Immigration agency flexes authority to sharply expand detention without bond hearing
Todd Lyons, ICE's acting director, wrote employees on July 8 that the agency was revisiting its 'extraordinarily broad and equally complex' authority to detain people and that, effective immediately, people would be ineligible for a bond hearing before an immigration judge . Instead, they cannot be released unless the Homeland Security Department makes an exception.
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Yahoo
6 minutes ago
- Yahoo
Morning Bid: Markets calm down after Powell poser
By Mike Dolan LONDON (Reuters) - What matters in U.S. and global markets today By Mike Dolan, Editor-At-Large, Finance and Markets Wednesday's market drama on reports of an imminent ouster of Federal Reserve Chair Jerome Powell has calmed quickly, with President Donald Trump saying it was "highly unlikely" he would fire the central bank boss even as speculation continue to brew. I'll dig into all of today's market news below, and then I'll discuss how U.S. markets may soon shift focus from tariffs to the more pressing economic threat of labor shortages driven by aggressive immigration crackdowns and deportations. Today's Market Minute * U.S. President Donald Trump said Wednesday he is not planning to fire Federal Reserve Chair Jerome Powell, but he kept the door open to the possibility and renewed his criticism of the central bank chief for not lowering interest rates. * Canada's Alimentation Couche-Tard on Thursday pulled its $46 billion bid to buy Seven & i Holdings, saying the retailer refused to engage constructively on the deal, which would have been Japan's largest ever foreign buyout. * The deadly Air India crash last month has renewed a decades-old debate in the aviation industry over installing video cameras monitoring airline pilot actions to complement the cockpit voice and flight data recorders already used by accident investigators. * While almost no one thinks Donald Trump's verbal attacks on Federal Reserve Chair Jerome Powell are a positive development, writes ROI columnist Jamie McGeever, they have electrified the debate about whether the U.S. president is right that interest rates are too high. * The idea of simplifying the federal tax code used to enjoy widespread bipartisan political support. Times have changed in this regard, and not for the better. That's bad news, says Income Securities Advisor publisher Marty Fridson, and not just because of the headaches it causes taxpayers each April. Markets calm down after Powell poser The Fed episode overshadowed otherwise decent set of U.S. economic updates - showing relatively subdued producer prices and above-forecast industry output last month and offsetting anxiety about some tariff-related price rises in Tuesday's consumer inflation report. The Powell story also obscured another decent set of bank earnings, with individual stock reactions for Goldman Sachs, Morgan Stanley and Bank of America underwhelming - much like the prior day's results. Johnson & Johnson did surge 6%, however, after halving its expectations for costs related to new tariffs and raising full-year profit projections. But the burst of speculation about Powell's exit did reveal something of the market's reaction function on the long festering issue and also, to some extent, the potential size of those reactions. The dollar and short-term Treasury yields kneejerked lower on the Bloomberg report that claimed Trump was about to fire the Fed boss. With Trump's insistence on steep and immediate interest rate cuts as a backdrop, the prospect of Powell's removal upped monetary easing speculation instantly. But concern about damage to Fed independence and possibly overeager rate cuts now in the face of above-target inflation saw long-term Treasury yields surge, the yield curve steepen and stocks drop almost 1%. Trump quickly walked back the report and said he discussed firing Powell with Republican lawmakers on Tuesday but now felt he was "highly unlikely" to do so. Markets quickly reversed all their initial moves, puzzling over just what happens next. Many investors felt the whole piece was just calculated to heap pressure on the Fed Chair to resign of his own accord, with fresh angles of attack from the White House on Powell's responsibility for cost overruns in renovating Fed headquarters. "I'd love it if he wants to resign, that would be up to him," Trump added later. But relatively limited extent to which punters believe Trump will pull the trigger this year can be seen in only betting sites. Even at the height of Wednesday's tension, Polymarket's site showed just a one-in-four chance of Powell's ouster this year. And they ebbed back since to show roughly a 20% chance. The upshot in wider financial markets today is that a full recovery in stock prices and the dollar has been sustained - with long bond yields also returning to early Wednesday levels just over 5%. Two-year Treasury yields remained about 5 basis