Federal Reserve Chair Kevin Warsh is testifying before the House Financial Services Committee about the U.S. economy and inflation. The Federal Reserve officials have different views on whether inflation will stay high or go down after the conflict in Iran ends.
Key Facts
Kevin Warsh is the new Chair of the Federal Reserve.
He is testifying on July 14 before the House Financial Services Committee.
The Federal Reserve reports on the economy and sets monetary policy to influence things like inflation and interest rates.
Inflation has caused higher prices for groceries and gas, affecting families and businesses.
Recent Federal Reserve meeting minutes show a split among officials on future inflation trends.
Some officials expect the key interest rate to stay around 3.6% or slightly lower by the end of the year.
Others think the rate might rise by the end of the year.
The Federal Reserve aims to keep politics separate from its decisions and is focused on controlling inflation.
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Police in Australia have released new photos to help find the remains of British backpacker Peter Falconio, who was murdered 25 years ago. The convicted killer, Bradley John Murdoch, died without revealing where Falconio’s body is hidden, and the case remains open as officers seek new information.
Key Facts
Peter Falconio disappeared on July 14, 2001, in Australia’s Northern Territory.
Bradley John Murdoch was convicted of Falconio’s murder but died on July 15, 2025, without revealing where Falconio’s remains are.
Falconio’s girlfriend, Joanne Lees, escaped an attempted abduction during the attack.
Northern Territory police have reopened the case and shared new photos, including images of Lees after the attack and Murdoch’s police photos.
Evidence photos show the couple’s orange van, injuries to Lees, and crime scene markers.
Police continue to offer a $500,000 reward for information leading to Falconio’s remains.
Authorities believe Murdoch may have told someone about the body’s location despite denying involvement publicly.
Police encourage anyone with information, no matter how small, to come forward to help close the case.
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President Donald Trump announced the return of a U.S. naval blockade on Iranian ports and plans to charge commercial ships that pass through the Strait of Hormuz. This move cancels the final part of a recent preliminary peace agreement with Iran and aims to recover some costs from the ongoing conflict.
Key Facts
President Trump said the U.S. will become the "guardian" of the Strait of Hormuz and charge ships 20% of their cargo's value for safe passage.
The naval blockade resumes after being lifted just 26 days ago under a peace deal with Iran.
This action ends the last compromise made to Iran in the preliminary agreement signed at the Palace of Versailles.
The announcement surprised some U.S. officials, foreign governments, and international groups.
The U.S. Central Command stated the blockade would start again on Tuesday at 4 p.m. ET, with more information to come for ship operators.
Secretary of State Marco Rubio disagrees with charging fees, calling it a violation of international law and unsupported globally.
The U.S. has spent a large amount on the conflict, with a recent request for over $67 billion in emergency defense funds.
Tensions between the U.S. and Iran have increased recently due to retaliatory attacks on both sides.
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South Africa has sent more than 53,000 African immigrants back to their home countries in one month. Most of these immigrants, over 80%, are from Malawi. This action happened during protests against illegal migration.
Key Facts
Over 53,000 immigrants were deported or moved back voluntarily in South Africa within one month.
More than 80% of these immigrants are from Malawi.
South African authorities carried out this crackdown on illegal migration.
The crackdown took place alongside protests that were sometimes violent.
The officials did not specify how many were forced to leave versus those who left voluntarily.
The South African Justice Minister is Mmamoloko Kubayi.
The action targets illegal immigration into South Africa.
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Senator Lindsey Graham passed away suddenly over the weekend. Major Garrett, host of "The Takeout," shared a review of Graham’s life and career, highlighting his journey from humble beginnings to his role in Washington, D.C.
Key Facts
Senator Lindsey Graham died unexpectedly over the weekend.
He began his life in a mobile home.
Graham had a long career as a U.S. Senator.
He was known for his work in Washington, D.C.
Major Garrett discussed Graham’s life and legacy on CBS News.
The report was featured on CBS News and the CBS News app.
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Lindsey Graham’s sister, Darline Graham Nordone, has been named to temporarily fill his Senate seat. This appointment comes after Senator Lindsey Graham passed away unexpectedly, and a special election will be held soon to choose a permanent replacement.
