Prices may be starting to fall, but economists have their eye on another concerning figure. Tim Walz defends his military record. And Laci Peterson’s murder is back in the spotlight, 20 years after her husband’s conviction.
Here’s what to know today.
Inflation is starting to subside
The high prices that have put a strain on consumers’ wallets since the onset of the pandemic may finally be starting to come down. The Bureau of Labor Statistics will release Consumer Price Index data this morning for the month of July, and economists predict it’ll show a 12-month reading of 3%. That figure would be unchanged from June — but there are plenty of signs it’s likely to trend downward soon.
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Many companies have signaled 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 promotion.
Meanwhile, gas and grocery prices have already dipped below the 2% inflation rate target set by the Federal Reserve.
But as worries about surging prices begin to subside, a weakening job market has some economists on edge.
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 firmly believe you should never denigrate another person’s service record,” he said during his speech in Los Angeles.
Walz’s election rival, Sen. JD Vance of Ohio, has led the attacks on him. Republicans took issue with the Minnesota governor’s comments in 2018, when he said he carried “weapons of war,” though Walz was not deployed to a combat zone in his 24 years in the military. Vance asserted Walz misrepresented his military record; Walz said he misspoke. Read the full story here.
More 2024 election coverage:
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Walz will speak at two campaign receptions 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 from the campaign trail.
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With President Joe Biden out of the 2024 race, down-ballot Republicans in battleground states are nudging Trump to pivot his messaging, NBC News chief political analyst Chuck Todd writes. And so far, Trump isn’t listening. Read the full analysis.
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As a member of a “Divine Nine” Black Greek organization, Vice President Kamala Harris has access to an untapped voting bloc.
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Trump’s plan to quell college campus protests, as laid out in the GOP platform, is to “deport pro-Hamas radicals.” But he and other Republicans are ignoring key facts.
Ernesto expected to strengthen into a hurricane
Schools and offices were shut in Puerto Rico today as the Caribbean island was hit by torrential rain from Tropical Storm Ernesto, which is set to gather in strength over the Atlantic and become the third hurricane of the season later this morning.
Ernesto’s maximum sustained wind speed was close to 70 mph at 5 a.m. Wednesday, the NHC said, not far from the 76 mph needed for a hurricane classification. It will continue to draw strength from the warm waters of the Atlantic and “could become a major hurricane in a couple of days,” according to the NHC.
A hurricane watch is in place for the British Virgin Islands, while a tropical storm watch 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 to know.
Politics in Brief
Primary results: Democratic Rep. Ilhan Omar of Minnesota fended off several primary challengers, a 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 Wisconsin Republican primary for Senate, setting up a critical battleground state race against Democratic Sen. Tammy Baldwin.
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Staff Pick: Laci Peterson case back in the spotlight
My fascination with true crime started in early 2003. There were no podcasts or Reddit threads, but the disappearance of Laci Peterson, a pregnant 27-year-old from California, gripped me, and the nation, swiftly. Pictures of Peterson with a beaming smile, plastered across television programs and newspapers, have stuck with me for the better part of 20 years. With Netflix’s new series about her murder, we take a look back at the infamous case.— Chelsea Stahl, art director
In Case You Missed It
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This article was originally published on NBCNews.com
