Latest consumer price index report to show inflation trends
The consumer price index (CPI) report for July is due on Wednesday. Thanks to help from lower gas and oil prices, economists expect headline inflation to ease to 8.7% year over year after it reached 9.1% in June, the highest in four decades. However, they expect the core rate which includes price changes for everything except food and energy to rise to 6.1% from 5.9% in June. Core inflation includes all items consumers pay for like rent, transportation, medical services, cars, recreation, clothing, and education. And that core is expected to remain red hot, which could prompt the Federal Reserve to continue with aggressive rate hikes, economists say. Fed Chair Jerome Powell has said the central bank needs to see a series of declining monthly core inflation readings before it would consider pausing its interest rate increases.
Trump says he’s testifying Wednesday in New York’s civil investigation
Former President Donald Trump will be questioned under oath Wednesday in New York Attorney General Letitia James’ long running civil investigation into his dealings as a real estate mogul, he confirmed in a post on social media. The New York civil investigation, led by James, involves allegations that Trump’s company, the Trump Organization, misstated the value of prized assets like golf courses and skyscrapers, misleading lenders and tax authorities. In his post on Truth Social, Trump called James “racist,” invoking his oft-repeated claims about James, who is Black, and the investigation. Trump’s testimony comes amid a flurry of legal activity surrounding him, taking place just days after FBI agents searched his Mar-a-Lago estate in Florida as part of an unrelated federal probe into whether he took classified records when he left the White House. Trump held a dinner meeting with a dozen House Republicans Tuesday, and his guests said I have radiated confidence despite the FBI search of his Florida home.
Biden to sign PACT Act, to help veterans exposed to toxic burn pits
Despite some Republicans pulling support, President Joe Biden will sign a bill Wednesday enhancing health care and disability benefits for millions of veterans exposed to toxic burn pits while serving in Iraq and Afghanistan. The bill, known as the PACT Act, won final approval in the Senate last week by a vote of 86-11, ending a brief stalemate that had infuriated advocates and inspired some to camp outside the Capitol. Biden described the legislation as the biggest expansion of benefits for service-connected health issues in 30 years and the largest single bill ever to address exposure to burn pits. “I look forward to signing this bill, so that veterans and their families and caregivers impacted by toxic exposures finally get the benefits and comprehensive health care they earned and deserve,” Biden said in a statement last week. Hundreds of thousands of Vietnam War era veterans and survivors also stand to benefit from the legislation.
Sen. Lindsey Graham to challenge Georgia election-interference subpoena
Sen. Lindsey Graham, RS.C., is expected to challenge his subpoena in federal court Wednesday for testimony before an Atlanta-area grand jury investigating whether former President Donald Trump interfered in the 2020 election. The South Carolina senator and staunch Trump ally, in a motion to quash the Fulton County, Georgia, subpoena, asserted that he was engaging in legitimate inquiries as a lawmaker when he contacted a Georgia official following the election and that legislative privilege shields him from such demands. The expected move would come one day after a Georgia judge granted Trump’s personal attorney Rudy Giuliani’s request to delay his testimony. But the judge added Giuliani must appear in Atlanta in person to testify. Graham and Giuliani were subpoenaed along with a number of high-profile Trump allies, including attorney John Eastmanwho devised the plan to gather alternate slates of electors to overturn President Joe Biden’s election.
Serena Williams returns to the court after announcing she’ll soon retire
Serena Williams, one of the greatest tennis players of all time, is set to play her first match Wednesday since announcing her decision to withdraw from the sport in the coming weeks. coming off her first victory in more than a year, Williams will take on No. 12 Belinda Bencic of Switzerland in the second round of the National Bank Open in Toronto. Williams, the 40-year-old, 23-time Grand Slam championmade the announcement that she is stepping away from tennis in Vogue’s September edition, saying “it’s the hardest thing that I could ever imagine.” The four-time Olympic gold medalist added in an Instagram post Tuesday that “the countdown has begun” and she will enjoy the next few weeks. Williams will end her career for her after the US Open – a tournament she has won six times that is set to begin August 29 – to focus on building her family for her. Williams and entrepreneur and Reddit co-founder Alexis Ohanian have been married since November 2017 and have one child together.
Contributing: The Associated Press
George is Digismak’s reported cum editor with 13 years of experience in Journalism