Fed Finally Cuts Interest Rates — Is It Enough To Help The Struggling Job Market?

Plus: Fired CDC Director Takes On Health Secretary RFK Jr. On Capitol Hill


Good evening,

A thief stole a sum of gold worth $700,000 from the Paris Natural History Museum on Tuesday. Also this week, an ancient pharaoh’s priceless, 3,000-year-old bracelet went missing from the Egyptian Museum in Cairo. 👀

  • The incidents in Paris and Cairo come at a time when museum heists are on the rise.

  • But stealing artifacts from museums is nothing new. In fact, it’s a major part of European art history.

Nobody was hurt in either the Paris or Cairo escapades, which begs the question: What if this is all just an elaborate PR stunt for another Ocean’s 11 reboot? 💰🎬😉

Sam,
Associate Producer


🚨 ONE IMPORTANT THING

Fed Cuts Rates As Troubling Jobs Numbers Outweigh Inflation Concerns

The Federal Reserve cut interest rates by a quarter point Wednesday — its first move of the year — and signaled there could be two more rate cuts this year. Chair Jerome Powell called it a “risk management cut."

  • WHY IT MATTERS: The Fed’s rate cut influences everything from bank loan rates to credit cards and car loans.

    • Experts say don’t expect mortgage rates or car loans to plummet just yet.

    • But, the interest rate could drop for credit card debt for consumers who carry a balance from one month to the next (nearly half of all American cardholders).

The vote was 11–1, with only new Trump appointee Stephen Miran calling for an even more aggressive half-point cut. Today’s cut was supported by other Trump appointees. It lowers the federal funds rate to a range of 4% to 4.25%.

Robinson told his roommate/partner to delete the text messages and avoid media. One of the charges Robinson now faces is witness tampering for these interactions.

A LOOK AT THE NUMBERS: COMPETING INTERESTS
The Fed has two main goals: Bring inflation down to 2% (it’s now at around 3%), and ensure a strong job market. The solutions: Keeping interest rates high helps bring down inflation, while lowering rates helps the job market.

  • DOUBLE WHAMMY: Powell indicated Wednesday that slowing job growth was a bigger concern here, even as inflation remains above the 2% target.

    • The Consumer Price Index rose 2.9% in the year through August as tariffs began to impact prices, up from 2.7% in July.

  • At the same time, unemployment edged up to 4.3% in August — the highest since 2021. And data shows nearly a million fewer jobs were created in the past year than previously reported.

THE TRUMP FACTOR
The cut also followed weeks of pressure from President Trump, who has urged faster, deeper reductions to boost growth.

  • A court this week blocked his attempt to remove Governor Lisa Cook, a Biden appointee. The White House has accused Cook of mortgage fraud tied to federally backed loans, though no charges have been filed.

As Trump seeks to add loyalists to the Fed — which is designed to operate independently — some governors appear to be currying favor with him as Powell’s term ends in May and Trump will decide his successor. One name being floated is Governor Christopher Waller, who supported the quarter-point cut this meeting but dissented last time around, warning that the Fed should lower rates further to prevent additional labor market deterioration.



🚨 ONE THING WE’RE FOLLOWING

Fired CDC Director Says RFK Jr. Pressured Her To Approve Vaccine Recs Without Data

Recently-fired Centers for Disease Control and Prevention (CDC) Director Susan Monarez testified today that Health Secretary Robert F. Kennedy Jr. pressured her to approve all vaccine recommendations from a key committee without reviewing supporting data, and to fire career scientists without cause.

  • Monarez warned that the CDC’s Advisory Committee on Immunization Practices, or ACIP, may approve major changes to the current U.S. vaccine schedule in their meeting tomorrow without credible science to back up the changes — raising concerns about a lack of rigor and oversight with no permanent CDC director in place.

    • Kennedy fired all of ACIP’s 17 members in June, claiming they were biased and had ethical issues. Many of the new members he appointed have a history of being critical of vaccines.

In her more than three-hour Senate hearing on Wednesday, Monarez detailed a clash happening at the CDC, culminating in her dismissal just 29 days into her tenure in late August. Multiple senior CDC officials resigned in response to her firing — one joined to testify.

HE SAID / SHE SAID
Kennedy denied issuing Monarez an ultimatum, and during his testimony before the Senate this month, said she had lied and was untrustworthy.

  • Monarez recounted a “tense” meeting with Kennedy that she says led to her firing, in which he told her the “childhood vaccine schedule would be changing starting in September” and that she “needed to be on board.”

  • She then reportedly contacted Sen. Bill Cassidy (R-LA), a gastroenterologist who chairs the committee. Upon hearing that she reached out to Cassidy, Monarez testified that Kennedy instructed her not to speak to members of Congress.

