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It’s Thursday, June 13 — here’s what you’ll find in today’s newsletter:

• The Fed's cautious one-rate-cut plan

• Friend dictionaries that are trending on TikTok

• 4 quick hits of news from the last 24 hours

The Fed holds rates

The Fed held interest rates steady, and projected one rate cut in 2024. The WSJ notes the decision comes soon after a CPI report showing easing inflation.

USA Today says Wall Street remained bullish post-meeting: 2/3rds of S&P 500 stocks are pointing upwards.

@jasonfurman applauded the Fed's cautious stance: It needs more positive inflation data before cutting interest rates.

But Senator Warren disagreed. She urged the Fed to slash rates and ease housing and insurance costs.

For what it's worth, a Bloomberg Op is optimistic: U.S. inflation's cooling off in key areas. The Fed should stick to limited cuts in 2024, but things are looking good.

Friend dictionaries

Friend dictionaries are personalized vocabularies unique to close friends. Kidd Nation says they're TikTok's latest craze.

Hits96.com: They're great! They totally strengthen bonds among users.

The NY Post says they're basically Gen Z's new secret language -- it shows how tight zoomer friendships are.

But this blogger thinks we should be wary. Inside jokes create exclusivity and ruin the vibe.

Poll

1) Florida faces dangerous flooding as the 2024 hurricane season begins, prompting state of emergency declarations.

2) Tesla shareholders are voting in favor of Elon Musk's $56 billion pay package, amidst some calling it 'outrageous'.

3) Trump's Capitol Hill visit marks a significant moment as he meets with Republicans, amidst controversy over past actions.

4) Celtics edge closer to NBA title with a Game 3 win over Mavs, leading the Finals series 3-0.