One welcome result of the Fed raising interest rates is that people are seeing higher income on their risk-free savings accounts. For some, that's helping counteract some of the worst aspects of inflation.

• Plus: the deadly shooting in Colorado Springs.
• And: a groundbreaking climate compensation fund for developing nations.

Guests: Axios' Matt Phillips and Andrew Freedman.

Credits: Axios Today is produced by Niala Boodhoo, Sara Kehaulani Goo, Alexandra Botti, Robin Linn, Lydia McMullen-Laird, Amy Pedulla, Fonda Mwangi and Alex Sugiura. Music is composed by Evan Viola. You can reach us at podcasts@axios.com. You can text questions, comments and story ideas to Niala as a text or voice memo to 202-918-4893.

Go Deeper:

• Savings accounts pay more than rock bottom rates for the first time in a decade
• COP27 summit yields historic deal on climate damage fund
• Suspect identified in Club Q shooting that killed 5, injured 18