Key Facts
Senator Lindsey Graham died suddenly over the weekend.
Darline Graham Nordone, his sister, was appointed as the interim senator.
She will serve temporarily until a special election is held.
The special election will determine who will hold the Senate seat long term.
The appointment and election are happening in the state Lindsey Graham represented.
This change is part of the process to keep the Senate seat occupied without gaps.
The news was reported by CBS News and Nikole Killion.
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President Donald Trump hosted leading IndyCar drivers at the White House to promote the upcoming Freedom 250 Grand Prix street race in Washington, D.C. The race will occur next month on a 1.7-mile track around the National Mall and is part of the nation’s 250th anniversary celebrations.
Key Facts
The Freedom 250 Grand Prix is scheduled for August 22 and 23, 2026.
The race will take place on streets around the National Mall, passing landmarks like the National Archives and the Smithsonian’s National Air and Space Museum.
The event is the first-ever IndyCar race in Washington, D.C.
President Trump called the race "like no other" and expects it to draw high TV ratings.
Three top drivers, Alex Palou, Felix Rosenqvist, and David Malukas, were present at the White House; Palou and Rosenqvist won the Indianapolis 500 in 2025 and 2026.
The race is organized by the Freedom 250 group, which has partners including Monumental Sports & Entertainment and IndyCar promotions.
President Trump said the race will be free to viewers and is part of celebrating 250 years of American independence.
Officials like Transportation Secretary Sean Duffy and representatives from Penske Corporation and General Motors also attended the event.
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Mexico plans to file criminal complaints in the US about the deaths of more than a dozen Mexican migrants in US immigration detention and operations. This includes the recent killing of Lorenzo Salgado Araujo in Houston, a case that has led Mexico to take legal action after efforts with diplomatic letters failed.
Key Facts
Mexico announced it will file criminal complaints in US courts over migrant deaths.
At least 17 Mexican migrants have died since President Trump increased immigration enforcement: 14 in detention and 3 during immigration operations.
Lorenzo Salgado Araujo was shot and killed in Houston on July 7 while going to work.
US Department of Homeland Security says Salgado tried to attack an ICE officer, but other witnesses disagree.
Salgado had lived in the US for nearly 35 years and had no criminal record.
Mexico’s President Claudia Sheinbaum says the country will no longer rely only on diplomatic letters for justice.
Relations between Mexico and the US have been tense, including US operations in Mexico without permission and charges against Mexican officials for drug cartel ties.
Mexico refuses to hand over Governor Rubén Rocha Moya to US authorities, citing lack of evidence.
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House Republicans have proposed a bill to officially move millions of federal student loan accounts from the Department of Education to the Treasury Department. This change would start with loans that are in default and could eventually include all federal student loans, affecting over 40 million Americans.
Key Facts
The bill would make permanent the Trump administration’s plan to reduce the Education Department’s role in managing student loans.
The transfer would happen in stages, beginning with loans that are already in default.
Treasury would take over collecting defaulted student loans and later manage non-defaulted loans too.
More than 40 million Americans hold federal student loans, totaling about $1.7 trillion.
Borrowers are not expected to see immediate payment changes and would initially keep working with their current loan servicers.
Treasury officials believe their department is better equipped to manage the loans and improve collections.
Some people worry that moving loan management to Treasury could cause confusion or new challenges for borrowers.
House Education and Workforce Committee Chairman Tim Walberg said the change is meant to reduce bureaucracy and improve service.
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President Trump signed orders to reduce the size of two national monuments in Utah: Bears Ears and Grand Staircase-Escalante. These changes give more land back to the state of Utah than previous adjustments.
Key Facts
President Trump signed executive orders on Monday.
The orders shrink Bears Ears and Grand Staircase-Escalante national monuments.
Both monuments are located in Utah.
The size of these monuments has changed multiple times in the past.
This latest reduction returns more land to Utah than before.
The signing took place in the Oval Office.
President Trump said the land would be given back to the people of Utah.
