Inflation up again at 9.1%: The Bureau of Labor Statistics reported this morning that inflation for the 12 months ending in June hit an annualized rate of 9.1%. It had been 8.6% in May. The latest increase was broad-based, with the indexes for gasoline, shelter, and food being the largest contributors to inflation.
Biden begins Middle East trip: President Biden arrived in Israel today, the first stop on his Middle East visit. The schedule for the four-day trip called for him to lay a wreath at Israel”™s Holocaust memorial, meet with Israeli leaders and then Palestinian leaders, then travel to Saudi Arabia. In a joint statement today, Biden and Israeli Prime Minister Lapid said the U.S. and Israel were launching a partnership on the use of artificial intelligence and other technologies.
Committee puts Trump at center of insurrection: In yesterday”™s televised hearing, the House Jan. 6 committee presented evidence that Donald Trump was at the center of the armed attack on the Capitol that was intended to overthrow the U.S. government in order for Trump to seize power. Evidence showed Trump controlled the armed mob that entered the Capitol to stop Congress from counting the electoral college ballots. Rep. Liz Cheney, Republican co-chair of the committee revealed that Trump telephoned one of the committee”™s witnesses in what she indicated was an attempt at witness tampering.
Deal on Ukraine grain possible: Ukraine officials indicate they are close to a deal with Russia that would allow about 20 million tons of Ukrainian grain to be shipped out of the country into markets where it is needed. Russia continues to blockade the Ukrainian port of Odessa where the grain it stored in silos.
Twitter sues Musk: Twitter has filed suit in a court in Delaware to force Elon Musk to buy the company at the $44 billion price he offered. Twitter says that Musk is in material breach of the deal and that the lawsuit is designed to compel him to move ahead with the arrangement. Twitter described the deal reached with Musk in April as binding.
Covid cases on the rise: The Centers for Disease Control and Prevention reports that new cases of Covid-19 in the U.S. are running at more than 100,000 a day, with most of the new cases being the BA.5 variant of the virus. BA.5 is more contagious than previous strains and antibodies created as a result of vaccination or previous Covid infection are not as effective at fighting BA.5.
