Daily Briefing: Can inflation please calm down?

Nicole Fallert, USA TODAY

June 13, 2024 at 6:11 a.m.·4 min read

The annual inflation rate appears stuck above 3%, more than a full percentage point above where Federal Reserve officials want to see that number in order to cut interest rates. South Florida is bracing for continued deluges of rain and NASA embarks on a unique spacewalk on Thursday.

🙋🏼‍♀️ I'm Nicole Fallert, Daily Briefing author. U.S. spies are busier than ever.

Inflation is still too high for the Fed

The Federal Reserve held its key interest rate steady again this week and gave no signal that it plans to lower it anytime soon following a resurgence of inflation early this year.

"A lack of further progress" toward the Fed's 2% inflation goal means the central bank likely won't be prepared to cut rates for at least a few months, if not longer.

Basically, the Fed is saying it will likely take some time still to justify reducing interest rates. Fed Chair Jerome Powell said at a news conference on Wednesday: "I don't know how long it will take."
Wait — why does the Fed sometimes lower interest rates? The Fed raises rates to make consumer and business borrowing more expensive, curtailing economic activity and inflation. It lowers rates to stimulate weak growth or dig the economy out of recession.
Will inflation calm down? Consumer prices were unexpectedly unchanged in May as major retailers slash prices on goods ranging from food to diapers in an effort to lure inflation-weary consumers.

'Life-threatening flooding' comes to South Florida

Some areas of South Florida have seen more than 7 inches of rain, with more expected through Friday. The National Weather Service warned "life-threatening flooding" drenched the region Wednesday evening as the onslaught shut down a swath of critical I-95 by Fort Lauderdale and canceled hundreds of flights. Read more

The intense rain caused widespread flooding in South Florida, prompting an emergency declaration by Governor Ron DeSantis in five counties.

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Time for a break! Play today’s USA TODAY Crossword. Our expert, Sally, breaks it down.

What's the weather today? Check your local forecast here.

Hamas demands peace deal guarantees from US

Hamas is seeking a written U.S. guarantee to accept the Biden administration's proposal for a cease-fire and the release of hostages in Gaza, according to media reports. Hamas insists on an American pledge to the second part of the three-phase deal, which would bring about a permanent truce and the withdrawal of Israeli troops from Gaza, Some of the changes Hamas wants are unworkable, U.S. Secretary of State Antony Blinken said, while Hamas official Osama Hamdan said Blinken is "part of the problem, not the solution" to the eight-month war in Gaza. Read more

Southern Baptists condemn IVF. But what does that mean?

Southern Baptists on Wednesday condemned the use of in vitro fertilization in a proclamation that will add to the intense debates over reproductive rights raging across the U.S. The resolution criticizing IVF is a non-binding proclamation, but the measure could help popularize an idea once considered fringe throughout American Christianity. Debate on the floor of the faith group's annual meeting in Indianapolis over the resolution exhibited divisions within the nation’s largest Protestant denomination over the issue. Read more

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NASA's latest spacewalk takes a fresh approach

Space microorganisms? Yes. As the culmination of a NASA project in the works for nearly a decade, astronauts on Thursday will set out to collect microorganisms surviving on the outside of the International Space Station. Scientists have for years known that some of the smallest lifeforms on Earth are able to survive in outer space, and their biological survival methods are the topic of entire research departments at space agencies and universities around the world. Thursday's findings will be key to informing NASA's planned trips to Mars, where astronauts will look for signs of past lifeforms. Read more

Photo of the day: Dearest Gentle Reader

If you too have been plagued with a "feeling that is like torture," but one which you "cannot, will not, do not want to give up," I have good news for you. "Bridgerton" Season 3 is returning this week with Part 2, and it truly cannot come soon enough.

The cast of "Bridgerton" Season 3 - Part Two attend a special screening at Odeon Luxe Leicester Square on June 12, 2024 in London, England.

Nicole Fallert is a newsletter writer at USA TODAY, sign up for the email here. Want to send Nicole a note? Shoot her an email at NFallert@usatoday.com.

This article originally appeared on USA TODAY: Inflation, weather, rain, Hamas, Israel, Gaza, IVF, NASA, "Bridgerton", U.S. Open: Daily Briefing

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