WTF Just Happened Today

Tuesday, October 11, 2022

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1/ The International Monetary Fund warned that the world economy was headed for “stormy waters” and “the worst is yet to come.” The IMF’s World Economic Outlook report forecasts that global growth will slow to 2.7% in 2023, compared with projected growth of 3.2% this year. Aside from the global financial crisis and the peak of the Covid-19 pandemic, this is “the weakest growth profile since 2001.” The report added that “for many people 2023 will feel like a recession.” (New York Times / Wall Street Journal / CNN / CNBC)

2/ The Biden administration suggested that the U.S. needs to “re-evaluate” its relationship with Saudi Arabia following the decision by the OPEC+ oil cartel to cut oil production by 2 million barrels. Days before the decision, U.S. officials urged their counterparts in Saudi Arabia and other big Gulf producers to delay the decision for another month, warning that cutting production would be viewed as siding with Russia in the Ukraine war. The Senate Foreign Relations Committee, meanwhile, called on the Biden administration to “immediately freeze” U.S. cooperation with Saudi Arabia. And, National Security Council spokesman John Kirby said Biden would “work with Congress to think through what that relationship ought to look like going forward.” Chuck Schumer added that several legislative responses are under consideration, including a halt to arms sales and a new antitrust measure. (New York Times / Politico / NBC News / CNN / ABC News / Bloomberg / Washington Post)

3/ Biden pledged to “continue providing Ukraine with the support needed to defend itself, including advanced air defense systems.” The commitment follows Russia’s decision to launch 84 cruise missiles against targets across Ukraine on Monday, which G-7 leaders have called “indiscriminate attacks” against civilians that amount to “war crimes.” Putin claimed the strikes were in response to what he described as acts of “terrorism” and other alleged “crimes” by Kyiv. (CNN / Washington Post / Bloomberg)

4/ The Justice Department asked the Supreme Court to reject Trump’s appeal over classified documents...

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