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President Joe Biden is pardoning thousands of Americans convicted of “simple possession” of marijuana under federal law, as his administration takes a dramatic step toward decriminalizing the drug and addressing charging practices that disproportionately impact people of color. He is also calling on governors to issue similar pardons for those convicted of state marijuana offenses, which reflect the vast majority of marijuana possession cases. Biden says the move reflects his position that “no one should be in jail just for using or possessing marijuana.” He says his action will ease the consequences for “people who have prior Federal convictions for marijuana possession, who may be denied employment, housing, or educational opportunities as a result.”

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Fed's Cook says more rate hikes needed to combat inflation

Federal Reserve Governor Lisa Cook says more interest rate increases will be necessary to wrestle inflation under control

Federal Reserve Governor Lisa Cook says more interest rate increases will be necessary to wrestle inflation under control. Her remarks Thursday echo several tough speeches by other central bank officials this week. Cook also says she has revised her views on inflation in the past several months and now sees it as more persistent. She says that while real-time, private-sector data is showing signs that inflation could cool in the coming months. But she adds that the Fed should only slow rate hikes when inflation actually falls. Cook's speech at the Peterson Institute for International Economics was her first as a Fed governor. Read more

Phil Mickelson is now a member of the MENA Tour. It's part of a strategy by LIV Golf to get world ranking points this week at its Thailand tournament. The MENA Tour stands for Middle East and North Africa. It's been around since 2011 and has received Official World Golf Ranking points since 2016. But it hasn't played a tournament since early in the COVID-19 pandemic. The MENA Tour says in a news release that LIV Golf Invitational events will now be part of its tour schedule. It will be submitting LIV's 48-man field to the OWGR this week for approval. Read more