points lower and 10-year inflation expectations in the bond markets edged above 2.4% for the first time since February. Wall Street stock futures were higher again ahead of the bell. Thursday brings another heavy slate of economic updates, with June retail sales and weekly jobless claims topping the list. The corporate earnings season is now in full swing, with Netflix and General Electric and regional banks among those reporting. Given the Fed anxiety, speaking appearances from top board members will be watched especially closely - not least the dovish Christopher Waller, tipped by some as a possible Powell replacement and in favor of resuming rate cuts as soon as this month. On Wednesday New York Fed President John Williams refused to comment on Powell's position but said monetary policy is in the right place and warned the impact of trade tariffs is only just starting to hit the economy. Overseas markets were in relatively buoyant mood too, with Asia and European shares up 0.5-1.0%. Taiwan chip giant TSMC reported results that topped analyst forecasts, undoing some of the pessimism in the sector from Dutch chip-making tool supplier ASML's revenue warning the previous day. European shares rose on Thursday after four consecutive sessions of losses, supported by strong quarterly results from Switzerland's ABB and some renewed optimism over a potential U.S. trade deal. Ahead of weekend elections, Japan's Nikkei recovered from early losses to end higher as a weakening yen that hit three-month lows this week bolstered sentiment chip shares were lifted by TSMC results. G20 finance chiefs will meet in South Africa on Thursday under the shadow of President Donald Trump's tariff threats and questions over their ability to tackle global challenges together. U.S. Treasury Secretary Scott Bessent will not attend the two-day meeting in the coastal city of Durban, marking his second absence from a G20 event in South Africa this year. Chart of the day President Donald Trump said Wednesday it was "highly unlikely" he would fire Fed Chair Jerome Powell shortly after a Bloomberg report claiming he would oust the central bank boss soon hit the dollar briefly and disturbed stock and bond markets. Criticizing Powell's monetary policy stance yet again, Trump confirmed he had floated the idea of firing him with Republican lawmakers on Tuesday, marking the latest chapter in an escalating campaign by Trump against the independent central bank. "I'd love it if he wants to resign, that would be up to him," he added later. Online betting markets moved to show almost a 1-in-4 chance of Powell ouster this year, but have fallen back again to about a 21% chance since. Today's events to watch * U.S. weekly jobless claims (8:30 AM EDT), June retail sales (8:30 AM EDT), Philadelphia Federal Reserve July business survey (8:30 AM EDT), July NAHB housing market index (10:00 AM EDT), May business/retail inventories (10:00 AM EDT), Treasury TIC data on flows to and from U.S. securities (4:00 PM EDT) * U.S. corporate earnings: Netflix, US Bancorp, Snap-On, Pepsico, Abbott Laboratories, Travelers, General Electric, Marsh & McLennan, Cintas, Citizens Financial, Fifth Third, Elevance * Federal Reserve Board Governor Christopher Waller, Fed Board Governor Adriana Kugler, Fed Board Governor Lisa Cook and San Francisco Fed President Mary Daly all speak * G20 Finance and Central Bank Meeting in South Africa Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. You can find ROI on the Reuters website, and you can follow us on LinkedIn and X. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (by Mike Dolan; editing by Ros Russell)
Yahoo
6 minutes ago
- Yahoo
Just 1 in 4 US adults say Trump's policies have helped them, a new AP-NORC poll finds
WASHINGTON (AP) — Only about one-quarter of U.S. adults say that President Donald Trump's policies have helped them since he took office, according to a new poll that finds underwhelming marks for him on key issues, including the economy, immigration, government spending and health care. In fact, the Republican president fails to earn majority approval on any of the issues included in the poll from The Associated Press-NORC Center for Public Affairs Research. He's even slipped slightly since earlier this year on immigration, which has consistently been a strength for him in his second term. And while a majority of Americans do see Donald Trump as at least 'somewhat' capable of getting things done following the passage of his sprawling budget bill, fewer believe he understands the problems facing people like them. Most don't see positive impact from Trump's policies Roughly half of U.S. adults report that Trump's policies have 'done more to hurt' them since his second term began six months ago, the survey found. About 2 in 10 say his policies have 'not made a difference' in their lives, with about one-quarter saying his policies have "done more to help' them. The vast majority of Democrats and about half of independents say Trump's policies have had a negative impact, while even many Republicans say they haven't seen positive effects. 