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A violent gang feud in Scotland lasting six months has ended after many arrests and an agreement between rival groups. The conflict caused many violent incidents like firebombings and attacks, but police efforts and talks helped reduce the violence.
Key Facts
The gang feud started in Edinburgh in March last year and involved 84 violent incidents.
Police arrested 64 people and carried out 55 search and arrest warrants.
Seven firearms and various weapons were seized during the investigation.
The police credited their coordinated efforts and the gangs’ resolution of differences for the reduction in violence.
Several offenders received long jail sentences for attacks, including firebombing and machete assaults.
A brief return of violence in early 2024 led to 10 more incidents and additional arrests.
The feud involved rival gangs called the Daniels and the Lyons, who have been enemies for over 20 years.
Some key figures in the feud include Ross McGill and Mark Richardson, with McGill’s current location unknown after an arrest in Dubai.
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A US judge canceled a settlement between President Donald Trump and the IRS that stopped tax audits on Trump and his businesses. The judge said the lawsuit was filed for a wrong reason because Trump, as president, controls the IRS and its parent Treasury Department.
Key Facts
President Donald Trump and his family sued the IRS for $10 billion after leaked tax returns were published.
The settlement gave Trump, his family, and businesses broad protections from IRS audits.
The settlement also created a $1.8 billion taxpayer-funded program to compensate people claiming they were unfairly investigated, but this was later dropped.
District Judge Kathleen Williams said the case had no real legal basis because Trump controls the IRS as president.
The judge called the lawsuit an "improper purpose" to get a court's approval for a settlement without legal grounds.
She accused government officials of failing to defend the public interest and violating their authority.
The judge referred one of Trump’s lawyers for legal discipline and limited another lawyer’s court appearances in her court for one year.
Trump’s team said the president will keep holding people accountable, but there was no direct response to the ruling from Trump or the Justice Department.
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Inky Mark, a former Canadian Member of Parliament and mayor, was arrested after police found 439 firearms, an antique cannon, thousands of dollars in cash, and evidence of illegal gun trafficking at his home in Manitoba. He faces multiple charges including firearms trafficking, unsafe storage, and possessing unauthorized devices.
Key Facts
Police seized 439 firearms and an antique cannon from Mark's home near Dauphin, Manitoba.
At least three guns were trafficked illegally, and one gun had its serial number changed.
Police found over 300,000 Canadian dollars in cash at the house.
Mark was charged with firearms trafficking, unsafe storage, and other gun-related offences.
The investigation started after police learned about firearm charges against another man in the Dauphin area.
Mark is 78 years old and was previously mayor of Dauphin and a member of the Canadian Parliament from 1997 to 2010.
He was released from custody with conditions after appearing in court on a dozen charges.
Manitoba has strict federal gun laws, but its provincial government opposes additional restrictions.
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Senator John Thune gave an emotional speech in the Senate to honor Senator Lindsey Graham, who passed away suddenly over the weekend. Thune spoke about Graham’s life and contributions while standing on the Senate floor.
Key Facts
Senator Lindsey Graham died unexpectedly over the weekend.
Senator John Thune delivered a speech in the Senate to remember Graham.
The speech was emotional and took place on the Senate floor.
The tribute was shown in a video by CBS News.
Lindsey Graham was a sitting U.S. Senator at the time of his death.
The event occurred recently, as the speech happened on Monday.
John Thune is the Senate Majority Leader.
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A federal appeals court has allowed hundreds of lawsuits to continue that claim a connection between acetaminophen use during pregnancy and neurodevelopmental disorders like ADHD and autism. The court said the lower court was wrong to reject expert scientific testimony supporting this link.
Key Facts
The 2nd U.S. Circuit Court of Appeals revived hundreds of lawsuits related to acetaminophen.
Plaintiffs claim acetaminophen use during pregnancy can cause ADHD and autism in children.
The appeals court ruled that scientific expert testimony should not have been excluded.
The lower court had dismissed the cases because it rejected the expert evidence.
Acetaminophen is a common painkiller often used during pregnancy.
The lawsuits focus on possible neurodevelopmental effects in children after prenatal exposure.
