Good evening. Here’s the latest at the end of Thursday.
The economy slows downThe war with Iran has kicked up prices and disrupted global supply chains — and it shows in the latest economic growth numbers. G.D.P. expanded 1.5 percent this past quarter, falling short of the previous quarter’s 2.1 percent. Growth in both personal income and consumer spending also slowed in June. The war is hitting consumers in the form of high energy prices, which have made other goods more expensive. The Federal Reserve, which typically tames inflation by raising interest rates, yesterday decided to hold them steady. The market swiftly rejected that approach by the Fed’s new chairman, Kevin Warsh, who has balked at raising rates despite pressure from other Fed leaders. After the decision, long-term government borrowing costs hit a two-decade high. Still, this morning’s report showed that business investment, especially related to the A.I. boom, remained strong. An important measure of inflation also eased last month amid a temporary lull in the war. But renewed fighting across the Middle East means the reprieve may not last. In other economic news:
Trump may pull Blanche nominationThe president said he might temporarily withdraw his nomination of Todd Blanche as attorney general. It was put on hold yesterday after two Republican senators threatened to block his confirmation over a tax immunity deal he cut to settle Trump’s lawsuit against the I.R.S. Trump suggested he would rather withdraw Blanche’s name than scrap or revise the lucrative deal, which could save the president and his family some $100 million. Law and precedent allow Blanche to continue serving in an acting capacity even if he cannot get confirmed. In other administration news:
Saudis seek protection as Iran war widensSaudi Arabia said it was forming a new military coalition with over a dozen countries, including Egypt and Turkey, to protect boats transiting the Red Sea. Vessels in the waterway, often loaded with oil, have been targeted this past week by the Houthis, an Iranian-backed militia in Yemen. Two ships in Egypt were also targeted yesterday when an unidentified drone exploded near the Suez Canal — another vital artery for global shipping. Two Iranians said the explosion was designed to warn of further escalation. And on the home front: U.S. investigators believe Iran was probably behind a cyberattack on dozens of municipal water systems in Minnesota this week.
European megafire spreads to GreeceOn the Mediterranean island of Crete today, nearly 100 miles off mainland Greece, hundreds of firefighters battled a wildfire that has already killed two firefighters and forced thousands of people to flee. (See footage of the blaze.) Greece also worked to contain fires on Lesbos and in the Peloponnese, where another firefighter has died. The wildfire season in Europe has been brutal. Across Spain and France, the fires have been the countries’ largest on record. Another fire this week in Eastern England has engulfed almost 250 acres of scenic heathland just a few miles from a nuclear power plant. More top news
Shakespeare’s ‘Game of Thrones’The original “Game of Thrones” show ended in 2019. But Westeros, the mythical land first spun into existence by the author George R.R. Martin, has only kept expanding since then. (See: HBO’s hit spinoff “House of the Dragon.”) Now Westeros is expanding again with a stage adaptation at the Royal Shakespeare Company in Stratford-upon-Avon, England. The new play, “Game of Thrones: The Mad King,” is in some ways a strange fit for the home of Judi Dench and Helen Mirren. But Dominic Cooke, a highly regarded director of Shakespeare, is planning an enormous and serious-minded production. It opens in August.
Candy, on a dietThe cheerful red packaging of Tandy Chocolate’s Protein NomNoms will catch your eye first. Then, as you circle closer, it’ll be the word “protein” in all caps. These candies, often marketed as “healthy” or “functional,” are taking over grocery aisles, gyms and supplement shops. If the NomNoms aren’t for you, maybe you’ll like the Hormbles Chormbles, a protein candy bar. Or perhaps the Rotten Gummy Cruncheez — featuring soluble vegetable fiber and allulose, a low-calorie sweetener. Are they healthier than normal sweets? Dinner table topics
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