April 29 - May 5: Week in Review
Federal Reserve Interest Rate Hike: The Federal Reserve raised interest rates another 0.25% in their continued efforts to decrease the rate of inflation to 2%. Interest rates now stand above 5%, the highest they have been in 16 years. The Federal Reserve will have their next policy meeting in June, where it is uncertain whether they will continue to increase interest rates. Read more at Axios & NBC News
Drones Crash Over the Kremlin: Russian officials reported that two drones crashed over the Kremlin. Many details remain uncertain, as the incident was not reported until more than 12 hours after the incident reportedly took place. Given the intense security precautions in Russian, U.S.-based drone experts believe the drones were likely launched from inside of Russia. In remains uncertain who operated the drones. Read more at Associated Press & Reuters
FDIC Seized First Republic, Sold to JPMorgan Chase: First Republic became the third major bank failure in less than two months. JPMorgan Chase purchased the bank after it was seized by the FDIC. JPMorgan stated that they are absorbing $173 billion worth of First Republic loans and $30 billion in securities. The SEC is now probing First Republic executives on the prospect of insider trading. Read more at Axios & Reuters
Convoys Evacuate Americans from Sudan: Many American citizens living in Sudan felt betrayed by the US government after being told the conflict in Sudan was too dangerous to lead evacuations. After a series of recalculations, the US has successfully led two convoys to evacuate a combined total of approximately 1,000 US citizens. It is uncertain how many US citizens remain in Sudan at this time. Read more at CNN
Proud Boys Leader Convicted of Seditious Conspiracy: Henry "Enrique" Tarrio, a leader of the right-wing extremist Proud Boys group, was found guilty of seditious conspiracy for his role in the planning of the Jan. 6 Capitol insurrection. Tarrio could face up to 20 years in prison. His arrest came days before the 2021 insurrection for vandalizing a Black Lives Matter banner at a Black church in Washington, D.C. in 2020. Read more at Axios
Ed Sheeran Found Not Guilty in Music Copyright Lawsuit: Many music writers around the world breathed a sigh of relief when news broke that a jury found Ed Sheeran not guilty in a copyright lawsuit. The accusers charged the British musician with stealing key components of Marvin Gaye's song "Let's Get It On" to create Sheeran's song "Thinking Out Loud." Read more at Associated Press
Mass Shootings in US: This week, Gun Violence Archive reported a total of 18 mass shootings resulting in 61 victims injured and 25 victims dead.