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The House passed legislation Friday to revive a ban on certain semi-automatic guns, the first vote of its kind in years and a direct response to the firearms often used in the crush of mass shootings ripping through communities nationwide. Once banned in the U.S., the high-powered firearms are now widely blamed as the weapon of choice among young men responsible for many of the most devastating mass shootings. But Congress allowed the restrictions first put in place in 1994 on the manufacture and sales of the weapons to expire a decade later, unable to muster the political support to counter the powerful gun lobby and reinstate the weapons ban. Speaker Nancy Pelosi pushed the vote toward passage in the Democratic-run House, saying the earlier ban “saved lives.” President Joe Biden hailed the House vote, saying, “The majority of the American people agree with this common sense action.” He urged the Senate to “move quickly to get this bill to my desk.” However, it is likely to stall in the 50-50 Senate. The House legislation is shunned by Republicans, who dismissed it as an election-year strategy by Democrats. Almost all Republicans voted against the House bill, which passed 217-213. The bill comes at a time of intensifying concerns about gun violence and shootings — the supermarket shooting in Buffalo, N.Y.; massacre of school children in Uvalde, Texas; and the July Fourth shootings of revelers in Highland Park, Ill. Voters seem to be taking such election-year votes seriously as Congress splits along party lines and lawmakers are forced to go on the record with their views. A recent vote to protect same-sex marriages from potential Supreme Court legal challenges won a surprising amount of bipartisan support. Biden was instrumental in helping secure the first semi-automatic weapons ban as a senator in 1994. The Biden administration said that for 10 years, while the ban was in place, mass shootings declined. “When the ban expired in 2004, mass shootings tripled,” the statement said. Republicans stood firmly against limits on ownership of the high-powered firearms during an at times emotional debate ahead of voting. “It’s a gun grab, pure and simple,” said Rep. Guy Reschenthaler, R-Pa. Said Rep. Andrew Clyde, R-Ga., “An armed America is a safe and free America.” Democrats argued that the ban on the weapons makes sense, portraying Republicans as extreme and out of step with Americans. Rep. Jim McGovern, D-Mass., said the weapons ban is not about taking away Americans’ Second Amendment rights but ensuring that children also have the right “to not get shot in school.” Pelosi displayed a poster of a gun company’s advertisement for children’s weapons, smaller versions that resemble the popular AR-15 rifles and are marketed with cartoon-like characters. “Disgusting,” she said. In one exchange, two Ohio lawmakers squared off. “Your freedom stops where mine begins, and that of my constituents begins,” Democratic Rep. Marcy Kaptur told Republican Rep. Jim Jordan. “Schools, shopping malls, grocery stores, Independence Day parades shouldn’t be scenes of mass carnage and bloodshed.” Jordan replied by inviting her to his congressional district to debate him on the Second Amendment, saying he believed most of his constituents “probably agree with me and agree with the United States Constitution.” The bill would make it unlawful to import, sell or manufacture a long list of semi-automatic weapons. Judiciary Committee Chairman Rep. Jerry Nadler, D-N.Y., said it includes an exemption that allows for the possession of existing semi-automatic guns. Reps. Chris Jacobs of New York and Brian Fitzpatrick of Pennsylvania were the only Republicans to vote for the measure. The Democratic lawmakers voting no were Reps. Kurt Schrader of Oregon, Henry Cuellar of Texas, Jared Golden of Maine, Ron Kind of Wisconsin and Vicente Gonzalez of Texas. For nearly two decades, since the previous ban expired Democrats had been reluctant to revisit the issue and confront the gun lobby. But voter opinions appear to be shifting and Democrats dared to act before the fall election. The outcome will provide information for voters of where the candidates stand on the issue. Jason Quimet, executive director of the NRA Institute for Legislative Action, said in a statement following the vote that “barely a month after” the Supreme Court expanded gun rights “gun control advocates in Congress are spearheading an assault upon the freedoms and civil liberties of law-abiding Americans.” He said the bill potentially bans millions of firearms “in blatant opposition to the Supreme Court’s rulings” that have established gun ownership as an individual right and expanded on it. Among the semi-automatic weapons banned would be some 200-plus types of semi-automatic rifles, including AR-15s, and pistols. The restrictions would not apply to many other models. Democrats had tried to link the weapons ban to a broader package of public safety measures that would have increased federal funding for law enforcement. It’s something centrist Democrats in tough re-election campaigns wanted to shield them from political attacks by their Republican opponents they are soft on crime. Pelosi said the House will revisit the public safety bills in August when lawmakers are expected to return briefly to Washington to handle other remaining legislation, including Biden’s priority inflation-fighting package of health care and climate change strategies making its way in the Senate. Congress passed a modest gun violence prevention package just last month in the aftermath of the tragic shooting of 19 school children and two teachers in Uvalde. That bipartisan bill was the first of its kind after years of failed efforts to confront the gun lobby, including after a similar 2012 mass tragedy at Sandy Hook Elementary School in Newtown, Conn. Also read: Biden celebration of new gun law clouded by latest shooting That law provides for expanded background checks on young adults buying firearms, allowing authorities to access certain juvenile records. It also closes the so-called “boyfriend loophole” by denying gun purchases for those convicted of domestic abuse outside of marriages. The new law also frees up federal funding to the states, including for “red flag” laws that enable authorities to remove guns from those who would harm themselves or others. But even that modest effort at halting gun violence came at time of grave uncertainty in the U.S. over restrictions on firearms as the more conservative Supreme Court is tackling gun rights and other issues. Biden signed the measure two days after the Supreme Court’s ruling striking down a New York law that restricted people’s ability to carry concealed weapons.  

