The Trump administration is freezing $2.1 billion in funding for Chicago infrastructure projects over accusations of “race-based contracting” as the government shutdown continues. 
Office of Management and Budget Director Russ Vought announced the move Friday morning, saying that the freeze would impact construction to modernize the city’s public transit system. It comes just two days after the Department of Transportation <a href="https://www.dailywire.com/news/trump-freezes-18-billion-for-nyc-infrastructure-over-unconstitutional-dei-principles?author=Zach+Jewell&amp;category=News&amp;elementPosition=2&amp;row=0&amp;rowType=Vertical+List&amp;title=Trump+Freezes+%2418+Billion+For+NYC+Infrastructure+Over+%E2%80%98Unconstitutional+DEI+Principles%E2%80%99">froze</a> $18 billion for New York City infrastructure projects over “unconstitutional” diversity, equity, and inclusion “principles.”
“$2.1 billion in Chicago infrastructure projects — specifically the Red Line Extension and the Red and Purple Modernization Project — have been put on hold to ensure funding is not flowing via race-based contracting,” Vought wrote on X. 
Shortly after Vought’s announcement, the Department of Transportation <a href="https://www.transportation.gov/briefing-room/us-department-transportation-statement-review-chicagos-discriminatory">confirmed</a> the freeze and suggested that Senate Minority Leader Chuck Schumer (D-NY) and House Minority Leader Hakeem Jeffries (D-NY) were to blame for leading the Democrats’ resistance to a temporary government funding bill. 
The department said that it was “committed to conducting these reviews as fast as possible so reimbursements can move forward. Unfortunately, Chuck Schumer and Hakeem Jeffries’ decision to shut down the government has negatively affected the Department’s staffing resources for carrying out this important analysis.”
“We urge Democrats in Congress to stop holding the federal government’s budget hostage so USDOT can get back to the important work of the American people,” the department added. 
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It sent letters on Friday to the Chicago Transit Authority, stating that it had initiated an administrative review of two ongoing projects to modernize the city’s rail system, and added that it was concerned about preferential treatment in construction contracting based on race. 
“Together, these critical reviews are intended to ensure no additional federal dollars go towards discriminatory, illegal, and wasteful contracting practices,” the department said. “The American people don’t care what race or gender construction workers, pipefitters, or electricians are. They just want these massive projects finally built quickly and efficiently.”
President Donald Trump <a href="https://www.dailywire.com/news/trump-meeting-set-to-axe-democrat-agencies?author=Leif+Le+Mahieu&amp;category=News&amp;elementPosition=4&amp;row=0&amp;rowType=Vertical+List&amp;title=Trump%3A+Meeting+Set+To+Axe+‘Democrat+Agencies’">has urged</a> Republicans to take advantage of the shutdown to cut “Democrat Agencies” and eliminate wasteful spending. 
“I can’t believe the Radical Left Democrats gave me this unprecedented opportunity. They are not stupid people, so maybe this is their way of wanting to, quietly and quickly, MAKE AMERICA GREAT AGAIN!” Trump posted on Truth Social on Thursday. 
The White House has tasked Vought with reviewing the federal bureaucracy amid the shutdown and identifying areas for spending cuts.

MixCollage-03-Oct-2025-10-22-AM-1097

Blue City Blues: Another Democrat-Run Stronghold Gets Infrastructure Funding Frozen

Blue City Blues: Another Democrat-Run Stronghold Gets Infrastructure Funding Frozen Amid Shutdown

Chicago

Chuck Schumer

Department of Transportation

Diversity Equity and Inclusion (DEI)

Donald Trump

Economy

Government Shutdown

Hakeem Jeffries

Illinois

Office of Management and Budget (OMB)

