Newsletter Jun 15, 2021

The EU is glad to have America back in its corner on international affairs, but it has some beef with the U.S. before confronting China and Russia.

3 Things

Friend-emies: President Joe Biden has some fence-mending to do with the European Union before enlisting its support to confront Russia, China and other bad actors. While members of the G7 and NATO have fawned over Biden this week, the EU isn't so convinced.
Biden will meet with the EU today to enlist its support in addressing threats and adversaries around the globe -- primarily Russia for its cyberattacks and China for its unfair trade practices. But before the EU will sign off on the plan, it wants some assurances from Biden.
The 27 member nations of the EU want to feel out Biden for more details on his "America is back" pledge. Still stinging from four years of disagreements with the previous U.S. administration, the EU plans to kick the tires on Biden to make sure he means what he says.
Biden will depart today's summit in Brussels to meet with Russian President Vladimir Putin in Geneva on Wednesday. He hopes to deliver a unified message from allies, but will the EU give it to him?
FIND OUT WHAT'S AT STAKE IN THE UPCOMING MEETINGS

Vax-a-nation:The U.S. could soon have a fourth COVID vaccine to help fend off the virus in the near future after Novavax revealed that it is close to receiving emergency use authorization from the FDA.
The pharmaceutical company announced Monday that its formula proved to be over 90% effective in its test trials. That compares favorably with the already approved Pfizer and Moderna vaccines and higher than the Johnson & Johnson's 66% efficacy rate.
According to Novavax, the vaccine proved 93% effective against some circulating variants of COVID-19, such as the new and deadly Delta strain, and 100% effective against preventing moderate and severe disease. But the primary benefit is having a fourth life-saving vaccine at the ready as the U.S. closes in on its 70% by July 4 goal
SEE THE MEDICAL COMMUNITY'S STANCE ON NOVAVAX?

Triple standard: It takes a special type of person to be so hypocritical that they would flip sides on the same issue three times, but Senate Minority Leader Mitch McConnell is if definitely special.
On Monday, McConnell said if the GOP wins back the majority in the Senate, which is currently a 50-50 split, in 2022, he would be unlikely to allow Biden to fill the vacancy during an election year.
If that standard sounds familiar, that's because he used the same logic to deny former president Barack Obama the chance to fill a seat 18 months before the end of his term. It seems that rule only applies when it comes to Democrats. Republicans? Not so much.
You may remember McConnell working with former president Donald Trump to fill the seat left by the late Ruth Bader Ginsburg just five weeks before the 2020 election. McConnell rationalized â€œwhat was different in 2020 was we were of the same party as the president.â€
McConnell might not be consistent, but at least he's honest about it.
CHECK OUT THE REACTION TO MCCONNELL'S POSITION

Markets

DJIA	34,393.75	-0.25%
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* As of market close

Proper inflation

Miley Cyrus and Cardi B were newborn babie; George W. Bush (the first one) was president; and Michael Jordan was in the opening stages of his run of six NBA championships with the Chicago Bulls. The year was 1992, and that's the last time one key inflation indicator was as high as it is now.

The Consumer Price Index for All Urban Consumers, more commonly referred to as CPI-U and best known for serving as an accurate predictor of inflationary trends, continued its upward climb in May. Both the broad CPI for all consumer items (5%) and the core CPI (3.8%) are up sharply on a year-over-year basis -- the highest increase in almost 30 years.

The combination of stimulus checks pumping money into the economy and interest rates staying at near-zero levels since the start of the pandemic has kept the economy afloat in turbulent waters, but the trend may force The Fed to hike interest rates to keep inflation under control.

FIND OUT HOW THE FED PLANS TO COUNTERACT INFLATION

Unmasking the Mouse

Perhaps nothing signals a return to normal in the U.S. than a loosening of COVID restrictions at Disney World. Following a lengthy shutdown and strict guidelines involving mask requirements and park capacity limits, "The Mouse" is finally ready to show its face and pack the house.

Disney World announced that, starting today, vaccinated guests will not be required to wear face masks except in certain circumstances, such as transportation and some indoor venues. The Orlando-area park is also dropping mask mandates in all outdoor areas, including pool decks.

However, unvaccinated guests will still be required to follow mask and social distancing guidelines. Disney will not ask for proof of vaccination so determining who has to obey the old guidelines will be a difficult task. Still, giving the green light is sure to be a shot in the arm for vaxxed visitors.

FIND OUT HOW DISNEY WILL ENFORCE ITS NEW VAX POLICY

Tough cookies

What do you do with 15 million boxes of cookies? That's what the Girl Scouts are wondering after the COVID pandemic left the organization with a massive surplus of the unsold treats that are its primary fundraiser.

The pandemic prevented Girl Scouts from setting up booths outside grocery stores and retail outlets, which saw decreased foot traffic during the height of the virus in the U.S. The Girl Scouts attempted to make up the difference with online sales and a donation program to frontline workers, but the absence of curb appeal left the group way overstocked.

Because the cookies have a one-year shelf life, the Girl Scouts are finding creative ways to sell the surplus and salvage a season that left the green-clad group in the red. Where's the Cookie Monster when you need him?

FIND OUT HOW TO ORDER GIRL SCOUT COOKIES IN THE SUMMER