Mo News: Israel & Gaza Strike A Truce

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Hi everyone!

• A ceasefire takes hold after a weekend of conflict between Israel and the Palestinians...

• The U.S. economy sees a job boom - so are we out of the woods when it comes to a recession?

• The latest on what's next for gas prices across America;

• Indiana becomes the first state in the country to approve a new near-total ban on abortions post Roe v Wade;

• Where President Biden is spending his first day out of isolation;

• Senators pulled an all-nighter on Capitol Hill to pass the Democrats' Inflation Reduction Act. It's a big win for climate change - but will it actually reduce inflation?

• Is coffee the secret to a longer life?

• And as always, Good Mood Monday to start the week right.

I will see you tonight at 9pmET on my regular Mondays with Mosh Instagram Live. Bring your questions.

~ Mosh

🇮🇱🇵🇸 ISRAELIS, PALESTINIANS AGREE TO CEASEFIRE

As of early Monday AM, a truce is in effect between Israel and the Palestinian Islamic Jihad (PIJ) terror group based in the Gaza Strip.

• The Latest: After a weekend of deadly violence, Israel and the PIJ had agreed to a ceasefire late Sunday night, brokered by Egypt (which has relations with both parties). The truce raised hopes for an end to the worst burst of violence since the May 2021 war between Israel and Hamas, the larger terrorist group that seized control of Gaza in 2007.Notably, Hamas didn't get involved this weekend, as it continues to rebuild the Gaza Strip--where nearly 2 million Palestinians reside--after the last war. It reportedly feared Israeli reprisals if it joined the fighting, and undoing economic understandings with Israel, including work permits for thousands of Gaza residents. Israeli officials warned Hamas last week to refrain from entering the latest conflict, noting their target was strictly PIJ. ~AP

via The Economist

• 50 Hours Of Violence: Hundreds of rockets were fired from Gaza into Israel beginning Friday night. They came hours after the Israeli military launched a preemptive strike targeting multiple terrorists, including several leaders of PIJ, the Iran-backed terror group (more on this below).This all started last week with Israel arresting PIJ leaders in the West Bank. The group then threatened imminent retribution and attacks. Israel says it launched the initial strike due to that "immediate threat." The fighting killed least 44 people in Gaza and wounded at least 311 others. Hamas health ministry officials say at least half the deaths were civilians. ~AP NewsThe Israeli military warned residents of targeted buildings before each strike, according to the AP. In one of the strikes, after the warnings, the fighter jets dropped two bombs on the house of a Palestinian Islamic Jihad member. The Israeli military says a number of rockets fired by the PIJ never made it to Israel - instead, they fell back into Gaza, killing civilians and children. Of the ones that do make it into Israeli airspace, most were intercepted by Israel’s Iron Dome missile defense system.

Palestinians inspect the ruins of a collapsed building destroyed by an Israeli air strike in Gaza City, on Saturday. (Photo by MAHMUD HAMS/AFP via Getty Images)

Both Israelis and Palestinians in Gaza were impacted by the back and forth. A number of residential buildings were destroyed in Gaza, where residents are forced to prepare ‘survival bags’ with important things like money, photos, important documents, and medicine in case they lose their homes in the attack. Many Israelis were forced to spend nights in bomb shelters, as rocket fire from the Gaza strip targeted their communities overnight. A couple dozen Israelis were taken to hospitals.

• Will It hold? Rockets were fired towards Israeli towns near the Gaza border on Sunday evening, breaking a ceasefire reached between Israel and the Palestinian Islamic Jihad just eight minutes after it took effect. ~ The Jerusalem Post

• Iran’s influence: Israel’s archenemy, Iran, supplies Palestinian Islamic Jihad with training, weapons and money. It is one of the many terror groups Iran funds across the wider region. PIJ is the smaller of the two main Palestinian militant groups in the Gaza Strip, and is vastly outnumbered by Hamas, which has more fighters and supporters. Both groups call for Israel’s destruction, but have different priorities, with Hamas constrained by the demands of governing Gaza. The territory has a 45 percent unemployment rate and an almost 50 percent poverty rate, according to a recent Al Jazeera report. ~ NY Times

📈 JOBS JOLT

The U.S. saw unexpectedly high job growth in July, across nearly all industries. The White House breathed a sigh of relief as the economy added 528,000 jobs - more than double the 250,000 new jobs economists expected. It’s a pandemic recovery milestone, with the US now officially recovering all 22 million jobs lost since the start of the pandemic (See red line below).