Politics

Russ Vought

NEW YORK/LONDON (Reuters) -Global stocks gained and gold traded near record highs on Thursday as investors took in their stride the potential ramifications of a U.S. government shutdown, while a weak private U.S. labor market report bolstered bets for Federal Reserve rate cuts.
Investors have been largely sanguine about the shutdown&#8217;s impact on the markets and economy, helped by data of past shutdowns that showed limited fallouts. Morgan Stanley, for example, said U.S. share prices have risen an average 4.4% while real U.S. economic growth has expanded 2.2% during shutdowns in the past.
Instead, investors are focused on how much the Federal Reserve might lower interest rates this year, and whether the roaring U.S. stock market is due for a short-term pullback in the near future.
Nicholas Colas and Jessica Rabe, co-founders of DataTrek Research, said sector sub-indices for the S&amp;P 500 index are showing a marked correlation with downside risks.
&#8220;Every other time they have done so since 2023, the S&amp;P has declined by 5-18% in the following weeks,&#8221; Colas and Rabe said. &#8220;This is not an outright &#8216;sell&#8217; signal, but history says to be selective here.&#8221;
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The S&amp;P 500, which has risen 14% so far this year, was flat after briefly touching a record high of 6,731.94 points. The Nasdaq Composite gained 0.3% after also hitting an all-time high of 22,900.60 points, while the Dow Jones Industrial Average was also little changed.
A protracted U.S. government shutdown could mean that the release of key official data on employment and inflation is delayed or disrupted, clouding the picture on the health of the world&#8217;s biggest economy and the path for interest rates.
A monthly payrolls report seems unlikely now to be released on Friday, putting an ADP employment report that showed the economy unexpectedly shed jobs in September into sharper focus. Traders are now pricing in two quarter-point Fed rate cuts by the end of the year as almost a done deal.
&#8220;I hope they sort this out rapidly,&#8221; said Kevin Thozet, investment committee member at asset manager Carmignac, referring to the government shutdown, adding that inflation data was also due ahead of the Fed&#8217;s next meeting. &#8220;It&#8217;s like a blind man walking with a blind dog,&#8221; he said.
SHUTDOWN ANGST HURTS DOLLAR, BOOSTS GOLD
The MSCI&#8217;s broadest index of global stocks was up about 0.1% on Thursday, after European stocks hit another record high, up about 0.5%.
Tech shares in Asia had earlier rallied, helping drive up the region&#8217;s stock indexes, partly lifted by news that South Korean chip heavyweights Samsung and SK Hynix inked partnerships to supply OpenAI data centres.
Gold , which have been buoyed by a combination of Fed easing bets and some shutdown angst, took a breather and slipped 0.5% after reaching another all-time high of $3,895.09 overnight.
The two-year Treasury yield sank to a two-week low of 3.531% overnight, and was last at 3.5449%.
&#8220;As is often the case, fresh highs are likely to beget yet more fresh highs here, with momentum still firmly with the bulls, and the fundamental case for further upside in PMs (precious metals) a solid one too,&#8221; said Michael Brown, senior research strategist at Pepperstone.
The U.S. dollar index, which tracks the currency against six major peers, languished near a one-week low of 97.459 reached overnight. It last stood at 97.864, up 0.1% from Wednesday&#8217;s closing level.
The dollar was little changed against the yen at 147.165 yen, after Bank of Japan Deputy Governor Shinichi Uchida signalled confidence that conditions for another interest rate hike were falling into place in remarks at an industry event.
The euro dipped 0.1% to $1.1717, while sterling fell 0.3% at $1.3441.
Oil prices edged lower on Thursday, extending a run of declines into a fourth day due to concerns about oversupply in the market. [O/R]
Brent crude futures fell 1.8% to $64.18 a barrel, and U.S. West Texas Intermediate crude also dipped 1.9% to $60.6 a barrel.
(Reporting by Iain Withers in London and Kevin Buckland in TokyoEditing by Deepa Babington and Nick Zieminski)

German share price index DAX graph is pictured at the stock exchange in Frankfurt

Markets Hit Record Highs, Ignoring D.C.’s Shutdown Drama

President Donald Trump said Thursday that he would hold discussions on which “Democrat Agencies” should be cut amid the ongoing government shutdown. 
Trump said he will meet with Office of Management and Budget Director Russ Vought, who oversees the allocation of federal funds. The shutdown started on Wednesday after the Senate failed to pass a temporary government funding bill backed by Republicans. 
“I have a meeting today with Russ Vought, he of PROJECT 2025 Fame, to determine which of the many Democrat Agencies, most of which are a political SCAM, he recommends to be cut, and whether or not those cuts will be temporary or permanent,” Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/115304455138824245">wrote</a> on Truth Social. “I can’t believe the Radical Left Democrats gave me this unprecedented opportunity. They are not stupid people, so maybe this is their way of wanting to, quietly and quickly, MAKE AMERICA GREAT AGAIN!”
The meeting follows Trump&#8217;s call Wednesday night for Republicans to take advantage of the shutdown as an opportunity “to clear out dead wood, waste, and fraud. Billions of Dollars can be saved.”
Vought has already moved to suspend or cancel billions of dollars of federal funding following the shutdown. He <a href="https://x.com/russvought/status/1973450301236715838">announced</a> Tuesday that nearly $8 billion in “Green New Scam” funding spent on “the Left’s climate agenda” was being cancelled. 
The terminated projects were mainly in blue states like California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maryland, Massachusetts, Minnesota, New Hampshire, New Jersey, New York, Oregon, Vermont, and Washington. 
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Following Vought&#8217;s announcement, the Department of Energy <a href="https://www.energy.gov/articles/energy-department-announces-termination-223-projects-saving-over-75-billion">said</a> that it had terminated 321 financial awards worth $7.65 billion supporting 223 projects. The department said the projects were not economically viable, did not advance the nation’s energy needs, and would not yield a positive return on taxpayer investment. 
“On day one, the Energy Department began the critical task of reviewing billions of dollars in financial awards, many rushed through in the final months of the Biden administration with inadequate documentation by any reasonable business standard,” said Energy Secretary Chris Wright. “President Trump promised to protect taxpayer dollars and expand America’s supply of affordable, reliable, and secure energy. Today’s cancellations deliver on that commitment. Rest assured, the Energy Department will continue reviewing awards to ensure that every dollar works for the American people.”
About one quarter of the awards were distributed between Election Day 2024 and Trump’s inauguration, the Energy Department said. 
Vought also <a href="https://www.dailywire.com/news/trump-freezes-18-billion-for-nyc-infrastructure-over-unconstitutional-dei-principles?author=Zach+Jewell&amp;category=News&amp;elementPosition=1&amp;row=0&amp;rowType=Vertical+List&amp;title=Trump+Freezes+%2418+Billion+For+NYC+Infrastructure+Over+‘Unconstitutional+DEI+Principles’">said</a> Wednesday that $18 billion in funds for New York infrastructure projects was being frozen. New York Democrats Sen. Chuck Schumer and House Minority Leader Hakeem Jeffries have spearheaded Democratic resistance to Trump’s government funding proposal.
White House Press Secretary Karoline Leavitt said Wednesday that Vought had been tasked with reviewing the federal bureaucracy amid the shutdown.
“There are unfortunate consequences to a government shutdown, and the federal government is not receiving any cash at the moment,” she <a href="https://www.washingtonexaminer.com/news/white-house/3832694/trump-leans-vance-senate-background-shutdown-fight/#google_vignette">said</a>. “The Office of Management and Budget has been tasked with looking over the receipts and looking over the budget of the entire federal bureaucracy.”

