On The Deals Shaping Our Economy
👮 Border Agents Pull Back
The Trump administration is withdrawing 700 federal agents from Minneapolis following a fierce backlash over aggressive enforcement tactics and the killing of two civilians.
Between the lines: The move signals a tactical retreat. Administration officials are trying to cool tensions before the midterms as public support for hardline raids wavers.
"We're not surrendering our mission…we're just making this more effective and more smart."
📉 AI Trade Wobbles
US tech stocks took a beating today, extending a sell-off driven by fears that artificial intelligence is disrupting software business models faster than Wall Street anticipated.
Why it matters: The "AI trade" is losing its invincibility.
Investors are shifting from blind euphoria to punishing companies where the hype hasn't matched the bottom line.
The details: The Nasdaq tumbled 2.3% and chipmaker AMD plunged 17% - its worst day since 2017 - despite beating revenue expectations.
Driving the news: Software stocks are getting hammered as the market worries new AI tools will cannibalize their revenue streams.
"Recent months have seen a clear shift in markets from AI euphoria towards more differentiation"
The counterpoint: Marija Veitmane of State Street told the FT that the the panic is "overly pessimistic," arguing the shift is "incremental improvement, rather than total revolution."
🐘 GOP Infighting
Tensions are flaring between the Trump White House and traditional Republicans on two fronts: financial ethics and the Fed.
In Florida: Billionaire donor Ken Griffin delivered a stinging rebuke of the administration, accusing officials of self-dealing.
"This administration has definitely made missteps... that have been very, very enriching to the families of those in the administration…
That calls into question: is the public interest being served?"
Meanwhile, in D.C.: Sen. Tim Scott (R-S.C.) is pushing back against the DOJ’s probe into Fed Chair Jay Powell regarding renovation costs.
The rebuke: Scott told Fox Business that while he found Powell "inept at doing his job," he stressed that "ineptness or being incompetent is not a criminal act."
📰 Media Layoffs
The Washington Post began laying off more than 300 journalists today—cutting its staff by roughly 30%.
The impact: The cuts will decimate local, sports, and international coverage as the paper pivots to focus on national politics, business, and health.
The view from the top: Executive Editor Matt Murray told staff the paper was "too rooted in a different era" and that its daily output had dropped significantly.
The view from the newsroom: "This is a tragic day for American journalism," said chief economic correspondent Jeff Stein.
Colleagues simply messaged each other one word: "Eliminated."
🌍 Global rapid fire
🇿🇦 South Africa: DA leader John Steenhuisen is stepping down, declaring his mission to get the party into national government "accomplished." He called the coalition deal the party’s "single greatest achievement."
🇬🇧 UK: Former Prince Andrew has officially moved out of the Royal Lodge in Windsor amid new revelations from released Epstein documents.
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