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.)

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Cases: 608519

Reported Deaths: 9693
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