Prices for gas, food and rent are soaring. The Federal Reserve has raised interest rates to the highest level since 2018. The U.S. economy has shrunk for two straight quarters. Economists are divided over whether a recession is looming. What’s clear is that economic uncertainty isn’t going away anytime soon. But there are steps you can take now to be ready for whatever is ahead. Yiming Ma, an assistant professor at Columbia University, says it’s not a question of if but when a recession will happen. People should prepare but not panic, she said. “Historically the economy has always been going up and down,” said Ma. “It’s something that just happens, it’s a bit like catching a cold.” But, she notes, some people’s immune systems are better able to recover than others. It’s the same with finances. If you think a recession could destabilize yours, here are some things you can do to prepare. KNOW YOUR EXPENSES AND MAKE A BUDGET Knowing how much you spend every month is key. Ma recommends sitting down and writing how much you spend day-to-day. This will help you see what’s coming in, what’s going out, and which unnecessary expenses you might be able to cut. “By understanding what money you are getting and what you are spending, you may be able to make changes to help you through tough times,” advises the Federal Deposit Insurance Corporation’s Money Smart, a financial education program. Budgets often reveal expenses that can be eliminated entirely or impulsive spending that can be avoided with planning. For guidance creating a budget, free courses such as “ Creating a budget (and sticking to it) ” by CT Dollars and Sense, a partnership of Connecticut state agencies, and Nerd Wallet’s Budget Calculator can be good places to start. SAVE AS YOU CAN The more non-essential expenses you can cut, the more you can save. It’s not possible for everyone, but Gene Natali, cofounder of Troutwood, an app that helps people create financial plans, says it’s ideal to budget to save enough to cover basic necessities for three to six months. Programs such as America Saves, a non-profit campaign by the Consumer Federation of America, can help create a roadmap. And if you do have a savings account, it’s important to check whether your bank gives you a good interest rate and shop around if it doesn’t, Ma said. Read: Inflation hits record 8.9% in euro area, but economy grows Her advice is to keep an eye on the monthly fees or service charges that might eat into your savings. But don’t limit your options. Online banks sometimes offer better rates than traditional ones. CONSOLIDATE YOUR LOANS, AND DON’T TAKE ANY MORE As interest rates rise, experts recommend that you consolidate your loans to have just one fixed-rate loan and, if you can, pay down as much of your debt as possible. “Job security tends to be worse when a recession comes, it’s not a great time to accumulate debt,” said Ma. But paying off your existing debt is easier said than done. The Federal Trade Commission’s Consumer Advice guide for Getting Out of Debt can help you make a plan. With interest rates high, it’s also not a great time to take out new loans for big expenses like cars, though experts do recommend that if you need durable goods such as vacuum cleaners, stoves or dishwashers, you buy them as soon as possible to avoid future price increases. VISIT SECOND-HAND STORES AND YARD SALES Allen Galeon, an in-home caregiver in California, has been affected for months by the rising prices of household staples like groceries, paper towels, and gas for his commute. His son’s favorite Hi-C orange juice, which was $1.99 for a six-pack, is now $2.50. Since the start of the pandemic, when Galeon cut down from caring for multiple families to a single client to reduce his health risks, his household has dealt with financial instability. One choice he’s made is to buy items like clothes or electronics second-hand whenever possible, whether from Goodwill, pawn shops, or Craigslist. And Craigslist allows you to search by area, to cut down on driving – which means less gas and inconvenience. NEGOTIATE YOUR MONTHLY BILLS Since the pandemic, many companies have updated their relief policies and have become more flexible with users, according to Kia McCallister-Young, director of America Saves. Calling providers of monthly services to negotiate bills — whether it’s utilities, phone service, cable, internet, or auto insurance — can lead to meaningful savings, said McCallister-Young. Individuals can ask for the best rate, any available discounts, rebates, or coupons that can lead to a lowered monthly fee. If a provider is competitive with other companies, there’s an even better chance of getting a discount, she added. “If you tell them, ‘I’m thinking of changing’ or that you’re shopping around, that helps — if they know you’re considering leaving, they’ll give you the best rate, and the goal right now is to find as much cashflow as possible,” she said. Read: US economy shrinks for a 2nd quarter, raising recession fear Check out federal programs such as the Low Income Home Energy Assistance Program, which helps cover bills, and Lifeline, which can assist with phone bills. If you are unsure if you qualify for any federal or state program, you can call 211, which will connect you with a local specialist who can assist you. SWITCH UP YOUR GROCERIES Grocery shopping with a meal plan, buying generic rather than brand-name or purchasing in bulk are some of the recommendations from the Consumer Federation of