Cheddar Afternoon News Briefings of July 27th 2023

News Briefings

This is your daily news briefing from Cheddar News. The Federal Reserve has raised its target interest rate by a quarter percentage point. The fed has so far raised rates 11 times since March of last year as it works to lower inflation fed. Chair Jerome Powell says those efforts are ongoing adding that the board would not be comfortable lowering interest rates until at least next year. Also a ring that belongs to the late rapper Tupac Shakur has sold at auction for a record breaking $1 million. The custom ring features a gold crown adorned with rubies and diamonds. She wore the ring during his final public appearance at the 1996 MTV music video awards. Sotheby's auction house originally estimated the ring would sell for between two and $300,000. A study released yesterday from climate central analyzed 44 major US cities and found that most cities experience a heat island effect. That's when city centers absorb more heat than their surrounding areas. It's due in part to the replacement of natural vegetation with infrastructure like pavement that absorbs more heat. And that's your chet news update I'm do in New York.