State of the World with Ian Bremmer
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Gasoline prices at a US Sunoco


US inflation rises for the first time in a year

Inflation in the US rose in July after consistently falling over the past 12 months. Spikes in rent, gasoline, and groceries reversed the downward trend, pushing prices 0.2% higher than in June and 3.2% higher than a year ago.

This past year, the Fed has aggressively raised interest rates, making it more expensive to borrow money, in a bid to cool off the economy, lower consumer demand and, in turn, lower prices. But the economy has been stubborn, thanks to low unemployment, rising wages, and stable spending – all of which are keeping inflation well beyond the Fed’s 2% target.

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Students protesting the US Supreme Court's ruling blocking student loan forgiveness

Allison Bailey via Reuters Connect

Supreme Court rejects Biden’s student loan forgiveness plan

Today, on the final day of its session, the US Supreme Court announced its decision to block President Joe Biden’s student loan forgiveness proposal, which would have canceled more than $400 billion in student loan debt for millions of borrowers.

While disappointing to the 40 million student loan borrowers who would have benefitted from the program, the odds of the conservative majority court ruling in favor of Biden’s proposal were slim. The 6-3 vote was split down ideological lines, with the court’s conservative justices arguing that the law does not authorize the Department of Education to cancel student loan debt.

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US President Joe Biden and VP Kamala Harris during Biden's second State of the Union address.

Jacquelyn Martin/Pool via REUTERS/File Photo

It's official — Biden is running

US President Joe Biden on Tuesday officially announced he's running for a second term. As was widely expected, he kicked off his reelection bid in a video message on the fourth anniversary of his 2020 campaign launch.

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Lieutenant General Mohamed Hamdan Dagalo, deputy head of the military council and head of paramilitary Rapid Support Forces (RSF).

REUTERS/Umit Bektas

What We’re Watching: Worsening clashes in Sudan, Biden’s waiting game, Lavrov’s Latin America tour, a Chinese police station … in NYC

Violence spreads in Sudan

Fighting in Sudan raged on for a fourth day Tuesday, and it’s unclear who is now in control of the country. Many of Khartoum’s 5 million residents are hiding in their homes as street fighting and air raids continue in the capital. So far, more than 1,800 people have been injured, while the death toll is nearing 200.

Who is fighting? Two military factions are vying for control of the oil-rich country that’s been trying to transition to democracy since longtime despot Omar al-Bashir was ousted in 2019. Gen. Abdel-Fattah Burhan, the country's army chief and de facto leader since 2021, is facing off against Mohammed Hamdan Dagalo, head of the RSF militia. (For more on the rivalry, see here.)

Amid a battle for control of key infrastructure, Khartoum's international airport has been subject to ongoing shelling, while a US diplomatic convoy also came under attack Tuesday. And while the UN, US and regional bodies have called for a truce, both sides have rejected ceasefire calls.

Still, we’re watching to see whether regional heavyweights – including Egypt and the United Arab Emirates – that have a vested interest in the outcome have any luck in getting the two sides to stand down.

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