Record interest rates, bird flu, and the ZiG.

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Big Stories

Interest rates stay high

The Federal Reserve decided to maintain interest rates at their 23-year-high level.

• While inflation has shown some signs of slowing, it remains above the Fed's target of 2%, prompting the central bank to hold off on reducing borrowing costs. Investors now anticipate that rates may drop no earlier than September.

• The Fed's strategy of raising interest rates might have limited influence on curbing service prices, a sector that continues to see inflation. Unlike goods, services (restaurant meals and car repair) are less sensitive to interest rate fluctuations, making it harder for the Fed to bring their costs down.

• Many Americans may be shielded from the immediate impact of these high interest rates. A lot of households benefit from fixed-rate mortgages secured at lower rates and limited credit card debt. As a result, some consumers continue to spend on things that are keeping inflation elevated.

Georgians riot over foreign agent bill

Protests in Tbilisi, Georgia escalated as riot police used tear gas, stun grenades, and water cannons against demonstrators over a “foreign agent” bill.

• The Georgian government claims protesters broke demonstration laws by blocking parliament access. President Zourabichvili condemned the use of force as "unwarranted" and "out of proportion." Sixty-three people were arrested.

• The bill requires NGOs and media receiving at least 20% of foreign funding to register as "foreign agents." They will face stricter scrutiny and be forced to share sensitive information with authorities or face fines. The ruling party claims the bill increases transparency, while critics say it stifles media freedom.

• The "foreign agent" bill has drawn criticism from the international community as well. The European Union, a key partner for Georgia, won’t allow accession talks to begin while the bill is under consideration. The US State Department likens the bill to the kind of legislation seen in Russia.

Israel threatens Rafah invasion

Israeli Prime Minister Benjamin Netanyahu says Israel is primed to attack Rafah.

• Netanyahu warned US Secretary of State Antony Blinken about a potential invasion of Rafah in Gaza if Hamas continues to link a hostage deal to ending the conflict.

• The Biden administration is worried about the Rafah invasion because it could impact over a million displaced Palestinians seeking shelter there. Blinken told Netanyahu that the US opposes such an operation unless there's a clear plan to protect civilians and explore other options instead of a full-scale military move.

• Hamas wants a commitment from Israel to end the war in Gaza as part of hostage negotiations. Netanyahu has rejected the demand but proposed discussing ways to achieve lasting peace in Gaza without formally ending the conflict. Both sides are trying to reach a ceasefire, but Hamas's conditions are complicating the process.

Little Stories

• A major U.S. health task force now recommends starting regular mammograms for breast cancer screening at age 40 and getting them every other year from age 50 through 74. This update aligns with some other medical groups’ advice. However, some agree yearly screenings are necessary after 50. (More)

• Arizona lawmakers, including two Republican senators, voted to repeal a historic law from the Civil War era that effectively banned most abortions. The repeal passed narrowly in the Republican-controlled Senate with a vote of 16-14. The bill now moves to Governor Katie Hobbs who intends to sign it into law. (More)

• The FDA found inactive bird flu virus fragments in some pasteurized dairy products like cottage cheese but said these pose no health risk. This comes after they previously found traces of the virus in milk, suggesting it might be spreading more in dairy cattle. They will continue testing dairy products and the USDA is now testing ground beef. (More)

• The United Methodist Church voted to overturn its 40-year ban on gay clergy, marking a significant change in the church's position on homosexuality. The decision comes after decades of internal debate and disagreement on LGBTQ inclusion, with the church even considering a split. (More)

• Colombian President Gustavo Petro announced that Colombia will sever diplomatic ties with Israel, accusing Israel of "genocidal" actions in Gaza. Israel denies the accusation. Previously, Colombia was one of Israel's close allies in South America. (More

Extra Credit

Airbnb announced its new “Icon” stays with celebs, museums and more.

The world has a new currency: the ZiG.

How do birds get their colors? 

A japanese town is blocking the view of Mt. Fuji to deter tourists.