TOPSHOT-US-MILITARY-DEFENSE-MEETING

Trump: Meeting Set To Axe ‘Democrat Agencies’

Executive

federal funding

President Donald Trump on Monday vowed to impose a 100% tariff on films made outside of the United States.
“Our movie making business has been stolen from the United States of America, by other Countries, just like stealing ‘candy from a baby.’ California, with its weak and incompetent Governor, has been particularly hard hit! Therefore, in order to solve this long time, never ending problem, I will be imposing a 100% Tariff on any and all movies that are made outside of the United States,” the president shared in a Truth Social <a href="https://truthsocial.com/@realDonaldTrump/posts/115287691323395767">post</a>.
This is not the first time Trump has promised a 100% tariff on films produced outside of the United States. In May, Trump <a href="https://www.dailywire.com/news/trump-says-movie-industry-is-dying-puts-plan-in-place-to-save-it">said</a> he had authorized administration officials “to immediately begin the process of instituting a 100% Tariff on any and all Movies coming into our Country that are produced in Foreign Lands.”
At the time, Trump said Hollywood was dying a “very fast death,” calling incentives from other countries to produce movies outside of the United States “a national security threat.” 
“Other Countries are offering all sorts of incentives to draw our filmmakers and studios away from the United States. Hollywood, and many other areas within the U.S.A., are being devastated,” Trump said in May. “WE WANT MOVIES MADE IN AMERICA, AGAIN!”
Shortly after his initial announcement, the Democratic mayor of Los Angeles, Karen Bass, issued an executive order aimed at reducing bureaucratic hurdles and facilitating easier filming in the city.
“We are going to fight now,” Bass said at the time, as The Daily Wire previously <a href="https://www.dailywire.com/news/weeks-after-trumps-film-tariff-l-a-mayor-issues-order-to-bring-productions-back-to-hollywood">reported</a>. “While we push for the tax credits to be passed in Sacramento, we need to do what we can today to impact building in Los Angeles.”
“The City is taking bold action to support our legacy industry,” she continued. “Keeping entertainment production in L.A. means keeping good-paying jobs in L.A., and that’s what we are fighting for.”

