Newsletter Jun 22, 2022

3 things you must know

Fed's Powell warns Americans of more inflation 'surprises'
The US economy is strong but faces an "uncertain" global environment and could see further inflation "surprises," Federal Reserve Chair Jerome Powell said Wednesday. In the first of two days of testimony to Congress, Powell stressed that the Fed knows the hardship caused by rising prices and is committed to bringing down inflation from a 40-year high. The Fed last week announced the most aggressive interest rate increase in 28 years and promised more action to come to combat the price surge.
SEE WHAT 'SURPRISES' MAY BE IN STORE FOR ECONOMY

How inflation is widening the gap between North and South
Rampant inflation is widening the economic gap between North and South, as prices of goods and services have been rising faster in the Southern states than in the Northern states, a new survey shows. The 10 states where inflation is hitting consumers the hardest are all in the South, where median incomes are lower and inflation has a more significant impact on family budgets, widening the economic gap between the North and the South.
SEE WHICH STATES ARE HIT THE HARDEST BY INFLATION

What's the most American-made car? Tesla tops list again
Record-high gas prices have many Americans looking for ways to save at the pump, including a turn towards electric vehicles. The shift comes as Detroit has mass produced gas-guzzling vehicles, lagging behind the global market when it comes to fuel economy. It can be difficult for those who want to buy American, but it may come as a surprise that Tesla is the most American-made car.
SEE HOW TESLA IS IMPLEMENTING LAYOFFS OVER FEARS

Markets

Biden's gas tax holiday running on fumes

President Joe Biden on Wednesday called on Congress to pass a three-month suspension of the federal gasoline tax to help combat record pump prices and provide temporary relief for American families this summer. The president also urged states to temporarily suspend its fuel taxes, but his plan got a chilly reception many Democrats who see the idea as a quick and questionable fix. Biden also will ask major oil companies for ideas on how to bring back idled refining capacity.

HOW MUCH WOULD A FEDERAL GAS TAX HOLIDAY SAVE YOU?

Juul under fire as FDA to snuff out e-cigs

The FDA may order Juul to remove its e-cigarettes from the US market after reviewing two years of company data, and a ruling could come as early as this week. An earlier FDA investigation blamed Juul for the intentional spike in vaping among children, but the company has tried to regain the trust of regulators. However, multiple reports said the FDA is poised to ban e-cigs from the market and deal Juul a heavy blow.

FIND OUT JUUL'S MARKET SHARE OF THE US E-CIG INDUSTRY

Rolling Stones roll out docu-series, tour

Sixty years and still rocking, the saga of the world's biggest rock band is coming to a TV near you. The Rolling Stones will celebrate 60 years on the road and stage with a special four-part docu-series. â€œMy Life as a Rolling Stoneâ€ will dive deep into the lives of each member including singer Mick Jagger, guitarists Keith Richards and Ronnie Woods, and late drummer Charlie Watts. The series will premiere Aug. 7 on EPIX.

FIND OUT WHEN AND WHERE THE ROLLING STONES WILL PLAY

Name game

The Rolling Stones took its name from what American blues legend?

Wednesday's answer: Edward Jenner is known for his breakthrough work in vaccinology, developing the first smallpox vaccine in 1798.

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