America. “A lot of stores have price matching, so if you show them that a competitor is selling the same product at a lower rate, they’ll match that,” said McCallister-Young. “You also want to be looking at the stores that are closest to you, so you’re not spending the extra money you’d save on gas.” An alternative way to save money on groceries is to check out food sharing apps such as Olio, which connects people around their community to share extra grocery items, and Too Good to Go, where customers can buy businesses’ surplus food at a discount. LOOK AT GOVERNMENT ASSISTANCE PROGRAMS Even with these saving and spending practices, a month’s wages aren’t always enough to cover important expenses. If this is your situation, programs around the country are available to assist you. “Sometimes there just isn’t enough ‘end of the month’ at the end of the month,” said Michael Best, an attorney at the National Consumer Law Center who works on financial services issues. To make use of these resources, check if you qualify for the Emergency Rental Assistance Program, Supplemental Nutrition Assistance Program, Farmers Market Nutrition Program, or the Homeowner Assistance Fund. All of these are federal programs coordinated by state governments. Some states offer additional local programs for their residents. LOOK FOR COMMUNITY ASSISTANCE If you are experiencing food or housing insecurity, look for non-profit or community organizations around you. From housing support and food banks to utility assistance, non-profit organizations around the country can help. National organizations such as Feeding America host food banks in all 50 states. “We’re already seeing the community reaching out to us in overwhelming numbers because of what’s happening in the country in terms of economic stability,” said Kavita Mehra of Sakhi for South Asian Women, an organization that helps domestic violence survivors in New York City. Her organization provides housing, food, and cash emergency assistance for people in the community. She said that between January and June, her group distributed over $150,000 in emergency cash assistance to survivors who were having a harder time keeping the lights on and putting food on the table. That’s more than all of last year. Food assistance organizations such as Ample Harvest, Hunger Free America and Food Rescue US offer maps that allow users to search a nearby food bank by typing their zip code. TAKE CARE OF YOUR MENTAL HEALTH Between worrying about the bills and not knowing what your financial future might look like, your stress levels can go through the roof. “It’s a hectic existence,” Galeon said. “You have to do a lot of managing, and you have to keep a cool head, for the sake of your mental health.” Debra Kissen, a clinical director of Light On Anxiety CBT Treatment Center, recommends first recognizing when your body is stressed. Then she advises mindfulness exercises such as breathing, touching a wall to calm yourself, and completing the “five senses for anxiety relief” exercise.   Most health insurance covers some type of mental health assistance. If you don’t have health insurance, you can look for sliding-scale therapists around the country, including through FindTreatment.gov and the Anxiety and Depression Association of America directory.

President Xi JInping warned against meddling in China’s dealings with Taiwan during a phone call with his U.S. counterpart, Joe Biden, that gave no indication of progress on trade, technology or other irritants, including Beijing’s opposition to a top American lawmaker’s possible visit to the island democracy, which the mainland claims as its own territory. Xi also warned against splitting the world’s two biggest economies, according to a Chinese government summary of Thursday’s unusually lengthy, three-hour call. Businesspeople and economists warn such a change, brought on by Chinese industrial policy and U.S. curbs on technology exports, might hurt the global economy by slowing innovation and increasing costs. Meanwhile, Xi and Biden are looking at the possibility of meeting in person, according to a U.S. official who declined to be identified further. Xi has been invited to Indonesia in November for a meeting of the Group of 20 major economies, making it a potential location for a face-to-face meeting. The Chinese government gave no indication Xi and Biden discussed possible plans by U.S. House Speaker Nancy Pelosi to visit Taiwan, which the ruling Communist Party says has no right to conduct foreign relations. But Xi rejected “interference by external forces” that might encourage Taiwan to try to make its decades-old de facto independence permanent. Read: Biden, Xi talk more than 2 hours at time of US-China tension  “Resolutely safeguarding China’s national sovereignty and territorial integrity is the firm will of the more than 1.4 billion Chinese people,” said the statement. “Those who play with fire will perish by it.” The tough language from Xi, who usually tries to appear to be above political disputes and makes blandly positive public comments, suggested Chinese leaders might believe Washington didn’t understand the seriousness of previous warnings about Taiwan. Taiwan and China split in 1949 following a civil war that ended with a Communist victory on the mainland. They have no official relations but are linked by billions of dollars of trade and investment. Both sides say they are one country but disagree over which government is entitled to national leadership.

