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We break down the latest on Hunter Biden's business deals.
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The Big Three 4-7-22
1 Deutsche Bank is the first major bank to forecast a US recession that will begin late next year.
The Federal Reserve’s fight against rising inflation and its “aggressive tightening of monetary policy will push the economy into a recession," Deutsche Bank economists wrote in a new report. Hopes that inflation would rapidly cool off have been dashed, in part because of the war in Ukraine.
Energy and food commodity prices have spiked since the start of Russia's invasion and there are still looming concerns that the Fed will have to rapidly raise interest rates to get prices under control. The exact severity of recession is uncertain, but Deutsche Bank expects it to be “mild” compared to the past two downturns. Unemployment, for example, is expected to peak at 5% in 2024 -- but reached far higher levels of 14.7% in 2020 and 10% in 2009 during the Great Recession.
2 The Oklahoma legislature passed a near-total ban on the murder of children in the womb, making exceptions only in the case of medical emergencies.
The bill would make it a felony punishable by a maximum fine of $100,000 or a maximum of 10 years in state prison, or both.
The legislation passed the state Republican-led House by a 70-14 vote.
The bill now heads to Republican Gov. Kevin Stitt, who previously promised to sign every bill limiting abortion that came across his desk.
Several state legislatures have recently advanced bills banning the killing of innocent children. Last week, Arizona’s Republican governor signed into law a ban on abortions after 15 weeks.
3 The Biden administration is planning to extend its pause on federal student loan repayments through August 31. The repayment freeze, which has been in place since the beginning of the pandemic, was set to expire on May 1.
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