5 things to know for June 16: Interest rates, Covid, January 6, Buffalo, Baby formula

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Originally Published: 16 JUN 22 06:36 ET
Updated: 16 JUN 22 06:57 ET

(CNN) — Major retailers are facing a backlash for selling themed products in an attempt to monetize Juneteenth, the upcoming federal holiday commemorating the end of slavery in the US. Inclusion experts say “tone deaf” marketing campaigns — including Walmart’s Juneteenth ice cream and Dollar Tree’s Pan African-themed plates and napkins — promote stereotypes and often fail to provide any historical context.

Here’s what you need to know to Get Up to Speed and On with Your Day.

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1. Interest rates

The Federal Reserve raised interest rates by three-quarters of a percentage point on Wednesday in an aggressive move to tackle inflation. It’s the biggest increase in 28 years and will affect millions of American businesses and households by pushing up the cost of borrowing for homes, cars and other loans. Many consumers who are already concerned about the soaring cost of living will now face higher mortgage rates that will make it harder to afford homes. However, that weaker demand could cool off prices in the future. The goal of the Fed’s interest rate hikes is to get inflation under control while keeping the job market recovery intact, but experts say the war in Ukraine, supply chain issues, and Covid-19 could impact that progress.

2. Coronavirus

Covid-19 vaccines could be available for children as young as 6 months as early as next week, according to the White House. FDA vaccine advisers voted unanimously on Wednesday to authorize the Moderna and Pfizer/BioNTech vaccines for emergency use in the youngest children. The FDA, which typically follows the committee’s decisions, is expected to vote on the authorization this weekend. Children younger than five are the only age group not currently eligible to be vaccinated against Covid-19. About 17 million kids will become eligible for vaccines once they’re authorized for this age group. Separately, Dr. Anthony Fauci, President Joe Biden’s chief medical adviser, has tested positive for Covid-19 and is receiving treatment.

3. January 6

The House select committee investigating the attack on the US Capitol will use its third hearing today to make the case that then-President Donald Trump’s pressure campaign on his vice president to overturn the 2020 presidential election “directly contributed” to the violence on January 6, 2021, according to committee aides. The hearing, aides said, will also reveal new materials about then-Vice President Mike Pence’s movements on January 6, including his whereabouts and what he was doing when rioters breached the Capitol. This comes as Republican candidates across the country are running and winning primaries on Trump’s false assertion that he won the election — despite the fact such claims have been dismissed by former members of his administration testifying under oath.

4. Buffalo shooting

The suspect in the racist mass shooting at a Buffalo supermarket last month that killed 10 people faces multiple federal hate crime charges carrying the potential of the death penalty, the US Justice Department said Wednesday. The 18-year-old suspect is accused of shooting 13 people at the Tops Friendly Market on May 14. Eleven were Black and two were White, Buffalo police said. During a search of the gunman’s home, federal authorities found a laptop with a document containing a detailed plan of the attack he had allegedly been planning for years, according to a criminal complaint. Authorities believe he visited the store multiple times, including the day before the attack and again, hours before he allegedly fired about 60 shots.

5. Baby formula

In a move to address the nationwide baby formula shortage, the Biden administration announced it is shipping 44,000 pounds of specialty formula from Switzerland to the US today. The supply “will be available primarily through a distribution pipeline serving hospitals, home health companies, and WIC programs around the US,” the White House said. But even as the government airlifts tons of formula in from other countries, getting regular supplies back to retailers could take weeks, with some estimates from stakeholders that there might not be relief until mid-July. Meanwhile, Abbott Nutrition — the baby formula manufacturer that once produced a significant amount of the powdered formula sold in the US — is now experiencing more delays after flooding at its Michigan plant.

BREAKFAST BROWSE

Watch Hong Kong’s iconic floating restaurant get towed away

Generations of locals and tourists will miss this iconic attraction, billed as the world’s biggest floating restaurant. No one knows where it will end up next…

A first look at Ryan Gosling in ‘Barbie’ has sent the internet into a frenzy

Who could play a better tanned and toned Ken doll than Ryan Gosling? (That’s a trick question… there is literally no one more perfect for this role.)

Five guys take the same photo for 40 years

This group of friends took pictures in the same pose from 1982 to 2022. Check out their cool tradition!

‘Floating’ airplane cabin could be the future of travel

A futuristic cabin concept with “floating furniture” recently won a prestigious aviation award.

Real estate job cuts: Redfin and Compass announce layoffs

Mortgage rates are climbing, home sales are dropping and some of the largest real estate companies are announcing layoffs.

TODAY’S NUMBER

2.9 million

That’s how many vehicles Ford is recalling due to issues that could prevent certain models from shifting into the correct gear, which might cause them to move in unintended directions. The National Highway Safety Administration says it has six reports of property damage and four reports of injuries potentially related to the problem. The vehicles involved are the model year 2013 to 2019 Escape, the 2013-2018 C-Max, 2013-2016 Fusion and the 2013-2021 Transit Connect.

TODAY’S QUOTE

“The security support from the United States is unprecedented. It brings us closer to a common victory over the Russian aggressor.”

— Ukrainian President Volodymyr Zelensky, thanking President Biden on Wednesday for providing an additional $1 billion in military aid to Ukraine. The latest weapons package comes as Ukrainian officials have pleaded with the West to send additional heavy weaponry as the war grinds on. A Pentagon spokesman said the US has now committed more than $5 billion in security assistance to Ukraine since Russia invaded in February. Separately, the leaders of France, Germany and Italy arrived in Kyiv today, where they are expected to meet with Zelensky and express “a message of European unity.”

TODAY’S WEATHER

Check your local forecast here>>>

AND FINALLY

The California Roll Was Invented in Canada

Soy what? Watch this short video to learn how one of the most famous North American sushi rolls got its name! (Click here to view)

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