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US Mortgage Rates Hit Highest 1-Week Jump in 35 Years
According to mortgage-finance giant Freddie Mac, the 30-year fixed-rate mortgage averaged 5.78% for the week ending June 17, climbing 55 basis points from last week's 5.23% and marking the biggest one-week jump in 35 years.
This comes as the Federal Reserve made its biggest rate hike since 1994, rasing its benchmark interest rate by 0.75 percentage points on Wed.
Although mortgage rates aren't directly tied to the federal funds rate, they often increase as the Federal Reserve (Fed) hikes rates.
Establishment-critical narrative
Although the Fed doesn't set mortgage rates, its actions influence them. The central bank waited too long to cool inflation, and now the housing market is paying the price Mortgage rates are rising faster than the news can keep up with, increasing pressure on an economy already tormented by relentless inflation.
Pro-establishment narrative
The process of bringing down inflation is unpopular and pain-inducing, but necessary. There is broad consensus among Fed bankers and economists that it's time to increase quantitative tightening to rein in inflation; the Fed is acting well within its mandate to try and tamp down economic pressures.
Report: Violence Worsening In DRC Despite ‘State Of Siege'
On Sat., the DRC expressed its support for the immediate deployment of an East African Community (EAC) military force to halt rebel violence - called for by Kenya's Pres. Uhuru Kenyatta on Wed. - though it opposes Rwanda taking part. The decision to deploy the force is expected to be affirmed on Sunday.
This comes as the UN Group of Experts on the Democratic Republic of the Congo (DRC) reported on Fri. that the 'state of siege' placed in the eastern provinces of North Kivu and Ituri hasn't prevented violence from worsening.
The military rule was declared in Apr. following a wave of deadly attacks by militias, including massacres by the ISIS-affiliate Allied Democratic Forces.
Narrative A
Congolese eagerness to maintain peaceful relations with its neighbors doesn't mean it will accept provocations. The return of the M23 almost a decade after its collapse shows that Rwanda keeps backing the rebels against the DRC.
Narrative B
The DRC is promoting dangerous anti-Rwanda speech in an attempt to drag Rwanda into a domestic conflict. The international community has a duty to speak out against this and prevent a reedition of the 1994 Genocide against the Tutsis.
Colbert Staff Arrested for Trespassing in Capitol Hill Building
Seven staff members of "The Late Show With Stephen Colbert" were arrested for allegedly trespassing in a Capitol Hill building on Thurs. night and have been charged with unlawful entry.
Among those arrested was Robert Smigel, best known for portraying Triumph the Insult Comic Dog.
US Capitol Police found the group - which included nine people, seven of whom face charges - inside the Longworth House Office Building, which houses offices for members of the House of Representatives and was closed to the public at the time.
Democratic narrative
Ironically, members of the production team are facing more punishment for a non-violent entry into a Capitol Hill building for filming purposes than some of those involved in last year's attack. This says a lot about the state of law and order, and democracy, in the US. The group shouldn't have been there but their actions are no comparison to what took place on Jan. 6.
Republican narrative
Similar to breaches that occurred during the Jan. 6 riots, the producers trespassed in the US Capitol building by breaking and entering after being told to leave. But, no surprise, this isn't getting the same reaction. Democrats seem to have very little problem with the crimes committed by these producers - it's practically seen as a joke.
Joe Biden Hosts Global Climate Talks as US Gas Prices, Inflation Soar
US Pres. Biden hosted the Major Economies Forum on Energy and Climate on Fri., attended by more than 20 of the world's biggest economies including China, Germany, Saudi Arabia, the UK and the EU.
The conference focused on discussing steps to curb methane emissions, address climate change, and stabilize global energy markets that are spiralling amid Russia's invasion of Ukraine and Western sanctions.
Biden announced on Fri. that the US and the EU had begun the next stage in their plan to reduce methane emissions by 30% by 2030. He also announced a new global initiative to raise $90B for new clean technologies, for which Washington will reportedly provide $21.5B.
Republican narrative
The Biden administration has severely mishandled the spiralling economic situation in the US. Inflation and record gas prices are continuing to impact all areas of life for the average American from food to transportation, and although Biden has promised to make life affordable he's in fact exploiting the situation for political gain by using it to advance his climate change agenda.
