The "cancel culture" phenomenon has been discussed by a number of readers writing to The Telegraph. Tim Leach, for example, recalls that when he was at Exeter in 1968, he was part of a student protest against an Enoch Powell speech he was invited to make by the university’s Conservative society. The noise of the students led Powell to abandon the speech, but he was not banned from speaking. However, John Pritchard, a former politician and Christian, said he had become “increasingly wary”: “As sensible people have become wary of being heard saying unfashionable things. I had never thought George Orwell’s prophecies would become a reality”. Cheryl Blair writes the cancel culture is “infantilising our young people” and the revocation of Jordan Peterson's visiting fellowship is “just the latest example of this worrying trend”. Another reader said it is an inhibition on free speech that is spreading in America. However, a correspondent insisted that the notion of “cancel culture” has been overblown and argued that Americans are still free to say ugly, racist or otherwise offensive things.
Chinese ships leave Vietnam waters after US-China talks
Reuters
23-06-06 04:20
A Chinese research vessel and its escorts that had been sailing in Vietnam's exclusive economic zone since May 7 left Vietnamese waters on Monday night, following high-level U.S.-China talks. The Xiang Yang Hong 10 craft during May travelled alongside a dozen ships, regularly crossing gas and oil fields operated by Russian firms, and attracted a rare public protest from the Vietnamese government. Experts warned that after a break in Hainan, the research vessel could continue activities in the disputed South China Sea.
Lake Mead's water level has risen almost 10 feet so far this year, as the effect of intense melting of the Colorado Rockies snowpack helps some of the nation's biggest reservoirs avoid a repeat of last year's historic water level drops. The largest of them, Lake Powell has risen more than 41 feet since January 2023, and has benefited from the US Bureau of Reclamation's decision to release more water through the Glen Canyon Dam at Lake Powell, which is located upriver 360 miles.
The World Bank is warning that the global economy is battling stubbornly high inflation amid the pandemic's aftermath and the war in Ukraine, and will slow dramatically as higher interest rates take a toll on both advanced and developing economies. Overall, global growth rates in 2022 are projected to be an anemic 2.1%, down from 3.1% in 2021, and will remain “frail” through next year. Meanwhile, a pair of central bank decisions next week will shape the outlook for a wobbly global economy that may push China back into recession and saw the German economy shrink for two consecutive quarters, meeting one definition of a recession. Investors are therefore focused on how much more work central banks must do to stem inflation which, while softening since its highs last year, is still elevated. Fed officials have signaled they may pause at next week's meeting after lifting their benchmark lending rate over the past 14 months at the fastest pace in four decades. Meanwhile, European policymakers are expected to increase the eurozone’s key rate by a quarter percentage point when they meet next week.
A 20hp Rolls-Royce car once belonging to Scouts founder Lord Baden-Powell will feature at a scouting event this weekend. Known as "Jam Roll," the car was a surprise gift to celebrate the 1929 World Jamboree and the Scouting movement's 21st birthday. Scouts worldwide were asked to contribute a penny each to pay for Jam Roll and caravan Eccles. Following Baden-Powell's death in 1941, the car and caravan were acquired by a trust in 2008. The car, which carries the Scouts motto and is etched with the Fleur de Lys emblem, is part of the collection at The Great British Car Journey in Derbyshire.
Canada has formed a partnership with Rainbow Railroad, a North American-based non-profit that helps individuals who are part of the lesbian, gay, bisexual, transgender, and queer (LGBTQ) community escape persecution. Rainbow Railroad seeks out those experiencing violence and offers them emergency relocation and crisis response, as well as cash assistance. Now, the group will also be able to facilitate the Canadian refugee programme. This marks the first time the organisation has enabled this type of government-sponsored refugee resettlement.
The AA has warned UK drivers to take extra care in thunderstorms that are forecast for Saturday and prepare for longer journey times and hazardous conditions. AA patrol of the year Nick Powell advised drivers to reduce their speed, leave extra space between vehicles, and ensure electric vehicles have sufficient charge. Driving through floodwater is always to be avoided, and drivers who experience aquaplaning should ease off the accelerator “to slow down gently” to regain control of their vehicle.
