Hi there. It's Thursday, June 16 and you're reading The Loop, a quick look at today's headlines.
Let's start here
Interest rates in the US have increased by 0.75 per cent overnight, in a bid to slow down inflation.
It's the biggest rate hike since the mid-1990s.
North America correspondent Carrington Clarke explains it like this:
"With inflation running at a rate not seen for 40 years, the markets expected the central bank needed to take drastic action — and it did.
"The Federal Reserve says a variety of factors are leading to higher inflation, including the war in Ukraine and China's COVID-related lockdowns, and there are likely more rate rises to come."
Something you'll be hearing about today
The latest data on Australian jobs and employment are due to be released this morning.
Last month, the ABS reported that Australia's unemployment rate had dropped to 3.9 per cent and the underemployment rate had fallen from 6.3 per cent to 6.1 per cent.
That was pre-election — feels like a lifetime ago, right? — so, we'll soon find out where the first numbers under the new federal government land.
News while you snoozed
- Brazillian media is reporting that two suspects have confessed to killing and dismembering British journalist Dom Phillips and indigenous expert Bruno Pereira after they went missing for more than a week in the Amazon rainforest. Federal police released a statement saying they were still searching for Phillips and Pereira, but did refer to the case as a murder investigation.
- Dr Anthony Fauci, Joe Biden's chief medical advisor and a familiar face in the US pandemic response, has tested positive for COVID-19. The National Institutes of Health says the 81-year-old is fully vaccinated, has had two boosters and will continue to work from home.
What Australia has been searching for online
- Huni vs Goodall. Queensland's Justis Huni has defeated Joseph Goodall via unanimous decision in their high-profile heavyweight bout in Brisbane overnight.
- The minimum wage. ICYMI, the Fair Work Commission announced some major changes yesterday, with Australia's lowest-paid workers set to receive a pay increase. All the key details on that are here.
You're up to date
Thanks for reading.
ABC/wires