Trump Says He’s Imposing 100% Tariff On Movies Made Outside United States

Trump Says He's Imposing 100% Tariff On Movies Made Outside Of The US

California

Entertainment

Gavin Newsom

Hollywood

Tariffs

KMD Brands, the parent company of the popular surf brand Rip Curl, posted an $82.9 million loss and will close 21 retail locations, per a report <a href="https://www.dailymail.co.uk/news/article-15127941/amp/Major-Australian-retailer-forced-close-stores-records-105millon-loss.html">from</a> The Daily Mail. Rip Curl generated $30.6 million in total revenue in FY25 before taxes, representing a 27% decrease in earnings from the previous year. 
This financial update follows the end of Rip Curl&#8217;s longtime partnership with pro surfer Bethany Hamilton and the release of a promotional clip featuring a transgender-identifying male, which led to boycotts.
The Australia-based KMD <a href="https://www.1news.co.nz/2025/09/24/kathmandu-rip-curl-owner-slumps-to-huge-full-year-loss/#:~:text=As%20for%20its%20individual%20businesses,New%20ZealandBusiness">said</a> on Wednesday that it had recently restructured its business in a move designed to save $5 million annually. The results for 2024-25 are significantly worse than those of the previous year, when the company posted a $48.3 million loss, according to 1 News in New Zealand. The outlet noted that the company has not been profitable since the 2014-15 fiscal year.
There is no explicit connection between the company’s poor financial performance and its push for transgender inclusion, but social media users have been pointing to the results as proof of the popular adage, “go woke, go broke.”
In January 2024, the international brand released a documentary ad featuring Sasha Jane Lowerson, a male competing in the women’s category for professional surfing, as part of its “Summer Looks Good on You” campaign. Lowerson <a href="https://www.dailymail.co.uk/sport/othersports/article-10836653/Aussie-trans-surfer-makes-history-winning-title-woman.html">previously competed</a> in the men&#8217;s surfing division under the name Ryan Egan until he began his “gender transition” in 2021.
The video received massive backlash, prompting Rip Curl Women to pull the ad just days later. 
“Our recent post has landed us in the divisive space around transgender participation in competitive sport. We want to promote surfing for everyone in a respectful way but … we upset a lot of people with our post and for that, we are sorry … The surfer featured has not replaced anyone on the Rip Curl team and is not a sponsored athlete,” the company <a href="https://www.instagram.com/p/C2ytzd6uAVz/">said</a> in a statement at the time.
Meanwhile, Hamilton, an outspoken Christian and critic of males competing in women’s sports, reacted to the promo by <a href="https://x.com/bethanyhamilton/status/1752051389344448993">posting</a> on X, “Male-bodied athletes should not be competing in female sports. Period.”
Hamilton is best known for losing her arm in a shark attack while surfing when she was 13 years old. But instead of letting the accident quell her love for the sport, she went on to compete into adulthood. Her incredible story was turned into both a book and the movie “Soul Surfer.” 
The pro surfer had previously come out against the World Surf League in 2023 when it adopted the International Surfing Association (ISA) policy on transgender participation in the sport. 
&#8220;This concerns me as a professional athlete that has been competing in the World Surf League events for the past 15-plus years,&#8221; Hamilton <a href="https://x.com/robbystarbuck/status/1622311329821245440">said</a> at the time. 
&#8220;I think many of the girls currently on tour are not in support with this new rule and they fear being ostracized if they speak up,&#8221; she went on. &#8220;We are seeing glimpses of male-bodied dominance in women&#8217;s sports like running, swimming, and others. I personally won&#8217;t be competing in, or supporting, the World Surf League if this rule remains.&#8221;
It’s unclear who initiated the break in sponsorship between Hamilton and Rip Curl, but there’s no denying that the two were at odds when it came to transgender activism. In October 2023, followers noticed that Hamilton’s surfboard, which was always covered in Rip Curl decals, had been stripped bare. 
Hamilton is now sponsored by PublicSquare, an online marketplace that shares her values.
While the exact situation between Hamilton and Rip Curl was never publicly addressed, social media was not kind to the surf brand after it was revealed that it had endorsed males competing in women’s sports.
“Imagine, dropping a phenomenal professional surfer, who survived a shark biting her arm off, only to replace her with a man who pretends to be a woman. Guess what my followers and I will be doing? We will all #BoycottRipCurl,” one person <a href="https://x.com/unhealthytruth/status/1751312157608751228">wrote</a> on X.

RipCurl

Rip Curl Earnings Plunge 27% After Boycotts Tied To Transgender Surfer Promotion

Australia

Business

Surfing

Transgender

Transgender Athletes

Women's sports

The economy performed better in the second quarter of 2025 than previously projected, according to revised statistics released Thursday by the U.S. Bureau of Economic Analysis. 
The second quarter (April, May, and June) saw a 3.8% increase in gross domestic product, according to the latest revision. Previously released estimates for growth initially came in at 3% and then at 3.3%. 
“The increase in real GDP in the second quarter primarily reflected a decrease in imports, which are a subtraction in the calculation of GDP, and an increase in consumer spending,” the bureau <a href="https://www.bea.gov/news/2025/gross-domestic-product-2nd-quarter-2025-third-estimate-gdp-industry-corporate-profits">said</a>. “These movements were partly offset by decreases in investment and exports.”
The bureau attributed the increase in GDP primarily to a rise in consumer spending. In the first quarter, GDP declined 0.6% after a surge in imports. 
Sectors that saw significant growth in the second quarter included finance and insurance, information, nondurable goods manufacturing, real estate, healthcare, mining, wholesale trade, and construction. Retail trade, federal government, educational services, and local government all saw declining productivity. 
The White House celebrated the revisions, saying that they reflected the success of President Donald Trump’s economic policies. 
“America’s economic resurgence under President Trump continues: revised data show even stronger real GDP growth of 3.8 percent in Q2 2025 thanks to the Trump agenda of tax cuts, deregulation, tariffs, and energy abundance. And this is just the beginning: new data from today also shows core capital goods orders beat expectations, paving the way for robust investment growth in Q3,” <a href="https://x.com/KushDesai47/status/1971208450311958919">said</a> White House Deputy Press Secretary Kush Desai. 
<blockquote class="twitter-tweet">
America’s economic resurgence under President Trump continues: revised data show even stronger real GDP growth of 3.8 percent in Q2 2025 thanks to the Trump agenda of tax cuts, deregulation, tariffs, and energy abundance. And this is just the beginning: new data from today also… <a href="https://t.co/aXvf7CKDLo">https://t.co/aXvf7CKDLo</a>
— Kush Desai (@KushDesai47) <a href="https://twitter.com/KushDesai47/status/1971208450311958919?ref_src=twsrc%5Etfw">September 25, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
“President Trump pledged to Make America Wealthy Again, and with Joe Biden’s inflation crisis tamed, we are now laying the groundwork for a long-term restoration of American Greatness,” Desai added. 
Numbers from the Bureau of Labor Statistics <a href="https://www.dailywire.com/news/real-progress-here-wholesale-inflation-drops-in-august-stunning-economists?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=‘Real+Progress+Here’%3A+Wholesale+Inflation+Drops+In+August%2C+Stunning+Economists">released</a> earlier this month showed that inflation dropped significantly in August, below what economists had expected. The agency reported that the Producer Price Index (PPI) came in at 2.6% year-over-year, far below the 3.3% rise that was forecasted, according to Barron’s.