    • “It is entirely appropriate for someone with oversight concerns to contact my office, or me, or frankly, any of us,” Cassidy said, adding that he reached out to Kennedy and the White House to raise his own concerns about Monarez’s account.

CRISIS AT THE CDC
Overall, Monarez and Dr. Deb Houry, one of the senior CDC officials who resigned in protest of Monarez’s firing, accuse Kennedy of having little interest in the data and science. They say he has an agenda and is moving to politicize the agency.

  • Houry testified that under RFK Jr.’s leadership, the CDC has removed the career public health officials in the CDC director’s office. Sen. Lisa Murkowski (R-AK) noted that career public health officials are meant to provide continuity and scientific expertise throughout different presidential administrations, while working alongside political appointees to advance an administration’s goals.

    • Houry, who reported serving under four administrations, said 80% of CDC center directors are now in “acting” roles after widespread firings and resignations. Under Trump, about 2,400 CDC employees — roughly 18% of staff — face layoffs.

    • Monarez testified that in late August, she was directed not to speak with career scientists, but only with political appointees installed by Kennedy.

Kennedy shared clips on X from Republican allies on the committee who challenged Monarez’s assertions about vaccines, the agency, and her choice of attorneys.

  • “The burden is upon you and the people you wouldn’t fire to prove to us we need to give our 6-month old a Covid vaccine and that we need to give our 1-day-old a Hep B vaccine,” Sen. Rand Paul (R-KY) said.

    • “I actually agree with you and I was open to the science. I just would not pre-commit to approving [changes] without the science,” Monarez responded.

Notably, Cassidy ended the hearing by stressing the effectiveness and importance of the hepatitis B vaccine for infants, warning ACIP that removing it from the schedule could have serious consequences. (He’s also been posting about the issue in recent weeks.)


⏳ THE SPEED READ

🚨NATION

  • FBI Director Kash Patel grilled by House committee on Epstein files (CNN)

  • Researchers warn of rising 'assassination culture' after murders of Charlie Kirk, Brian Thompson (FOX)

  • FBI investigates car ramming attack at Pittsburgh office as ‘act of terror’ (MO NEWS)

  • Kristi Noem joins ICE raid—DHS deny US citizens arrested by mistake (NEWSWEEK)

  • Family of Black student found hanging from a tree in Mississippi seeks independent autopsy (THE HILL)

🌎 AROUND THE WORLD

  • Thousands of Palestinians flee from Gaza City as Israeli ground offensive intensifies (MO NEWS); Pope renews appeal for Gaza ceasefire (VATICAN NEWS)

  • Iran executes man accused of spying for Israel (REUTERS)

  • Chrystia Freeland is leaving Carney’s cabinet to become special envoy to Ukraine, won't run in the next federal election (CBC)

  • Scientists say they've found the world's oldest mummies in China and southeast Asia (NBC)

📱BUSINESS, SCIENCE & TECH

  • Port of Los Angeles records strong August imports amid tariff uncertainty (POLITICO)

  • Jerry quits Ben & Jerry’s, saying its independence on social issues has been stifled (AP)

  • UK is going to be ‘AI superpower’, says Nvidia boss as country receives massive investment (GUARDIAN)

  • Google’s Gemini tops Apple’s App Store, snagging lead spot from ChatGPT (CNBC)

🎬 SPORTS & ENTERTAINMENT

  • ‘Wicked: For Good’ soundtrack announces release date and tracklist, including new original songs (HOLLYWOOD REPORTER)

  • Israeli culture minister cuts off funding for Israeli film festival after movie about Palestinian boy wins top prize — all amid Hollywood boycott (TIMES OF ISRAEL)

  • Bad Bunny leads the 2025 Latin Grammy nominations (AP)

  • Cardi B announces she and Stefon Diggs are expecting a child (ESPN)


ICYMI FROM THE 📲

In case you missed it… King Charles III welcomed President Trump to his second state visit to the United Kingdom on Wednesday with a lot of pomp and circumstance. He is the first modern world leader to have a second state visit to the U.K.

  • Trump and First Lady Melania Trump flew from London to Windsor Castle on Marine One and were greeted by the Prince and Princess of Wales – William and Kate – before walking to meet the King and Queen Camilla.

The royal pageantry consisted of horse-drawn carriages, mounted troops, and a rendition of the U.S. national anthem. Around 1,300 British troops were involved in the ceremonial welcome — the largest guard of honor in recent history for a visiting foreign leader.

Thousands of people in London protested Trump's visit on Wednesday. The night before, protestors projected his photo with Jeffrey Epstein onto Windsor Castle.


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Revealed: What Charlie Kirk Murder Suspect Texted His Roommate After The Killing