Middle East War Reset Dollar's Inverse Link to Stocks, Goldman Says
This month's geopolitical tension focused on the Middle East is re-establishing the dollar's traditional inverse relationship with risk assets, according to Goldman Sachs Group Inc.
The last eight trading sessions saw the greenback move in the opposite direction of the S&P 500 Index, in contrast to the positive link to risky assets seen amid the broader selling of US holdings after President Donald Trump launched his trade war earlier this year, Goldman strategists including Stuart Jenkins, Teresa Alves and Isabella Rosenberg wrote in a note Wednesday.
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New York Times
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Is Mamdani Really a Gift to Trump and the G.O.P.?
The votes were still being tallied last night when Representative Elise Stefanik, the New York Republican, sought to blame a potential political rival for Assemblyman Zohran Mamdani's all-but-official upset victory in the Democratic primary for mayor of New York City. 'Make no mistake, it is BECAUSE OF Kathy Hochul and the NY Democrat Party's inept weakness and sheer incompetence that this has happened,' Stefanik wrote on X, referring to Gov. Kathy Hochul of New York. Never mind that Hochul didn't so much as endorse Mamdani. Stefanik, who is contemplating a run for governor next year after President Trump pulled her nomination to be his United Nations ambassador, saw an obvious target. So has much of her party. In the hours since Mamdani, a 33-year-old democratic socialist, opened up a healthy lead over former Gov. Andrew Cuomo in the first round of the city's ranked-choice voting, Republicans have gleefully seized on a fresh new boogeyman for 2025. They've denigrated Mamdani's age, his criticism of Israel and its treatment of Palestinians, and his progressive politics. Some on the right have directly vilified his Muslim faith. 'We've had Radical Lefties before, but this is getting a little ridiculous,' the president wrote on his social media site a few hours into his flight from Amsterdam to Washington today, adding that Mamdani 'looks TERRIBLE.' Representative Mike Lawler, a moderate Republican from the Hudson Valley, said New York Democrats would 'pay the price for this insanity.' The National Republican Congressional Committee called Mamdani 'proudly antisemitic' — a charge he has forcefully rejected — and demanded that moderate Democrats like Representatives Tom Suozzi and Laura Gillen of New York say whether or not they support him. Want all of The Times? Subscribe.
New York Times
9 minutes ago
- New York Times
Young Muslims Loved Zohran Mamdani, and Their Parents Listened to Them
It was late in the afternoon on Tuesday, and Bilquees Akhtar was still at work as an assistant to the principal of EPIC High School North in Richmond Hill, Queens. Suddenly her phone exploded with text messages and DMs on Instagram and TikTok from her five adult children. Each of them had already cast a vote for Zohran Mamdani in New York City's Democratic mayoral primary. 'MOM, WHY ARE YOU STILL AT WORK?' Ms. Akhtar's 24-year-old son, Humza Mehfuz, wrote to her. 'YOU HAVE TO VOTE!' While Ms. Akhtar had previously supported Mr. Mamdani's main opponent, Andrew M. Cuomo, when he ran for governor and, years before that, had voted for his father, former Gov. Mario Cuomo, she told her children to calm down. After their relentless campaign of showing her TikTok videos of Mr. Mamdani — 'This kid is brilliant,' she had to admit, 'and so friendly!' — she had made her decision. 'All of Cuomo's ads tried to make Mamdani look like a terrorist,' said Ms. Akhtar, 56. 'But he's a New Yorker like me.' By Wednesday, Mr. Mamdani, a state assemblyman from Queens, had won 43 percent of votes counted, all but clinching perhaps the greatest political upset in New York City politics in a generation. (The final tally is not expected to be completed until next week, but Mr. Cuomo conceded the race on Tuesday night.) If Mr. Mamdani were to win the general election this fall, he would be the first Muslim mayor in the history of New York, and also the first mayor of South Asian descent. Want all of The Times? Subscribe.
Fox News
10 minutes ago
- Fox News
LA police union demands resignation of local official who allegedly incited gangs against ICE
The Los Angeles Police Protective League (LAPPL) — a police union that represents more than 8,900 members of the LAPD — is calling for the resignation and prosecution of a local official after she seemingly encouraged gangs to defend their territory from United States Immigration and Customs Enforcement (ICE). Cynthia Gonzalez, the vice mayor of Cudahy in southeast Los Angeles County, allegedly shared a video on social media late last week in which she appeared to urge 18th Street and Florencia 13 gang members to protect their turf from ICE agents. The LAPPL said Gonzalez's video put law enforcement officers at greater risk of harm. "It's dangerous," Richard Mendoza, a director with the LAPPL, told Fox News Digital. "… She should definitely resign from her position, and the district attorney or U.S. Attorney should bring charges against her if she crossed any legal lines." The 18th Street and Florencia 13 gangs are based out of LA and rule different areas, or turfs, through violence, intimidation and murder. Both gangs also have a known history of murdering police officers, according to a news release from the LAPPL. "These gang members are known to be violent," Mendoza said. "They've killed law enforcement officers in the past, and it's completely irresponsible and reprehensible for [Gonzalez] to even engage in that kind of talk or behavior." In the now-deleted video that Gonzalez allegedly posted online, she appeared to tell LA gang members they need to organize and help out with local resistance efforts against ICE. Toward the end of the video, the LA County official even seemingly calls on the leaders of the LA street gangs to "get your f***ing members in order." "Not for nothing, but I want to know where all the cholos are at in Los Angeles," Gonzalez said in the video. "18th Street, Florencia — Where's the leadership at? Because you guys are all about territory … You guys tag everything up — claiming hood. And now that your hood's being invaded by the biggest gang there is, there ain't a peep out of you." When Mendoza first saw the video the Cudahy vice mayor allegedly posted on social media, he said he thought it must have been generated by artificial intelligence because he could not believe "an elected official of a city would speak like that. "I was like, 'This is ridiculous,'" he said. "With the things that are going on right now — it's dangerous." Earlier this month, anti-ICE protests in LA resulted in nearly a dozen deputies suffering injuries as protesters launched rocks, Molotov cocktails and "high-grade pyrotechnics" at them, Los Angeles County Sheriff Robert G. Luna announced recently. "In the last riots within the city of Los Angeles, we had 52 officers that were injured —12 that are still recovering at home from their injuries," Mendoza said. "…And now [Mendoza's] calling on these [gang members] as a call to action. It's irresponsible." After posting the video, Gonzalez was visited by FBI agents at her home and is now allegedly under federal investigation, according to federal sources. FBI Los Angeles told Fox News they could not confirm or deny an investigation was underway, but said they condemn any call for gang violence. In an X post on Tuesday night, the U.S. Department of Homeland Security called the comments made by Gonzalez "despicable." "She calls for criminal gangs — including the vicious 18th street gang — to commit violence against our brave ICE law enforcement," the U.S. Department of Homeland Security wrote. "This kind of garbage has led to a more than 500 percent increase in assaults against our ICE law enforcement officers. Secretary Noem has been clear: If you assault a federal officer, you will be prosecuted to the fullest extent of the law." Cynthia Gonzalez and the City of Cudahy did not immediately respond to Fox News Digital's request for comment.