President Trump Departs Morristown Airport En Route To Washington, DC

U.S. Economy Smashed Q2 Forecasts As Shoppers Went On A Spending Spree

Economics

Inflation

A new $100,000 fee for H-1B visas in the United States that goes into effect on Sunday will be levied per petition and will not be applied to existing holders of valid visas re-entering the country, the White House said on Saturday.
&#8220;This is NOT an annual fee. It’s a one-time fee that applies only to the petition,&#8221; White House spokesperson Karoline Leavitt said in a post on X on Saturday.
Leavitt also said that current H-1B visa holders who are currently outside of the country right now will not be charged $100,000 to re-enter the United States.
Commerce Secretary Howard Lutnick on Friday said the fee would be paid annually, but added that details were &#8220;still being considered.&#8221;
Some companies including Microsoft, JPMorgan, and Amazon, had responded to the Friday announcement by advising employees holding H-1B visas to remain in the United States, according to internal emails reviewed by Reuters. A Goldman Sachs internal memo seen by Reuters on Saturday urged employees with such visas to exercise caution on international travel.
Leavitt said on X that H-1B visa holders can leave and re-enter the country to the same extent as they normally would and that the new fee would only apply in the next H-1B lottery round and not to current visa holders or renewals.
The White House said the fee was being imposed to level the playing field for American workers which it said are being &#8220;replaced with lower-paid foreign labor.&#8221;
The executive order imposing the new fee on H-1B visa applications, which was signed by President Donald Trump on Friday night, could disrupt the global operations of Indian technology services companies that deploy skilled professionals to the United States, Indian IT industry body Nasscom said early on Saturday.
In a fact sheet distributed on Saturday, the White House said it would allow an H-1B visa application without the $100,000 fee on a case-by-case basis &#8220;if in the national interest.&#8221;
The fact sheet said that the share of IT workers with H-1B visas has risen from 32% in FY 2003 to over 65% in recent years.
It also requires the Departments of Labor and Homeland Security to issue joint guidance for verification, enforcement, audits, and penalties and directs the Labor Secretary to start a rulemaking to &#8220;revise the prevailing wage levels for the H-1B program&#8221; and &#8220;to prioritize high-skilled, high-paid H-1B workers.&#8221;
Friday&#8217;s announcement sparked concerns among employees across swaths of corporate America.
On the popular Chinese social media app Rednote, many H-1B holders shared stories of rushing back to the U.S. — some just hours after landing abroad — fearing they would be subject to the new $100,000 fee.
(Reporting by Jeff Mason in Washington; Additional reporting by Valerie Volcovici in Washington and Rajveer Singh Pardesi in Bengaluru; Editing by Leslie Adler, Marguerita Choy and Andrea Ricci)

American visa

New U.S. H-1B Visa Fee Will Not Apply To Existing Holders, White House Says

Big Tech

Global Politics

India

Visa

The Federal Reserve slashed interest rates by a quarter of a percentage point on Wednesday following increased pressure from President Donald Trump.
In an 11-1 vote, the Fed policymakers approved a 25-basis-point cut. Stephen Miran, the newest Federal Reserve Board Governor who was appointed by Trump and approved by the Senate earlier this week, was the lone member to dissent, advocating for a half-point cut, CNBC <a href="https://www.cnbc.com/2025/09/17/fed-rate-decision-september-2025.html">reported</a>. The rate cut is unlikely to satisfy the president, either. Trump predicted earlier this week that the Fed would approve a “big cut.”
“It’s perfect for cutting,” Trump <a href="https://thehill.com/homenews/5503502-trump-expects-big-interest-rate-cut/">said</a> on Sunday. “We’re doing well and everything — energy is way down, groceries are down, everything, almost everything — is way down.” In a social media <a href="https://truthsocial.com/@realDonaldTrump/posts/115208353139528932">post</a> on Monday, Trump called on Fed Chair Jerome Powell to “CUT INTEREST RATES, NOW, AND BIGGER THAN HE HAD IN MIND. HOUSING WILL SOAR!!!”
In a statement following its decision, the Fed pointed to slowing job gains and noted that inflation “has moved up and remains somewhat elevated.”
“Uncertainty about the economic outlook remains elevated,” the statement added. “The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment have risen.”
Fed Chair Jerome Powell again brought up uncertainty surrounding Trump’s tariffs during a press conference Wednesday afternoon, saying, “Higher tariffs have begun to push up prices in some categories of goods, but they&#8217;re overall effects on economic activity and inflation remain to be seen.”
“Our obligation is to ensure that a one-time increase in the price level does not become an ongoing inflation problem,” Powell added.
The rate cut is the first one that the Fed has announced since Trump was sworn in for his second term. Inflation, which the Fed closely monitors while considering rate cuts, has remained around 3%. Year-over-year inflation is currently at 2.9%, which is above the Fed’s target of 2%, but the rate has remained under 3% since February.
The Fed’s two-day meeting began on Tuesday, shortly after Trump’s nominee, Miran, was approved by the Senate to replace Board Governor Adriana Kugler, who announced that she was stepping down last month. Miran, a senior adviser to Trump, is remaining in his role in the administration while also serving out the remainder of Kugler’s term, which ends in January.
The president tried to fire Board Governor Lisa Cook after she was accused of committing mortgage fraud. The U.S. Court of Appeals for the District of Columbia Circuit, however, halted Trump’s attempt to remove Cook from her position. Trump is also preparing to appoint a new Fed Chair when Powell’s term as the chair ends in May 2026.
Traders are predicting two more rate cuts later this year, one next month and another in December, The Wall Street Journal <a href="https://www.wsj.com/livecoverage/fed-interest-rate-decision-live-09-17-2025?gaa_at=eafs&amp;gaa_n=ASWzDAjBzxLTuEgKlF_q1CHaJ4kgAkagZ4dPx1rrIWLR5-u6YUp62oGeahCc2wwPHHU%3D&amp;gaa_ts=68cad590&amp;gaa_sig=aNUYopYjLk58gGdQM7c1DR1sOnComacJggNy7xpwk9f3fnE3y0divFkvzElsRELOrAUge_PaivpzzWTOgqcl9Q%3D%3D">reported</a>. The markets had a mixed reaction on Wednesday morning as many anticipated the Fed’s decision to lower rates. The Nasdaq Composite and S&amp;P 500 both dropped slightly, but the Dow Jones Industrial Average rose before the decision.
Mortgage rates also dropped to a three-year low on Tuesday ahead of the Fed’s interest rate cut, CNBC <a href="https://www.cnbc.com/2025/09/16/mortgage-rates-drop-to-3-year-low-ahead-of-fed-meeting.html">reported</a>. The average 30-year fixed mortgage rate fell 12 basis points from Monday to Tuesday, down to 6.13%.

