INCREASES in interest rates by the Federal Reserve are an effort to fight inflation (Shutterstock).

In its efforts to curb inflation, the Federal Reserve on Wednesday raised the key interest rate by one-half point.

According to the Associated Press, that’s the seventh increase this year but it’s the smallest rate increase in five meetings.

The previous rate hikes had all been three-quarters of a point. 

In response, Wall Street reacted unfavorably, with most major markets showing modest declines. The S&P 500 fell by 0.6 percent and the Dow Jones Industrial Average dropped by 0.4 percent. Nasdaq lost 0.8 percent.

Russian drones are shot down

RUSSIAN drones were reportedly shot down by Ukraine(Shutterstock).

Ukrainian air defenses had success in shooting down Iranian-made drones before dawn on Wednesday.

The New York Times reports that most of the 13 drones launched at the capital city of Kyiv were intercepted, but two government buildings and four homes were damaged.

Ukraine’s government claimed all had been shot down. So far, it claims that 222 of the 330 drones launched by Russia have been downed.

Also in the news … The latest poll by Quinnipiac University of registered voters has the approval rating of both President Joe Biden and former president Donald Trump in negative territory. Biden had the approval of 43 percent and the disapproval of 49 percent. Trump had the approval of 31 percent and the disapproval of 59 percent.

Sports: France wins, goes to finals

FRANCE beat Morocco to advance to the World Cup finals (Shutterstock).

The French men’s national soccer team earned a chance at a second consecutive World Cup championship after its 2-0 win over Morocco on Wednesday.

Theo Hernandez and Randal Kolo scored for France in Qatar. The title game will be Sunday against Argentina.

The last team to win back-to-back Cups was Brazil in 1958 and 1962.

Weather: Thermometer falls, rises

The West Orange County area can expect some modest variety in the weather toward the weekend. The forecast for Thursday calls for a daytime high of 66 under mostly cloudy skies and an overnight low of 47. But Friday should warm to 71 (44) with mostly sunny skies. However, the daytime high is expected to drop to 67 (44) on Saturday with mostly cloudy conditions.