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Jul 12, 2024, 10:07 AM UTC

'It's Not Going To Happen': Biden Defies Calls To Step Aside

Newsletter Jul 12, 2024 Quick Six Biden's press conference does little to alleviate age concerns President Joe Biden held his first solo press conference Thursday since his disastrous debate

Newsletter Jul 12, 2024

Quick Six

Biden's press conference does little to alleviate age concerns
President Joe Biden held his first solo press conference Thursday since his disastrous debate performance in an effort to save his reelection candidacy. After successfully hosting a NATO summit in Washington, Biden faced the press on a variety of topics, but his fitness to serve another term was the overriding theme. Biden echoed his commitment to running at the top of the Democratic ticket and defeating GOP rival Donald Trump. But his raspy voice, occasional stuttering and mistakenly calling his vice president "Trump" were under scrutiny from the party, press and the public.
HOW BIDEN'S CANDIDACY COULD BE RIDING ON SPEECH

Interest rate cuts back in play as US inflation cooled in June
US inflation cooled more than expected in June, government data showed Thursday, a positive sign for the Federal Reserve to cut interest rates. The CPI rose 3.0% from a year ago, said the Labor Department, as a fall in gas prices more than offset housing costs. A consensus forecast of analysts had pegged the inflation figure at 3.1%, down 0.2% in May. Meanwhile, a measure that strips out food and energy prices saw the smallest annual rise since 2021.
WHAT ARE THE ODDS THE FED WILL CUT RATES IN 2024?

Small capitalization companies missing out on bull market
Small capitalization equities are still waiting for a boost from the 2024 bull market on Wall Street. While the S&P 500, which is comprised of larger companies, has piled on more than 17% this year, the small-cap Russell 2000 has risen a scant 0.4%. Market watchers point to lofty US interest rates as one factor behind the yawning gulf in fortunes, given that smaller companies typically borrow more than larger peers because they are less profitable.
WHY SMALL MARKET CAP COMPANIES ARE MISSING OUT

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Markets

DJIA	39,753.75	0.08%
S&P 500	5,584.54	-0.88%
Nasdaq Composite	18,283.41	-1.95%
Japan: Nikkei 225	42,224.02	0.94%
UK: FTSE 100	8,223.34	0.36%
Crude Oil Futures	83.07	0.54%
Gold Futures	2,417.80	-0.17%
Yen	158.68	-0.11%
Euro	1.09	0.01%
* As of market close

House passes proof of citizenship voting bill

The House passed a bill Wednesday that mandates proof of citizenship for voter registration. The bill, championed by Republicans, addresses election integrity despite research indicating that non-citizens rarely register or vote illegally. The legislation, passed mostly along party lines with five Democrats joining the GOP, faces slim chances in the Democratic-controlled Senate. The vote allows Republicans to highlight border and election security issues – two key elements of their platform.

HOW THE BILL PLAYS INTO TRUMP'S FALSE ELECTION CLAIMS

US soon to end trouble-prone Gaza aid pier

The US will soon permanently end its problem-plagued effort to deliver aid to Gaza via a temporary pier, officials said on Thursday. The $230-million pier has repeatedly been detached from the shore due to sea and weather conditions since its initial installation in mid-May, and the project also faced problems with the distribution of assistance due to conditions onshore. The pier was detached from the coast last month due to high seas. An effort to reattach it Wednesday was unsuccessful.

US EXPLORING OTHER OPTIONS FOR DELIVERING AID TO GAZA

IRS collects over $1 billion from millionaires

The IRS revealed on Thursday that it has collected more than $1 billion in back taxes from the wealthiest Americans, crediting the increased collection efforts to passage of the Inflation Reduction Act in Congress. The announcement showed the eagerness of the Biden administration to make public the results of the IRS funding, particularly in cracking down on millionaire tax cheats. Republicans called it wasteful spending.

HOW THE IRS IS USING ADDITIONAL STAFF TO COLLECT DEBTS

Extra point

Which US state has the highest tax burden? Which one has the lowest?

Thursday's answer: A pair of Russian cosmonauts currently hold the records for spending the most time in space -- Valeri Polyakov (437 days, consecutively) and Oleg Kononenko (878 days, cumulatively).

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