The Federal Reserve announced its biggest back-to-back interest rate increases since the 1980s. For the second time this year, the Fed tacked 75 basis points onto its benchmark rate, raising the target range to between 2.25% and 2.5%. This is arguably a watershed moment for the Fed in its fight to bring down inflation, and economists and investors are bracing for what comes next. The Fed meets three more times this year, and additional rate hikes are expected. CHEDDAR NEWS

Sen. Joe Manchin, D-W.Va., has agreed on legislation that would include $369 billion for climate and energy programs and $451 billion in new tax revenue over a decade while slashing federal spending on prescription drugs by $288 billion, in a deal announced by the moderate Democrat and Majority Leader Chuck Schumer, D-N.Y. This reverses Manchin’s stance two weeks ago when he said he wouldn’t support such an agreement this summer. The new plan would reduce the federal deficit by about $300 billion. NY TIMES

After failing to provide medical aid to George Floyd during his 2020 murder at the hands of former police officer Derek Chauvin, two former Minneapolis officers were sentenced to prison after being found guilty on federal charges of violating Floyd’s civil rights. J. Alexander Kueng received a sentence of 3 years, while Tou Thao was sentenced to 3½ years. Now, all officers involved in Floyd’s death have been sentenced: Thomas Lane — considered the least culpable — received 2½ years, while Chauvin — who knelt on Floyd’s neck — was handed a federal sentence of 21 years in prison. CHEDDAR NEWS

The Biden administration has offered a deal with Russia for the release of WNBA star Brittney Griner and another jailed American, Paul Whelan. Secretary of State Antony Blinken said he expects to speak with Russian Foreign Minister Sergey Lavrov about the deal, which was offered weeks ago, in the first discussion between the two since Russia invaded Ukraine in February. There’s speculation the plan entails a prisoner swap that includes the release of Viktor Bout, a Russian arms dealer serving a 25-year U.S. prison sentence. CHEDDAR NEWS

Meta, the parent company to Facebook, Instagram and WhatsApp, recorded its first revenue decline in the company’s history in its latest earnings report. Refinitiv analysts expected a second-quarter revenue of $28.9 billion, but Meta fell short at $28.8 billion, marking a 1% year-over-year decline. Earnings came in at $2.46 per share against the $2.59 estimate. Thanks to a shrinking market share, Meta is preparing for further advertising headwinds in the third quarter, revising its revenue projections from $28.5 billion to $26 billion. CHEDDAR NEWS

President Joe Biden twice tested negative for Covid and will no longer need to isolate. After Biden completed his five-day course of Paxlovid, White House physician Kevin O’Connor said the president will continue to wear a “well-fitting mask” for 10 days while around others, adding that Biden’s symptoms “have been steadily improving, and are almost completely resolved.” Just hours after the second negative test, the 79-year-old president spoke at the White House Rose Garden where he encouraged Americans to get vaccinated. CHEDDAR NEWS

The Senate approved a historic bipartisan bill to expand the domestic semiconductor industry amid a worldwide shortage, which most lawmakers agree is due in part to America's reliance on foreign manufacturers of the crucial computer part. The CHIPS Act provides $52 billion in funding for developing manufacturing capacity in the U.S. Intel earlier announced a $20 billion investment to build a semiconductor production hub in Ohio. President Joe Biden said the bill offers one solution to inflation and supply chain bottlenecks, but Sen. Bernie Sanders, I-Vt., deemed it “corporate welfare.” CHEDDAR NEWS

After Democrats condemned Hulu for refusing to run political-issue ads, the streamer’s parent company Disney said it will allow such advertising after all, including spots for political candidates. Hulu recently faced public backlash, which included #boycottHulu to trend on Twitter, after the streamer rejected ads related to abortion rights and gun control. Though Hulu is required to accept advertising from candidates on any topic regardless of political leaning, Disney said it still reserves the right to ask clients to edit ads so they’ll align with Disney’s standards. AXIOS

Spirit Airlines terminated its merger agreement with Frontier Airlines, paving the way for a possible takeover from rival budget airline JetBlue, which has been a suitor of Spirit for months. JetBlue has sought to buy Spirit in an all-cash offer for about $3.7 billion in a deal that would create one of the country’s largest airlines. Spirit, however, had repeatedly brushed off JetBlue’s offer, citing the unlikelihood it would receive regulatory approval due to antitrust issues. CNBC

After weeks of delays and growing criticism over a slow response to the disease, the U.S. is set to distribute nearly 800,000 doses of the monkeypox vaccine. More than 310,000 doses have already been allocated to U.S. health departments as more than 3,500 cases have been reported nationwide. Yesterday, World Health Organization Director-General Tedros Adhanom Ghebreyesus encouraged men who have sex with men to limit sexual partners to slow the spreading of the disease, but also acknowledged the importance of destigmatizing monkeypox. CNBC

Today is Earth Overshoot Day, which marks the day of the year when society’s demand for resources exceeds what the Earth can generate in that year. In 2022, it falls two days earlier than in 2021. Earth Overshoot Day is calculated by dividing Earth's biocapacity by the ecological footprint or demand of humankind and multiplying that by 365. Simply put, the bigger humanity's resource demand, the earlier in the year the date falls. At humanity's current pace, it's consuming about 1.75 Earths’ worth of resources each year. CHEDDAR NEWS

• In a one-on-one with Cheddar News, Chris Evans acknowledged his passing of the torch as Captain America, saying bluntly: “Anthony Mackie is Captain America. That’s the truth.” Evans also touched on what makes a good villain, advice he has for stars joining the MCU, and his new dog, Dodger. CHEDDAR NEWS

• Barack Obama released his annual summer playlist, Shawn Mendes canceled his world tour, and Drake is the latest celebrity to come under fire for contributing to climate change. Catch up on some of the day’s biggest stories in pop culture. CHEDDAR NEWS

Electric vehicles are the future of automobiles. But, as of right now, the United States isn’t ready for that future — 30% of the nation’s charging stations are concentrated in a single state, making EV ownership in most of the country unrealistic. A particular challenge is preparing the densest cities for an influx of electric cars. So how will cities, states and the nation get ready for the EV revolution? This video is presented by Con Edison. YOUTUBE