• Let’s deconstruct the jobs report:Unemployment rate: The unemployment rate dropped from 3.6% to 3.5%, matching the 50-year low unemployment the U.S. reached just before the pandemic.Wage growth: One important factor to look for in the monthly jobs report is wages, aka pay gains. Wage growth last month ticked up to 5.2 percent over the past year – a good increase, but still not high enough to keep up with the 9.1% inflation rate. (We’ll get new numbers on inflation this week.)Where are the jobs? Leisure and hospitality led the gains with 96,000 new jobs, including 74,000 at bars and restaurants. This sector has been the slowest to recover its losses from the pandemic, and still remains 7.1% below February 2020 levels. It was followed by 89,000 new business service jobs and 70,000 new healthcare jobs. ~ Fox BusinessBut some fear the good news now could become a problem for President Biden later. Employers hired rapidly and paid more in July… putting pressure on the Federal Reserve to continue with its aggressive interest rate hikes in order to cool down the economy.So… we’re not in a recession? The jury’s still out. The official organization that designates recessions, the National Bureau of Economic Research (NBER), hasn’t made its decision yet. While this report helps calm recession nerves, there are warning signs for the economy. A new ABC News/Ipsos poll shows nearly 70% of Americans think the economy is getting worse - the highest number recorded since 2008.All eyes are now on Wednesday’s CPI report, where we’ll get the latest read on U.S. inflation. The data will tell us how much consumer prices, like gas, clothing, and food, rose in July. As always, we’ll be crunching the numbers for you.

🚨 SWEEPING INDIANA ABORTION BAN

Indiana approved a near-total ban on abortions over the weekend. It will take effect September 15th – making it the first state in the nation to pass new abortion restrictions since the Supreme Court overturned Roe v. Wade in June. Other state bans came about from trigger laws passed before the high court decision. ~ Indy Star

• First of its kind: Indiana’s House and Senate both approved the near-total ban on Friday. Governor Eric Holcomb signed the bill late Friday.The law bans abortion at any stage, except in cases of rape, incest, fatal fetal anomalies, and/or when the life of the mother is in danger. Doctors in the state who perform illegal abortions will lose their medical licenses.Prior to this law, Indiana allowed for an abortion up to 20 weeks after fertilization (or 22 weeks after the mother's last menstrual period). It was a safe haven for abortion seekers, who could come from other states with existing abortion bans (you may remember the 10-year-old rape victim from Ohio, who crossed state line to receive an abortion in Indiana).

• In response to criticism, Indiana Republican House Speaker Todd Huston told reporters that if residents are unhappy, they can vote for new lawmakers. "Voters have an opportunity to vote, and if they're displeased, they'll have an opportunity both in November and in future years."

• Major corporations in Indiana were quick to criticize the new laws.Eli Lilly: The pharmaceutical giant said it “will be forced” to plan its future growth outside of Indiana, where it has been headquartered for more than 145 years and employs 10,000 people.Cummins: Engine manufacturing company Cummins, headquartered in Indiana, said the law will “impede our ability to attract and retain top talent.”

• Here's a look at where state abortion bans stand.

💵 SENATE DEMS PASS CLIMATE, TAX BILL

In a rare weekend session for the Senate, Democrats passed their major spending bill known as the Inflation Reduction Act of 2022 by a 51-50 vote. It was an overnight voting marathon that lasted roughly 16 hours (starting around 11:15 pm Saturday and ending with final passage around 3:15 pm Sunday). The legislation is aimed at tackling climate, health care, and taxes. ~ The Hill

• The legislation was expedited through the budget reconciliation process, which means all that was needed was a vote from all 50 Democrats and one tie-breaker vote from Vice President Harris. All Republicans opposed the bill. It now heads to the House, where a vote is scheduled by week's end.

• Democrats are hoping the victory will be a morale boost just three months out from the midterm elections, where the control of congress is at stake.

