Top of the Fold

• The Fed’s massive interest rate hike: On Wednesday, the Federal Reserve raised the interest rate by its highest margin since 1994. Fed Chairman Jerome Powell announced that the Fed would be increasing the interest rate by 0.75%, bringing the total interest rate increases thus far this year to 1.75%. The huge jump was spurred by more bad news about runaway inflation — May’s numbers showed 8.6% inflation, the highest since 1981. The Fed’s move will put a chill on borrowing, as banks will increase their interest rates for loans to both consumers and businesses, effectively restricting Americans’ access to capital. Unfortunately, Joe Biden’s refusal to reverse course on his anti-fossil fuel polices only ensures that the current state of the economy will continue with little positive change anytime soon.

• More bad news for baby formula: Another troubling aspect of Biden’s dismal economy has been ongoing supply chain issues. Over the last couple of months, the supply issue getting the most attention has been baby formula. Well, matters just got worse — Abbott Laboratories had to once again close down operations at its Sturgis, Michigan, plant. The plant is the largest in the country and produces leading brands of baby formula such as Similac. Damage from recent severe storms is the culprit this time, not contamination, which required a massive recall that exacerbated the crisis back in February. U.S. Food and Drug Administration Commissioner Dr. Robert Califf said that he had been made aware of the situation but noted: “Abbott has been exceeding the monthly quantity of formula that it produced in 2021 — all while the Strugis facility is out of production. Other producers also continue to make formula at higher-than-average rates. … This means that the total amount of formula available, even before the Sturgis plant is back in production, exceeds the demand for formula prior to the recall.” Abbott is one of four companies that combine to account for 90% of all formula produced in the U.S.

• Nobody wants to see Kamala Harris: The Democratic National Committee had to reschedule a planned fundraising event featuring Kamala Harris due to lack of ticket sales. Status Coup News reports: “The event was rescheduled last minute for the autumn, when the event is traditionally held, after the event couldn’t sell enough tickets. When the invites were sent out on May 5, it was hyped as an incredible opportunity to mingle in person after two years of virtual events and meetings.” Ticket prices for the event ranged between $250 and $50,000. The ticket price for “the much-coveted photo-line” started at $15,000. With Harris still polling below Joe Biden with an average approval rating of just 28%, it comes as little surprise that few folks want to fork out big bucks in support of a deeply unpopular and gaffe-prone politician. One imagines that upon hearing the news of the event’s rescheduling, Harris merely laughed hysterically.

Headlines

• May border crossings smash DHS record (GOP.com)

• Border Patrol agents fume as DHS prepares to punish officers caught up in “whip” controversy (Fox News)

• “He’s an arsonist pretending to be a firefighter”: Biden blasted for ramping up attacks on oil companies (Fox Business)

• ExxonMobil statement regarding Biden’s letter to oil industry (Business Wire)

• Amid continuing energy crisis, ecofascist groups sue Biden admin to block more than 3,500 oil and gas permits (Daily Wire)

• Climate Czar John Kerry: “We absolutely don’t” need to drill for more oil (Fox News)

• Alleged would-be Brett Kavanaugh assassin indicted for attempted murder (Daily Wire)

• Woke Los Angeles DA George Gascon blamed for shooting deaths of two cops (NY Post)

• Biden directs HHS to expand access to sex-reassignment surgeries, including for children (Daily Wire)

• Radical abortion activists declare war on pro-life pregnancy centers, threaten more violence (LifeNews.com)

• American Medical Association calls abortion bans “violation of human rights” ahead of SCOTUS abortion decision (Daily Wire)

• Little troll Anthony Fauci tests positive for COVID-19 (ABC News)

• COVID vaccines for children not at risk move closer to FDA authorization (CNBC)

• Author James Patterson apologizes for pointing out white writers face racism (NR)

• George Washington University votes to remove colonial mascot (Not the Bee)

• U.S. military ground raid in Syria captures top ISIS leader (ABC News)

• Policy: The science on brain development rebukes those pushing gender transition on kids (The Federalist)

• Satire: Study shows kids who are homeschooled could miss out on opportunity to be a gay communist (Babylon Bee)

For more of today’s editors’ choice headlines, visit Headline Report.