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26 minutes ago
- Yahoo
Gavin Newsom Is Now Brutally Mocking Ted Cruz For Not Being Able To Add
Gavin Newsom has been speaking Donald Trump on social media the past few days! The California Governor has threatened to redraw the state's districts unless Trump steps in to stop Texas's redistricting. Related: After hitting his 24-hour deadline with no response from Trump, it looks like the redistricting is on. On Thursday morning, Gov. Newsom tweeted, "Donald Trump and Greg Abbott are going to have a very bad day today." Related: Welllll, ol' Teddy Cruz decided to insert himself into the drama. In a now-deleted tweet, the Texas Senator said, "If California gerrymanders from its current 43-9 Dem advantage (83%) to a 51-0 Dem advantage (100%)... then Texas should go from a 24-14 GOP advantage (63%) to 38-0 (100%). Related: The only problem with that 43+9 isn't 51... It's 52. Newsom jumped on this, correcting him and saying, "Please learn math." Related: He doubled down with another tweet: "Ted Cruz treating his posts like Cancun: Gets caught, then disappears." I guess we'll see what news he has in store for us today! Also in Internet Finds: Also in Internet Finds: Also in Internet Finds:
Yahoo
26 minutes ago
- Yahoo
Investors temper Ukraine hopes ahead of Trump and Putin summit
By Marc Jones LONDON (Reuters) -Investors are tempering expectations that Friday's summit between Donald Trump and Vladimir Putin will deliver a significant breakthrough on the war in Ukraine despite some hopeful signs. Ukraine's government bonds - key indicators of the mood - rallied when news of the summit emerged this month but have largely stalled at a still-distressed 55 cents on the dollar amid the pre-meeting posturing. Trump himself said it will be more of a "listening exercise" although he hopes it will go well enough for another involving Ukraine's President Volodymyr Zelenskiy soon afterwards - and threatened "severe consequences" if it doesn't. Europe's leaders meanwhile have been encouraged by Trump's signals on participating in security guarantees, while Putin has praised Trump for "sincere efforts" to stop the hostilities. Kathryn Exum, an analyst at emerging market-focused fund Gramercy, said the fact Ukraine's bonds remain well below the highs they hit when Trump regained the White House despite their near 20% rally this month reflected limited market expectations. "The bar is pretty high for any meaningful progress given the red lines of the parties seem deeply entrenched," Exum said. "I think the market is pricing in a symbolic truce," such as on long-range missiles and drones, she added. "Ultimately though is doesn't change the game for any side." MODEST Diliana Deltcheva, head of emerging market debt at Robeco, said EU leaders' calls with Trump on Wednesday, when he offered a potentially significant but vague security offer, were a "modest positive". But she too thinks Friday's summit is unlikely to yield substantive progress. "We had a small overweight (in Ukraine bonds) but now we have neutralised it," Deltcheva said. "From our position, is it too difficult to call the situation... there have been too many false starts." Geopolitical analyst at research firm TS Lombard, Christopher Granville, thinks whatever its ostensible outcome, Friday's meeting will mark the "definitive start of the concluding phase of the Ukraine war". "One way or the other, the situation is on a quickening path," Granville said. Either the sides would find a path towards a lasting ceasefire, or the war would ratchet up and ultimately force the issue. Ukraine's bonds, part of a $20 billion restructuring last year, were up as much 1 cent Thursday, just below the five month highs they hit earlier in the week. Oil and gas prices have fallen over the last fortnight too, traders say, on hopes of a post-summit "peace dividend" that could avoid costly 'secondary' tariffs being put on major Russia crude buyers like India and China. Investment bank surveys show the majority of fund managers have a small 'overweight' position on Ukraine's bonds, although it has been reducing over the last six months. Gramercy's Exum said investors remain wary because Trump has repeatedly changed tack on the war. His trolling of Zelenskiy as a "dictator" in February and the ugly Oval Office clash shortly afterwards, was "a wakeup call" for overly optimistic investors she said. Robeco's Deltcheva described that meeting as "traumatising", both in terms of the human aspect and for assumptions around the U.S. position. "We all saw how Zelenskiy got treated and how Trump's opinion changed," she said, which made it more difficult for investors to rely on Trump's stance. If Friday's discussion surprises on the positive side though, "then we will probably have to react," she said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
26 minutes ago
- Yahoo
Commentary: Why Trump is waging war on economists
