U.S. inflation slowed to an annual rate of 6% in February, according to the Consumer Price Index released by the U.S. Bureau of Labor Statistics. Food prices rose 0.4% since January, while energy costs were 5.2% higher year-over-year. Investors reacted positively to the news, with the S&P 500 rising 0.6% after the report was released, indicating relief that inflation is still high but heading lower. The Fed has said it will be patient with interest rate hikes until inflation is closer to its 2% target rate.
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Ohio Attorney General Dave Yost has filed a 58-count lawsuit against Norfolk Southern Railway for a train derailment that released over 1 million gallons of hazardous chemicals and endangered the lives of 5,000 residents of East Palestine. The lawsuit seeks to make the company pay for the cleanup, environmental damage, groundwater and soil monitoring, and economic losses in the village and surrounding areas. Yost is committed to ensuring the company pays for the damages and that the residents are protected.
Harvey Weinstein, the former movie mogul, will not be retried on rape and sexual assault charges in Los Angeles after a jury failed to reach a unanimous verdict in December. Prosecutors have decided against a new trial and Weinstein is currently serving a 23-year sentence in New York for similar convictions. He has denied all allegations of nonconsensual sex.
On Tuesday, a Russian fighter jet struck a U.S. surveillance drone over the Black Sea, resulting in the U.S. bringing down the unmanned aerial vehicle. This incident has raised tensions between the two countries and appears to mark the first time since the height of the Cold War that a U.S. aircraft was brought down after being hit by a Russian warplane. U.S. Air Force Gen. Hecker called the incident a “brazen violation of international law” and the U.S. is currently investigating the matter.
Congressman George Santos of New York has filed a statement of candidacy with the Federal Election Commission, signaling his intention to run for reelection in 2024 despite facing ethics and criminal inquiries since his election. He has reportedly told advisers that he hopes to run again and tweeted, “I’m not leaving, I’m not hiding and I’m not backing down.” The filing of the statement of candidacy allows him to raise money for a potential campaign, but it remains to be seen whether he will be able to secure the support of voters in his district and overcome the allegations against him.
At the 95th Annual Academy Awards, Nigerian musician and producer Tems debuted an extravagant look from the LA-based label Lever Couture, featuring a sculptural flourish of pleated and boned fabric strips and a skirt so full it extended above her head. While some viewers were left wondering if her ensemble was too much, the singer’s look was a standout among the other fashion choices of the night.
The EPA has proposed a new regulation to limit the presence of per- and polyfluoroalkyl substances (PFAS) in drinking water, setting legally enforceable levels for six manufactured chemicals that are known to contaminate drinking water and pose significant health risks. The proposed regulation would require public water systems to monitor the chemicals and alert the public if the chemicals exceed the maximum contaminant levels. The proposed regulation is part of the Biden administration's efforts to reduce harmful chemicals in drinking water and provide much-needed clarity and protection for drinking water supplies across the country.
On Tuesday, a Russian Su-27 fighter jet collided with an American MQ-9 Reaper drone over the Black Sea, marking the first direct contact between Russian and US military aircraft since the Russian invasion of Ukraine. The US Air Force reported that the Russian jet intentionally flew in front of and dumped fuel in front of the unmanned drone, which was brought down in international waters. The White House called the intercept "reckless" and the US Air Force is currently investigating the incident. The collision is a reminder of the tensions between the two countries and the need for increased communication and cooperation.