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Well, the Federal Reserve decided to stand pat on interest rates for now — and said it may make just one cut this year. In this episode, we break down the Fed’s latest move and look at which sectors are feeling the “lag effect” of rate hikes. Plus: Daycares are likely to raise prices as federal pandemic funding runs dry, and Fannie Mae’s chief climate officer says we should prepare for climate risk to become a bigger factor in the housing market.

It’s a New York edition of “Make Me Smart”! Marketplace’s Kristin Schwab joins Kimberly in the NYC bureau to discuss a growing trend in the city that never sleeps: Nightlife is winding down a lot earlier these days, and that might be good for businesses. But first, why Tornado Alley may be migrating east, and a deeper look into the legal loopholes of campaign finance. Plus, the rescue of an orphaned baby elephant is making us smile.

Here’s everything we talked about today:


“Tornadoes shifting east in the U.S., study finds, putting more people at risk” from The Washington Post
“Everything You Need to Know About the New ‘Twisters’ Movie” from Parade
“$800K transfer from billionaire donor to US Chamber raises curtain on dark money” from The Hill
“Reservations at 5 p.m.? Why the early bird dinner is cool again” from The Globe and Mail
“Forget Partying Till the Wee Hours. Newlyweds Want to End Early.” from The New York Times
“This dance party made for elder Millennials ends at 10pm” from Time Out
“6 p.m. dinner reservations are losing their stigma” from Marketplace
“The Rescue of Toto” from Sheldrick Wildlife Trust
“African elephants address one another with individually specific name-like calls” from Nature Ecology & Evolution
“Scientists used AI to figure out elephants have names for themselves” from Business Insider

We love to hear from you. Send your questions and comments to makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Markets mixed; Fed signals one rate cut this year; Inflation cools in May; Sony buying Alamo Draft House theater chain.

The consumer price index rose 3.3% in May; gas prices decline 9 cents in a week, AAA says; mortgage applications jump as interest rates dip; E.U. moves closer to hiking tariffs on Chinese electric vehicles.

The general public doesn’t always see eye-to-eye with economists on why inflation happens or on how to fight it, a new survey finds. We’ll unpack. Plus, a resilient U.S. economy lifts global economic outlook. And later: The Federal Reserve is expected to leave interest rates unchanged today. But let’s revisit the ’70s and ’80s, when the Fed was battling double-digit inflation and didn’t have the luxury of patiently holding interest rates steady.

It’s been called the largest economic development project in Georgia’s history. And it’s massive — six times the size of Disneyland. When Hyundai’s Metaplant comes online, it will pump out up to 300,000 electric vehicles per year, plus batteries. Jobs at the plant will pay more than the area average, and job training will be free of charge. We’ll hear more. Also on the program: banishing medical debt from credit reports.