In Brief:
- Federal Reserve officials plan to transition to smaller interest rate hikes soon, according to recent meeting notes.
- Property catastrophe reinsurance premiums are expected to rise significantly in areas like Australia, Florida, and France, heavily impacted by natural disasters last year.
- Severe drought is reducing agricultural output in California, leading to economic losses amounting to $1.2 billion.
Fed Officials Eye Smaller Rate Hikes; Rising Reinsurance Costs; Drought Shrinks California Farmland
Federal Reserve policymakers anticipate moving toward smaller interest rate increases soon. This shift is based on the latest minutes from the November policy meeting, suggesting a cautious approach to monetary tightening amid signs of slowing economic growth.
President Biden announced that the White House is actively engaged in talks to prevent an impending US railroad strike. Such a strike could disrupt nearly 30% of the nation's freight shipments by weight, causing inflationary pressures and potentially costing the economy up to $2 billion daily. The ripple effects would impact key sectors including energy, agriculture, manufacturing, healthcare, and retail.
Property catastrophe reinsurance premiums are poised to increase sharply in regions hit hardest by natural disasters in 2022. These include Australia, Florida, and France. Industry experts warn that premium hikes are inevitable as some insurers have withdrawn from the market following consecutive years of extreme weather events. (Paywall) (Free)
Legislation under consideration could simplify setting aside funds for emergencies. Three proposals aimed at boosting emergency savings are part of the Secure 2.0 bill, which seeks to build on reforms introduced by the Secure Act in 2019. Research indicates that households maintaining over $1,000 in emergency reserves during the pandemic were half as likely to dip into retirement accounts.
An avian flu outbreak has culminated in the culling of 50.54 million US poultry birds. This marks the deadliest such incident in US history.
California's farmland is contracting due to prolonged drought, resulting in a $1.2 billion loss. Most of the abandoned fields are located in the Central Valley, particularly its northern portion.
Potential Universal Flu Vaccine in Two Years; Global Measles Threat; Diabetes Risk Post-Covid
A universal flu vaccine might be available within the next two years. Preliminary tests involving an mRNA-based experimental formula similar to those used successfully against Covid-19 demonstrated protection against severe influenza in animal models, paving the way for human trials.
World Health Organization and Centers for Disease Control emphasize the looming global measles crisis. Measles remains highly infectious yet largely preventable via vaccination, requiring coverage rates above 95%. However, disruptions caused by the pandemic have led to declining immunization levels worldwide.
A recent study highlights an elevated diabetes risk following Covid infection. Even minor cases can elevate susceptibility among individuals predisposed to diabetes.
Oregon Faces Plow Operator Shortage; UK Experiences Unseasonal Warmth; Hawaiian Volcano Erupts
Hawaii's Mauna Loa, the world's largest active volcano, erupted for the first time in nearly four decades. Residents have been advised to stay prepared given potential threats to local communities. Authorities have issued warnings regarding falling ash and debris near the eruption site.
A landslide on Italy's Ischia Island has claimed at least eight lives. Heavy rainfall over six hours contributed to the disaster. Illegal construction practices are cited as exacerbating risks associated with natural hazards.
A shortage of plow operators means Oregon drivers should brace themselves for potentially hazardous road conditions this winter.
This November, the United Kingdom experienced temperatures 2.2°C (approximately 36°F) above average. Unseasonably warm weather has triggered a "second spring," prompting flowers and plants to bloom out of season. Horticulturists caution that this phenomenon could negatively affect ecosystems come next spring.
"An Engineering Marvel Saved Venice From Flooding—But What Happens When Seas Rise?" Operators of the Venetian flood protection system admit concerns about stress on infrastructure even with a modest 30 cm (about 12 inches) rise in sea level, which mid-range projections suggest could occur within three decades. (Paywall)
New reservoir projects intended to irrigate French farmland are being guarded by police. Environmental activists oppose these initiatives, marking what the New York Times describes as a precursor to future conflicts over water resources. (Paywall)
OTHER Developments
Ukrainians are sharing survival strategies amidst Russian missile strikes that have plunged Kiev into darkness.
A new Freedom Convoy is rumored to be scheduled for February 17-21 in Ottawa. It remains unclear whether this event will materialize or cause significant disruption.
The European Space Agency aims to harness solar energy from orbit and transmit it back to Earth. A final decision regarding the feasibility of space-based solar power will be reached in 2025.
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