• What’s in the bill? While ambitious, it's still a very scaled-down version from what many Democrats, including the President, had hoped for. “This bill is far from perfect. It's a compromise. But it's often how progress is made,” Biden said at the White House last month.Climate: $370 billion would be invested in energy and climate reform, the largest federal clean energy investment in U.S. history.Health Care: For the first time, it will be allow the US government to negotiate the prices of certain expensive drugs each year for Medicare. It will only impact a handful of prescription drugs and patients, and it won't take effect until 2026. People on Medicare also won't have to pay more than $2,000 a year in out-of-pocket costs for prescription drugs. That will kick in in 2025.One thing that didn’t make the bill: A $35 cap on out-of-pocket payments for Insulin, for patients who have private insurance. Insulin costs about eight times more in the U.S. than it does in 32 other “high-income” nations, according to an HHS study from 2020. Democrats gained support from a handful of Republicans, but not enough to pass that provision. Nevertheless, Democrats were able to pass a $35 insulin cap for patients on Medicare.Tax Reform: The legislation would implement a 15% minimum tax for corporations making $1 billion or more in income.

• While dubbed the ‘Inflation Reduction Act,,’ not everyone is convinced it will live up to its name. Senator Bernie Sanders (I-VT) ripped the Inflation Reduction Act from the floor of the Senate chamber Saturday night, arguing it does little to fight inflation and not nearly enough to help Americans struggling to afford health care, child care, and housing. Many experts agree with him - arguing that while the bill has its perks, it could actually make inflation worse. Regardless, Sanders voted for the legislation.

🗞 THE SPEED READ

Biden to end isolation at White House after second consecutive negative COVID test (NBC News)

President Biden has ended isolation at the White House, after his second negative COVID-19 test yesterday. The consecutive negative tests come after seven straight days of testing positive from a "rebound" COVID case. The President will continued to be monitored. He traveled to Rehoboth Beach, Delaware after ending isolation yesterday. It was the first time the president has left the White House in 18 days and the first time he has seen first lady Jill Biden since July 20, according to the White House.

Gas prices are finally dropping. Here are 4 things to know (NPR)

Pain at the gas pump is slowly easing. The average for a gallon of gas is now below $4 in 25 states, with the national average sitting at $4.06 on Sunday. The drop is being fueled in part by decreasing gas consumption by American consumers - 9 percent lower than it was last summer. Economists hope the price drop will help lower the high cost of living, since the high gas prices were largely contributing to the high inflation. Patrick De Haan, a petroleum analyst for the website GasBuddy, said he anticipates the national average of gas to dip below $4 within a couple days.

Officials consider new way to inject monkeypox vaccine (NYTimes)

A change may be coming for those who receive monkeypox vaccines, as the government looks to make the most out of their vaccine supply. As of now, the vaccine is administered “subcutaneously,” or under the skin. To help ration the supply, physicians may start giving the vaccine “intradermally,” which means it will stay in the layers of skin and not go through, like other vaccines do, said Dr. Daniel Griffin, an infectious disease specialist at Columbia University. Smaller doses with intradermal injections have been done with flu and rabies vaccines. The proposal has not been cleared by the FDA.

How To View The Perseid Meteor Shower This Week (NPR)

Watch out for the shooting stars coming your way this week. The most popular meteor shower, known as the Perseids, is about to reach its peak. They will peak later this week--between Thursday and Saturday--and be most visible in the Northern Hemisphere in the hours before dawn, but might be seen as early as 10 p.m. However, we have a full moon this week, which could affect visibility.

If you drink these types of coffee, you could have a lower death risk (CNN)

Coffee does more for you than just a boost of energy in the morning… it may actually be associated with a lower risk of overall death, according to a new study. People who drink a moderate amount of coffee — up to 3½ cups a day — might have a better chance at a longer life span, even if their coffee is lightly sweetened with sugar, according to the research, published in Annals of Internal Medicine. A separate 2021 study showed that any coffee intake could help protect the heart and help treat other diseases because of coffee’s anti-aging properties and antioxidants.

☀️ GOOD MOOD MONDAY

Nepal's wild tiger population is roaring back from the brink of extinction. There are now almost three times as many wild tigers in the country as there were in 2009. There are still only about 3,900 tigers in the wild, according to the World Wildlife Fund, making them an endangered species.

Royal Bengal tigers roam at the central zoo in Lalitpur, Nepal | Getty Images

[Top Banner Photo Credit: Photo by Mohammed Dahman/Getty Images]

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