How the interest rate hike will affect you; fewer than 1 in 5 parents would vaccinate kids under 5 ASAP, and more COVID news

Here’s a look at COVID-19 news for today, May 4.

Federal Reserve raises key interest rate

The Covid era of free money is over, and the Federal Reserve is stepping up its fight against inflation.

Fed officials raised the central bank’s benchmark interest rate by half a percentage point on Wednesday, its biggest single move in 22 years.

This follows the Fed’s decision to raise its rate by a quarter percentage point in March, its first interest rate hike since late 2018.

The fact that the Fed is finally moving away from zero shows confidence in the health of the job market. But the speed with which interest rates are expected to go up underscores its concern about the soaring cost of living. Here’s how higher rates will impact you:

Journalists from several news outlets test positive for COVID after Correspondents Dinner

Trevor Noah joked about the event becoming a superspreader — and now the cases are rolling in. The annual White House Correspondents Dinner, along with the festivities held in the days before and after it, have led to the inevitable spread of Covid.

In the days since WHCD weekend, reporters and staffers from CNN, ABC News, NBC News, CBS News, Politico, and other participating news organizations have tested positive for the virus. Most notably, ABC’s Jon Karl, who shook hands with President Biden and who sat next to Kim Kardashian, has fallen ill, as Politico’s Maxwell Tani first reported. Read more on those affected here:

Survey says fewer than 1 in 5 US parents say they’ll get Covid-19 vaccines for kids under 5 as soon as they could

US children under 5 are getting closer to authorized Covid-19 vaccines, but most parents may be reluctant to actually get them when they become available, a new survey found.

According to the Kaiser Family Foundation’s Vaccine Monitor survey, published Wednesday, only 18% of parents of children under 5 said they would vaccinate their child against Covid-19 as soon as a vaccine was available.

Nearly 40% of parents of young children said they would “wait and see” before vaccinating their child, 11% said they would get the vaccine only if required, and 27% said they would “definitely not” vaccinate their child against Covid-19. Read more data here:

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