North Korean leader Kim Jong Un warned he’s ready to use his nuclear weapons in potential military conflicts with the United States and South Korea, state media said Thursday, as he unleashed fiery rhetoric against rivals he says are pushing the Korean Peninsula to the brink of war. Kim’s speech to war veterans on the 69th anniversary of the end of the 1950-53 Korean War were apparently meant to boost internal unity in the impoverished country suffering pandemic-related economic difficulties. North Korea will likely intensify its threats against the United States and South Korea as the allies prepare to expand summertime exercises the North views as an invasion rehearsal, some observers say. “Our armed forces are completely prepared to respond to any crisis, and our country’s nuclear war deterrent is also ready to mobilize its absolute power dutifully, exactly and swiftly in accordance with its mission,” Kim said in Wednesday’s speech, according to the official Korean Central News Agency. He accused the United States of “demonizing” North Korea to justify its hostile policies. He said U.S.-South Korea military drills show the U.S.’s “double standards” and “gangster-like” aspects because it brands North Korea’s routine military activities — an apparent reference to its missile tests — as provocations or threats. Kim also called new South Korean President Yoon Suk Yeol “a confrontation maniac” who’s gone further than past South Korean leaders and said Yoon’s conservative government was led by “gangsters.” Since taking office in May, the Yoon government has moved to strengthen Seoul’s military alliance with the United States and bolster its capacity to neutralize North Korean nuclear threats including a preemptive strike capability. “Talking about military action against our nation, which possess absolute weapons that they fear the most, is preposterous and is very dangerous suicidal action,” Kim said. “Such a dangerous attempt will be immediately punished by our powerful strength and the Yoon Suk Yeol government and his military will be annihilated.” This year, Kim has been increasingly threatening its rivals with his advancing nuclear program in what some foreign experts say is an attempt to wrest outside concessions and achieve greater domestic unity. In April, Kim said North Korea could preemptively use nuclear weapons if threatened, saying they would “never be confined to the single mission of war deterrent.” Kim’s military has also test-launched nuclear-capable missiles that place both the U.S. mainland and South Korea within striking distance. Kim is seeking greater public support as his country’s economy has been battered by pandemic-related border shutdowns, U.S.-led sanctions and his own mismanagement. North Korea also admitted to its first COVID-19 outbreak in May, though the scale of illness and death is widely disputed in a country that lacks the modern medical capacity to handle it. “Kim’s rhetoric inflates external threats to justify his militarily focused and economically struggling regime,” Leif-Eric Easley, a professor at Ewha University in Seoul, said. “North Korea’s nuclear and missile programs are in violation of international law, but Kim tries to depict his destabilizing arms buildup as a righteous effort at self-defense.” Also read: North Korea reports 15 more suspected COVID-19 deaths North Korea has rejected U.S. and South Korean offers to resume talks, saying its rivals must first abandon its hostile polices on the North in an apparent reference to U.S.-led sanctions and U.S.-South Korean military drills. South Korea’s Defense Ministry said last week that this year’s summertime military drills with the United States would involve field training for the first time since 2018 along with the existing computer-simulated tabletop exercises. In recent years, the South Korean and U.S. militaries have cancelled or downsized some of their regular exercises due to concerns about COVID-19 and to support now-stalled U.S.-led diplomacy aimed at convincing North Korea to give up its nuclear program in return for economic and political benefits.

In a startling turnabout, Senate Majority Leader Chuck Schumer and Sen. Joe Manchin announced an expansive agreement Wednesday that had eluded them for months addressing health care and climate, raising taxes on high earners and large corporations and reducing federal debt. The two Democrats said the Senate would vote on the wide-ranging measure next week, setting up President Joe Biden and Democrats for an unexpected victory in the runup to November elections in which their congressional control is in peril. A House vote would follow, perhaps later in August, with unanimous Republican opposition in both chambers seemingly certain. Just hours earlier, Schumer, D-N.Y., and Manchin, D-W.Va., seemed at loggerheads and headed toward a far narrower package limited — at Manchin’s insistence — to curbing pharmaceutical prices and extending federal health care subsidies. Earlier Wednesday, numerous Democrats said they were all but resigned to the more modest legislation. The reversal was stunning, and there was no immediate explanation for Manchin’s abrupt willingness to back a bolder, broader measure. Since last year, he has used his pivotal vote in the 50-50 Senate to force Biden and Democrats to abandon far more ambitious, expensive versions. He dragged them through months of negotiations in which leaders’ concessions to shrink the legislation proved fruitless, antagonizing the White House and most congressional Democrats.  “This is the action the American people have been waiting for. This addresses the problems of today — high health care costs and overall inflation — as well as investments in our energy security for the future,” Biden said in a statement. He urged lawmakers to approve the legislation quickly. Tellingly, Democrats called the 725-page measure “The Inflation Reduction Act of 2022” because of provisions aimed at helping Americans cope with this year’s dramatically rising consumer costs. Polls show that inflation, embodied by gasoline prices that surpassed $5 per gallon before easing, has been voters’ chief concern. For months, Manchin’s opposition to larger proposals has been partly premised on his worry that they would fuel inflation. Besides inflation, the measure seemed to offer something for many Democratic voters. It dangled tax hikes on the wealthy and big corporations and environmental initiatives for progressives. And Manchin, an advocate for the fossil fuels his state produces, said the bill would invest in technologies for carbon-based and clean energy while also reducing methane and carbon emissions. “Rather than risking more inflation with trillions in new spending, this bill will cut the inflation taxes Americans are paying, lower the cost of health insurance and prescription drugs, and ensure our country invests in the energy security and climate change solutions we need to remain a global superpower through innovation rather than elimination,” Manchin said. Schumer called the bill Congress’ “greatest pro-climate legislation.” He said it would also cut pharmaceutical prices and “ensure the wealthiest corporations and individuals pay their fair share in taxes.” The measure would reduce carbon emissions by around 40% by 2030, Schumer and Manchin said. While that would miss Biden’s 50% goal, that reduction, the measure’s climate spending and the jobs it would create are “a big deal,” said Sen. Jeff Merkley, D-Ore., an environmental advocate who had been upset with the absence of those provisions until now. The overall proposal is far less aspirational than the $3.5 trillion package Biden asked Democrats to push through Congress last year, and the pared-down, roughly $2 trillion version the House approved last November after Manchin insisted on shrinking it. Even then, Manchin shot down that smaller measure the following month, asserting it would fuel inflation and was loaded with budget gimmicks. In summaries that provided scant detail, Democrats said their proposal would raise $739 billion over the decade in new revenue, including $313 billion from a 15% corporate minimum tax. They said that would affect around 200 of the country’s largest corporations, with profits exceeding $1 billion, that currently pay under the current 21% corporate rate. Read:Fed unleashes another big rate hike in bid to curb inflation The agreement also contains $288 billion the government would save from curbing pharmaceutical prices. Those provisions would also require Medicare to begin negotiating prices on a modest number of drugs, pay rebates to Medicare if their price increases exceed inflation and limit that program’s beneficiaries to $2,000 annual out-of-pocket expenses. The deal also claims to gain $124 billion from beefing up IRS tax enforcement, and $14 billion from taxing some “carried interest” profits earned by partners in entities like private equity or hedge funds. The measure would spend $369 billion on energy and climate change initiatives. These include consumer tax credits and rebates for buying clean-energy vehicles and encouraging home energy efficiency; tax credits for solar panel manufacturers; $30 billion in grants and loans for utilities and states to gradually convert to clean energy; and $27 billion to reduce emissions, especially in lower-income areas. It would also aim $64 billion at extending federal subsidies for three more years for some people buying private health insurance. Those subsidies, which lower people’s premiums, would otherwise expire at year’s end. That would leave $306 billion for debt reduction, an effort Manchin has demanded. While a substantial sum, that’s a small fraction of the trillions in cumulative deficits the government is projected to amass over the coming decade. Sen. Kyrsten Sinema, D-Ariz., was still reviewing the agreement, said spokeswoman Hannah Hurley. Sinema backed Manchin last year in insisting on making the legislation less expensive but objected to proposals to raise tax rates, and the spokeswoman referred a reporter to her comments last year supporting a corporate minimum tax. Sen. John Cornyn, R-Texas, said the Democratic agreement would be “devastating to American families and small businesses. Raising taxes on job creators, crushing energy producers with new regulations, and stifling innovators looking for new cures will only make this recession worse, not better.” But if Democrats can hold their troops together, GOP opposition would not matter. Democrats can prevail if they lose no more than four votes in the House and remain solidly united in the 50-50 Senate, where Vice President Kamala Harris can cast the tie-breaking vote. “This agreement is a victory for America’s families and for protecting our planet,” said House Speaker Nancy Pelosi, D-Calif. “In light of the discussions of the past year, this agreement is a remarkable achievement.” The bill lacks increased tax deductions for state and local taxes, which some Democrats from high-tax states have demanded as the price for their support. A spokesperson for Rep. Josh Gottheimer, D-N.J., a leader of that group, did not immediately return a message seeking comment. In the Senate, Democrats are using a special process that will let them pass the bill without reaching the 60 votes required for most legislation there. To use that, the chamber’s parliamentarian must verify that the bill doesn’t violate the chamber’s budget procedures, a review now underway. Schumer and Manchin said leaders committed to revamp permitting procedures this fall to help infrastructure like pipelines and export facilities “be efficiently and responsibly built to deliver energy safely around the country and to our allies.” Sierra Club Legislative Director Melinda Pierce said her group wanted to read the agreement’s details but was glad Biden and Schumer “remained resolute in finding a path to pass once-in-a-generation investments in our communities, our economy, and our future.” Manchin just last week said he would only agree to far more limited legislation this month on prescription drugs and health care subsidies. He said he was open to considering a broader compromise on environment and tax issues after Congress returned from a summer recess in September, an offer that many Democrats considered dubious because of lawmakers’ abbreviated pre-election schedule.