President Trump Visits Federal Reserve

Federal Reserve Cuts Interest Rates After Months Of Pressure From Trump

Federal Reserve

Interest Rates

Jerome Powell

Trump Administration

Homeland Security Secretary Kristi Noem has cut over $30 million in &#8220;frivolous and unnecessary” government grants and contracts in the last three weeks, the Department of Homeland Security told The Daily Wire. 
The department said that it had cut a total of $31,692,166 in spending between August 22 and September 12. The savings were from de-obligated grants and contracts targeted as part of President Donald Trump&#8217;s efforts to cut down on government waste, the department told The Daily Wire.
“In just three weeks, Secretary Noem has saved the taxpayer more than $30 million. That’s more than $1 million per DAY,” said Assistant Secretary Tricia McLaughlin. “Under President Trump and Secretary Noem, it is no longer open season on the American taxpayer at DHS. The Trump administration is draining the swamp, restoring accountability to the federal government, and putting hardworking Americans FIRST again.”
Under the Trump administration, all department contracts worth over $100,000 have to be approved by Noem.
In total, the Department of Homeland Security said it has saved over $12 billion during Noem’s tenure. In total, that equals out to saving about $50 million per day during the Trump administration.
Homeland Security also said that it was providing savings to American taxpayers by deporting illegal aliens.
“These savings figures don’t even include the additional savings from DHS’s immigration enforcement efforts since President Trump resumed office,” the department said.
According to an estimate from the Federation for American Immigration Reform, the net cost of illegal immigration on American citizens is around $150 billion per year. These costs include schooling, health care, and food assistance for illegal aliens.
“Taxes paid by illegal aliens only cover around 17.2 percent of the costs they create for American citizens, bringing the net cost to $150.7 billion a year. For every dollar in taxes paid by illegal aliens, they and their dependents consume six dollars in benefits and services,” the organization <a href="https://www.fairus.org/new-fair-report-annual-costs-illegal-immigration-soars-1507-billion-year">found</a>.
The Trump administration is looking to use new funds allocated by the Big, Beautiful Bill to help increase deportations.

