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1 Americans Believed To Be Captured By Russia
According to reports, two U.S. military veterans are missing in Ukraine – and their families believe they've been captured by Russian forces. The State Department says the Biden administration has heard those reports, too and says it’s "aware of unconfirmed reports of two U.S. citizens captured in Ukraine." Both men are from Alabama and haven't been heard from since June 8th. The department had few details to provide, but stressed in a statement that "U.S. citizens should not travel to Ukraine due to the active armed conflict." Members of Alabama's congressional delegation are looking into the matter.
2 White House Economist: U.S. Well-Positioned To Handle Soaring Inflation
Americans may be suffering in just about every sector, but top White House economist is insisting the U.S. economy is well-positioned to handle soaring inflation. Brian Deese says inflation is a growing problem around the world and cited ongoing supply chain problems that grew out of the height of the COVID pandemic. Deese said the foundation of the U.S. economy is strong with solid jobs growth, low unemployment and a declining deficit. On that note, the Federal Reserve is raising interest rates by three-quarters of a percentage point – it's the biggest rate hike in 28 years. It's in response to record inflation that's running higher than the central bank anticipated. The market is responding kindly so far to the Federal Reserve's decision to raise rates again. The central bank also suggested similar hikes may come next month to combat inflation. At the closing bell, the Dow Jones Industrial Average gained 303 points to 30-668. The S&P 500 rose by 54 points to 37-89. The Nasdaq jumped up by 270 points to 11-099.
3 White House: Biden Calling On Oil Companies To Help Curb Gas Prices
We’re all feeling the pain at the pump, and the White House is trying to curb soaring gas prices. White House Press Secretary Karine Jean-Pierre said President Biden is releasing one-billion barrels of oil per day from the strategic oil reserve. She also mentioned the President is calling on oil refineries to invest their record profits back into the business to increase capacity and bring down costs. “We are calling on them to do the right thing, to be patriots here,” Jean-Pierre offered. “And not to use the war as an excuse or as a — as a reason to not put — to not put out a production, not — to not do the capacity that is needed out there so that the prices can — so that the prices can come down.” But also? The White House is reportedly flirting with endorsing a federal gas tax holiday.