💬 Quoted: “We did not expect this to be a smooth road. But these [inflation readings] were higher than I think anybody expected.”

• In a speech yesterday, Fed Chair Jerome Powell reiterated that US inflation is falling slower than the central bank expected, which means the Fed will likely hold interest rates at their current level of 5.25%–5.5% for the foreseeable future (the highest rate since 2001). Nearly two-thirds of economists now predict the Fed will cut interest rates a total of two times in 2024, starting in September – though those predictions could change following the release of the latest CPI data this morning.

💉 Stat of the Day: Weight-loss drugs have drawn a lot of media attention in recent months – but how prevalent are they, really? According to new data from the Kaiser Family Foundation, about 1 in 8 US adults have ever used a GLP-1 drug, a category that includes injections like Wegovy, Ozempic, Zepbound, and Mounjaro. Around 6% are currently using one of the treatments. The KFF also found 38% of adults who took the medication did so specifically to lose weight, with an additional 23% using the treatments for both a chronic condition and weight loss.

🤔 Did You Know? There are 41 buildings in New York City that have their own zip code, either due to their size, the amount of money they generate, or the number of people who work in them.

📰 Worth a Read: How Sicily's plan to sell homes for one euro helped revive the island → (AFAR)