DHS Secretary Noem Testifies At Senate Hearing On Budget

Noem Cuts $30 Million In ‘Frivolous’ Homeland Security Spending In Three Weeks

Department of Homeland Security

Kristi Noem

Money

spending

Wholesale prices dropped in August, coming in significantly below what economists had expected, and led to a new record high for the S&amp;P 500 on Wednesday.
The Bureau of Labor Statistics reported that the Producer Price Index (PPI) came in at 2.6% year-over-year, far below the 3.3% rise that was forecasted, according to <a href="https://www.barrons.com/articles/ppi-wholesale-inflation-data-august-83ddcabb">Barron’s</a>. Wholesale prices dropped 0.1% on a monthly basis, which was also better than what economists were expecting, with the Dow Jones predicting a 0.3% rise, CNBC <a href="https://www.cnbc.com/2025/09/10/ppi-inflation-august-2025-.html">reported</a>.
“Boy, I’m surprised — real progress here! 2.6% on year-over-year headline. We were expecting 3.3%!” <a href="https://x.com/RapidResponse47/status/1965761591179182133">said</a> CNBC’s Rick Santelli.
CNBC host Becky Quick <a href="https://x.com/RapidResponse47/status/1965762391620391046">added</a> that the inflation report was “a real shocker.”
The White House took a victory lap after the report from the Bureau of Labor Statistics, blasting “the so-called ‘experts’” who had predicted for months that President Donald Trump’s wide-ranging tariffs would cause prices to skyrocket.
“The latest PPI report shows there is no inflation — wholesale prices fell and smashed economists’ expectations. President Trump has defeated Joe Biden’s inflation crisis while successfully implementing powerful tariffs, which haven’t hiked prices like the so-called ‘experts’ claimed,” said White House Press Secretary Karoline Leavitt. “This is yet another reason for Jerome ‘Too Late’ Powell to cut the rates immediately to make everyday life more affordable for Americans.”
In July, the PPI increased by 0.7%, which was the highest month-over-month increase since Trump took office for his second term in January.
The S&amp;P 500 surged to a new record high, climbing another 0.4% after the report came out on Wednesday, according to <a href="https://www.cnbc.com/2025/09/09/stock-market-today-live-updates.html">CNBC</a>. Computer software company Oracle led the S&amp;P 500 rally, gaining 40% after the company released a surprising forecast, <a href="https://finance.yahoo.com/news/oracle-stock-soars-after-ceo-says-ai-fueled-cloud-revenue-set-to-jump-to-144-billion-154530523.html?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAI1-i2sXMCo1_r6MGzX2KKW5v4fhoklORnC7L3nznCj71xQWTri54REsRQfjHKpN96sIT2D3X-mIe33cajfQNBG95b7PFPsaXSKelDPTr0nuCMK9FI1ly6yzT1YndXcDiYnJomDW8MBy2nenY0lb0OflSZ1kRI-fPMkS8cSzcexB" target="_blank" rel="noopener">stating</a> that it expects AI-fueled revenue to reach $144 billion by its 2030 fiscal year.
The August inflation report was published just one week before the Federal Reserve Board of Governors meets for its September gathering, as signs indicate that policymakers may lower interest rates after months of pressure from Trump. Fed Chair Jerome Powell <a href="https://www.dailywire.com/news/fed-chair-jerome-powell-hints-at-possible-rate-cut-wall-street-cheers">hinted</a> last month that a rate cut could happen under current economic conditions.
Prices under Trump’s tariffs have continued to defy predictions from economists as American consumers have seen little to no effect on overall prices after the president imposed duties on dozens of countries, including America’s top trading partners. The tariffs, however, will be <a href="https://www.dailywire.com/news/scotus-agrees-to-hear-case-on-trumps-tariffs-after-admin-asks-for-swift-action">considered</a> by the Supreme Court, as the administration warns that a ruling striking down the tariffs would have “ruinous” consequences for the U.S. economy.

‘Real Progress Here’: Wholesale Inflation Drops In August, Stunning Economists

Stock Market

Israel conducts a precision strike against senior Hamas leaders in Qatar after the terror group rejects a new peace proposal from President Trump. The Bureau of Labor Statistics admits it overcounted U.S. jobs by nearly a million last year in the largest downward revision in American history. Whistleblowers testify before Congress about firsthand UFO sightings as lawmakers from both parties demand the government stop its cover-up.
It’s Wednesday, September 10, 2025, and this is the news you need to know to start your day.
Morning Wire is available on video! You can watch today’s episode here:
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<h2>Israel Strikes Hamas Leaders in Qatar After Peace Deal Rejected</h2>
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Topline: Israel conducted a precision strike against senior Hamas leaders in Qatar on Tuesday, just a day after the terror group rejected a new ceasefire proposal from President Trump.
The strike targeted top Hamas officials who have been living and operating out of Qatar, which has served as a protected refuge for the terror group&#8217;s leadership. It appears to be the first time Israel has struck Hamas officials inside the country. Qatar condemned the attack as a &#8220;blatant violation of all international laws and norms.&#8221; The White House said the U.S. was notified of the attack ahead of time and, in turn, informed Qatar. President Trump &#8220;believes this unfortunate incident could serve as an opportunity for peace,&#8221; said Press Secretary Karoline Leavitt.
The strike came shortly after Hamas rejected a new peace proposal from the Trump administration, calling it a &#8220;humiliating surrender document.&#8221; The proposal would have required Hamas to release all remaining hostages in exchange for Israel releasing thousands of Palestinian prisoners.
The events follow a separate Hamas terror attack in Jerusalem on Monday that killed six people and wounded 12 others.
<h2>U.S. Jobs Numbers Slashed in Largest Revision in History</h2>
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Topline: The Bureau of Labor Statistics on Tuesday announced that it had overcounted U.S. jobs by nearly one million last year, the largest downward revision in American history, confirming President Trump’s claims that the economy he inherited was far weaker than reported.
In its annual revision, the BLS announced that from March 2024 to March 2025, the economy added 910,000 fewer jobs than was initially reported. The more than 50% downward revision means the economy was adding only 70,000 jobs per month during that period, not 147,000. The White House said the news makes it &#8220;very clear that President Trump inherited a much worse economy &#8230; than ever reported&#8221; and proves that the Federal Reserve&#8217;s interest rate policy has been &#8220;far too restrictive.&#8221;
The massive revision reinforces the president&#8217;s push to overhaul the BLS, an agency he has accused of producing inaccurate data. &#8220;Much like the CDC, everything is wrong with the Bureau of Labor Statistics,&#8221; said Senator Roger Marshall (R-KS), who is in charge of confirming Trump&#8217;s nominee to lead the agency. &#8220;We need someone &#8230; to come in there and turn that place upside down.&#8221;
The shocking report makes it much more likely that the Fed will finally cut interest rates later this month, a move President Trump has been demanding for months.
<h2>Whistleblowers Testify to Congress About UFO Cover-up</h2>
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Topline: Military whistleblowers testified before a congressional task force on Tuesday about their firsthand encounters with UFOs, as lawmakers from both parties demanded an end to what they say is a decades-long government cover-up.
In the third congressional hearing on Unidentified Anomalous Phenomena (UAPs) since 2023, two veterans described their own sightings. One recounted seeing a &#8220;tic-tac-shaped object&#8221; emerge from the ocean, while another described a 100-foot-long triangular craft that flew within feet of him and interfered with his telephone before rapidly ascending with no sound or kinetic disturbance. In the hearing’s most shocking moment, a congressman shared a never-before-seen video of a Hellfire missile striking a UAP with seemingly no effect.
The hearing highlighted a growing bipartisan consensus that the government is hiding the truth about UFOs. &#8220;This is not science fiction,&#8221; said Congresswoman Anna Paulina Luna, who is leading the task force. &#8220;This is about national security, government accountability, and the American people’s right to the truth.” Florida Democrat Jared Moskowitz summed up the mood of the hearing, saying, &#8220;I do know when we’re being lied to, and we are definitely being lied to.&#8221;

