- Important state and national stories, market and business news, sports and entertainment, delivered in quick-hit fashion to start your day informed.
In Mississippi
1. Feds reject One Lake flood control project
WLBT reports that Federal officials recently determined a much-discussed flood control plan for the Pearl River cannot be justified based on project costs.
“The U.S. Army Corps of Engineers last week reported the One Lake Proposal would cost between $1 billion and $2.1 billion to construct, and, as such, could not be justified based on the agency’s benefit-cost analysis,” WLBT reported. “The findings were released in a Draft Environmental Impact Statement published by the Corps on June 7. The proposal was one of several that were reviewed by the federal agency. The review was needed to determine whether the project could move forward, and whether federal funds could be used to construct it.”
2. MSU assisting in NASA project to put artificial star in orbit
According to Mississippi State University, an MSU astrophysicist is going lightyears beyond star-gazing as she helps lead the science portion of a recently approved collaborative $19.5 million Landolt NASA Space Mission that will put an artificial star in orbit around the Earth.
Angelle Tanner, an MSU associate professor in the Department of Physics and Astronomy, serves as the science-PI on the Landolt Mission, part of the NASA Astrophysics Pioneers program.
“This artificial star will allow scientists to calibrate telescopes and more accurately measure the brightness of stars ranging from those nearby to the distant explosions of supernova in far-off galaxies,” MSU announced. “By establishing absolute flux calibration, the mission will begin to address several open challenges in astrophysics including the speed and acceleration of the universe expansion.”
National News & Foreign Policy
1. Democrats look to raise taxes, reset fiscal policy with Trump tax cuts set to lapse
The Wall Street Journal reports that Democrats are preparing for policy fights with Republicans with the 2017 Trump tax cuts set to lapse next year, as “Democrats see that deadline as a rare chance to reset fiscal policy and raise taxes on corporations and high-income households.”
“Policymakers and analysts expect a yearlong fight and Christmas-season negotiations to prevent tax increases from hitting most Americans after Dec. 31, 2025, when the law’s cuts end. Lawmakers are starting to think through what leverage they have—and how and when to use it.,” WSJ reports.
As WSJ notes, the 2025 tax fight hinges on the 2024 election results, with the House, Senate and White House all up for grabs this November.
2. House votes to hold Attorney General Garland in contempt over Biden tapes
On Wednesday, the majority Republican U.S. House voted 216-207 to recommend that Attorney General Merrick Garland be held in contempt of Congress for failing to comply with a subpoena.
According to the New York Times, the move comes after “the Justice Department declined to provide audio recordings of President Biden’s interview with the special counsel investigating his handling of classified documents.”
“Given the highly polarized nature of Congress in the modern era, contempt findings have become almost a rite of passage for attorneys general. Eric H. Holder Jr., a Democrat, was held in contempt in 2012; as was William P. Barr, a Republican, in 2019,” the NYT reported. “Neither case was prosecuted by the Justice Department.”
Sports & Entertainment
1. JSU to play 9 games on ESPN networks
The Jackson State Tigers will appear on the ESPN family of networks nine times in the 2024 season.
The Southwestern Athletic Conference announced its 2024 SWAC Football schedule on ESPN this week. Check for the full listing here.
2. Jones College’s Robinson to be inducted in NJCAA Softball Coaches Hall of Fame
The NJCAA recently announced that four honorees are being inducted into the NJCAA Softball Coaches Association Hall of Fame. Three coaches and one student-athlete have been honored.
One of those honorees is Chris Robinson. He serves as the current Athletic Director at Jones College. Before stepping into this role, Robinson served as the head softball coach for 14 seasons. Under his leadership, the Bobcats won nine MACCC regular season titles, seven MACCC Tournament championships, four region championships, and the NJCAA Division II Softball Championship title in 2018. He also led his team to eight national tournament appearances in his final 11 seasons.
Markets & Business
1. Inflation easing?
Inflation data released from the U.S. Bureau of Labor Statistics on Wednesday showed consumer prices were up 3.3% last month from May 2023.
According to CBS News, “Wednesday’s report suggests Americans are starting to get some respite from the painful price increases that followed the pandemic.”
“The price of airfare, furniture, clothing, new vehicles, energy and recreation fell in May, helping contain inflation. U.S. motorists have benefited from cheaper gasoline in recent weeks, with the average price of regular around the U.S. at $3.45, down from $3.62 a month ago and from $3.59 at the same time in 2023, according to AAA. Overall energy costs fell 2%, the CPI data show,” CBS reported, adding, “Average grocery costs held steady in May after dipping 0.2% in April. Food prices are up 1% over the last 12 months, but remain roughly 20% higher compared with 2021. Shelter costs increased in May for a fourth straight month, up 0.4%, while medical care, used cars and trucks, education costs, and food away from home also edged up.”
2. Fed now projecting only one rate cut this year
CNBC reports that the Federal Reserve is now projecting only one rate cut for the remainder of 2024, down from its March forecast that called for three reductions.
“The central bank’s ‘terminal rate’ for 2024, or the rate at which its benchmark fed funds rate will peak, went up to 5.1%, equivalent to a target range of 5%-5.25%. That means that the Fed is only forecasting one quarter-point rate cut from the current target range of 5.25% to 5.5%,” CNBC reported.
As CNBC notes, the Fed had projected three rate cuts this year with the fed funds rate hitting 4.6% following by four more cuts in 2025.
Magnolia Tribune
