Wednesday Afternoon Update: Fed Hikes, Russia-China Lovefest, No Trump Indictment Yet
JLGutierrez via Getty Images
JLGutierrez via Getty Images

This article is adapted from today’s Morning Wire Afternoon Update. To listen to the podcast version, click here.

Fed Hikes

The Federal Reserve raised interest rates by a quarter point on Wednesday as officials tried to balance two conflicting problems — the risk that inflation could remain high, and the threat that higher borrowing costs could fuel more turmoil in the banking system. The move pushed interest rates to a range of 4.75 to 5 percent while forecasting one more rate increase in 2023.

No Trump Indictment

The Manhattan Grand Jury charged with determining whether to indict former President Trump over alleged illegal hush-money payments was told not to convene on Wednesday — delaying a possible arrest of Trump. One source close to the matter claimed that a vote will likely not happen this week, even if the jury reconvenes on Thursday.

Russia-China Lovefest

Chinese leader Xi Jinping put on a show of solidarity with Russian President Vladimir Putin with his three-day state visit to Moscow that began on Monday.

The Kremlin said on Tuesday that Xi spent his time in Russia’s capital negotiating and signing statements with Putin that seek to strengthen economic cooperation between their nations over the next decade — ties which offer Putin a lifeline after Western nations levied sanctions against Russia for its war in Ukraine.

“It looks like the West indeed intends to fight Russia until the last Ukrainian,” Putin also said. “Russia will respond accordingly.”

Xi and Putin also signed a statement urging “the international community to support constructive efforts” toward “responsible dialogue.” Meanwhile, Putin announced Wednesday that Russia now supports the use of the Chinese yuan to conduct transactions between Asia, Africa, and Latin America — a move that could weaken the strength of the U.S. dollar.


Israeli Military General Says Israeli Strike Against Iran “Would Be Bad For Everbody”

Likewise, also caused in part due to Russia’s war, a retired Israeli military general says that the window to prevent an Israeli strike against Iran’s growing nuclear program is closing quickly. Daily Wire reporter Tim Pearce joined Afternoon Update with more:

Retired Brigadier General Amir Avivi said this week that the United States’ retreat from the Middle East is limiting Israel’s chances to avoid conflict. Avivi said a strike against Iran, which could come within three months to a year, is “bad for everybody.”

Meanwhile, China and Russia have grown their influence in the Middle East, and it’s that influence that has propelled the region toward conflict. China has helped the Iranian regime build influence in the region, while Russia may provide Iran’s military with powerful defense systems to protect its nuclear program. The Russian tech in particular is what concerns Israeli leaders because it would make Iranian infrastructure that much harder to take out.

Baby Formula Shortage Investigation

The House Oversight and Accountability Committee is setting its sights on the Biden administration’s mishandling of the baby formula shortage of 2022. Daily Wire’s Tim Meads reported on Afternoon Update:

“Several weeks out, we’ll have a surplus of formula,” FDA Commissioner Dr. Robert Califf said months ago, adding, “When I say several, I can’t say exactly how many weeks until then we have to fill it.”

That was FDA Commissioner Dr. Robert Califf saying months ago he was optimistic about the nationwide baby formula shortage coming to an end. This week, Oversight Committee Chairman Representative James Comer (R-KY), and Subcommittee on Health Care and Financial Services Chairwoman Lisa McClain (R-MI) sent a letter to the FDA Commissioner requesting documents related to the government’s response to the formula shortage. The two lawmakers blasted the FDA for not taking any real accountability for mishandling the crisis.

Roman Mosaic Found?

And for history lovers, archeologists believe they have recently discovered the remains of a Roman bathhouse and a villa with an intricate, colorful brick mosaic in Olney, England. The mosaic was found during the construction of an Aldi grocery store when a crew of trained experts was called in to handle the historic find.

To listen to the audio version of this podcast, click here. And for more in-depth discussion of the biggest stories of the day, listen to the latest full episode of Morning Wire every morning.

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