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

Cases: 1366179

Reported Deaths: 24795
CountyCasesDeaths
Cook54690810144
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Will75762993
Lake67398990
Kane58533778
Winnebago33359477
Madison30572520
McHenry28675288
St. Clair27899514
Peoria23185317
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Macon10778200
DeKalb9901119
Vermilion9686132
Adams8474123
Williamson7442130
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Boone671774
Ogle612081
Grundy589976
Clinton576390
Coles568996
Knox5569150
Jackson503164
Henry500767
Livingston483185
Stephenson476983
Woodford476177
Effingham472972
Macoupin471583
Marion4471115
Franklin445975
Monroe435793
Jefferson4300120
Lee417453
Randolph413384
Fulton395357
Morgan390282
Logan388959
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Bureau372782
Christian367973
Fayette317855
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McDonough286447
Jersey269350
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Lawrence240625
Shelby229937
Union226140
Crawford212126
Bond205524
Cass199525
Jo Daviess181924
Clark180433
Warren180146
Pike179352
Ford179047
Wayne178053
Hancock176131
Carroll175636
Richland175240
Edgar170640
White169826
Washington164425
Moultrie161128
De Witt151725
Mason151645
Piatt150014
Clay148143
Mercer147533
Johnson144515
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Massac134640
Wabash134612
Cumberland129019
Menard123712
Jasper115118
Marshall107418
Hamilton83515
Schuyler7607
Brown7106
Pulaski6867
Stark63824
Edwards56912
Henderson52414
Calhoun5182
Putnam4833
Scott4791
Alexander46811
Gallatin4604
Hardin38612
Pope3224
Out of IL111
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Indiana Coronavirus Cases

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Cases: 735462

Reported Deaths: 13480
CountyCasesDeaths
Marion1006161752
Lake54169976
Allen40913680
St. Joseph36301553
Hamilton35807408
Elkhart28815442
Tippecanoe22464219
Vanderburgh22367397
Porter18921310
Johnson18063381
Hendricks17310315
Clark13032192
Madison12754339
Vigo12497249
LaPorte12073215
Monroe11945170
Delaware10750187
Howard9985218
Kosciusko9463117
Hancock8367142
Bartholomew8096156
Warrick7797155
Floyd7686178
Grant7094174
Wayne7069199
Boone6740101
Morgan6606139
Dubois6165117
Marshall6108112
Cass5886105
Dearborn583178
Henry5779105
Noble565084
Jackson503473
Shelby494196
Lawrence4591120
Gibson436892
Harrison436472
DeKalb430485
Clinton428453
Montgomery425789
Whitley397939
Huntington394280
Steuben391057
Miami383768
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Posey272034
LaGrange268870
Scott267454
Clay261147
Washington242132
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Spencer232731
Jennings230949
Starke218954
Fountain213746
Sullivan212242
Owen203056
Jay197630
Fulton196140
Carroll190220
Orange184454
Perry184437
Rush174025
Vermillion170044
Franklin168435
Tipton163345
Parke146716
Pike135334
Blackford135132
Pulaski117345
Newton108834
Brown102641
Crawford101415
Benton99014
Martin89515
Warren82615
Switzerland7948
Union71410
Ohio57111
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