Fed raises key rate by a half-point in bid to tame inflation
The Federal Reserve intensified its fight against the worst inflation in 40 years by raising its benchmark interest rate by a half-percentage point — its most aggressive move since 2000 — and signaling further large rate hikes to come. The increase in the Fed’s key short-term rate raised it to a range of 0.75% to 1%, the highest point since the pandemic struck two years ago. The Fed also said it will start reducing its huge $9 trillion balance sheet, made up mainly of Treasury and mortgage bonds. Reducing those holdings will have the effect of further raising borrowing costs throughout the economy.
Donald Trump Jr. speaks with Jan. 6 committee
The oldest son of former President Donald Trump has met with the congressional committee investigating the Jan. 6, 2021, insurrection at the U.S. Capitol. That’s according to two people familiar with the matter who spoke on condition of anonymity to discuss the private session. The interview with Donald Trump Jr. took place Tuesday. He’s one of nearly 1,000 witnesses interviewed by members of the House committee as they work to compile a record of the worst attack on the Capitol in more than two centuries. He’s the second of Trump’s children known to speak to the committee. His sister Ivanka Trump sat down with lawmakers for eight hours in early April.
US quietly expands asylum limits while preparing to end them
Officials say the Biden administration has begun expelling Cubans and Nicaraguans to Mexico under pandemic-related powers that deny migrants a chance to seek asylum, expanding use of the rule even as it publicly says it has been trying to unwind it. One U.S. official tells The Associated Press that up to 100 Cubans and 20 Nicaraguans are being expelled daily from three locations. A Mexican official confirms those numbers at at least one location. The officials spoke on condition of anonymity because the arrangement has not been made public.
Dolly Parton voted into Rock Hall Alongside Eminem and Lionel Richie
Despite a last-minute plea to “respectfully bow out” of consideration for the Rock & Roll Hall of Fame, country singer Dolly Parton made it in anyway, joining inductees for 2022 that include Eminem, Lionel Richie, Carly Simon, Eurythmics, Duran Duran and Pat Benatar. The honorees — voted on by over 1,000 artists, historians and music industry professionals — “each had a profound impact on the sound of youth culture and helped change the course of rock ‘n’ roll,” John Sykes, chair of the Rock Hall, said in a statement. The 37th annual induction ceremony will be held Nov. 5 in Los Angeles.
Turkey’s plan to draw refugees back to Syria: Homes for 1 million
President Recep Tayyip Erdogan of Turkey this week announced a dramatic expansion of his country’s plan to entice refugees from Syria’s civil war to return to their home country by building homes for them in Syria near the Turkish border. Turkey is the host of more Syrian refugees, by far, than any other country. Erdogan’s announcement Tuesday came amid a grave economic crisis that has hit the wallets of many Turks and fueled widespread anger toward the large number of people displaced from Syria, Afghanistan and elsewhere who now live in Turkey.
Few transgender children change their minds after 5 years, study finds
Children who transition to a new gender with social changes — taking on new names, pronouns, haircuts and clothing — are likely to continue identifying as that gender five years later, according to a report published Wednesday. The data come from the Trans Youth Project, an effort following 317 children across the United States and Canada who underwent a so-called social transition between 3 and 12. The majority of the group still identified with their new gender five years later, according to the study. The study found 2.5% of the group reverted to identifying as the gender assigned at birth.
LA hospital sued for racism in death of Black mother
A man whose Black wife died shortly after giving birth to their second son has filed a civil rights lawsuit against Cedars-Sinai hospital alleging her death was the result of a culture of racism. Charles Johnson, whose wife, Kira, died in 2016 after her bladder was cut during a cesarean section said Wednesday he discovered rampant racism during testimony in his malpractice lawsuit against the hospital. The hospital said it was founded on principles of diversity and health care for all and rejected any mischaracterization of its culture and values. It also said it was working to eradicate unconscious bias in health care.
Secretary Blinken tests positive for the coronavirus
Secretary of State Antony Blinken has tested positive for the coronavirus, the State Department announced Wednesday, nearly a week before he was scheduled to travel to diplomatic meetings in Europe and Morocco. A spokesperson said Blinken, 60, had mild symptoms and had not seen President Joe Biden in several days. Blinken, who is fully vaccinated and boosted, joins a handful of prominent figures who have tested positive after attending the White House Correspondents’ Dinner on April 30. Among them are Steve Herman of Voice of America and, according to a person familiar with the matter, Jonathan Karl of ABC News.
By wire sources
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