Newsletter Jun 16, 2022

3 things you must know

Federal Reserve raises interest rate in largest hike since 1994
The Federal Reserve on Wednesday raised interest rates in the largest rate boost enacted since 1994. Following a two-day Fed meeting, the central bank hiked interest rates by 75 basis points, increasing the Fedâ€™s benchmark rate to a range between 1.5% and 1.75%. The Fed pointed to factors that necessitated the rate hike, such as surging inflation driven by supply and demand imbalances. It also blamed supply-side problems created by the Russian invasion of Ukraine and COVID-19 lockdowns in China.
FIND OUT HOW WALL STREET RESPONDED TO THE NEWS

Retail sales take a step back in May, fueled by vehicle sales
U.S. retail sales took a sharp downturn in May, driven largely by a downturn in the demand for vehicles, according to a Commerce Department report released Wednesday. Retail sales fell by 0.3% in May, the first decline in five months and a sizeable drop from April's 0.7% increase. When adjusted for a 1% increase in overall inflation for May, retail sales declined by over 1% for the month.
SEE THE ROLE THAT $5 GAS PRICES PLAYED IN THE DATA

Bill Gates blasts crypto, NFTs amid digital asset downturn
Bill Gates came out firmly against cryptocurrencies and digital assets like non-fungible tokens (NFTs), saying that the entire value behind them wasâ€œ100% based on greater fool theoryâ€ and calling the Bored Ape NFTs as "expensive images of monkeys." Gatesâ€™ remarks come as digital assets are finding themselves in turmoil as investors retreat in the face of recessionary fears.
SEE HOW BITCOIN IS FARING IN THE DIGITAL DOWNTURN

Markets

DJIA	30,668.53	1.00%
S&P 500	3,789.99	1.46%
Nasdaq Composite	11,099.15	2.50%
Japan: Nikkei 225	26,431.20	0.40%
UK: FTSE 100	7,101.89	-2.36%
Crude Oil Futures	114.57	-0.64%
Gold Futures	1,832.40	0.70%
Yen	132.80	-0.77%
Euro	1.04	-0.28%
* As of market close

RIP Internet Explorer: Microsoft pulls plug

Internet Explorer, Microsoft's once dominant web browser that some users love to hate, was retired Wednesday after 27 years on the world's computer screens. The tech giant will no longer offer fixes or updates to the existing version of Explorer and users will be directed to its replacement, Microsoft Edge. It was a moment marked with some genuine nostalgia -- and plenty of jokes at the expense of the outdated technology that was many people's first gateway to the internet.

SEE THE COMMENTS FROM USERS ON EXPLORER'S FAREWELL

Two Americans feared captured by Russia

Two Americans who volunteered to support Ukraine have gone missing and are feared to have been taken prisoner by Russia, officials and family members said Wednesday. Alexander Drueke and Andy Huynh, both US military veterans who had been living in Alabama, lost contact with their families during the war in Ukraine. Captive Americans would add another layer of complexity to efforts by the US, which is funding Ukraine's war effort but trying to avoid direct confrontation with Russia.

GET THE LATEST DEVELOPMENTS ON THE WAR IN UKRAINE

The price is wrong: 69-cent gas, one lost job

A gas station in Northern California was selling gas at a significant bargain, but the consequences of the discount got the manager of the store fired. A Shell gas station in Rancho Cordova, California, had accidentally set its gas prices to 69 cents a gallon for premium, a giant mistake in a state where the average gas price is well over $6 a gallon, The manager of the Shell station said he mistakenly placed the decimal in the wrong spot and the gas price should have been $6.99 a gallon.

FIND OUT HOW MUCH THE MISTAKE COST THE GAS STATION

Multi-tasker

Who was Internet Explorer's original author and what's his current job?

Wednesday's answer: Charlotte Woodward was 19 at the Women's Suffrage Convention in 1848. She was 91 when the 19th Amendment was ratified in 1920.

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