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Fed Chair: The economy is doing very well

The Federal Reserve lifted its benchmark rate for the second hike this year. Watch Fed Chairman Jerome Powell explain why.

Posted: Jun 14, 2018 9:27 AM
Updated: Jun 14, 2018 9:32 AM

If spending almost 20 hours on a plane is your idea of fun, then you better get your tickets now for the world's longest nonstop flight. Here's what else you need to know to Get Up to Speed and Out the Door. (You can also get "5 Things You Need to Know Today" delivered to your inbox daily. Sign up here.)

1. Russia investigation

President Trump's legal team, prepping for a high-stakes meeting with special counsel Robert Mueller, talked with its client as he flew back from the North Korea summit. The team is gaming out the next move as it gets ready for a potential showdown with Mueller over the President's willingness to answer his questions about the Russia investigation. The President still entertains the possibility of sitting down with Mueller, but most of his legal team remains skeptical, multiple sources tell CNN. If Trump refuses an interview with Mueller, he could be subpoenaed, and the resulting fight over that could drag out the Russia investigation for another "nine to 15 months."

Meanwhile, Trump's personal attorney, Michael Cohen, has split with his legal team. It could signal a shift in strategy as criminal charges could become more likely as investigators sift through his financial dealings, including the payment he made to porn star Stormy Daniels on Trump's behalf before the election.

2. Interest rates

The red-hot economy shows no sign of cooling down, so the Federal Reserve feels comfortable enough to raise rates. The Fed raised the federal funds rate -- which helps determine rates for mortgages, credit cards and other borrowing -- a quarter of a percentage point to a range of 1.75% to 2%. It's the second rate hike for the year, and it won't be the last. Two more rate increases are expected this year, as the Fed tries to stay ahead of inflation, which has crept up a bit as of late. Wall Street, of course, didn't like the hike; the Dow fell 119 points.

3. North Korea

There's a dispute between Washington and Pyongyang over sanctions. North Korean state media said the US would start easing up on sanctions as the nation made progress on getting rid of its nukes. Not so, says Secretary of State Mike Pompeo, who said there will be no sanctions relief for the North while it still has nuclear weapons.

Meantime, President Trump was still taking a victory lap after returning from his summit with North Korean leader Kim Jong Un, tweeting: "There is no longer a Nuclear Threat from North Korea," and we could all "sleep well tonight." But lots of folks are disputing that notion, since the Trump-Kim sit-down produced no verifiable proof that the rogue regime will discontinue its nuclear program. And the White House is expected, as soon as today, to formally call off military drills with South Korea, one of the more shocking results of the summit.

4. Migrant crisis

Remember those 630 migrants left stranded in the Mediterranean after Italy and Malta refused to let them in? Well, now they're on an 800-mile journey to Spain, after officials there agreed to accept them. The migrants, now on three ships, are headed to Valencia. Once there, they'll be given a 15-day permit to stay, during which they can start the asylum process. Their saga has become a diplomatic hot potato in Europe, where anti-immigrant sentiment and strained resources have butted up against migrants arriving by the thousands.

5. World Cup

Soccer fans, rejoice! The World Cup starts today, and there are so many intriguing story lines, both on and off the pitch: Germany's trying to be the first repeat winner since the 1960s. This may be Cristiano Ronaldo's and Lionel Messi's last, best chance to win the one major title that has evaded them. The US is watching from home, while host country Russia is the tourney's most controversial site in decades.

But wait, there's more! If you don't know whom to root for since your country's not in it (we're looking at you, Americans) this handy guide is a must-read. And it's never too early to start dreaming about future World Cups, now that we know the US, Mexico and Canada will host the event in 2026.

TODAY'S QUOTES

"Separating babies from their mothers is not the answer and is immoral."

Cardinal Daniel DiNardo, president of the US Conference of Catholic Bishops, criticizing the Trump administration's immigration policy of separating families caught crossing the border illegally

"I know it means so much to so many people."

London Breed, reflecting on her election as mayor of San Francisco. She's the first black woman to win the city's top job.

BREAKFAST BROWSE

Afghanistan's 'Malala'

Two years ago, the Taliban shot her in the leg and foot and left her for dead. But that didn't stop Breshna Musazai from graduating from college -- with honors.

(Sur)real estate

If you're into ghost towns -- and who isn't? -- you can buy one in California for a cool $925,000.

