US Preparing For Higher Inflation

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BUSINESS & ECONOMY

📈 US Consumers Prepare for Rising Inflation and Soaring Home Prices: NY Fed Survey

American consumers expect higher inflation and home price surges, according to the Federal Reserve Bank of New York. Short-term inflation expectations rose to 3.3%, and home prices are projected to increase by 3.3%, the highest since July 2022. Rising costs for gas, food, and medical care, along with concerns about job security and financial prospects, drive these expectations. 

🚨 Goldman Sachs CEO Warns of US Debt Limit: 'Spending Boundaries Not Infinite'

Goldman Sachs CEO David Solomon warned U.S. policymakers about the rising debt and deficit, stressing the government's "ability to spend without constraint is not unlimited." Speaking to Bloomberg Television, He noted the debt levels and continued spending post-pandemic could lead to future issues. Solomon stated, "We need to deal with the debt and the deficits." 

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WORLD

🔥 Ukraine braces for a critical showdown amidst Russian troop escalation. 

Ukraine faces a decisive battle as Russian forces surge towards Kharkiv, launching intense attacks. Russian troops aim to exploit delays in Western ammunition supplies, capturing key villages and inflicting heavy casualties. President Zelenskyy ordered evacuations and sent reinforcements, vowing to "destroy the occupier." Dmitry Lazutkin defense ministry spokesman for Ukraine.  stated, "With such an enemy as Russia, the whole country needs to mobilize.” 

🌋 Mt Ibu in Indonesia Erupts, Emitting Ash Clouds

Mount Ibu in Indonesia's North Maluku erupted on Monday, sending ash and dark clouds 5,000 meters into the sky. The eruption lasted five minutes, and volcanic activity remains high. According to Hendra Gunawan, chief of the Center for Volcanology and Geological Hazard Mitigation. “The volcanic earthquakes are still intense so there is a potential for a future eruption.”  

SCIENCE & TECH

🍎 New iPads launch alongside iOS 17.5 and macOS 14.5 updates

Apple introduces updates for iOS 17.5, iPadOS 17.5, macOS 14.5, watchOS 10.5, tvOS 17.5, and HomePod Software 17.5. These updates feature enhanced security, Cross-Platform Tracking Protection, and new Apple News+ games like Quartiles, with player stats tracking. Additionally, The News+ tabs now load without an Internet connection, and general performance enhancements and bug fixes.

📱Apple & Google Set Standard for Bluetooth Tracking Alerts

Apple and Google have developed a standard called "Detecting Unwanted Location Trackers," which alerts users if unknown Bluetooth devices are tracking them. iPhone and Android users will receive an “[Item] Found Moving With You” notification when an unknown device is detected. This feature will be available starting with Apple's iOS 17.5 and on Android 6.0+ devices.

🚀 OpenAI launches GPT-4o Faster Model, Free for All ChatGPT Users 

OpenAI introduces GPT-4o, a faster version of the GPT-4 model that enhances ChatGPT's performance in text, vision, and audio. It is available for free to all users and offers increased capacity limits for paid users. It is "natively multimodal," supporting voice, text, and image commands where developers can access the API at half the price and double the speed of GPT-4 Turbo. 

SPORTS & ENTERTAINMENT

🥊 My body is shit: Mike Tyson admits ahead of his bout with Jake Paul

Boxing legend Mike Tyson and YouTuber Jake Paul faced off ahead of their upcoming eight-round bout in Texas this July. At the lively press event, Tyson acknowledged his age and physical condition, stating his, “body is shit,” Paul, confident in his power, declared, “I’m gonna show Mike who has more power.” Both fighters were in high spirits, joking with the media. 

🚨 Avs' Nichushkin Suspended for 6 Months Before Game 4 vs. Stars

Colorado Avalanche forward Valeri Nichushkin was suspended for six months before Game 4 against the Dallas Stars due to violating the NHL's player assistance program. This is his second time in the program this season. The suspension was announced an hour before the game. Nichushkin stated, "I am committed to addressing my issues and returning stronger." 

OTHER NEWS

🎤 Cohen's Testimony: Trump Authorized Hush Money on Day One

Michael D. Cohen testified that Trump authorized a $130,000 payment to Stormy Daniels to silence her before the 2016 election, calling her story "catastrophic." Cohen detailed how Trump and Allen Weisselberg arranged reimbursement, with Trump assuring him, "Don’t worry about that other thing, I’m going to take care of it."

📉 Americans' Spending on Dining Out Declines by 10%

America's spending on eating out has declined by 10%. A new study by Popmenu found that Americans now spend 30% of their monthly food budgets on restaurants, down from 40% two years ago. Inflation has driven many to cut back on dining out, despite 64% wishing to eat out daily. U.S. Census Bureau data also shows a slight decline in food and drink business revenue.

📉 Nearly 50% of master's degrees show negative return on investment

Research by the Foundation for Research on Equal Opportunity reveals over 40% of master’s degrees aren't financially worthwhile. The study, considering career earnings and dropout rates, found bachelor’s degrees offer better financial returns. It showed that 77% of bachelor’s degrees yield a positive return on investment, compared to just 57% of master’s degrees.

🛫 US airlines sue Biden admin over new rule to clarify fees

U.S. airlines are suing to block a Biden administration rule requiring transparency over passenger fees, arguing it would confuse consumers with too much information. The Transportation Department said it will defend against “hidden junk fees.” Airlines for America claims the department is overreaching by trying “to regulate private business operations.” The lawsuit was filed in a federal appeals court.

THIS DAY THAT YEAR

On this day in 1948, as the British mandate in Palestine was nearing its end, David Ben-Gurion and the Jewish People's Council declared the formation of the State of Israel. This historic proclamation triggered the first Arab-Israeli war.

BRAIN TEASER

My neighbor makes mistakes. I get rid of them. Who am I?

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Here’s what yesterday’s teaser was:

What comes down but never back goes up?

The answer is - Rain

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