The Hill's Evening Report — Fed hikes rates, Manchin announces deal

View Online  Evening Report Wednesday, July 27 ©  Brendan Smialowski, Associated Press Fed hikes rates as recession warnings flash The Federal Reserve has again hiked interest rates, ramping up its efforts to counter inflation, which is at a four-decade high.    The Federal Open Market Committee, the panel of Fed officials responsible for monetary policy, said Wednesday it would boost the central bank's baseline interest rate by 0.75 percentage points to a range of 2.25 to 2.5 percent.    The Fed has now hiked interest rates by 75 basis points twice over the past two months, a remarkably fast increase that is likely to slow the economy. All 12 voting members of the FOMC supported the rate hike.    Fed officials hinted at another 75 basis point rate hike for weeks since the June FOMC meeting. The bank raised rates last month by 0.75 percentage points for the first time since 1994 after inflation surged higher in May than economists expected.    "Inflation has obviously surprised to the upside over the past year, and further surprises could be in store. We therefore will need to be nimble in responding to incoming data and the evolving outlook," said Fed Chairman Jerome Powell at a press conference following the announcement.    Read more. 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. 🤝  Manchin, Schumer announce slimmed-down $670 billion deal Senate Majority Leader Charles Schumer (D-N.Y.) and centrist Sen. Joe Manchin (D-W.Va.) on Wednesday said they have agreed to a $670 billion deal on Democratic priorities — weeks after Manchin seemingly had scuttled any chance of an agreement amid hesitancy over inflation. 🇷🇺  US offers Russia deal for release of Paul Whelan, Brittney Griner A few weeks ago the U.S. made a "substantial proposal" to Russia to secure the release of Paul Whelan and Brittney Griner, Secretary of State Antony Blinken revealed Wednesday. Blinken now plans to speak with Russian Foreign Minister Sergey Lavrov about the deal. 🚓  Democrats punt votes on police, assault weapons House Democrats have pushed votes on community safety and assault weapons legislation into next month, allowing negotiators more time to work out lingering disagreements over the details of the police provisions. 🔬  Senate passes chips and science bill for China competitiveness  With a broad bipartisan vote, the Senate has signed off on a $280 billion bill to subsidize the domestic chip manufacturing industry and provide tens of billions of dollars for scientific research to keep the country's technological edge in the global economy.  🗳  Cheney highlights GOP opponents' stances on 2020 election in ad Rep. Liz Cheney (R-Wyo.) released a campaign ad on Wednesday to highlight her primary opponents' denials of the validity of the 2020 presidential election results.  📺  Trump threatens CNN with lawsuit over 'defamatory' reporting Former President Trump says he plans to file a lawsuit against CNN, alleging the network has repeatedly defamed him dating back to his 2016 campaign for the presidency. Subscribe to "The Hill: Just in"  Our new YouTube channel posts rapid updates on the top story of the day, tracking key figures in politics and making sense of important policy decisions and how they impact your life. 👨‍⚖️  Judge: Bannon can argue to throw out charges after conviction A federal judge said he would give Stephen Bannon's lawyers an opportunity to argue for the dismissal of criminal contempt of Congress charges after the former Trump White House adviser was convicted by a jury last week. 🐘  House Republicans reveal likely priorities if they regain majority House Republicans unveiled election legislation likely to serve as the leading response to concerns about the 2020 elections in a GOP majority, taking aim at "Zuckerbucks" and "ballot harvesting" while promoting preferred election administration in states. 🦊  Murdoch told Kushner 'there's nothing I can do' on 2020 Arizona call Fox News owner Rupert Murdoch told Jared Kushner, former President Trump's son-in-law and a top White House advisor, that there was nothing he could do about the network's decision to call Arizona for Joe Biden on election night 2020. 🏛️  Hawley: No regrets about Jan. 6, House panel is 'trolling' Sen. Josh Hawley (R-Mo.), who famously raised his fist to pump up the crowd of protesters outside the Capitol on Jan. 6, 2021 and supported objections to President Biden's Electoral College victory, says he doesn't regret anything about that day. 🤠  Cruz says Texas should repeal outdated law criminalizing gay sex Sen. Ted Cruz (R-Texas) has voiced support for repealing a decades-old and now-defunct Texas law that criminalizes sexual conduct between consenting adults of the same sex.  ⚠️  WHO: Men who have sex with men should reduce partners World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus has advised that men who have sex with men adjust how they go about sexual encounters amid the monkeypox outbreak. 📄  Massachusetts abortion, trans health care bill heads to governor Massachusetts lawmakers have approved legislation aimed at protecting access to abortion and gender-affirming health care, sending the sweeping measure to the GOP governor's desk, where it faces an uncertain future. 📱  Migrants tricked with misinformation on social media: report Migrants reliant on Facebook and WhatsApp as they make the journey to the U.S. are being targeted with immigration misinformation by human smugglers, a new report found. 📺  'The View' issues apology for comments about Turning Point USA The co-hosts of ABC's "The View" has issued an apology for statements made Monday about protesters outside an event hosted by the conservative activist group Turning Point USA. OPINION CDC must act to prevent monkeypox explosion in prisons "Monkeypox has arrived behind bars, and the coming weeks will dramatically reframe how we think about this outbreak," writes Dr. Homer Venters, former chief medical officer of the New York City jail system. Stay Engaged You're all caught up! Stay with TheHill.com for the latest and recommend this newsletter to others: TheHill.com/Evening. See you tomorrow. Privacy Policy  |  Manage Subscriptions  |  Unsubscribe  Sign Up for Other Newsletters 1625 K Street NW, 9th Floor, Washington, DC 20006 © 1998 - 2022 Nexstar Media Inc. | All Rights Reserved.