The Federal Reserve on Wednesday raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in more than three decades to tame high inflation. The Fed’s move will raise its key rate, which affects many consumer and business loans, to a range of 2.25% to 2.5%, its highest level since 2018. Speaking at a news conference after the Fed’s latest policy meeting, Chair Jerome Powell offered mixed signals about the central bank’s likely next moves. He stressed that the Fed remains committed to defeating chronically high inflation, while holding out the possibility that it may soon downshift to smaller rate hikes. And even as worries grow that the Fed’s efforts could eventually cause a recession, Powell passed up several opportunities to say the central bank would slow its hikes if a recession occurred while inflation was still high. Roberto Perli, an economist at Piper Sandler, an investment bank, said the Fed chair emphasized that “even if it caused a recession, bringing down inflation is important.” But Powell’s suggestion that rate hikes could slow now that its key rate is roughly at a level that is believed to neither support nor restrict growth helped ignite a powerful rally on Wall Street, with the S&P 500 stock market index surging 2.6%. The prospect of lower interest rates generally fuel stock market gains. At the same time, Powell was careful during his news conference not to rule out another three-quarter-point hike when the Fed’s policymakers next meet in September. He said that rate decision will depend upon what emerges from the many economic reports that will be released between now and then. “I do not think the U.S. is currently in a recession,” Powell said at his news conference in which he suggested that the Fed’s rate hikes have already had some success in slowing the economy and possibly easing inflationary pressures. The central bank’s decision follows a jump in inflation to 9.1%, the fastest annual rate in 41 years, and reflects its strenuous efforts to slow price gains across the economy. By raising borrowing rates, the Fed makes it costlier to take out a mortgage or an auto or business loan. Consumers and businesses then presumably borrow and spend less, cooling the economy and slowing inflation. The surge in inflation and fear of a recession have eroded consumer confidence and stirred public anxiety about the economy, which is sending frustratingly mixed signals. And with the November midterm elections nearing, Americans’ discontent has diminished President Joe Biden’s public approval ratings and increased the likelihood that the Democrats will lose control of the House and Senate. The Fed’s moves to sharply tighten credit have torpedoed the housing market, which is especially sensitive to interest rate changes. The average rate on a 30-year fixed mortgage has roughly doubled in the past year, to 5.5%, and home sales have tumbled. Consumers are showing signs of cutting spending in the face of high prices. And business surveys suggest that sales are slowing. The central bank is betting that it can slow growth just enough to tame inflation yet not so much as to trigger a recession — a risk that many analysts fear may end badly. At his news conference, Powell suggested that with the economy slowing, demand for workers easing modestly and wage growth possibly peaking, the economy is evolving in a way that should help reduce inflation. “Are we seeing the slowdown in economic activity that we think we need?” he asked. “There’s some evidence that we are.” The Fed chair also pointed to measures that suggest that investors expect inflation to fall back to the central bank’s 2% target over time as a sign of confidence in its policies. Powell also stood by a forecast Fed officials made last month that their benchmark rate will reach a range of 3.25% to 3.5 % by year’s end and roughly a half-percentage point more in 2023. That forecast, if it holds, would mean a slowdown in the Fed’s hikes. The central bank would reach its year-end target if it were to raise its key rate by a half-point when it meets in September and by a quarter-point at each of its meetings in November and December. With the Fed having now imposed two straight substantial rate hikes, “I do think they’re going to tiptoe from here,” said Thomas Garretson, senior portfolio strategist at RBC Wealth Management. On Thursday, when the government estimates the gross domestic product for the April-June period, some economists think it may show that the economy shrank for a second straight quarter. That would meet one longstanding assumption for when a recession has begun. But economists say that wouldn’t necessarily mean a recession had started. During those same six months when the overall economy might have contracted, employers added 2.7 million jobs — more than in most entire years before the pandemic. Wages are also rising at a healthy pace, with many employers still struggling to attract and retain enough workers. Still, slowing growth puts the Fed’s policymakers in a high-risk quandary: How high should they raise borrowing rates if the economy is decelerating? Weaker growth, if it causes layoffs and raises unemployment, often reduces inflation on its own. That dilemma could become an even more consequential one for the Fed next year, when the economy may be in worse shape and inflation will likely still exceed the central bank’s 2% target. “How much recession risk are you willing to bear to get (inflation) back to 2%, quickly, versus over the course of several years?” asked Nathan Sheets, a former Fed economist who is global chief economist at Citi. “Those are the kinds of issues they’re going to have to wrestle with.” Also read: Bangladesh inflation lower than many countries in the world: Info Minister Economists at Bank of America foresee a “mild” recession later this year. Goldman Sachs analysts estimate a 50-50 likelihood of a recession within two years.