Democratic narrative
The US is a world leader in numerous areas and must continue to lead the transition away from fossil fuels and towards a more sustainable future. The progress Biden announced on Fri. is in line with years of US policy, supported by the people, and the latest plans are attainable without undue sacrifice. If action on climate change isn't taken soon, there will be nothing left for anyone to fight for.
Nerd narrative
There's an 85% chance there will be at least 2ËšC degrees of global warming by 2100 according to the Metaculus prediction community.
Day 117 Roundup: Borrell Calls Alleged Grain Blockade a "War Crime"; Russia Becomes China's Top Oil Supplier
Ahead of a summit of EU leaders this Thurs., where member states will vote on Ukraine's candidate status into the bloc, Ukrainian Pres. Zelenskyy said it was "a truly historic week," and that he was "convinced that only a positive decision meets the interests of the whole of Europe."
However, Zelenskyy added that greater hostility should be expected from Russia this week, "not only against Ukraine, but also against other European countries."
The comments come amid renewed warnings from NATO Sec. General Jens Stoltenberg that the war could continue for years. UK PM Boris Johnson, following his second visit to Kyiv last week, also said in a column that Western allies must "steel [them]selves for a long war."
Pro-establishment narrative
As affirmed by the EU Commission, Ukrainians have demonstrated they've been willing to die for the European way of life. It's only right they be given access to the European dream.
Establishment-critical narrative
If Ukraine were to join the EU, it would only further complicate Ukraine's position with Russia and draw the world even nearer to a global conflict. Are we sure this is such a great idea?
Nerd narrative
There is a 2% chance that Ukraine will join the European Union before 2024, according to the Metaculus prediction community.
Macron Loses Majority in French Legislative Elections
Two months after his re-election, French Pres. Emmanuel Macron's centrist alliance suffered a severe setback in the second round of parliamentary elections on Sunday.
According to the preliminary results, Macron's Ensemble alliance secured 245 seats, falling well short of the 289 needed to keep its dominance in the French National Assembly.
The left-wing NUPES (New Popular Ecological and Social Union) alliance won 131 seats to become the main opposition force, which its main figure Jean-Luc Mélenchon has called a "total defeat" for Macron.
Establishment-critical narrative
This is a blow for Macron, who now has to face a "parliamentary guerrilla" of the EU- and NATO-skeptic NUPES alliance, not to mention the far-right RN. But it may be a blessing for France, as Macron now has no choice but to engage more directly with people's concerns and practice the art of compromise. The end result will be a stronger, more united country.
Pro-establishment narrative
Macron's second term will certainly be even more challenging now that he no longer has a parliamentary majority. Nevertheless, this result simply shows that French politics are divided into centrists, radical leftists, and far-right nationalists, and reinforces the centrist Ensemble's important role as the biggest party in the National Assembly.
UK Experiences Biggest Rail Strike in 30 Years
The UK will face nationwide rail strikes this week - the largest of their kind in 30 years - with just 20% of usual services expected to run and members of the 40k-strong National Union of Rail, Maritime and Transport Workers (RMT) ceasing work on Tuesday, Thursday, and Saturday.
Talks between the RMT and Network Rail over pay, conditions, and proposed job cuts broke down over the weekend, with union rep Mick Lynch saying that any further offers from the company should reflect the current increase in the cost of living.
However, Chief Sec. to the Treasury, Simon Clarke, said on Mon. that unions cannot expect pay rises to keep pace with inflation, echoing warnings from the Bank of England that demands for big pay rises could further destabilize the UK economy.
Pro-establishment narrative
This is a battle of attrition. Unions are attempting to stir up a class war and will knock between 0.0.4% off UK GDP in the process. Laws regulating union action in Britain must be strengthened to protect innocent citizens from future disruption in all public sector services.
Establishment-critical narrative
Unions are reacting to the government's strategy of degrading the rail service, making it less reliable and harder to use, until it can be closed entirely. Most rail workers currently make below the national median wage, and while the cost of living continues to soar, growing profit margins for Britain's biggest listed companies are still being swallowed-up by corporations rather than passed onto workers. The Labour Party must do more to support union strikes.
