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Jul 3, 2024, 09:57 AM UTC

Fed Says US Had Made 'Quite A Bit Of Progress' On Inflation

Newsletter Jul 3, 2024 Quick Six Fed: US makes progress on inflation but not time to cut rates The Federal Reserve has made "quite a bit of progress" in its fight against rising prices and

Newsletter Jul 3, 2024

Quick Six

Fed: US makes progress on inflation but not time to cut rates
The Federal Reserve has made "quite a bit of progress" in its fight against rising prices and could hit its 2% inflation target as soon as next year, Fed chair Jerome Powell said Tuesday. The Fed has hiked rates to 23-year highs as it looks to restrict monetary policy enough to bring down inflation without damaging the labor market or the broader economy. Since it started hiking rates in 2022, the Fed has brought inflation down from a multi-decade high to an annual rate of 2.6% in May, while growth has remained positive and the unemployment rate has stayed at near-record lows.
SEE POWELL'S PLAN FOR WHEN FED CAN LOWER RATES

Biden calls on big pharma to cut cost of weight-loss drugs
President Joe Biden on Tuesday called on pharmaceutical giants Novo Nordisk and Eli Lilly to lower prices for diabetes and weight loss drugs such as Ozempic, saying firms must stop "ripping off the American people." Biden said US patients pay several times more than those in Canada, Germany and Denmark for diabetes drugs Ozempic and Wegovy, which can be used for weight loss.
SEE THE PRICES PATIENTS ARE PAYING COMPARED TO US

US to provide additional $2.3 billion in assistance to Ukraine
The US will provide an additional $2.3 billion security assistance package for Ukraine that will include key air defense and anti-tank weapons, US Defense Secretary Lloyd Austin said Tuesday. The announcement comes as Kyiv's weakened and outgunned forces are struggling to hold back invading Russian troops, with Moscow regularly claiming the capture of new villages in eastern Ukraine.
SEE HOW THE AID PACKAGE WILL HELP UKRAINE DEFENSE

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Markets

DJIA	39,331.85	0.41%
S&P 500	5,509.01	0.62%
Nasdaq Composite	18,028.76	0.84%
Japan: Nikkei 225	40,074.69	1.12%
UK: FTSE 100	8,121.20	-0.56%
Crude Oil Futures	83.17	-0.25%
Gold Futures	2,338.60	-0.01%
Yen	161.45	0.00%
Euro	1.07	0.00%
* As of market close

Judge postpones Trump sentencing until fall

A judge postponed Tuesday Donald Trump's sentencing for covering up hush money payments until Sept. 18, the first fallout of a Supreme Court ruling on presidential immunity, pushing it to after the Republican convention. The court ruled Monday that Trump enjoys some immunity from prosecution as a former president, a decision also set to delay his trial for conspiring to overturn the 2020 election. The sentencing had been scheduled for July 11, four days before the Republican National Convention, where Trump is expected to be proclaimed the party's nominee in the battle against President Joe Biden for the White House.

TRUMP USES RULING TO REQUEST VACATION OF CONVICTION

Dems seek transparency in Biden's fitness

Democrats shocked by Joe Biden's dismal debate performance urged the president Tuesday to be transparent about his mental fitness as he faced the first call from his own side to drop out of the election. Some supporters have expressed doubts about the 81-year-old following last week's televised showdown with Donald Trump, after Biden stumbled over his words and lost his train of thought -- exacerbating fears about his age. Congressman Lloyd Doggett became the first Democratic lawmaker to publicly call on Biden to make way for another candidate.

SEE WHICH DEMOCRATS ARE PUSHING FOR BIDEN ANSWERS

SEO head-scratching over Google algorithm

Google made major changes to its search algorithm and spam filters earlier this year to get rid of low-quality content, but the effects have proved devastating to some smaller websites. Online businesses have been struggling after Google's massive upgrade in spring caused catastrophic drops in traffic. The US firm is notoriously secretive about its algorithms. The latest update sent SEO experts into a tailspin, trying to unpack why some sites were boosted and others got down-ranked.

SEE THE IMPACT OF GOOGLE'S LATEST ALGORITHM UPDATE

Extra point

What was Google's original name? What was the root of "Google"?

Tuesday's answer: Hurricane Wilma is the strongest Atlantic hurricane ever recorded, reaching an intensity of 882 millibars in October 2005. There have been seven stronger storms in the Western Pacific Ocean.

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