'As it sits today, I don't know his policies have made much of a difference in my day-to-day life,' said Landon Lindemer, a 29-year-old logistics manager from suburban Atlanta who voted for Trump three times. Lindemer said he generally approves of Trump's job performance, even if he has concerns about the massive spending in the big bill the president signed into law on July 4. 'I'm not sold it's really going to help," he said. Low but steady presidential approval ratings The mixed reviews on Trump's policies come as he struggles to follow through on key campaign promises, including lowering costs for working-class Americans, preserving popular social welfare programs like Medicaid, ending foreign wars and lowering government spending. Inflation rose last month to its highest level since February as Trump's sweeping tariffs push up the cost of everything from groceries and clothes to furniture and appliances. Separately, Trump's budget bill included Medicaid cuts that will lead to 11.8 million more Americans becoming uninsured and add $3.3 trillion to the national debt, the Congressional Budget Office estimated. At the same time, violent conflicts still rage in Israel and Ukraine. Overall, the new poll finds that about 4 in 10 U.S. adults approve of Trump's job performance, a figure that's in line with his June approval but historically weak compared with recent presidents. Closer to half of U.S. adults approved of President Joe Biden and President Barack Obama at roughly the same point in their Democratic presidencies, according to polls from AP-NORC and Gallup, although Biden's approval rating declined in the second half of his first year and remained low for the rest of his time in office. Poll respondent Bailey Neill, a 42-year-old attorney from San Antonio, said he was 'terrified' of Trump. Neill, a Democrat who describes himself as a 'student of history,' cast Trump as an authoritarian who has followed the controversial playbook outlined in Project 2025, a conservative blueprint for transformative changes across the federal government that Trump tried to distance himself from before the November election. 'In terms of my day-to-day life, I really haven't seen a change, except for the general fear and anxiety I feel at a core level,' Neill said. Most disapprove of Trump's handling of immigration, economy and more Trump earned less than 50% approval on every issue included in the new AP-NORC poll, including the economy, government spending, trade, taxes, immigration, health care and his handling of the conflict in the Middle East. Only 43% of U.S. adults said they approved of his handling of immigration, down slightly from the 49% who supported his work on the issue back in March. Trump also appears to have lost some support for his spending decisions. About 4 in 10 Americans approve of Trump's handling of government spending, down from 46% in March. On the economy overall, roughly 4 in 10 adults approve of Trump's performance, which hasn't changed measurably in the last few months. Timothy Dwyer, of Dyersburg, Tennessee, a 26-year-old self-described independent who works in retail sales and leans Republican, said Trump's work on the economy, especially his tariffs, has 'really sucked.' 'He's turned us into a toilet and has absolutely made us the laughing stock of the world,' Dwyer said of Trump's trade policies, while also lamenting the president's work on reducing grocery prices and health care. Most view Trump as effective, but fewer think he understands their needs Despite such criticism, most U.S. adults think Trump is at least somewhat effective. About 6 in 10 say 'capable of getting things done' describes Trump at least 'somewhat' well. And about half of U.S. adults say the same about the phrases 'good negotiator' or 'capable of handling a crisis." That doesn't mean they believe Trump can see things from their perspective. Most Americans, 56%, say 'understands the problems facing people like you' is a phrase that describes Trump 'not very well' or 'not well at all.' His numbers on the question are relatively weak even among those in his party: Just about half of Republicans say he understands the problems facing people like them 'extremely' or 'very' well. 'I think he's doing quite well. He could be doing a hell of a lot worse,' said poll respondent Levi Fischer, of Marshalltown, Iowa, who voted for Trump three times. Still, Fischer acknowledged that he hasn't seen the economy improve as quickly as he hoped. Trump's policies, he said, 'don't make much difference in my life.' ___ Peoples reported from New York. ___ The AP-NORC poll of 1,437 adults was conducted July 10-14, using a sample drawn from NORC's probability-based AmeriSpeak Panel, which is designed to be representative of the U.S. population. The margin of sampling error for adults overall is plus or minus 3.6 percentage points.
