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The Federal Reserve raised the benchmark federal funds rate a quarter point to a 3.75–4 percent target range on Tuesday, its first increase in three years, on a unanimous 12–0 vote. Officials cited stubborn inflation as the bigger risk while calling economic activity solid and capital investment robust, with the median projection pointing to one more hike before year's end. President Trump responded that rates should be "1 percent or less."
Gas prices are running more than 9 percent higher nationwide than a month ago, driven by continued disruption in the Strait of Hormuz, with Brent and WTI both holding above $100 a barrel. House Speaker Mike Johnson tied the pain directly to the waterway, saying resolving Hormuz "will help to bring down grocery costs." Roughly 20 percent of the world's traded oil and gas moved through the strait before the war began.
Charlie Kirk's family has filed a legal claim alleging Utah Valley University knew about a rooftop security vulnerability and failed to secure it before the Turning Point USA founder was fatally shot on campus. The filing contends warnings were raised and not acted upon.
A federal judge has referred Philadelphia District Attorney Larry Krasner and a top deputy to the Justice Department for possible criminal investigation over alleged perjury and false statements. It is an extraordinary step against a sitting big-city prosecutor.
President Trump said Wednesday he has spoken with Tehran directly and that the Iranians "want to make a deal," adding the war that began February 28 is "hopefully" nearing its end. Vice President JD Vance warned the same day that a US pullback from the region would trigger a "worldwide energy crisis" as Iran keeps targeting commercial shipping.
Saudi air defenses intercepted a Houthi drone south of Mecca, and Riyadh declared the attempt a crossing of a red line. Separately, drones launched from Iraqi territory damaged two pumping stations on the kingdom's East-West oil pipeline, forcing a precautionary shutdown.
A Russian missile and drone barrage on Ukraine's capital overnight into Thursday morning injured at least 16 people, with strikes recorded at more than ten separate locations, per the Kyiv City Military Administration. The escalation lands as the House voted 262–159 to pass the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, targeting Moscow's energy sector and the countries buying its oil.
Air Force Secretary Troy Meink revealed the Space Force already has on-orbit "space control" weapons deployed to defend American assets against Chinese and Russian action. Officials declined to describe what the systems actually do, marking a rare public acknowledgment of a long-classified capability.
The Commerce Department finalized $300 million in research and development support split evenly among D-Wave Quantum, Rigetti Computing, and Quantinuum, with the federal government taking a minority equity stake in each. The move follows Trump's executive orders pushing American leadership in quantum computing and post-quantum cryptography.
Travis Kelce has been named among the pro athletes defrauded in a $35 million Ponzi scheme after a Texas fund manager pleaded guilty to federal wire fraud. Investigators say client money that was supposed to be diversified got funneled into a single stock.
