Deadly Storms, World Cup, and Top 2022 Takeaways

Storms Across the Nation

At least three people were killed, including a mother and her 8-year-old son, as a massive storm system moving across the US brought at least 12 tornadoes to Louisiana, Texas, and Oklahoma late Tuesday. Dozens more suffered weather-related injuries across the South.

The broad wintry system is expected to impact all 48 contiguous US states by the end of the week. Blizzard conditions have swept across parts of the West, as heavy precipitation—2 feet in some places—led to the shutdown of a 200-mile stretch of highway in Nebraska. Severe thunderstorm alerts also went out yesterday across the South, with a winter storm watch in place from the mid-Atlantic to the Northeast through the end of the week. Track the storm here.

The South's proximity to the Gulf of Mexico makes it vulnerable to tornado outbreaks in the winter months. Last month, two people died after 37 tornadoes touched down across three southwestern states (see previous write-up).

Titans to Clash in Cup

A pair of soccer heavyweights will face off in the men's World Cup final, with France taking on Argentina after beating Morocco 2-0 in yesterday's semifinal match. Argentina handled Croatia 3-0 Monday. 

Only eight teams have won the World Cup title in the tournament's history, with both Argentina and France having won twice. France returns as the reigning champion, having won the 2018 cup, beating Croatia 4-2. The dominant storyline will be whether Argentine superstar Lionel Messi—named the world's best male player a record seven times—can lead his squad to the country's first title since 1986. 

The match is set for 10 am ET Sunday on Fox. See the tournament's best goals (so far) here.

Separately, the wife of former sports journalist Grant Wahl confirmed his cause of death as an undetected aortic aneurysm. Wahl collapsed Saturday while covering the Argentina-Netherlands match.

Final Rate Hike of 2022

The Federal Reserve yesterday raised interest rates by 0.5%, capping off a year of aggressive rate hikes to curb 40-year high inflation. The move brings the benchmark federal funds rate from near zero in March to a range of 4.25%-4.5%, a 15-year high. The rate affects borrowing costs for businesses and consumers, including for mortgages, auto loans, and credit cards. 

The hike is the year's seventh and marks a step down from four consecutive 0.75% increases. The interest rate is expected to continue to climb next year, with most Fed officials signaling plans to raise rates higher than previously expected to between 5% and 5.5%. Economic projections (see here) released yesterday also show officials expect the economy to slow down next year, estimating unemployment to rise to 4.6%, compared to 3.7% in November. 

Because of a lag between the rapid rate hikes and the resultant economic response (see 101), the long-term impact of the cumulative hikes remains to be seen. 

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