Key Takeaways
- Federal Reserve official Michelle Bowman indicated that recent weaker-than-expected jobs data supports the case for three rate cuts in 2025, signaling a potential shift in monetary policy outlook.
- California Governor Gavin Newsom has vehemently rejected the Trump administration's $1 billion settlement offer to the University of California, Los Angeles (UCLA), labeling it as "extortion" amidst a dispute over frozen federal funding.
- A major gas station operator is actively exploring asset sales to reduce debt in anticipation of a planned Initial Public Offering (IPO), indicating strategic financial restructuring.
- In international affairs, Turkey has called for unity among Muslim nations against Israel's asserted plan to take over Gaza, escalating regional tensions.
A top official at the Federal Reserve is reinforcing expectations for future interest rate adjustments. Michelle Bowman, a Federal Reserve official, stated that the latest labor market data, which showed weaker-than-expected job growth, strengthens her view that the Fed should implement three interest rate cuts in 2025. Bowman, who was one of two officials to vote in favor of rate cuts at a recent meeting, noted that the Fed has only three scheduled meetings remaining in 2025. She also expressed growing confidence that President Trump's tariffs will not create a persistent shock to inflation, expecting it to move closer to the Fed's 2% target.
In a significant political and financial standoff, California Governor Gavin Newsom has strongly condemned a $1 billion settlement offer from the Trump administration to the University of California, Los Angeles (UCLA). Newsom characterized the offer as "extortion," asserting that California will not yield to the demand. The dispute stems from accusations of antisemitism at UCLA, which led the government to freeze $584 million in federal funding for the university. The University of California system is reviewing the proposal, but has warned that such a substantial payment would "completely devastate" the institution.
Meanwhile, President Donald Trump has announced the nomination of State Department spokeswoman Tammy Bruce as the new US deputy representative to the United Nations, with the rank of ambassador. Trump lauded Bruce, a former Fox News contributor, as a "Great Patriot, Television Personality, and Bestselling Author" in his announcement on Truth Social.
In the energy sector, Global Partners (GLP), a prominent gas station operator, is reportedly exploring potential asset sales to reduce its debt load. This strategic move comes ahead of a planned Initial Public Offering (IPO), indicating efforts to optimize its financial structure for public listing.
On the international stage, Turkey is intensifying its diplomatic efforts regarding the conflict in Gaza. Turkish Foreign Minister Hakan Fidan urged Muslim countries to unite against Israel's alleged plan to take control of Gaza City. Fidan stated that Israel's policy is aimed at forcing Palestinians from their lands and permanently invading Gaza, arguing that there is no justifiable reason for nations to continue supporting Israel. The Organization of Islamic Cooperation (OIC) has been called to an emergency meeting to address the situation.
Finally, in space news, NASA's Crew-10 astronauts have successfully returned to Earth after completing a five-month mission aboard the International Space Station (ISS). The SpaceX Crew Dragon capsule, named Endurance, splashed down safely in the Pacific Ocean off the California coast on Saturday. The returning crew included NASA astronauts Anne McClain and Nichole Ayers, Japan Aerospace Exploration Agency (JAXA) astronaut Takuya Onishi, and Roscosmos cosmonaut Kirill Peskov, who conducted various scientific experiments during their orbital stay.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.