US Economy Hits Brakes

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BUSINESS & ECONOMY

🌡️ US Economy Poised for a Cool Summer

A report from the Bureau of Economic Analysis suggests the US economy may be cooling down as inflation, consumer spending, and income slowed in April. Elevated inflation and high interest rates pressured household budgets, leading consumers to cut back on spending. Scott Anderson, Chief U.S. Economist at BMO Capital Markets stated, "Rapidly rising prices in recent months have depleted personal savings.”

🔄 Fed Faces Paradox Making Rate Cuts Tougher

According to economist Torsten Sløk, Federal Reserve Chairman Jerome Powell encounters a paradox in his efforts to cut interest rates. Previous signals from the Fed have eased financial conditions, complicating further reductions. This has led to stock market gains and sustained economic strength due to fiscal stimulus. Sløk refers to this as the "Fed Cut Reflexivity Paradox."

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WORLD

🇲🇻 Maldives Bans Israeli Passport Holders in Gaza War Protest

The Maldives will ban Israeli passport holders from entering the country in response to the Gaza war. President Mohamed Muizzu announced this decision as public anger grew in the predominantly Muslim nation. In response, Israel’s foreign ministry advised against travel to the Maldives and suggested that Israeli citizens there consider leaving.

🛑 Zelensky Accuses Russia, China of Undermining Summit

Ukrainian President Volodymyr Zelensky has accused Russia and China of undermining his upcoming global peace summit in Switzerland. He claims Russia is pressuring states not to attend and China is aiding in this effort. At the Shangri-la Dialogue, Zelensky remarked, "It is unfortunate that such a big, independent, powerful country as China is an instrument in the hands of Putin."

🚫 China Vows to Halt Taiwan Independence

Chinese Defence Minister Dong Jun announced at the Shangri-La Dialogue in Singapore that China’s military is prepared to “forcefully” prevent Taiwan’s independence. Taiwan’s ruling party is accused of separatism, and China views Taiwan as its territory while Dong stated, “Whoever dares to split Taiwan from China will be crushed.”

👍 Israel Likely to Accept Gaza Ceasefire if Hamas Agrees

The US expects Israel to accept a ceasefire plan if Hamas agrees, according to a senior White House official. The three-part plan by President Biden includes a six-week ceasefire, increased humanitarian aid, and a prisoner exchange before ending the war permanently. US National Security Council spokesman John Kirby stated, "We have every expectation that Israel would say yes."

SCIENCE & TECH

🚀 Boeing Scrubs NASA Astronaut Launch Again

NASA and Boeing have called off the first crewed launch of the Starliner spacecraft due to a ground support equipment issue. NASA astronauts Barry Butch Wilmore and Sunita Williams were set to launch from Cape Canaveral. Boeing’s Starliner has faced delays and budget overruns. NASA's Steve Stich said, “We’ll fly when we’re ready. And it should be soon.”

🌑 China Successfully Lands on Moon's Far Side

On June 2, China's Chang'e 6 spacecraft successfully landed on the moon's far side, specifically in the Apollo Basin crater, after a month-long journey to collect rock and soil samples from this difficult-to-reach region for the first time. Professor John Pernet-Fisher remarked, "Everyone is very excited that we might get a look at these rocks no one has ever seen before."

SPORTS & ENTERTAINMENT

💍 Rupert Murdoch Marries for the 5th Time at California Vineyard  

Media mogul Rupert Murdoch, 93, married Elena Zhukova, 67, a retired molecular biologist, in his fifth wedding at his Bel Air vineyard. Murdoch, who recently stepped down as leader of Fox News' parent company, was previously married to Jerry Hall, Wendi Deng, Anna Torv, and Patricia Booker. He described his new union as "a fresh start with a kindred spirit."

🥇 Simone Biles Secures Record 9th U.S. All-Around Title Before Paris Olympics

Simone Biles has clinched her ninth national all-around title at the U.S. gymnastics championships in Fort Worth, Texas, making her the first gymnast to achieve this feat. Biles won gold on all four apparatuses, finishing with a score of 119.750, despite a fall on the vault. As she prepares for the Paris Olympics, Biles stated, "I'm feeling more like myself again."

🎤 Jennifer Lopez Cancels US Tour Dates

Jennifer Lopez has canceled the US leg of her This Is Me... Live tour, leaving fans disappointed. The tour was set to begin in June and run through August, but Lopez decided to prioritize time with her family and friends. She expressed her sorrow, saying, "I am completely heartsick and devastated about letting you down." Fans will receive automatic refunds.

OTHER NEWS

🌍 3.5 Quake Shakes Los Angeles

Los Angeles experienced a magnitude 3.5 earthquake near South Pasadena just before 10 a.m. PT on Sunday, according to the USGS. Residents across Southern California, including Long Beach, Glendale, and San Bernardino, felt the tremor. Fortunately, there have been no reports of injuries or damage.

🌊 Sixth House Collapses into Atlantic on North Carolina's Outer Banks

A house collapsed into the Atlantic Ocean along North Carolina's Outer Banks, marking the sixth such incident in Cape Hatteras National Seashore in four years. The collapse occurred on Ocean Drive in Rodanthe, leading to beach closures and debris hazards. Rising sea levels and storm surges are causing increased vulnerability in this low-lying coastal area. 

🔥 Corral Fire in California Spreads to 14,000 Acres; Evacuations Ordered, Firefighters Injured

The Corral Fire in California, near Tracy, expanded to 14,000 acres over the weekend, prompting mandatory evacuations and injuring two firefighters. The blaze, driven by dry grass and gusty winds, started Saturday near the Lawrence Livermore National Laboratory. Containment reached 30% by Sunday while over 400 personnel were battling the fire, which was threatened due to forecasted high temperatures and strong winds. 

THIS DAY THAT YEAR

On June 3rd, 1989, the Chinese government deployed military forces to suppress a pro-democracy demonstration in Tiananmen Square, Beijing. The protest, involving over 100,000 participants, tragically resulted in hundreds of deaths.

BRAIN TEASER

There is a word of three letters. But add two more and the fewer it gets. What word is it

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

Here’s what Friday’s teaser was:

I don’t have eyes, but once I did see. Once I had thoughts, but now I’m white and empty. What am I?

The answer is: Skull

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