Cynical narrative
Both the UK government and the unions are to blame. Intransigence on the side of workers' representatives and irresponsibility on the side of Johnson's officials has created chaos for ordinary people.
Colombia Elects First Leftist President
Gustavo Petro, a senator and former member of the demobilized leftist M-19 rebel group, won the Colombian presidential runoff election on Sun., becoming the first leftist victor in the country's history.
Petro received 50.47% of the vote, defeating fellow contender Rodolfo Hernández who received 47.27%, according to preliminary results.
In a victory tweet, Petro wrote "today is a day of celebration for the people." He added that there won't be partisan persecution and that his political opponents will be welcomed to "discuss the problems of Colombia" at the presidential palace.
Left narrative
Colombia is long overdue for political change. No one can say he will succeed with certainty, but we do know that if we stick with the status quo, Colombia will continue down the negative path it's been on for decades. This is the first opportunity the nation has had for change in a long time. Petro's victory seems promising.
Right narrative
Petro's radical policies will most certainly threaten the Colombian economy and likely impact the entire continent. His victory will endanger Colombia's longtime alliance with the US in the anti-narcos fight and in countering Venezuela, potentially allowing China to become even more influential in Latin America.
Texas GOP Claims Biden not Legitimately Elected
This weekend, the Texas GOP convention wrapped up a controversial statewide convention in which they rejected Biden's 2020 election as illegitimate and referred to LGBTQ+ communities as "an abnormal lifestyle choice."
The platform also advocated for a referendum on whether the state should secede from the Union. Under a section titled "State Sovereignty," it states "Texas retains the right to secede from the United States, and the Texas Legislature should be called upon to pass a referendum consistent thereto."
The resolution about Biden stated "we hold that acting President Joseph Robinette Biden Jr. was not legitimately elected by the people of the United States." Another amendment proposed rejecting the concept of Jan 6. as an "insurrection."
Democratic narrative
The Texas GOP convention isn't even trying to hide its extremism anymore. On full display were bigotry, cruelty, and an intentional vote to reject democracy in favor of authoritarianism. Every single American who wants to live in a Democratic Republic should be very worried.
Republican narrative
For far too long, the Democrats have felt a sense of entitlement, taking constituents in Texas for granted. But for Texans, it's simply about faith, family, and hard work - voters have had enough.
American Cities See More Weekend Shootings
On Sun., as part of another violent weekend of gun violence, a 15-year-old boy was killed and three others, including a police officer, were injured at a music festival in Washington, DC known as "Moechella."
Before the shooting, police had cleared the U Street area after several fights broke out, according to DC Police Chief Robert Contee.
Responding to the original fights and stampeding, officers were able to contain the area of 14th and U streets, but ultimately shut down the event after a "secondary incident."
Left narrative
City gun violence often results from out-of-state purchases being brought across state lines. More actions like those recently taken in NY, including restrictions on ghost guns and imports of arms from out-of-state, are needed. There also needs to be an increase in surveillance of extremism and the ideologies that lead to such tragedies every week.
Right narrative
The left-leaning mainstream media is strategically referring to gang shootings as "mass shootings" to create the impression that the US is experiencing the Uvalde school shooting every day. They are deliberately conflating two very different types of violence and, on top of that, ignoring a phenomenon that plagues young African-American men in urban environments - neighborhoods that are now virtually unlivable.
International Ban on Transgender Swimmers
71% of 152 members of the International Swimming Federation (FINA) have voted to ban transgender athletes who have gone through any part of male puberty from women's swimming.
The governing body of the swimming world also announced plans to begin a group to create an "open" category for trans athletes who don't meet the criteria to compete as females.
To be eligible to compete, male-to-female trans athletes will have to demonstrate that their experience of male puberty has not reached beyond Tanner Stage 2 or the age of 12.
Left narrative
The new eligibility criteria will police women's bodies and violate the privacy and human rights of athletes looking to compete. The notion that a 'woman' is defined as someone with a 'normal' testosterone level is nonsensical.
Right narrative
Swimming authorities have finally acted to prevent the rise of another Lia Thomas. A resounding result from FINA shows the desire to protect women's sports from the threat of trans participants with an obvious biological advantage.