President Trump knows something he doesn't want to admit publicly — the economy is weakening, largely because of his own policies. What to do? Trump obviously loves tariffs, because slapping taxes on imports gives him leverage over countries, companies, and CEOs. Trump can sway foreign economies, US corporate profits, and even voter well-being by dialing tariffs up or down, a form of power he must find thrilling. But Trump's import taxes are bound to take a toll on the US economy because they raise costs, destroy efficiencies, and add uncertainty. When you raise the cost of doing business in a free-market economy, you simply get less economic activity. That data is now starting to show that, just as hundreds of economists have forecast. Hiring has slowed sharply, probably because CEOs are suddenly more cautious about whether sales and profit margins will hold up. Some companies are already suffering and others are likely to join them. Read more: What Trump's tariffs mean for the economy and your wallet Wholesale prices surged in the latest monthly data, exactly what you'd expect given that tariffs are a consumption tax that directly raises the cost of imported goods. There are signs that tariff-related price hikes are hitting consumers too, which also makes sense because wholesalers try to pass on as much of the added cost as they can. "Businesses, for now, are bearing the tariff brunt," David Rosenberg of Rosenberg Research wrote in an Aug. 14 analysis. The cost impact is spreading across the supply chain. Goods shipments to the United States are plunging, which suggests there will be future shortages and even higher prices. Consumers are likely to start noticing in the back-to-school shopping season and when they do holiday shopping toward the end of the year. Trump and his supporters argue that the tariffs haven't had any of the dire effects critics have predicted, such as a recession or a stockmarket wipeout. But that defense is premature. The timing of the tariff impacts is hard to predict because much depends on how thousands of individual companies react to higher costs. But a slowing economy is virtually certain, as volumes of research into tariff effects show. This, Trump knows. While surrounded by many preening sycophants, Trump's advisers also include econoliterates such as Treasury Secretary Scott Bessent and White House economist Kevin Hassett. Sure, a big part of their job is to tout Trump's policies, no matter what. But it's also their job to prep Trump for bad news and help him get ahead of is doing that now, laying the groundwork for a propaganda blitz that he hopes will offset some bad economic news that's likely to get worse. On Aug. 1, he fired the top economist overseeing the monthly jobs report, falsely claiming that the weak numbers for July were 'rigged.' On Aug. 12, Trump said investing titan Goldman Sachs should 'get … a new economist' after the firm published a report forecasting that consumers would bear 67% of the cost of Trump's tariffs. Trump has repeatedly lambasted Federal Reserve Chair Jerome Powell (who's a banker, not an economist) for refusing to cut interest rates. Many economists think the Fed is right to stand pat, given that Trump's tariffs are stoking inflation and lower rates would make inflation worse. Trump is seeking some friendlier economists who might be inclined to tilt the data in Trump's favor. He nominated conservative economist EJ Antoni to run the agency overseeing the jobs and inflation reports, a move widely booed by the economic establishment. Trump appointed White House economist Stephen Miran to a temporary opening on the Fed's rate-setting committee, and next year Trump will be able to appoint a new Fed chair as Powell finishes out his term. Read more: How jobs, inflation, and the Fed are all related The battle lines forming will pit most mainstream economists against the alternative narrative Trump's own forecasters are likely to weave. Trump will never attain critical mass. Most economic forecasts and analyses are within decimal points of each other, and sometimes the only big variation is timing. While Goldman Sachs thinks consumers will bear most of the cost of Trump's tariffs, for example, so do researchers at just about every other investing firm, forecasting outfit, and think tank. There's no political cost to Trump's war on economists, who aren't exactly populist heroes toiling in the trenches with the common man. But ordinary people don't need economists to tell them if the economy is good or bad, if it's a boom or a recession. They feel it in their own lives based on how much their paycheck can buy, opportunities to get ahead, and what they see happening to other people in their communities. Trump might be able to fudge some data, but he can't convince struggling people they're better off than they are. A year or two into Trump's presidency, the impact of tariffs and other policies will no longer be mysterious. We'll know how damaging they are through grocery store prices, rising or falling unemployment, and the value of 401(k) plans. What economists say might not matter, but what they're telling us now is that more pain is coming. Rick Newman is a senior columnist for Yahoo Finance. Follow him on Bluesky and X: @rickjnewman. Click here for political news related to business and money policies that will shape tomorrow's stock prices. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