UK Prime Minister Boris Johnson and opposition Labour Party leader Keir Starmer will deliver speeches outlining their views on artificial intelligence (AI) during next week's London Tech Week, highlighting the rising importance of the sector for politicians. Officials from the UK government argue that the country is well placed to formulate a global system of principles covering AI regulation. The European Union, which is moving closer to backing the world's first AI regulation, has also backed closer collaboration on AI governance. Labour has called for new regulation to support the development of AI, including licensing regime for large datasets. However, officials have said that forming a global agreement on new regulation will be challenging given the EU's more traditionally cautious approach to regulatory innovation.
Lake Powell, America’s second-largest reservoir, has seen almost two thirds of its surface area shrink due to a once-in-a-millennium megadrought, which has lasted for 20 years. More than 100,000 acres of Glen Canyon, flooded by the lake, have emerged, exposing an area greater than Arches National Park, which environmental activists say should be designated as a national park in its own right. This creates an unprecedented opportunity to restore the surrounding area, which was flooded to create the reservoir in 1963. Environmental groups suggest restoring the canyon would involve allowing water stored in Lake Powell to flow to Lake Mead, consolidating water resources and creating a new national park.
During the 1980s and 1990s, when the full reservoir became a world-famous houseboating destination, Glen Canyon existed only in photographs and the dreams of a small band of environmentalists. However, the climate crisis has now made their ideas a little less “looney,” said Eric Balken, the executive director of the Glen Canyon Institute, arguing that Glen Canyon should be valued as a recovering ecosystem over a shrinking reservoir that is unable to deliver on its intended uses.
The National Park Service and the Museum of Northern Arizona are exploring 30 archaeological sites that were once under water and now emerging as the waters recede. Completed in 1963, the dam was intended to store water and provide hydropower to millions of people in western states by severely restricting the flow of the Colorado River, flooding Glen Canyon and altering the south-western United States beyond recognition.
The Federal Reserve are likely to pause on raising interest rates at their 13-14 June meeting in order to assess the economy's opposition to rising borrowing costs, however policymakers are likely to signal their preparedness to continue hiking rates if necessary. Policymakers will aim to gauge the impact of recent difficulties in the banking sector, though they will have to manage expectations concerning the diverging opinions on inflation, which some members of the committee believe has remained too high. The Fed's preferred inflation measure, the core inflation measure, has remained sluggish despite low unemployment and strong economic growth.
The US Federal Reserve Board is expected to signal a halt in interest rate hikes at this week's Open Market Committee meeting, having raised rates 12 times in the previous 15 months. So far, the bank has not been able to control rising inflation, with core inflation at 5.5%. However, estimates suggest the Fed may raise rates again in July. This will depend partly on Tuesday’s US Consumer Price Index figures and whether they persuade the Fed there is more work to do. The US inflation rate has slowly been on the decrease, but appears to be flat-lining around 5.5%. There are fears that the housing crisis could worsen, which would impact banks overexposed to securities holdings, so whatever the Fed does with interest rates, the housing crisis may provide an additional reason to pause further hikes.
Central banks are seeking to reverse the "culture of predictability" that has been strongly established since the financial crisis by reducing comments about future policy actions. The hesitation comes due to widespread global inflation, which may require predictable policy measures to tackle; however, the moment is marked by lack of clarity on policymakers' part about when and how to act, making it ideal for dialling back the clock. The Bank of Canada and the Reserve Bank of Australia showed how the emerging model works by resuming rate increases without trying to steer public expectations, after inflation proved more persistent than expected.
The Federal Reserve has responded to concerns that its FedNow system is a central bank digital currency (CBDC) by underlining the difference between the two, but has failed to highlight that while congressional approval would be needed to soft launch a retail CBDC, it might not be required for a wholesale CBDC. Its reliance on wholesale CBDCs is "concerning to hear", writes Federal Reserve consultant Nate DiCamillo.
