prior to the 2024 United States Presidential Election."

🌧️ Heavy Rain Triggers Emergency in South Florida

Heavy rain and life-threatening flooding hit South Florida, including Miami and Fort Lauderdale, leading Governor Ron DeSantis to declare an emergency. Torrential rains caused widespread flooding, stranding vehicles, and prompting flood warnings in multiple counties. The severe weather disrupted transportation and infrastructure, canceled flights, and forced school closures. The National Weather Service warned, “Stay off the roadways if possible.” 

THIS DAY THAT YEAR

On June 13, 2000, From June 13 to 15, South Korean President Kim Dae-jung met with North Korean leader Kim Jong Il. This groundbreaking meeting marked the first encounter between the leaders of North and South Korea and resulted in both sides committing to work towards eventual reunification.

BRAIN TEASER

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

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

Here’s what Yesterday’s teaser was:

I am the sweetest and most romantic fruit. What am I?

The answer is: Honeydew

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