Abortion bans set to take effect this week in Wyoming and North Dakota were temporarily blocked Wednesday by judges in those states amid lawsuits arguing that the bans violate their state constitutions. A judge in Wyoming sided with a firebombed women’s health clinic and others who argued the ban would harm health care workers and their patients, while a North Dakota judge sided with the state’s only abortion clinic, Red River Women’s Clinic in Fargo. The Wyoming law was set to take effect Wednesday. The North Dakota law was set to take effect Thursday. Meanwhile, West Virginia lawmakers moved ahead with a ban amid protests and dozens speaking against the measure. During hours of debate leading up to the 69-23 vote in the Republican-dominated House of Delegates in West Virginia, the sound of screams and chants from protesters standing outside the chamber rang through the room. “Face us,” the crowd yelled. The latest court action in North Dakota and Wyoming put them among several states including Kentucky, Louisiana and Utah where judges have temporarily blocked implementation of “trigger laws” while lawsuits play out. Attorneys arguing before Teton County District Judge Melissa Owens, in Jackson, Wyoming, disagreed over whether the state constitution provided a right to abortion that would nullify the state’s abortion “trigger” law that took effect Wednesday. Owens proved most sympathetic, though, with arguments that the ban left pregnant patients with dangerous complications and their doctors in a difficult position as they balanced serious medical risks against the possibility of prosecution. “That is a possible irreparable injury to the plaintiffs. They are left with no guidance,” Owens said. Several states including Wyoming recently passed abortion “trigger” bans should the U.S. Supreme Court overturn Roe v. Wade, which happened June 24. The U.S. Supreme Court formally issued its judgment Tuesday. After a more than three-week review, Gov. Mark Gordon, a Republican, last week gave the go-ahead for the Wyoming abortion ban he signed into law in March to take effect Wednesday but it is instead on hold after the ruling. The Wyoming law would outlaw abortions except in cases of rape or incest or to protect the mother’s life or health, not including psychological conditions. Doctors and others who provide illegal abortions under Wyoming’s new law could get up to 14 years in prison. The four Wyoming women and two nonprofits that sued Monday to contest the new law claim it violates several rights guaranteed by the state constitution. Wyoming Special Assistant Attorney General Jay Jerde was skeptical, saying the state constitution neither explicitly nor implicitly allowed abortion. “No such right exists. You can’t infringe what isn’t there,” Jerde told Owens. The lawsuit claims the abortion ban will harm the women — two obstetricians, a pregnant nurse and a University of Wyoming law student — by outlawing potentially life-saving treatment options for their patients or themselves. Those suing include a nonprofit opening a Casper women’s and LGBTQ health clinic, Wellspring Health Access, that would have offered abortions. A May arson attack has set back the clinic’s opening from mid-June until at least the end of this year. In North Dakota, Burleigh County District Judge Bruce Romanick sided with the state’s only abortion clinic that the state had moved fast to let the law take effect. The clinic had argued that a 30-day clock should not have started until the U.S. Supreme Court issued its certified judgment on Tuesday. The ruling will give the Red River clinic more time to relocate a few miles away to Moorhead, Minnesota, where abortion remains legal. North Dakota’s law would make abortion illegal in the state except in cases of rape, incest and the life of the mother. Meetra Mehdizadeh, attorney for the Center for Reproductive Rights, which is helping the clinic with the suit, said the plaintiffs “will do everything in our power to fight this ban and keep abortion accessible in North Dakota for as long as possible.” In West Virginia, meanwhile, lawmakers on Wednesday debated a sweeping abortion ban bill on the House floor that would make providing the procedure a felony punishable by up to 10 years in prison. The bill makes exceptions for rape or incest up to 14 weeks of gestation and for certain medical complications. Read: Judges rule on state abortion restrictions, shape Roe impact “What’s ringing in my ears is not the noise of the people here,” said one of the bill’s supporters, Republican Del. Brandon Steele of Raleigh County. “It’s the cries of the unborn, tens of thousands of unborn children that are dead today.” The bill now heads to the Senate for consideration. After the Supreme Court overturned Roe v. Wade, West Virginia Attorney General Patrick Morrisey said a 19th century law banned abortion in the state. Last week, a state judge barred the state from enforcing that ban, saying it was superseded by conflicting, newer laws. Hundreds of people descended on the state Capitol for the debate. Many stood outside the House chamber and Speaker Roger Hanshaw’s office chanting and holding signs reading “we will not go quietly” and “stop stealing our health care.” Security officers escorted some from the House chambers. Dozens spoke against the bill on the House floor including Katie Quiñonez, executive director of the Women’s Health Center of West Virginia, who was cut off and asked to step down as she started to talk about the abortion she got when she was 17. “I chose life,” she said, raising her voice to speak over the interruption. “I chose my life, because my life is sacred.”

At least 15 people were killed and dozens of others injured during two days of demonstrations in Congo’s east against the United Nations mission in the country, officials said Tuesday. The United Nations said one peacekeeper from Morocco and two international policemen from India serving with the U.N. peacekeeping force were slain and a policeman from Egypt was injured at the U.N. base in Butembo in North Kivu province when “violent attackers snatched weapons from Congolese police” and fired on U.N. personnel. U.N. Secretary-General Antonio Guterres strongly condemned the Butembo attack and violence targeting multiple U.N. bases across North Kivu since Monday, U.N. deputy spokesman Farhan Haq said. Haq said that on Tuesday “hundreds of assailants” attacked bases of the U.N. force in Goma and other parts of North Kivu, “fueled by hostile remarks and threats made by individuals and groups against the U.N., particularly on social media.’” Read: Infants, patients among 13 killed in Congo hospital attack “Mobs are throwing stones and petrol bombs, breaking into bases, looting and vandalizing, and setting facilities on fire,” Haq said. “We are trying to calm things down” including by dispatching quick reaction forces but there is no evidence the violence has ended. In addition, Haq said at least four incidents targeted the residences of mission staff, who have now been relocated to U.N. camps. A mob also tried to enter the compound of the U.N. Development Program Tuesday but was rebelled by security guards, he said.