The court’s decision means these cases can now move forward to be heard in court.
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Senator Lindsey Graham died at age 71 from a tear in the wall of his aorta, a condition called aortic dissection. This type of aortic disease usually happens suddenly, often related to high blood pressure and artery hardening linked to aging.
Key Facts
Lindsey Graham died on July 11th at the age of 71.
The preliminary cause of death was an aortic dissection, a tear in the aorta wall.
The aorta is the largest artery, carrying blood from the heart through the chest and abdomen.
Aortic problems include aneurysm (a bulge), dissection (a tear), and rupture (a burst).
Dissection can happen suddenly without warning, often causing severe chest or back pain.
Graham’s condition was due to arteriosclerotic cardiovascular disease, common in older adults.
Screening exists mainly for certain men aged 65-75 who have smoked, detecting abdominal aneurysms.
In contrast, inherited aortic disease can affect younger people and often goes unnoticed until it becomes fatal.
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A small plane operated by Flamingo Air crashed in the Bahamas, killing all 10 people on board, including five members of the popular Da Pond Band and a DJ. The band members were traveling to perform at an Independence Day event on Andros Island, and investigators are looking into the cause of the crash.
Key Facts
The plane crashed on Friday in North Andros, Bahamas, killing all 10 people on board.
Five members of the Bahamian music group Da Pond Band and DJ Fresh were among the victims.
The band was traveling from Nassau to San Andros to perform at an Independence Day celebration.
A vocalist from the band, Shenia Roberts, had flown earlier on the same plane and survived.
Flamingo Air suspended all flights after two emergency incidents on the same day.
Another Flamingo Air plane caught fire after landing earlier that day, with no injuries.
Three other passengers on the flight were not affiliated with the band; their names are not yet released.
A family member believes her 16-year-old son was on the plane and is among the victims.
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The U.S. military carried out new air strikes against Iran following President Trump’s decision to bring back a naval blockade in a key shipping route called the Strait of Hormuz. This was the third day in a row that the U.S. attacked Iran.
Key Facts
President Trump ordered the U.S. Navy to restart a naval blockade in the Strait of Hormuz.
The Strait of Hormuz is an important waterway for global oil shipments.
The military strikes began at 4:45 p.m. Eastern Daylight Time.
These strikes represent the third consecutive day of U.S. military action against Iran.
The naval blockade limits movement of ships to and from Iran.
President Trump made the decision to escalate military pressure on Iran.
The U.S. aims to control Iran’s ability to use the Strait of Hormuz.
The situation escalates tensions between the U.S. and Iran.
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Supreme Court Justices Elena Kagan and Amy Coney Barrett testified before a House committee about the Court’s budget request for 2027. The hearing took place on July 14 to discuss funding and related issues.
Key Facts
Justices Kagan and Barrett appeared before a House Appropriations subcommittee.
The topic was the Supreme Court’s budget for the year 2027.
The hearing started at 10 a.m. Eastern Daylight Time on July 14.
A live video of the hearing was available for the public.
The article mentions some Supreme Court decisions that affected President Donald Trump.
President Trump did not get favorable outcomes in cases about tariffs, birthright citizenship, and a Federal Reserve governor.
Despite some losses, President Trump gained more influence from the Supreme Court’s recent term.
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The US military has carried out three nights of strikes against Iran near the Strait of Hormuz, ahead of President Donald Trump’s plan to restart a naval blockade. Both countries have exchanged missile and ship attacks while contesting control over this important waterway.
Key Facts
The US launched missile strikes near the Iranian city of Konarak.
At least four explosions were heard near Bandar Abbas, a port on the Strait of Hormuz.
Iran’s state media reported attacks on several vessels that they described as violating the strait.
The Strait of Hormuz is a key route where 20 percent of the world’s energy exports pass.
Tensions have risen after the fragile ceasefire between the US and Iran was threatened.
President Trump announced plans to reinstate a naval blockade on Iran.
Both US and Iranian militaries are involved in ongoing hostilities in the area.
These events could affect global energy supplies and international relations.
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