It's Thursday morning, what do we know?
The Fed hikes rates and Russia slashes supply of natural gas
What do we know in Ukraine?
Ukrainian troops used American-made precision rocket launchers to knock out a key bridge used by Russia to resupply its forces in the Kherson region of southern Ukraine. Ukrainian military officials also say they destroyed an ammunition depot in the region and killed as many as 50 Russian soldiers but that hasn’t been independently verified
Ukrainian military officials say they have retaken Andriivka and Lozove, two towns in the Kherson region. A Ukrainian victory in Kherson would be a tremendous morale boost for the Ukrainian people and a blow to Russia
Russia, meanwhile, has continued its shelling in the eastern Donetsk region, and intensified its rocket attacks in areas around Kherson as Ukraine begins its counter-offensive to retake the city
Russian forces have captured the Vuhlehirsk power plant in eastern Ukraine. The coal-fired plant is the second largest in the country. Capturing the plant is the most significant strategic gain for Russia in more than three weeks
Russia’s Gazprom reduced the flow of natural gas delivery via Nord Stream I to 20% on Wednesday. Though the move was expected, several European countries have been thrown into an energy crisis that will worsen as cold weather approaches in the fall
What else do we know?
The Federal Reserve raised interest rates 75 basis points on Wednesday in an effort to tamp down rampant inflation. The economy is experiencing a complicated and countervailing set of forces in 2022, with inflation at 40-year highs, unemployment at near-historic lows, the economy seemingly contracting for two consecutive quarters and supply chain issues persisting. In this economic environment the Fed is attempting to cool the economy just enough to slow inflation without dragging the country into a 70’s-era stagflation scenario
Democratic Senator Joe Manchin of West Virginia said on Wednesday that he now supports a Democratic initiative on climate change, tax reform and reducing prescription drugs costs. The bill Manchin announced his support for is a pared down version of a larger piece of legislation Manchin previously rejected out of concerns it would contribute to inflation. Because the bill includes items directly related to the budget, the Senate can use a device called reconciliation to avoid the possibility of a filibuster and pass the legislation with a simple majority. Manchin’s reversal is a major victory for Biden and the Democratic legislative agenda. The bill includes the following:
$739 billion in new tax revenue
$370 billion investment in climate/energy technologies
$300 billion on deficit reduction
The Senate passed the $280 billion “Chips and Science Bill” on Wednesday. The bill invests in a variety of advanced computer technologies and is designed to give the United States a technological edge over China. In recent months, the extent of China’s espionage in the U.S. over the last decade has been made public for the first time and has created anxiety about American capabilities in the event of a direct confrontation. Recently, CNN broke a story on Chinese espionage in the U.S. that’s worth your time
In June, the Biden administration offered to exchange Russian arms trafficker, Viktor Bout, who’s serving a 25 year sentence in the U.S., for Brittney Griner and Paul Whelan. Secretary of State Antony Blinken said he will have further discussions on the swap with Sergei Lavrov when the two speak next week
Antisemitism never really goes out of style, truly a bigotry for all seasons
Has anyone read Mark Twain's essay,"Concerning the Jews"? Moving refutation on the ongoing antisemitic virulence.