After a particularly eventful term, the Supreme Court will hand down its final two decisions this morning. West Virginia v. EPA will determine whether the feds can regulate environmental concerns and Biden v. Texas (aka "Remain in Mexico”), which will decide whether asylum-seekers can stay in the U.S. while they await their hearings. After we learn the outcomes, Justice Stephen Breyer will officially step down. He announced his retirement earlier this year. Judge Ketanji Brown Jackson was confirmed in April and will fill his seat. READ THE RESIGNATION

The Federal Reserve is pulling out all the stops to bring down inflation, but Chair Jerome Powell is taking pains to temper expectations. Speaking at the European Central Bank forum in Portugal, the nation's top banker said there are "no guarantees" that the Fed's recent rate hikes will actually lower inflation, and that the economic forces that kept prices down before the pandemic may be gone forever. At the same time, he noted that a recession in the U.S. is possible, but not inevitable. In other words, much is uncertain in the post-Covid economy, and not even the chair of the Federal Reserve is sure about how things are going to shake out. AP

President Joe Biden said the U.S. is once again ramping up military forces in Europe to counter Russian aggression on the continent. The president said the U.S. was setting up a permanent military base in Poland on NATO's eastern flank. In addition, more troops are headed to Romania on a rotating basis, and two F-35 squadrons are setting up shop in the U.K. to bolster air defenses. Biden said the administration is "going to make sure that NATO is ready to meet threats from all directions, across every domain: land, air, and the sea." WSJ 

Disgraced R&B singer R. Kelly has finally been sentenced after a years-long racketeering case comes to an end. A Brooklyn federal judge sentenced the once upon a time hitmaker to 30 years in prison. Back in September, Kelly was found guilty of violating the Mann Act, an anti-sex trafficking law, and was convicted on all nine racketeering counts. The judge handed down the sentence after hearing 11 victims, nine of which were women and two men. Kelly is set to face a separate trial in Chicago beginning Sept. 1. CHEDDAR

In a letter to the CEOs of Apple and Google, Federal Communications Commission official Brendan Carr renewed calls for TikTok to be removed from app stores. The video-sharing app has courted controversy before for its ties to China-based parent company ByteDance. Now Carr is accusing TikTok of collecting everything from "search and browsing histories to keystroke patterns." The letter came after a recent Buzzfeed News report showing that the app accessed nonpublic data from U.S. users, while also feeding that information to colleagues in China. The company has previously told the Senate that U.S.-based teams controlled the data. CNN

The U.S. is tapping into its national stockpile of monkeypox vaccine as cases continue to rise. So far, 300 cases have been confirmed in the U.S., but testing isn't widespread, meaning the number of people who have been infected could actually be larger. Luckily, this disease is less transmissible than, say, Covid-19, and so far this outbreak of monkeypox is not believed to have caused any deaths in the U.S. HERE'S THE PLAN

A 34-year-old Colorado man found himself being gored by a bison at Yellowstone National Park on Monday — the second bison attack at the park this year. The incident was caught on video by another park visitor and posted on Facebook. It shows the victim walking with his family along a boardwalk before the bull bison charged. The unnamed individual suffered an arm injury and was taken to a hospital in Idaho Falls. The park issued a press release about the attack, warning visitors about the danger of getting too close to the park's inhabitants. AP

The Fourth of July isn't known for being an expensive holiday. A few packs of hot dogs and a cooler of beer are generally pretty cheap. But this year, hosting a backyard barbecue could prove more costly than usual. A new report from Wells Fargo found that a July 4th party with 10 people could cost 11% more than last year. The biggest contributing factor? Proteins, which have seen the biggest price spikes. The report's author told Cheddar that consumers are likely to get creative in crafting their holiday menus, substituting more expensive products for cheaper ones, like shrimp, which apparently is still pretty affordable. CHEDDAR 

…46-year-old Travis Barker has been hospitalized and diagnosed with pancreatitis. News of the drummer's hospitalization broke Tuesday after he sent out a "god save me" tweet and an Instagram post from his daughter asking followers for prayers.

… The Oscar Academy is looking to expand. The Academy of Motion Picture Arts and Sciences sent out invites to 397 potential new members. The move comes as other ceremonies, such as the Golden Globes, have come under recent fire for the lack of diversity within voting bodies.

…Warm up those vocal chords, because Spotify is rolling out a new karaoke feature that allows users to sing along to their favorite songs, and even get scored for their efforts. 

Taco Bell's fusion experiments continue with the Big Cheez-It Tostada — a ginormous Cheez-It cracker replacing the inner tortilla shell of the menu item. The cracker combination is being tested in the Taco Bell hometown of Irvine, California, for two weeks. CNN

According to a recent survey by PYMNTS.com and LendingClub, 58% of Americans have admitted to living paycheck to paycheck, including more than 30% of those making upward of $250,000. Anuj Nayar, financial health officer at LendingClub, joined Cheddar News to break down how inflation is impacting income, how higher-income earners are facing the same issue, and what that figure means about our economy. CHEDDAR