MRN 9.10.25 Thumbnail V1

Morning Brief: Israel Strikes Hamas In Qatar, Biden’s Record Job Overcount, UFO Whistleblowers

Biden Administration

Hamas

Israel

Jobs

Outer Space

Qatar

Unemployment

World

The Supreme Court on Tuesday agreed to quickly take up a case on President Donald Trump&#8217;s wide-ranging tariffs, setting up a major decision on one of the biggest policies of Trump&#8217;s second term, NBC News <a href="https://www.nbcnews.com/politics/supreme-court/supreme-court-agrees-consider-whether-trumps-tariffs-are-legal-rcna229069">reported</a>.
The Supreme Court will hear the case after the U.S. Court of Appeals for the Federal Circuit ruled late last month that Trump overstepped his authority under the International Emergency Economic Powers Act (IEEPA) to impose tariffs on imports from dozens of countries. Last week, the Trump administration <a href="https://www.dailywire.com/news/trump-asks-scotus-to-take-swift-action-to-save-his-tariffs">asked</a> the Supreme Court to begin hearing arguments in the case as soon as November, arguing that the Appeals Court&#8217;s decision “gravely undermines the President’s ability to conduct real-world diplomacy and his ability to protect the national security and economy of the United States.”
The Supreme Court agreed to enter a streamlined process and will begin hearing oral arguments the first week of November.
Treasury Secretary Scott Bessent <a href="https://www.dailywire.com/news/supreme-court-ruling-against-trump-tariffs-could-trigger-1-trillion-economic-disaster-bessent-warns">warned</a> on Monday that if Trump&#8217;s tariffs are stopped, the United States would have to refund around $1 trillion to importers, a development that Bessent said would &#8220;cause significant disruption&#8221; to the U.S. economy. U.S. Solicitor General D. John Sauer agreed, saying, “With tariffs, we are a rich nation; without tariffs, we are a poor nation… The economic consequences would be ruinous.”
Trump also blasted the decision from the Appeals Court, arguing that “it would be a total disaster for the Country” if his tariffs were rescinded.
“If allowed to stand, this Decision would literally destroy the United States of America,” he added.
The Appeals Court delayed implementation of its order until October 14, giving the Trump administration time to appeal to the Supreme Court.
Many of Trump&#8217;s tariffs went into effect in early August before the the U.S. Court of Appeals stepped in and ruled that Trump does not have the authority to impose them. The Appeals Court ruled, “Absent a valid delegation by Congress, the President has no authority to impose taxes. Given these considerations, we conclude Congress, in enacting IEEPA, did not give the President wide-ranging authority to impose tariffs of the nature of the Trafficking and Reciprocal Tariffs simply by the use of the term ‘regulate … importation.’”
“The core Congressional power to impose taxes such as tariffs is vested exclusively in the legislative branch by the Constitution,” the court added.
The issue centers on the IEEPA, which was enacted in 1977 and allows the president to impose tariffs on any import to the United States after declaring a national emergency. On April 2, Trump “<a href="https://www.whitehouse.gov/fact-sheets/2025/04/fact-sheet-president-donald-j-trump-declares-national-emergency-to-increase-our-competitive-edge-protect-our-sovereignty-and-strengthen-our-national-and-economic-security/" target="_blank" rel="noopener">declared</a> that foreign trade and economic practices have created a national emergency,” adding that he would impose “responsive tariffs to strengthen the international economic position of the United States and protect American workers.”
If Trump loses at the Supreme Court, his administration has been looking into other ways to impose tariffs, NBC News <a href="https://www.nbcnews.com/politics/trump-administration/white-house-exploring-keep-trumps-tariffs-supreme-court-strikes-rcna229175">reported</a>. Trump could rely on laws under the Trade Expansion Act of 1962, which gives the president power to levy some tariffs. Some of the president&#8217;s tariffs already in effect fall under this law and would not be affected by a Supreme Court decision shooting down Trump&#8217;s tariffs under the IEEPA.

SCOTUS Agrees To Hear Case On Trump’s Tariffs After Admin Asks For ‘Swift’ Action

Courts

Supreme Court

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