Ambiguous Economy Is the Latest Result of Fed’s Increased Discretionary Behavior
Cato
23-06-13 14:43
The US Federal Reserve must navigate a difficult economic environment over the coming months following its post-Covid inflation policy missteps, according to two recent articles from Politico and the Wall Street Journal. The Fed set record-high and fast rate hikes in the wake of inflation concerns, leading to questions about its internal workings and the secrecy surrounding its monetary policy. However, discretionary behaviour has been a long-term issue dating back to 2009, with recent decisions part of a trend. After the financial crisis, successive Fed chairs deviated further from rule-based policymaking that had helped the Fed in the first place; under Powell, the correlation between the good policy rule and actual policy fell to -2%. Fed policy has been controversial for being too lenient since the end of the Great Recession; during Covid, the Fed kept its target rates at zero and bought more assets, therefore easing the economy further instead of raising rates.
Several British women, including MPs, have responded with sympathy towards a woman who procured drugs to obtain an abortion in a case that resulted in a two-year jail sentence. Carla Foster was between 32 and 34 weeks pregnant when she obtained the medication and was placed in custody for 14 months. Labour MPs Stella Creasy and Lucy Powell have called for legal reform, as has Conservative MP Caroline Nokes. While I remain a supporter of legal abortion, even at a relatively late stage, I too am outraged. Such legislation cannot simply be dismissed as a women’s health issue without considering the unborn foetus.
The Federal Reserve is expected to leave interest rates unchanged at its meeting on Wednesday, but may signal that more rate increases are still to come. The decision reflects a compromise between policymakers who are concerned about a weakening economy and those worried about persistent inflation. Despite recent strong employment and inflation reports, there is uncertainty about the future trajectory of these indicators. The Fed's last set of quarterly projections indicated that rate cuts are not anticipated anytime soon, with a true pivot towards looser policy only expected in 2025.
The Federal Reserve is expected to keep interest rates unchanged at its latest meeting, but may signal further rate increases in the future. Despite recent strength in employment and core inflation reports, there is uncertainty as to whether these will continue, leading to a cautious approach. The Fed is likely to show in its language and projections that one or two more quarter-percentage-point rate hikes will still be required by the end of 2023.
Sydney Sweeney has said that she would love to move to Australia after filming a romantic comedy there. The actress, known for her roles in Euphoria and The White Lotus, has received positive reviews for her performance as NSA whistleblower Reality Winner in the film Reality. Sweeney has already been cast in a number of upcoming projects, including Marvel’s Madame Web, Apple’s Echo Valley, and an upcoming remake of Barbarella. She said that she became an actress because she wanted to play as many characters as possible and is excited for the different roles she has coming up. Sweeney added that she didn’t want to have a preconceived notion of Winner before she played her, so she avoided reading about her online or any commentary on her story. She said that she tried to get to know Winner as a person and dive into her psyche to better understand her.
The Federal Reserve has indicated that it may raise interest rates twice more this year, beginning as soon as next month. The central bank's economic forecasts show that policymakers envision raising the key rate by an additional half-point this year, to about 5.6%. The Fed has been raising rates to combat high inflation, and the move to leave rates unchanged suggests that it believes its previous rate hikes have made progress in taming inflation. However, the officials want to take more time to assess the impact of the rate hikes on inflation and the economy.
The Federal Reserve has decided to keep interest rates unchanged but indicated that borrowing costs are likely to rise by another 0.5% by the end of the year. The US central bank made this decision in response to a stronger-than-expected economy and a slower decline in inflation. The Fed's new projections show that policymakers anticipate the benchmark overnight interest rate rising from the current 5.00%-5.25% range to a 5.50%-5.75% range by the end of the year. This has led investors to expect a resumption of quarter-percentage-point rate increases beginning at the next policy meeting in July.
