Photo: Science Photo Library RF
1 WH Press Sec: 'We're Closely Watching' Economy
After two days of meetings, the Federal Reserve is set to announce a rate hike this afternoon. The burning question for many is will it be a half of one-percent or will the Fed try to give the economy another dose of medicine by raising it three-quarters of one-percent. The White House Press Secretary says the Biden Administration is watching the economy "closely." Karine Jean-Pierre said that after being asked about President Biden's level of concern regarding a possible recession. She reiterated that addressing inflation is crucial for the President. Her remarks came one day after the Dow Jones Industrial Average fell more than 850 points as recession fears spooked the broader market.
2 Gun Reform Legislation Could Be Done Deal This Week
The Senate Majority Leader is feeling good about the prospects for passage of a bipartisan gun safety bill. New York Democrat Chuck Schumer said it would be the first meaningful, bipartisan gun legislation in decades. Negotiators have agreed on a framework and are now crafting the actual bill. Schumer said he'll put it on the Senate floor as soon as it's ready. And when it gets there, Senate Minority Leader Mitch McConnell doesn’t appear ready to block it. The Kentucky Republican Mitch McConnell says he’ll vote for the legislation as long as big changes aren't made and calls it a "step forward." That makes him the 11th Senate Republican coming out in support of the framework. The framework aims to expand school safety and mental health resource, It would give money to states for so-called "red flag" laws that are designed to keep guns out of the hands of potentially dangerous individuals. It would also expand gun background checks for people 18 to 21-years-old – specifically, that youth offenses can be a part of the background investigation.
3 Yellowstone Park, Southern Montana Could See More Flooding
Flooding is forcing the closure of all entrances to Yellowstone National Park for the first time in nearly three and a half decades. Park officials say evacuations were ordered due to unprecedented and extremely hazardous conditions. As of yesterday, there were at least a dozen backcountry visitors that had yet to evacuate. The park says in a Facebook post that no traffic will be allowed in "until the conditions stabilize and the park can assess damage to roads and bridges." Dan Borsum, a senior forecaster for the NWS in Billings, says that the water levels will continue to fall until Friday, but may rise again because hot temperatures will increase snow melt this weekend. Borsum adds, “People who are going to try to fix things near the river should be aware that the water will rise again this weekend.”