{"id":72444,"date":"2026-09-30T17:08:23","date_gmt":"2026-09-30T21:08:23","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/pentagon-taps-musk-and-luckey-for-war-study-fed-watchdog-clears-powell\/72444\/"},"modified":"2026-09-30T17:08:23","modified_gmt":"2026-09-30T21:08:23","slug":"pentagon-taps-musk-and-luckey-for-war-study-fed-watchdog-clears-powell","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/pentagon-taps-musk-and-luckey-for-war-study-fed-watchdog-clears-powell\/72444\/","title":{"rendered":"Pentagon Taps Musk and Luckey for War Study; Fed Watchdog Clears Powell"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_86 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/pentagon-taps-musk-and-luckey-for-war-study-fed-watchdog-clears-powell\/72444\/#Key_Takeaways\" >Key Takeaways<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/pentagon-taps-musk-and-luckey-for-war-study-fed-watchdog-clears-powell\/72444\/#Pentagon_Launches_%22Project_Meridian%22_with_Tech_Titans\" >Pentagon Launches &quot;Project Meridian&quot; with Tech Titans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/pentagon-taps-musk-and-luckey-for-war-study-fed-watchdog-clears-powell\/72444\/#Fed_Watchdog_Finds_Mismanagement_but_No_Crimes_in_Renovation\" >Fed Watchdog Finds Mismanagement but No Crimes in Renovation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/pentagon-taps-musk-and-luckey-for-war-study-fed-watchdog-clears-powell\/72444\/#CMS_Finalizes_International_Pricing_Model_for_Medicare\" >CMS Finalizes International Pricing Model for Medicare<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/pentagon-taps-musk-and-luckey-for-war-study-fed-watchdog-clears-powell\/72444\/#MSG_Sports_to_Split_Knicks_and_Rangers_into_Pure-Play_Stocks\" >MSG Sports to Split Knicks and Rangers into Pure-Play Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/pentagon-taps-musk-and-luckey-for-war-study-fed-watchdog-clears-powell\/72444\/#Trump_Secures_950_Billion_Economic_Pact_with_South_Korea\" >Trump Secures $950 Billion Economic Pact with South Korea<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/pentagon-taps-musk-and-luckey-for-war-study-fed-watchdog-clears-powell\/72444\/#White_House_AI_Accord_Emphasizes_Self-Policing\" >White House AI Accord Emphasizes Self-Policing<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Key_Takeaways\"><\/span>Key Takeaways<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Elon Musk and Palmer Luckey<\/strong> have been appointed to lead a 120-day Pentagon study, <strong>Project Meridian<\/strong>, to reimagine the future of warfare through 2100.<\/li>\n<li><strong>The Federal Reserve Inspector General<\/strong> cleared former Chair <strong>Jerome Powell<\/strong> of criminal wrongdoing regarding a <strong>$2.4 billion headquarters renovation<\/strong>, despite finding &quot;major project-management failures&quot; and <strong>$1 billion in overruns<\/strong>.<\/li>\n<li><strong>CMS finalized the GLOBE Model<\/strong>, a mandatory five-year program starting <strong>January 1, 2027<\/strong>, aimed at lowering Medicare Part B drug prices by linking them to international benchmarks.<\/li>\n<li><strong>Madison Square Garden Sports (<a href=\"\/stock\/MSGS\">MSGS<\/a>)<\/strong> board approved the spin-off of the <strong>New York Rangers<\/strong>, set for <strong>October 26, 2026<\/strong>, which will create two separate publicly traded entities.<\/li>\n<li><strong>President Trump<\/strong> announced a major trade deal where <strong>South Korea<\/strong> will pay <strong>$350 billion<\/strong> to reduce U.S. tariffs and invest <strong>$600 billion<\/strong> in American energy.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Pentagon_Launches_%22Project_Meridian%22_with_Tech_Titans\"><\/span>Pentagon Launches &quot;Project Meridian&quot; with Tech Titans<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Defense Secretary <strong>Pete Hegseth<\/strong> announced on Wednesday that Tesla (<a href=\"\/stock\/TSLA\">TSLA<\/a>) CEO <strong>Elon Musk<\/strong> and Anduril Industries founder <strong>Palmer Luckey<\/strong> will co-lead a comprehensive Pentagon study titled <strong>Project Meridian<\/strong>. The 120-day initiative is tasked with identifying the technologies and domains\u2014including autonomous systems and AI\u2014the U.S. military must master to maintain a competitive edge through the next century. The study, which also includes former Speaker <strong>Newt Gingrich<\/strong>, is expected to deliver its findings by <strong>January 28, 2027<\/strong>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Fed_Watchdog_Finds_Mismanagement_but_No_Crimes_in_Renovation\"><\/span>Fed Watchdog Finds Mismanagement but No Crimes in Renovation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A 