The Federal Reserve announced its biggest interest rate hike in decades.
- The increase of three-quarters of a percentage point is the U.S. central bank’s latest attempt to control rising prices.
- What this does: It makes borrowing money more expensive. In theory, that will make people pull back from big purchases, which would lower demand and allow prices to fall.
- Will this cause a recession? It’s possible. Raising rates can sometimes slow economic growth too much and too fast. Here are seven tips to prepare for whatever comes next.
The Jan. 6 committee revealed two new investigation targets.
- The latest: The panel got emails between Supreme Court Justice Clarence Thomas’s wife, Ginni, and a pro-Trump attorney involved in the effort to deny Joe Biden the presidency.
- Another path: The committee released details, including video, about a group Rep. Barry Loudermilk (R-Ga.) led around the Capitol the day before the Jan. 6, 2021, attack.
- Today’s public hearing (1 p.m. Eastern time) will center on President Donald Trump’s pressure campaign on Vice President Mike Pence to overturn the election results.
Long-awaited coronavirus vaccines for young kids moved closer to reality.
- What happened? FDA advisers recommended use of Moderna and Pfizer-BioNTech shots for children under 5 — the last group in the U.S. without access to a coronavirus vaccine.
- What’s next? The FDA is expected to follow the recommendations. If the CDC agrees at a meeting set for tomorrow and Saturday, the shots will be available by next week.
The U.S. will send another $1 billion in military aid to Ukraine.
- What it includes: Rocket systems, artillery, coastal defense weapons and ammunition, President Biden said yesterday. It’s the U.S.’s biggest Ukraine aid package.
- Why it’s needed: A Russian offensive is pummeling Ukrainian forces in the east. The scale of the package suggests that the U.S. believes the war will continue for a long time.
Elon Musk is facing Twitter’s staff for the first time today.
- The setting: The Tesla CEO, who struck a $44 billion deal to buy the social network in April, will speak at a companywide meeting. Many employees are worried about his plans.
- What else to know: Tesla vehicles running its Autopilot software have been involved in 273 reported crashes over the past year, regulators revealed yesterday.
Chemicals found in drinking water might be more dangerous than once thought.
- What we’re talking about: Human-made “forever chemicals” called PFAS. They’re also found in food packaging and cosmetics, and are linked to infertility, thyroid problems and cancer.
- What’s new? The latest science, announced yesterday, suggests that even staggeringly low levels of these chemicals can damage our health.
A giant tortoise believed to be extinct has been confirmed alive.
- Where? The Galápagos Islands, off the coast of Ecuador. Fernanda was discovered in 2019 and confirmed by genetic testing as the real thing this week.
- What it means: She’s the last of her kind, barring another discovery. So scientists are studying her while holding out hope.
And now … Juneteenth is coming this weekend: Here are four meaningful ways you can observe the holiday.