
JD Vance protesters line Disneyland resort as vice president takes family holiday amid California immigration raids
The protest was held in Anaheim, where the vice president and his wife and children are visiting this weekend.
Chair of the Nebraska Democratic Party Jane Fleming Kleeb shared footage from the protest on X on Saturday (12 July).
She said: 'VP Vance is at Disneyland. I'm also here with my family. When I had a brief moment, I made it clear--we support immigrants, we support America. I asked the obvious question, "I thought you hate California?" Since we've all seen and heard the hatred coming from Vance and Trump for California and Disney.'
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Reuters
28 minutes ago
- Reuters
Why Trump's push for a 1% Fed policy rate could spell trouble for US economy
WASHINGTON, July 14 (Reuters) - U.S. President Donald Trump says the Federal Reserve should set its benchmark interest rate at 1% to lower government borrowing costs, allowing the administration to finance the high and rising deficits expected from his spending and tax-cut bill. Trump should be careful what he wishes for. A Fed policy rate that low is not typically a sign that the U.S. is the "hottest" country in the world for investment, as Trump has said. It is usually a crisis response to an economy in serious trouble. The U.S. economy isn't in that kind of trouble now. But with near-full employment, ongoing economic growth and inflation above the U.S. central bank's 2% target, the super-low interest rates Trump seeks could easily backfire if investors in the $36 trillion Treasury market saw such a move as meaning the Fed had caved to political pressure and cut rates for the wrong reasons. Congress tasked the Fed with maintaining stable prices and full employment, not making deficit spending cheap, and slashing rates in the current environment could well reignite inflation. "I am not necessarily convinced that ... if the Fed tomorrow decided we are cutting to 1%, that this would have the traditional impact on long-term interest rates. The bond market fear would be that inflation would reignite and essentially we would have a loss of Fed independence and a de-anchoring of inflation expectations," said Gregory Daco, chief economist at EY-Parthenon. Though there is "scope to ease" from the current 4.25%-4.50% range, it is nothing like the magnitude of cuts Trump envisions, he said. Daco, noting the unemployment rate is 4.1%, the economy is growing around 2% and inflation is about 2.5%, said: "From a data perspective there is not anything to suggest the need for an immediate and substantial lowering." A 1% Fed policy rate has not been uncommon in the last quarter of a century, but is no sign of good times, coinciding with joblessness of 6% or higher. Former President George W. Bush governed at a time when the rate was 1%. It occurred shortly after the U.S. invaded Iraq in 2003 and at the end of a string of Fed rate cuts following the dot-com crash and the September 11, 2001, attacks on the U.S. Former President Barack Obama inherited a near-zero Fed policy rate when he took office in January 2009. He also inherited a global financial crisis. Trump himself got the same near-zero interest rate treatment from the Fed in the last months of his first term in the White House - when the COVID-19 pandemic shut down the economy. While hugely influential, the Fed has limited tools to influence the economy in normal times. U.S. central bankers meet typically eight times a year to set what is called the federal funds rate. Only banks borrow overnight at that rate, but it is a benchmark for other credit, influencing everything from corporate debt to home mortgages, consumer credit cards, and Treasury yields. Perhaps as importantly, it shapes expectations about where rates are headed. While closely correlated with the Fed's policy rate, those other rates are not set directly by the central bank. There's always a spread, including for what's been top of mind for Trump: the interest rate on U.S. Treasuries. Global trading across an array of markets ultimately determines those other rates. A foreign pension fund's demand for Treasuries or mortgage-backed securities, for instance, influences what Americans pay for a mortgage or the U.S. government pays to finance its operations. Supply and demand are critical. U.S. government debt supply is determined by spending and tax levels set by the president and Congress. The federal government typically spends more each year than what it receives in tax collections and other revenue, and Treasury covers that annual deficit with borrowed money, issuing securities due in as few as 30 days to as long as 30 years. All things equal, larger deficits and more accumulated debt mean higher interest rates. Deficits and debt are expected to rise following the passage in Congress earlier this month