121-page report from the <strong>Federal Reserve Inspector General<\/strong> concluded that while the <strong>$2.4 billion renovation<\/strong> of the central bank\u2019s headquarters was plagued by &quot;deficiencies in management,&quot; there was no evidence of criminal or administrative misconduct by former Chair <strong>Jerome Powell<\/strong>. The watchdog found that costs more than doubled from an initial <strong>$921 million<\/strong> estimate due to the absence of a guaranteed maximum price and late cost estimates. Current Fed Chair <strong>Kevin Warsh<\/strong> confirmed the <strong>General Services Administration (GSA)<\/strong> will take over project management to implement tighter budget controls.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"CMS_Finalizes_International_Pricing_Model_for_Medicare\"><\/span>CMS Finalizes International Pricing Model for Medicare<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>Centers for Medicare &amp; Medicaid Services (CMS)<\/strong> has finalized the <strong>Global Benchmark for Efficient Drug Pricing (GLOBE) Model<\/strong>, which will operate from <strong>2027 through 2032<\/strong>. The model seeks to reduce out-of-pocket costs for <strong>Medicare Part B<\/strong> beneficiaries by tying U.S. drug rebates to prices in economically comparable countries. While the model excludes biosimilars once they enter the market, selected beneficiaries may begin seeing reduced costs as early as <strong>April 1, 2027<\/strong>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"MSG_Sports_to_Split_Knicks_and_Rangers_into_Pure-Play_Stocks\"><\/span>MSG Sports to Split Knicks and Rangers into Pure-Play Stocks<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Madison Square Garden Sports (<a href=\"\/stock\/MSGS\">MSGS<\/a>) will proceed with a tax-free spin-off of its <strong>New York Rangers<\/strong> business, with a completion date of <strong>October 26, 2026<\/strong>. Stockholders of record as of October 20 will receive <strong>one share of MSG Rangers<\/strong> for every two shares of MSG Sports held. Following the split, the parent company will be renamed <strong>MSG Knickerbockers Corp.<\/strong>, focusing on the NBA&#39;s Knicks, while the new Rangers entity will trade on the <a href=\"https:\/\/stockmarketwatch.com\/exchanges\/nyse\/today\" data-internallinksmanager029f6b8e52c=\"2\" title=\"NYSE Today\">NYSE<\/a> under the symbol <strong>MSGR<\/strong>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Trump_Secures_950_Billion_Economic_Pact_with_South_Korea\"><\/span>Trump Secures $950 Billion Economic Pact with South Korea<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>President Trump<\/strong> highlighted a massive bilateral agreement with <strong>South Korea<\/strong>, stating the nation has &quot;paid&quot; to reduce U.S. tariffs through a combination of direct payments and massive domestic investments. The deal includes <strong>$350 billion<\/strong> in payments to mitigate trade duties and <strong>$600 billion<\/strong> in South Korean investments in U.S. energy projects, including a <strong>$54 billion<\/strong> natural gas pipeline in Alaska. This aggressive &quot;tariff diplomacy&quot; follows recent threats to raise levies on South Korean autos to <strong>25%<\/strong>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"White_House_AI_Accord_Emphasizes_Self-Policing\"><\/span>White House AI Accord Emphasizes Self-Policing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Tech adviser <strong>David Sacks<\/strong> confirmed that leading AI firms, including <a href=\"https:\/\/stockmarketwatch.com\/stock\/NVDA\" data-internallinksmanager029f6b8e52c=\"15\" title=\"stock: NVDA\">Nvidia<\/a> (<a href=\"\/stock\/NVDA\">NVDA<\/a>), Meta (<a href=\"\/stock\/META\">META<\/a>), Google (<a href=\"\/stock\/GOOGL\">GOOGL<\/a>), and <a href=\"https:\/\/stockmarketwatch.com\/stock\/MSFT\" data-internallinksmanager029f6b8e52c=\"18\" title=\"Stock: MSFT\">Microsoft<\/a> (<a href=\"\/stock\/MSFT\">MSFT<\/a>), have signed the <strong>White House Accord on Super Intelligence<\/strong>. The voluntary pact requires firms to undergo <strong>external audits<\/strong> and internal safety reviews without waiting for new legislation. While Trump described the accord as &quot;morally binding,&quot; it currently carries no legal penalties for non-compliance, focusing instead on industry-led standards for safety and transparency.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Elon Musk and Palmer Luckey have been appointed to lead a 120-day Pentagon study, Project Meridian, to reimagine [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50383,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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