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Live from NPR News, I'm Lakshmi Singh. Inflation in the United States has cooled. The 3.5% year over year increase posted in June was slower than the annual rate recorded in May. The slowdown happened during a lull in fighting between the US And Iran, even though attacks have escalated in recent days. Fed Chair Kevin Warsh went to Capitol Hill with a pledge to steer monetary policy toward bringing down inflation.
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Now at the Fed, our number one objective is getting monetary policy right. That's our clear and constant aim, the star we steer by. And if we get policy right, and I can assure you we will, the inflation surge of the last five years will be a thing of the past.
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President Trump hosted Iraqi Prime Minister Ali Al Zeidi today during a joint news conference. Trump defended a decision to to reinstate the U.S. blockade on the Strait of Hormuz as a war with Iran escalated. He also said there would not be a 20% toll on ships going through the critical passageway, but wanted to strike investment deals with other countries in the region. Israel's government has agreed to give more than $2.8 billion in new funding to expand Jewish settlements and build new ones in the occupied West Bank. NPR's Emily Fang has more.
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The funding will go to building 12,000 new housing units across the West Bank. And this comes on top, $1.6 billion in funding announced last month. The west bank comprises land that was intended for a future state of Palestine, but Israelis have been building settlements there for decades. And Israel's far right finance minister Batzel Al Smotrich has extended more state support for these settlements. Last year, Smotrich revived a controversial settlement project near Jerusalem, which will receive some of the state funding approved this week. And he declared in a statement last year that he buried the idea of a future Palestinian state by going forward with building Israel neighborhoods and the west bank first. Emily Fang, NPR News, Tel Aviv.
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The administration's rescinded its effort to freeze $10 billion in social services funding for five Democratic led states. More from NPR's Jennifer Ludden.
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In January, the Trump administration announced a freeze in child care subsidies and cash aid to California, New York, Colorado, Illinois and Minnesota. Officials pointed to a years long benefits scandal in Minnesota and claimed there was ongoing fraud in the five states but offered no evidence. The state sued, noting that stopping funds for those programs would hit hard for hundreds of thousands of low income families. A federal judge had blocked the move in a letter filed with the court. The Department of Health and Human Services does not explain why it's canceling that freeze. Trump administration officials have repeatedly tried to block social safety net funding and repeatedly faced pushback from courts. Jennifer Lutton, NPR News, Washington.
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It's npr. E. Jean Carroll, the columnist who accused President Trump of sexually assaulting and defaming her, has received a $5.6 million payment from her civil case against Trump. She waited three years after jury found Trump was liable for damages. The money was held in escrow while the president appealed the award. The International Space Station has new arrivals. An American and two Russians arrived at the orbiting outpost today from Kazakhstan. They will spend eight months at the. We are now down to the semifinals of the FIFA World Cup. First up, France and Spain. They are playing each other this hour in Arlington, Texas. Steve Futterman reports. The winner advances to Sunday's final.
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On paper, this is a dream matchup. Before the World cup began, many felt France and Spain were the top two teams. France has been the most impressive World cup squad so far, led by the great Kylian Mbappe, who has eight goals. Spain, on the other hand, has been led by its defense. In five of its six matches, it has held the opposition scoreless, all while getting just one goal from its young star, Lamine Yamal. Yamal turned 19 yesterday. He wears number 19. Spanish fans are hoping today is the day he gets going offensively. Tomorrow, the second semifinal takes place, England versus Argentina. For NPR News, I'm Steve Futterman at the World cup in Arlington, Texas.
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Quick check on gas prices. AAA says the average price for a gallon of regular gas is now down to $3.85. You're listening to NPR News.
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