Prices may be starting to fall, but economists have their eyes on another troubling statistic. Tim Walz is defending his military record. And the murder of Laci Peterson is back in the spotlight, 20 years after her husband was convicted.
Here’s what you need to know today.
Inflation is starting to decline
The high prices that have been taxing consumers’ wallets since the pandemic began may finally be starting to come down. The Bureau of Labor Statistics is set to release its Consumer Price Index data for July this morning, and economists are predicting it will show a 12-month rise of 3%. That figure would be unchanged from June, but there are plenty of signs it’s likely to start trending downward soon.
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Many companies have said they are lowering prices or offering discounts in response to consumers pulling back. Amazon’s CEO said the company is seeing lower average selling prices, while McDonald’s executives said they will extend their $5 meal deal.
Meanwhile, gas and grocery prices have already fallen below the Federal Reserve’s 2% inflation target.
But as concerns about rising prices begin to fade, A weakening labor market has some economists on guard.
Walz defends his military record
Democratic vice presidential nominee Tim Walz defended his military record during his first solo event on the campaign trail. “I’m a firm believer in never disparaging another person’s record,” he said during his speech in Los Angeles.
Walz’s campaign rival, Sen. J.D. Vance of Ohio, has led the attacks on him. Republicans took issue with the Minnesota governor’s 2018 comments that he was carrying “weapons of war,” even though Walz had never been deployed to a combat zone in his 24 years in the military. Vance alleged that Walz had misrepresented his military record; Walz said he misspoke. Read the whole story here.
More coverage of the 2024 elections:
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Walz will speak at two campaign rallies in Denver and Boston, Vance will speak in Michigan and former President Donald Trump will hold a campaign rally in Asheville, North Carolina. Follow our live blog for the latest news about the campaign.
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With President Joe Biden out of the 2024 race, Republicans in swing states are pushing for Trump to change his message, writes Chuck Todd, chief political analyst at NBC News. And so far, Trump isn’t listening. Read the full analysis.
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As a member of a black Greek organization, the “Divine Nine,” Vice President Kamala Harris has access to an unused voting block.
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Trump’s plan to quell protests on college campuses, as outlined in the GOP platform, is to “deport pro-Hamas radicals.” But he and other Republicans ignore important facts.
Ernesto Experimentandstrengthened into a hurricane
Schools and offices in Puerto Rico were closed today as the Caribbean island was battered by torrential rains from Tropical Storm Ernesto. The storm is expected to strengthen over the Atlantic Ocean and become the third hurricane of the season later this morning.
Ernesto’s maximum sustained winds were near 70 mph as of 5 a.m. Wednesday, the NHC said, not far from the 76 mph needed for a hurricane classification. The NHC said the hurricane will continue to draw strength from the warm waters of the Atlantic Ocean and “could become a major hurricane within a few days.”
A hurricane warning is in effect for the British Virgin Islands, while a tropical storm warning is in effect for the U.S. Virgin Islands, Puerto Rico, Vieques and Culebra, all of which are popular with tourists. Here’s what else you need to know.
Politics in brief
Primary results: Democratic Rep. Ilhan Omar of Minnesota kept several primary candidates at baya victory for the progressive “squad” after two fellow members suffered defeats in their own primaries this summer. And Trump-backed businessman Eric Hovde won the Republican primary in Wisconsin for Senatewhich would set up a crucial battle in the state against Democratic Senator Tammy Baldwin.
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Staff choice: Laci Peterson case back in the spotlight
My fascination with true crime began in early 2003. There were no podcasts or Reddit threads, but the disappearance of Laci Peterson, a pregnant 27-year-old from California, quickly captivated me and the nation. Photos of Peterson with a beaming smile plastered across TV shows and newspapers have stuck with me for nearly 20 years. With Netflix’s new series about her murder, we’re taking a closer look a look back at the infamous case.— Chelsea Steelartistic director
In case you missed it
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This article was originally published on NBCNews.com
