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The Federal Reserve announced Wednesday it would hike interest rates this month at the fastest pace in nearly 30 years after a discouraging May surge in inflation. The Federal Open Market Committee (FOMC), the panel of Fed officials responsible for setting interest rates, said it would raise the bank's baseline interest rate range to 1.5 to 1.75 percent, an increase of 0.75 percentage points.
It is the first 0.75 percentage point rate hike issued by the Fed since 1994.
"The invasion of Ukraine by Russia is causing tremendous human and economic hardship. The invasion and related events are creating additional upward pressure on inflation and are weighing on global economic activity. In addition, COVID-related lockdowns in China are likely to exacerbate supply chain disruptions," the FOMC said in a statement announcing the interest rate hike. "The Committee is highly attentive to inflation risks." Read more here. |
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| Welcome to The Hill's Evening Report, catching you up on news from the afternoon and looking at the big stories likely to impact tomorrow. 📨 Encourage your friends to sign up here: thehill.com/evening. |
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Inclusion drives the innovations that transform the workplace and the economy. Let's advocate to shape policies that create jobs for people with disabilities. Learn More. |
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😷 Fauci tests positive for COVID-19 |
Anthony Fauci, the government's top infectious diseases expert, has tested positive for COVID-19 but is experiencing "mild symptoms," the National Institutes of Health said.
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💉 FDA advisers recommend authorization for Moderna's COVID shot in kids 5 and under
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An outside Food and Drug Administration (FDA) advisory panel on Wednesday unanimously recommended the agency grant emergency use authorization to Moderna's COVID-19 vaccine for children between the ages of 6 months and 5 years. |
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📼 Jan. 6 panel releases Loudermilk tour footage |
The House committee investigating the attack on Jan. 6, 2021, has released footage tied to a tour Rep. Barry Loudermilk (R-Ga.) gave the day before, showing a man taking photos of hallways in the Capitol complex before ultimately attending the rally itself. |
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😬 Here's what's behind the tampon shortage |
Tampons have become the latest consumer good hit by supply chain issues caused by the COVID-19 pandemic, inflation and other factors. |
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👶🏻 American Medical Association: Abortion bans 'violation of human rights' |
The largest medical association in the country has declared it will take any necessary legal steps to protect patients and doctors that seek and administer reproductive health services — including abortion and contraception. |
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☀️ Millions of Americans under extreme heat warnings |
As the nation heads into what is expected to be a scorching summer, nearly one third of Americans are already under heat warnings or advisories today.
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💵 Biden to send another $1B weapons package to Ukraine |
President Biden has announced plans to send another $1 billion security assistance package to Ukraine that will include artillery, coastal defense weapons and ammunition to help the country fight off Russian forces. |
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🗳️ Where the 10 House Republicans who impeached Trump stand
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Rep. Tom Rice's (R-S.C.) primary loss in South Carolina this week made him the first Republican lawmaker who voted for former President Donald Trump's impeachment to be defeated in a primary.
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📊 Nearly half think it's likely the US will 'cease to be a democracy'
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Almost half of all Americans believe the United States might "cease to be a democracy in the future," according to a new Yahoo News-YouGov poll.
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📝 Cornyn warns gun safety framework may have to be slimmed down |
Sen. John Cornyn (Texas), the lead Republican negotiator of a bipartisan gun safety framework, said Wednesday that some issues still need to be ironed out and warned the package may have to be slimmed down in order to get a bill passed. |
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🍎 Job stress for teachers is twice the rate of general workforce: survey |
Educators in the U.S. are experiencing job related stress at twice the rate of the general working population, according to a new survey from the RAND Corporation. |
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Content from our sponsor: SourceAmerica |
Inclusion drives the innovations that transform the workplace and the economy. Let's advocate to shape policies that create jobs for people with disabilities. Learn More. |
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🎓 George Washington University scraps 'Colonials' moniker
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George Washington University (GWU) has announced plans to retire its "Colonials" moniker by the 2023-24 academic school year following years of pressure from its student body. |
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Four signs Trump's influence in the GOP is waning |
"There are several indications that former President Trump's grip on the Republican Party, while still strong, is beginning to wane — and that's a good thing," writes Merrill Matthews, a resident scholar with the Institute for Policy Innovation in Dallas, Texas. |
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