Wednesday Afternoon Update: Fed Hikes, Russia-China Lovefest, No Trump Indictment Yet

The Morning Wire Afternoon Update has been adapted into this article. To access the podcast version, click here.

Fed Hikes Interest Rates

The Federal Reserve has decided to increase interest rates by a quarter point to address the problem of balancing inflation and the risk of higher borrowing costs. Interest rates have now reached a range of 4.75 to 5 percent, and more growth is expected within the year, as the authorities plan to raise it once again in 2023.

No Trump Indictment Yet

The Manhattan Grand Jury that has the power to decide whether to indict former President Trump for his alleged involvement with illegal hush-money payments did not convene on Wednesday; thus, Mr. Trump’s possible arrest has been delayed. Even if the jury reconvenes on Thursday, there is a chance that a vote will not occur this week.

Russia-China Collaborate

Chinese President Xi Jinping visited Moscow on Monday to demonstrate solidarity with the Russian President Vladimir Putin. During the meeting, the two leaders negotiated and signed a statement that seeks to strengthen economic cooperation between the two countries over the next ten years. This move will benefit Putin since the Western nations have imposed sanctions against Russia for its war in Ukraine. Putin argued that the West seemed willing to fight Russia until the last Ukrainian, and if that happens, Russia will respond accordingly. The joint statement of Xi and Putin urged the international community to support constructive dialogue, while Putin announced that Russia now approves of the use of the Chinese yuan to transact between Asia, Africa, and Latin America, possibly undermining the strength of the US dollar.

Israeli Strike Against Iran

Retired Brigadier General Amir Avivi believes that Israel’s window to prevent an Israeli strike against Iran’s nuclear program is closing quickly, and it could come within three months to a year as a result of China and Russia’s influence in the Middle East. China has helped Iran build influence in the region, while Russia might provide Iran’s military with defense equipment to protect its nuclear program. The Russian tech could cause concern among Israeli leaders because it will make their mission of destroying Iranian infrastructure harder.

Baby Formula Shortage Investigation

The House Oversight and Accountability Committee is investigating the Biden administration’s mishandling of the baby formula shortage of 2022. The FDA did not take full responsibility for mishandling the crisis, and the lawmakers have requested documents from the FDA Commissioner regarding the government’s response to the shortage. The lawmakers criticized the FDA for not taking real accountability for their failure to prevent the shortage from occurring.

Olney, England Roman Mosaic

Archaeologists have recently discovered the remains of a Roman bathhouse and villa with an intricate, colorful brick mosaic in Olney, England, while construction work was underway at the site for an Aldi grocery store. A group of trained experts was called in to handle the historic find.

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‘From “Wednesday Afternoon Update: Fed Hikes, Russia-China Lovefest, No Trump Indictment Yet”‘

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