Comfort food

He felt sympathy for the 54 undocumented immigrants found in the back of a tractor-trailer. So, he bought them all pizza.

Beyond the call

When a Florida man called the cops because he wanted his drugs tested, the police were more than happy to oblige.

HAPPENING LATER

Abortion vote

Lawmakers in Argentina are expected to vote today on a bill that would relax the nation's highly restrictive abortion laws.

TODAY'S NUMBERS

62

The number of people Border Patrol agents found in ONE house after they raided a two-bedroom home in Laredo, Texas

$65 billion

That's how much Comcast is putting on the table to buy most of 21st Century Fox. The cable giant hopes to beat out Disney, which has already made a $52.4 billion bid for Fox.

AND FINALLY

Where do we sign up for this job?

Did you know there was such a thing as a bubble artist? We didn't either. (Click to view.)

Indiana Coronavirus Cases

(Widget updates once daily at 8 p.m. ET)

Confirmed Cases: 32078

Reported Deaths: 2004
CountyConfirmedDeaths
Marion9268539
Lake3320168
Cass15826
Allen130966
St. Joseph120534
Hendricks113067
Hamilton111592
Johnson1086104
Elkhart105728
Madison58258
Porter49021
Bartholomew48133
Clark46138
LaPorte41522
Tippecanoe3753
Jackson3671
Howard36519
Delaware35735
Hancock32127
Shelby31521
Floyd31438
Boone28835
Morgan26224
Vanderburgh2482
Montgomery23117
White2268
Decatur22431
Clinton2221
Grant19121
Noble18921
Harrison18721
Dubois1852
Greene16724
Warrick16426
Dearborn16421
Henry1619
Monroe16011
Vigo1477
Lawrence14423
Miami1391
Putnam1337
Jennings1274
Orange12422
Scott1183
Ripley1126
Franklin1068
Kosciusko941
Carroll922
Daviess8216
Steuben802
Marshall761
Newton7410
Wabash722
Wayne715
Fayette684
LaGrange602
Jasper581
Washington521
Fulton471
Rush452
Jay440
Randolph433
Jefferson411
Whitley402
Pulaski390
Clay391
Owen341
Brown331
Sullivan321
Starke313
DeKalb311
Perry260
Huntington262
Knox250
Tipton251
Benton250
Wells240
Crawford230
Blackford211
Switzerland190
Fountain182
Spencer171
Posey170
Parke170
Gibson142
Ohio130
Warren121
Adams121
Vermillion90
Martin90
Union80
Pike60
Unassigned0154

Illinois Coronavirus Cases

(Widget updates once daily at 7 p.m. CT)

Confirmed Cases: 113195

Reported Deaths: 4923
CountyConfirmedDeaths
Cook738193354
Lake7767250
DuPage7290340
Kane5866153
Will5238258
Winnebago199351
McHenry145268
St. Clair101773
Kankakee80242
Kendall72719
Rock Island63922
Champaign5697
Madison54056
Boone40716
Sangamon33226
DeKalb3313
Randolph2593
Jackson22810
McLean21210
Stephenson1952
Ogle1922
Macon18819
Peoria1858
Clinton17816
Out of IL1771
Union1417
LaSalle14013
Whiteside13310
Iroquois1314
Unassigned1200
Coles1159
Warren1140
Jefferson10116
Knox950
Monroe9211
Grundy892
McDonough835
Lee761
Tazewell683
Cass670
Henry670
Williamson541
Marion500
Jasper457
Adams441
Macoupin421
Perry410
Pulaski400
Montgomery391
Vermilion391
Morgan341
Christian334
Livingston312
Douglas280
Jo Daviess270
Fayette203
Ford201
Jersey201
Washington180
Woodford182
Mason170
Menard170
Shelby161
Bureau151
Hancock150
Mercer150
Carroll132
Franklin120
Piatt120
Crawford110
Fulton110
Bond101
Brown100
Clark100
Cumberland100
Logan100
Moultrie100
Schuyler100
Wayne91
Alexander80
Henderson80
Johnson70
Massac70
Saline70
Effingham61
Greene50
Marshall50
De Witt40
Lawrence40
Richland30
Stark30
Clay20
Edwards20
Gallatin20
Hamilton20
Wabash20
White20
Calhoun10
Hardin10
Pike10
Pope10
Putnam10
Edgar00
Terre Haute
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