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Federal Reserve Chairman Jerome Powell. Photo: Scott Olson/Getty Images

The Federal Reserve expects unemployment to hit a 39-year low this year, falling to 3.6%, according to the Washington Post's Heather Long, and the GDP to rise by .10%.

The big picture: Due to economic prosperity, the Reserve announced it would be hiking its "benchmark short-term interest rate a quarter percentage point," and suggested that two more hikes are in the near future, CNBC reports. Axios' Dan Primack explains that interest rate hikes are often seen as a drag on economic growth, but the Fed is basically saying not to worry.

Go deeper

10 hours ago - Politics & Policy

Biden explains justification for Syria strike in letter to Congress

Photo: Chris Kleponis/CNP/Bloomberg via Getty Images

President Biden told congressional leadership in a letter Saturday that this week's airstrike against facilities in Syria linked to Iranian-backed militia groups was consistent with the U.S. right to self-defense.

Why it matters: Some Democrats, including Sens. Tim Kaine (D-Va.) and Chris Murphy (D-Conn.) and Rep. Ro Khanna (D-Calif.), have criticized the Biden administration for the strike and demanded a briefing.

12 hours ago - Health

FDA authorizes Johnson & Johnson's one-shot COVID-19 vaccine for emergency use

Photo: Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The Food and Drug Administration on Saturday issued an emergency use authorization for Johnson & Johnson's one-shot coronavirus vaccine.

Why it matters: The authorization of a third coronavirus vaccine in the U.S. will help speed up the vaccine rollout across the country, especially since the J&J shot only requires one dose as opposed to Moderna and Pfizer-BioNTech's two-shot vaccines.

Updated 12 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios