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Top News Today
The latest report from the Labor Department reveals a 2.7% increase in consumer prices compared to last year. This rise in inflation is attributed to President Trump’s tariffs, complicating the Federal Reserve’s efforts to manage it. Despite this, Trump is urging Fed Chair Jerome Powell to swiftly lower interest rates.
Clothing prices jumped by 1% in June, contributing to a rise in inflation during the month. Imported clothing is one area where the effects of tariffs are beginning to be felt by shoppers.
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Chip Somodevilla/Getty Images North America
- 🎧 NPR’s Scott Horsley explains that the impact of tariffs on inflation has been relatively subdued. The recent report indicates a higher inflation rate compared to the previous month, a consequence of Trump’s tariffs on goods like clothing, toys, and appliances. With inflation on the rise, Powell and the Fed are likely to maintain current interest rates as they assess the inflation trajectory. Financial analyst Stephen Kates predicts further price hikes driven by tariffs in the near future.
Yesterday, the Senate narrowly voted to move forward with a proposed budget cut requested by Trump. The cuts target $7.9 billion designated for international famine and disease relief, as well as $1.1 billion allocated to the Corporation for Public Broadcasting (CPB). The majority of CPB funding supports local public radio and TV stations, including those broadcasting NPR content. If approved, CPB stands to lose funding for the 2026 and 2027 fiscal years.
- 🎧 Vice President JD Vance had to break a tie vote of 50-50 to advance the budget cut proposal. Republicans seek to reduce funding to NPR and PBS citing perceived political bias, a claim denied by the networks. All Senate Democrats opposed the measure, joined by three prominent Republicans who expressed concerns over the unclear application of the proposed cuts by the White House Office of Management and Budget. The Senate is expected to deliberate on cuts to NPR, PBS, and foreign aid today, followed by a vote.
Disclaimer: This story was not reviewed by any corporate official or news executive before publication.
Speaker Mike Johnson urges the Trump administration to disclose files related to Jeffrey Epstein. Epstein, a convicted sex offender who died by suicide in custody, had connections to numerous influential individuals. Johnson advocates for transparency, while Attorney General Pam Bondi previously mentioned reviewing Epstein’s alleged client list. Despite conflicting reports, the Justice Department denies the existence of such a list, and Bondi has refrained from addressing inquiries about her handling of Epstein investigation files.
