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Anna's Daybreak News

_{Just facts, you think for yourself}

Friday, 5:21 AM

December 13, 2024

Good morning news friend! Stay informed as the world’s stories unfold, shaping the narrative of our time. 📰🌟

Wholesale Inflation and Mortgage Rates

Wholesale costs in the US rose by 0.4% in November from October, an increase from 0.3% the previous month. Year-over-year wholesale prices climbed 3%, the fastest rise since February 2023.

Core producer prices, excluding food and energy, also increased by 0.2% from October and 3.4% from November 2023. Food prices impacted wholesale inflation, surging by 3.1% from October, driven largely by higher costs for fruits, vegetables, and eggs.

In the housing market, 30-year fixed-rate mortgage rates fell to 6.60%, the lowest level in nearly two months, down from 6.69% last week. Homebuyer demand has increased, aided by lower mortgage rates and strong consumer income growth.

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Biden's Clemency Day

President Biden commuted 1,500 sentences and granted 39 pardons. This is the largest single-day clemency in modern US history, surpassing former President Obama’s 330 clemency actions in 2017.

The commutations target individuals released during the COVID-19 pandemic who have since completed at least one year of home confinement.

The pardoned individuals, aged between 36 and 75, include those convicted of nonviolent offenses like drug crimes and fraud.

Their successful rehabilitation included contributions to their communities, such as helping youth or serving in emergency response efforts.

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Trump’s Tax Break and De-regulation Revamp

President-elect Trump's advisers are rethinking the state and local tax (SALT) deduction limit. Currently, the limit stands at $10,000. The proposal on the table aims to increase it to $20,000.

The SALT deduction is popular among residents in high-tax states like New York, New Jersey, and California. It offers savings to taxpayers facing steep property values combined with high state taxes.

Trump’s team is also exploring the possibility of merging or eliminating the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau, and the Office of the Comptroller of the Currency (OCC).

Reports suggest they may absorb deposit insurance into the Treasury Department. Trump advisers highlighted the need for streamlined financial oversight and establishing a unified regulator for banks.

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"Mirror Life" Microbes

Recent warnings from leading scientists highlight the dangers of creating "mirror life" microbes, which consist of mirror-image molecules of natural life forms.

The group, comprising 38 experts, including Nobel laureates, cautions that these synthetic organisms could evade immune systems, causing lethal infections.

Mirror bacteria are constructed from right-handed nucleotides and left-handed amino acids, generally found in nature. The likelihood of developing a viable mirror microbe could arise within one to three decades.

A 299-page report emphasized that existing antibiotics would likely be ineffective against these organisms. Researchers believe mirror life could replicate unchecked, threatening ecosystems and public health.

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New Overdraft Rules

The Consumer Financial Protection Bureau announced a new rule aimed at reducing overdraft fees at large banks and credit unions. Consumers pay approximately $8 billion annually in overdraft fees.

These fees disproportionately affect low-balance account holders, who incur an average of $237 to $439 annually. The new regulation aims to save consumers about $5 billion each year.

Overdraft fees average around $30 per occurrence. The new regulation will cap these charges, allowing banks to choose between a $5 fee or an amount that covers their costs. They may also opt to treat overdrafts as a line of credit.

The rule affects around 150 banks and credit unions with more than $10 billion in assets, out of roughly 9,000 in the nation.

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When Neanderthals Met Modern Humans

Recent studies shed light on the intermingling of Neanderthals and modern humans. Researchers pinpointed this mixing to around 45,000 years ago.

This timeline is more recent than earlier estimates. They analyzed ancient genes from the Zlatý kůň skull found in the Czech Republic and bone fragments from Germany.

The studies show that the interbreeding lasted about 7,000 years and contributed 1% to 2% of Neanderthal DNA in modern non-African genomes. Some findings indicate that East Asians carry about 20% more Neanderthal genes than Europeans and West Asians.

Neanderthal genes related to immunity and metabolism likely aided early human survival outside Africa. As a result, modern humans carry genetic traits linked to skin and hair color derived from Neanderthal ancestry.

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“Those who have nothing to prove never say that they have nothing to prove.”

Baked with love,

Anna Eisenberg ❤️