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The July Consumer Price Index rose just 0.1% month-over-month, nudging the annual rate down slightly to 3.4%. Prescription drug prices fell 0.8% for the third consecutive month, gasoline dropped 2.9%, and grocery prices dipped as well. The Federal Reserve held rates steady last month in a 9-to-3 vote, and a September hike now sits at roughly 50-50 odds.
President Trump took to Truth Social Wednesday declaring that the U.S. Navy has "total control" of the Strait of Hormuz — a "wall of steel" — and signed off with "Praise Be to Allah." Iran pushed back immediately, insisting the strait remains closed, and Vice President Vance told reporters the administration is in the "middle of the game" as diplomatic talks continue. Trump warned Tehran it could either deal or get "blown away."
With midterms less than 100 days out, the White House is spotlighting a new FBI report showing murders fell roughly 18% in 2025 compared to 2024. Trump will hold a press conference Friday at the Nassau County Police Academy in New York to make the case. Republicans hope the crime story provides a counter-narrative to voter anxiety over the economy, still the top concern for 31% of Americans polled.
The race to fill the seat vacated by disgraced former Rep. Eric Swalwell in California's 15th District has attracted an extraordinary $4.4 million from AIPAC and affiliated groups — among the organization's largest domestic investments anywhere in the country. The special election is August 18, and the outcome could signal how pro-Israel priorities play in a competitive, progressive-leaning district.
Tehran vowed Wednesday to keep the Strait of Hormuz closed until the U.S. lifts sanctions, laying out a formal list of six conditions it calls "behavior correction." The International Energy Agency warned that global oil stocks have now fallen to their lowest point since April 2025, with supply chains under mounting strain worldwide. The Trump administration has not indicated any willingness to meet Iran's terms.
The latest U.S.-brokered talks in Rome ended with little resolution as Israel and Lebanon remain deeply split. Israel demands full Hezbollah disarmament before withdrawing troops from southern Lebanon; Lebanon demands the troops leave first. Israeli airstrikes continued in the south throughout the negotiations, and both delegations are now looking to a September meeting as the next real window for progress.
New analysis out Wednesday shows the Iran conflict has been a primary driver of the 2026 inflation surge, sending energy prices soaring and hammering household budgets in the first half of the year. July offered modest relief at the pump, but the cumulative economic damage remains significant, with the IEA separately warning that continued Hormuz disruption is depleting global oil reserves at an unsustainable pace. The data adds fresh urgency to diplomatic efforts to resolve the standoff.
A total solar eclipse crossed the Northern Hemisphere Wednesday evening, plunging parts of Iceland, Spain, Portugal, and the UK into dramatic midday darkness. Spain witnessed its first total eclipse since 1905, with cities including León, Valencia, and Zaragoza going fully dark just after 8:30 p.m. local time; the UK and Ireland saw 90 to 96 percent solar coverage. NASA broadcast the event live as millions gathered outdoors across the continent to watch.
Bank of America announced Wednesday it will deploy $250 billion to finance U.S. digital, energy, and infrastructure projects through July 2027. It is one of the largest single-institution infrastructure investment pledges in recent memory, and signals substantial private-sector confidence in American buildout even as economic headwinds persist.
Tom Rahill claimed the grand prize in the 2026 Florida Python Challenge after pulling 96 invasive Burmese pythons out of the Everglades in just ten days, besting 906 other competitors from 30 states, Canada, and Vietnam. The entire competition removed 280 pythons from South Florida's ecosystem as part of the state's ongoing fight against the destructive invasive species. The longest snake of the contest measured 16 feet, 5 inches.