Russia will pull out of the International Space Station after 2024 and focus on building its own orbiting outpost, the country’s new space chief said Tuesday amid high tensions between Moscow and the West over the fighting in Ukraine. The announcement, while not unexpected, throws into question the future of the 24-year-old space station, with experts saying it would be extremely difficult — a “nightmare,” by one reckoning — to keep it running without the Russians. NASA and its partners had hoped to continue operating it until 2030. “The decision to leave the station after 2024 has been made,” Yuri Borisov, appointed this month to lead the Russian space agency, Roscosmos, said during a meeting with President Vladimir Putin. He added: “I think that by that time we will start forming a Russian orbiting station.” The space station has long been a symbol of post-Cold War international teamwork in the name of science but is now one of the last areas of cooperation between the U.S. and the Kremlin. Borisov’s statement reaffirmed previous declarations by Russian space officials about Moscow’s intention to leave the space station after 2024 when the current international arrangements for its operation end. Russian officials have long talked about their desire to launch the country’s own space station and have complained that the wear and tear on the aging International Space Station is compromising safety and could make it difficult to extend its lifespan. Cost may also be a factor: With Elon Musk’s SpaceX company now flying NASA astronauts to and from the space station, the Russian Space Agency lost a major source of income. For years, NASA had been paying tens of millions of dollars per seat for rides to and from the station aboard Russian Soyuz rockets. The Russian announcement is certain to stir speculation that it is part of Moscow’s maneuvering to win relief from Western sanctions over the conflict in Ukraine. Borisov’s predecessor, Dmitry Rogozin, said last month that Moscow could take part in negotiations about a possible extension of the station’s operations only if the U.S. lifts its sanctions against Russian space industries. The space station is jointly run by Russia, the U.S., Europe, Japan and Canada. The first piece was put in orbit in 1998, and the outpost has been continuously inhabited for nearly 22 years. It is used to conduct scientific research in zero gravity and test out technology for future journeys to the moon and Mars. It typically has a crew of seven, who spend months at a time aboard the station as it orbits about 260 miles (420 kilometers) above Earth. Three Russians, three Americans and one Italian are now on board. The $100 billion-plus complex, which is about as long as a football field, consists of two main sections, one run by Russia, the other by the U.S. and the other countries. It was not immediately clear what will have to be done to the Russian side of the complex to continue safely operating the space station once Moscow pulls out. Former NASA astronaut Scott Kelly, who spent 340 continuous days aboard the International Space Station in 2015 and 2016, said that the Russian statement “could be just more bluster,” noting that ”after 2024” is vague and open-ended. “I believe Russia will stay as long as they can afford to as without ISS they have no human spaceflight program,” he said. “Cooperation with the West also shows some amount of legitimacy to other, nonaligned nations and to their own people, which Putin needs as the war in Ukraine has damaged his credibility.” Former Canadian astronaut Chris Hadfield tweeted in reaction to the announcement: “Remember that Russia’s best game is chess.” Kelly said the design of the station would make it difficult but not impossible for the remaining nations to operate it if Russia were to withdraw. Read: NASA’s new telescope shows star death, dancing galaxies Jordan Bimm, a historian of science, technology and medicine at the University of Chicago, said the Russian statement “does not bode well for the future of the ISS,” adding that “it creates a constellation of uncertainties about maintaining the station which don’t have easy answers.” “What will `leaving’ look like?” he questioned. “Will the last cosmonauts simply undock a Soyuz and return to Earth, leaving the Russian-built modules attached? Will they render them inoperable before leaving? Will NASA and its international partners have to negotiate to buy them out and continue using them? Can these modules even be maintained without Russian know-how?” Bimm said that theoretically it is possible to keep the station running after the Russians bail out, but “practically it could be a nightmare depending on how hard Russia wanted to make it for NASA and its remaining partners.” If the Russian components of the station were detached or inoperable, the most immediate problem would be how to boost the complex periodically to maintain its orbit, he said. Russian spacecraft that arrive at the station with cargo and crew members are used to help align the station and raise its orbit. Scott Pace, director of George Washington University’s space policy institute, said other considerations include replacing the ground communications that Moscow provides. He said, too, that “it remains to be seen whether the Russians will, in fact, be able to launch and maintain their own. independent station.” Russia has made no visible effort so far to develop its own space station, and the task appears increasingly daunting now amid the crisis in Ukraine and the Western sanctions that have limited Russia’s access to Western technology. Well before the development of the International Space Station, the Soviets — and then the Russians — had a number of their own space stations, including Mir. The U.S. likewise had Skylab. John Logsdon, founder and former director of the George Washington University institute, said NASA has had plenty of time to prepare for a Russian withdrawal, given the threats coming out of Moscow, and would be derelict in its duty if it hadn’t been thinking about this for several years. “One alternative is to declare victory with the station and use this as an excuse to deorbit it and put the money into exploration,” he said, adding: “Its political value clearly has declined over time.”

The temperatures in Portland, Oregon, could top 100 degrees Fahrenheit (37.8 Celsius) on Tuesday, making it likely the hottest day of a week-long heat wave for the Pacific Northwest region that rarely sees such scorching weather. Forecasters issued an excessive heat warning for parts of Oregon and Washington state. Temperatures could hit the 90s (32 C) in Seattle and 110 F (37.7 Celsius) in eastern parts of Oregon and Washington. While interior parts of the states often experience high temperatures, those kind of hot blasts do not happen nearly as often in Portland and Seattle. “To have five-day stretches or a weeklong stretch above 90 degrees is very, very rare for the Pacific Northwest,” said Vivek Shandas, professor of climate adaptation at Portland State University. As the northwestern U.S. heats up, scorching temperatures in the Northeast are expected to cool in coming days. Read: China floods leave at least 12 dead, thousands evacuated Philadelphia hit 99 degrees (37 Celsius) Sunday before factoring in humidity. Newark, New Jersey, had its fifth consecutive day of 100 degrees or higher, the longest such streak since records began in 1931. Boston also hit 100 degrees, surpassing the previous daily record high of 98 degrees (36.6 Celsius) set in 1933. Residents and officials in the Northwest have been trying to adjust to the likely reality of longer, hotter heat waves following last summer’s deadly “heat dome” weather phenomenon that prompted record temperatures and deaths. In response, the Portland Housing Bureau that oversees city housing policy will require newly constructed subsidized housing to have air conditioning in the future. A new Oregon law will require all new housing built after April 2024 to have air conditioning installed in at least one room. The law already prohibits landlords in most cases from restricting tenants from installing cooling devices in their rental units.