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Good afternoon. Here’s what you should know today, July 6: |
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Donald Trump’s former White House counsel agreed to testify before the House Jan. 6 committee School shootings drive the sales of security equipment Adjustable-rate mortgages make a comeback |
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| Robert E. Crimo III confessed to targeting people from a rooftop during an Independence Day parade, prosecutors said on Wednesday. PHOTO: ANTHONY VAZQUEZ/ASSOCIATED PRESS |
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1. A 21-year-old man confessed to a shooting at a July Fourth parade in Highland Park, Ill., prosecutors said. |
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Robert E. Crimo III admitted targeting people from a rooftop, killing seven and injuring dozens, prosecutors said. After the shooting, he drove toward Madison, Wis., and considered a second attack on another celebration, according to police, but changed his mind and headed back toward Highland Park where a motorist spotted him and he was arrested. |
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2. Fed officials concluded in June they needed to raise rates faster—and to levels designed to slow the economy—because the inflation outlook had worsened. |
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That’s according to minutes from the central bank’s June 14-15 meeting, released today. Officials anticipated last month that an increase of either a half or 0.75 percentage point will be warranted at their gathering in July. June’s 0.75 percentage point hike was the largest since 1994. |
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Stock Markets Inch Higher as Investors Study Fed Minutes (Read) Hiring Demand Remained Strong in May (Read) The Career-Boosting Strategy of Announcing Your Layoff (Read) Consumers Say 2022 Is the Worst Economy Ever (Read) |
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3. Donald Trump’s former White House counsel will testify before the House Jan. 6 committee. |
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Pat Cipollone sat for an informal interview in April, but the panel said it then obtained information about which he is “uniquely positioned to testify.” He had stopped cooperating, according to the committee, which issued him a subpoena. According to testimony from previous hearings, Cipollone witnessed Trump’s campaign to pressure DOJ officials to make false public allegations that fraud had altered the outcome of the 2020 election. |
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4. The FDA plans to let overseas baby-formula makers market their products in the U.S. even after shortages abate. |
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Federal regulators temporarily allowed global manufacturers to import their products, but a long-term change could help strengthen the vulnerable formula supply chain. It could also be a boon for foreign players eager to sell here, while boosting competition. |
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5. Russia’s tactical shift in Ukraine raises the prospect of a protracted war. |
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In the invasion’s opening phase, Moscow’s armies tried to make daring thrusts deep into Ukrainian territory, but largely failed and lost elite units in the process. Now, Russian forces are advancing by increments under the cover of artillery. Kyiv said it needs more Western weapons and help training new soldiers to turn the tide. Both sides are now preparing for the next phase of the battle for the Donbas region. |
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🎥 Why Russian Tanks Are Exploding in Ukraine (Watch) Food and Energy Issues Set to Dominate G-20 Meeting of Top Diplomats (Read) Russia Tensions Threaten Food Supplies for 4 Million Syrians (Read) |
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