Fast Company
7 minutes ago
- Fast Company
Philanthropy cannot be the global aid plan B
Bill Gates recently sounded the alarm: with massive cuts to foreign aid, global child mortality is set to rise—for the first time in decades. Since the Trump era, more than 80% of USAID contracts have been slashed, and the shortfall is being felt across the world's most vulnerable communities. As a result, there is an urgent need to address how global issues are tackled, making the private philanthropic sector more important than ever. It's tempting to assume that philanthropy should simply step in and focus on filling the gap. But that in my view would be a mistake, and a missed opportunity. Philanthropy, at its best, isn't built to replace government-scale aid. Its real potential lies in its agency to take a longer term view and absorb risk needed to tackle the seemingly intractable issues we face. And in this moment of global disruption, that's needed more than ever. There is a real danger that the primary focus of philanthropic funding pivots towards being a backstop for foreign aid. My fear is that this new role detracts from the real power of philanthropy, which lies in its ability to tackle systemic issues by funding the radical innovation needed to deliver more equitable futures. A moment for philanthropy to embrace breakthroughs Philanthropy is at a crossroads. Traditional models of giving are no longer sufficient to address the complex global challenges we face and the uncertain times we live in. At the same time, too few philanthropists understand their potential in helping tackle them. Let me be clear: I am not criticizing philanthropy's storied history. Philanthropists should be proud to be part of a tradition that has had many successes since the Industrial Revolution. Private donors have helped to fund important social advances—from the near-eradication of polio to women's liberation and equal marriage. Now, as we face rising uncertainty, is the moment for philanthropy to step up and embrace its true superpower: the ability to embrace risk to make breakthroughs. The ability to commit beyond just signing checks. A commitment that also requires time, perseverance, and expertise. A time for a new mindset In 1962, President John F. Kennedy called upon his fellow countrymen to put a man on the moon by the end of that decade. As I look at the challenges we face globally, the solutions look just as far away from our reach as the moon did to Kennedy. Today, I do not believe that voters and taxpayers would be as accepting of such a bold and audacious goal. At the same time many global corporations, some with more capital than nation states, recognize their potential to contribute to tackling the world's greatest challenges. They are stepping up, making huge risky investments in potentially profitable, transformative ideas. But their obligation to deliver shareholder returns leaves little room to deliver the high-risk, transformative work where it's desperately needed. We need to change our thinking about who delivers that change and how it's done. Systems change philanthropy can play that role, but only if philanthropists with the passion, resilience, and risk appetite are encouraged to use their capital for transformative impact. It is this superpower that will enable philanthropy to privatize and absorb the cost of failures, but also socialize its success for the good of all. A partnership, not a substitution Philanthropy has the power to change the tide and create the conditions for larger institutions to act. They don't replace those institutions; they inspire, enable, and de-risk their intervention; it is philanthropists' strategic collaboration with partners, experts, and convening institutions that can ensure targeted and effective action. My work has focused on tackling the issue of uncorrected poor vision, which affects 2.2 billion people globally—a mission that has been at the heart of my philanthropy for the last two decades. For the first decade, my focus was on delivering universal vision correction to the nation of Rwanda. While we achieved our goal, after a long-term effort by a team that included a funder, many partners, and all kinds of experts, correcting poor vision remained a low-priority health issue on the global agenda. This resulted in transforming one country's healthcare system. But change can't happen one country at a time. Without institutional support, I quickly realized that philanthropy would not make enough of a dent in solving the global poor vision challenge. It misses the point of what each does best. It's about the legitimacy, scale, and convening power that governments possess. When a government or international organization commits to a cause, it signals to the world that this issue matters at the highest levels of policy and diplomacy. Our global vision campaign, Clearly, was born out of this realization. And it was the inflection point achieved by lobbying the UN to shift its thinking, from vision correction being a low priority health silo issue to being recognized as a high-priority development issue, that led to a resolution committing every country to 'eyecare for all' by 2030. By taking the risk to reframe vision correction, it created the evidence base and political momentum that governments needed to act. This is the model for philanthropy's future: creating breakthroughs that make government intervention more effective. Philanthropy cannot be a stopgap—but it can kick-start a revolution to address the world's biggest challenges.
