News Wrap: Congressional Budget Office projects inflation will slow to near 2% in 2024

Amna Nawaz:

In the day's other headlines: The Congressional Budget Office projected inflation will slow to near 2 percent next year. That is close to the Federal Reserve's goal, and it could pave the way for lower interest rates.

The CBO also estimates that unemployment will rise to 4.4 percent by late next year. The nation's gross domestic product, or overall economic output, is expected to fall to a rate of 1.5 percent, before rebounding in 2025.

Homelessness in the United States has soared to its highest levels on record, more than 650,000 people. Federal data released today showed a 12 percent increase in January from a year earlier. The numbers are increasingly evident in Chicago, Denver and other cities. Officials blame sharply higher rents and the end of pandemic era assistance.

European Union leaders insisted today they will ultimately get more military aid to Ukraine early next year. Germany, France and others voiced optimism, despite Hungary's veto of a $50 billion aid package. Hungarian Prime Minister Viktor Orban is Russia's closest ally in the E.U. He defended his position in Brussels as an E.U. summit ended.

Viktor Orban, Prime Minister of Hungary (through interpreter): We can say the situation in Ukraine is bad. So we shouldn't send any more money to finance the war. Instead, we should stop the war and have a cease-fire and peace talks. Instead of that, now they want to give money to keep the war going.

Amna Nawaz:

The E.U. aid is especially critical for Ukraine with future U.S. assistance stuck in Congress.

Meanwhile, the bloc will begin talks on letting Ukraine join, but Hungary's Orban says he may stop that process later.

Russian officials now say the jailed opposition leader Alexey Navalny has been moved from a penal colony east of Moscow. Confirmation came today during a court hearing. But Navalny's whereabouts remain unknown since his lawyer lost touch with him after December 6.

Moscow is digging out from one of its biggest snowstorms in 60 years. Blizzards dumped eight inches on the Russian capital and other parts of the country today. It amounted to more than one-fifth of Moscow's average December snowfall in just 24 hours. Forecasters say the city could get a record of nearly 20 inches this month.

A bitter cold wave has plunged much of China to below-freezing temperatures. Snow blanketed Beijing this week and disrupted highway travel in provinces across the north. Today, President Xi Jinping called for an all-out emergency response with conditions set to worsen over the weekend.

Britain's Prince Harry scored a victory today in his legal war with British tabloids. A London court ruled The Daily Mirror used phone hacking to snoop on Harry in the early 2000s, and it awarded him $180,000. Later, lawyers read a statement from the prince calling for action against publishers who abuse their power.

David Sherborne, Attorney for Prince Harry: Today's ruling is vindicating and affirming. I have been told that slaying dragons will get you burned, but, in light of today's victory and the importance of what is — doing what is needed for a free and honest press, it is a worthwhile price to pay.

Amna Nawaz:

Prince Harry's testimony in the trial was the first by a British royal in more than a century.

Back in this country, former President Trump faces a new controversy over highly classified documents that disappeared as he left office. Reports today say it involves a binder of material on Russian efforts to meddle in the 2016 election. Intelligence agencies are said to be worried that secret sources and methods will be compromised.

The Virginia woman whose first grader shot and wounded his teacher was sentenced today to two years in state prison for child neglect. Deja Taylor's son used her gun in the attack in Newport News. She'd already been sentenced to 21 months in federal prison for using marijuana while owning a gun.

And on Wall Street, stocks had a mixed day, but closed out another winning week. The Dow Jones industrial average gained 56 points to close at 37305. The Nasdaq rose 52 points, and the S&P 500 slipped a fraction-of-a-point.