Midwest Tornado Outbreaks Kill At Least 5

The Midwest endured days of severe weather last week and this past weekend, including tornadoes and strong wind. One of the tornadoes, an EF-4 which struck Marietta, Oklahoma, and killed 1, was the country’s strongest tornado in over a year, with its winds estimated at 170 miles per hour.

Another tornado hit Sulphur, Oklahoma, killing 5 and injuring over 100 others in the small town of just over 5,000. That tornado is currently rated as an EF-3, but could be upgraded as the damage it caused is surveyed further.

 

Universities Grapple with Unrest at Pro-Palestinian Demonstrations

Universities across the US continue to struggle to control pro-Palestinian demonstrations on their campuses.

Columbia University has emerged as one of the most prominent flashpoints in the ongoing unrest, with protesters occupying public spaces and blocking entrance to buildings. Reports of Jewish students being harassed drew condemnation, including from the White House.

Demonstrators have refused to abandon encampments as the university’s administration has threatened suspension. An order to abandon the camp by 2 PM EDT Monday went largely unheeded.

Similar demonstrations have occurred at Yale University, the University of Texas at Austin, the University of Southern California, and the University of California, Berkeley.

At Northwestern University, protesters reached an agreement with the administration to largely dismantle their camp, with the university in turn funding two new Palestinian faculty members and funding scholarships for five Palestinian undergraduate students.

 

Slowing Economic Growth, Rising Inflation Raises Concerns

Economists have been hoping for a ‘soft landing’ scenario, in which the Federal Reserve’s monetary tightening would tame inflation without causing a recession. In the closing months of 2023, it appeared that this ideal scenario was in reach. with falling inflation numbers, low unemployment, and talks of cutting interest rates. However, recent economic data has cast doubt on whether the US economy can stick the landing.

Inflation numbers for the first quarter of 2024 came in higher than expected, with consumer prices rising 3.5% in March year-over-year, up from February’s 3.2% inflation rate. The target inflation rate is 2%.

Meanwhile, US GDP growth for the first quarter of 2024 was 1.6% annualized, a decrease from the 3.4% growth rate in Q4 2023. This slowing growth, combined with the rising inflation, has raised fears of possible ‘stagflation,’ in which the economy shrinks while prices rise. Typically, prices decrease in recession, reducing the hardship on consumers amid job losses and reduced economic output. In a stagflation scenario, customers pay higher prices while still facing job losses.

Equity markets have pulled back in response to the data as investors have become far less confident of the Fed cutting interest rate cuts this year.

The current economic situation remains relatively strong on paper: Unemployment remains low, job growth remains strong, and inflation remains far below the high levels seen in 2021 and 2022. These positive economic indicators have been blunted by what some have called a cost of living crisis, most notably felt in rising housing costs and wages not keeping up with rising costs in general.