of Trump's "One Big Beautiful Bill Act." On the demand side, the U.S. enjoys a privileged position that holds down government borrowing costs since it is still considered a relatively risk-free investment with plenty of supply, deep and well-functioning markets and a history of strong institutions and legal norms. Current returns above 4% are particularly attractive for large pension funds or retirees who want income while being assured their investment is safe. But, like any borrower, the U.S. government must pay a premium for the risk an investor takes on. Locking up money in a 10-year Treasury note means other opportunities are foregone. Rates of interest, inflation and economic growth may all change in that span, and investors want compensation for those risks. With the Fed policy rate as a starting point, all of those factors are piled on in the form of a "term premium." Intangibles, like trust in a country's institutions, also matter. When Trump's threats to fire Fed Chair Jerome Powell intensified in April, yields rose and the president backed off - a sign that global markets have an important vote in central bank independence. Trump recently sent Powell a handwritten note with a list of central bank rates and penciled in where he thought the Fed's policy rate should be, near the bottom. U.S. central bank policymakers say it would be risky to cut rates until it is clear that Trump's new tariffs - many already imposed and more still to come - aren't going to stoke inflation. Central bankers often refer to policy formulas or rules that relate their inflation target to incoming and forecasted economic data to point to an appropriate interest rate. None suggest a Fed policy rate as low as Trump wants.


Daily Mail
33 minutes ago
- Daily Mail
Trump's desperate plea to FBI boss to smooth over rising MAGA mutiny... after agent's resignation threats
Donald Trump said he tried to talk Deputy FBI Director Dan Bongino down from quitting over the Justice Department's handling of the Epstein files. The president told reporters on Sunday that he spoke to Bongino amid rising reports that he would resign his post. As a popular pro-MAGA right-wing podcaster before joining the FBI, Bongino touted conspiracies that convicted child sex offender Jeffrey Epstein was murdered in jail to prevent the list of his high-profile clientele from reaching the light of day. Bongino was irate when the DOJ, which he works under as No. 2 at the FBI, concluded in its review of the files that the initial findings that Epstein killed himself in prison were true. A DOJ insider told the Daily Mail on Friday that if Attorney General Pam Bondi keeps her job, Bongino will leave his. But after a weekend to cool off and a conversation with Trump, Bongino appears to be backing off those threats to vacate his post at the FBI. Asked on Sunday if Bongino remained in his position, Trump said: 'Oh I think so.' 'I spoke to him today,' he added. 'Dan Bongino, very good guy. I've known him a long time. I've done his show many, many times. He sounded terrific, actually.' A White House insider tells the Daily Mail that Vice President JD Vance was part of the conversations over the weekend urging Bongino and FBI Director Kash Patel to stick around despite their disappointment with the handling of Bondi's review of the Epstein investigation. Trump's conversation with Bongino is part of a continued effort to quell the rising chorus of MAGA voices furious over the DOJ memo last weekend that agreed with initial findings that Epstein killed himself. The unsigned memo leaked to Axios asserted there was no 'client list,' even though Bondi has said the materials were on her desk ready for review and release. She now says that all of the 'files' were child pornography that will 'never see the light of day.' Multiple outlets reported that Bongino got into a heated exchange with Bondi on Wednesday over the issue of the Epstein files. This led to other reports, including from the Daily Mail, confirming the deputy FBI director was considering stepping down. Many Republican, conservative and pro-Trump voices have joined Democrats who are not pleased with how the DOJ review has gone. 'Where's the press conference? Why drop an unsigned memo on a Sunday night to Axios? Why not stand and take all the Qs?' political commentator and right-leaning journalist Megyn Kelly lamented in a post to X on Sunday. Far-right media personality Laura Loomer warned Republicans that the lack of revelations in the Epstein case will cost them elections in the future. 'People make their own choices and decisions, but mark my word, the lack of actual results at the DOJ and lack of transparency that translates into incompetence will cost the GOP House and Senate seats.' 'Don't say I didn't warn you,' she added. And even Billionaire Elon Musk took a side when he unfollowed Bondi on X. Trump is sticking by his AG, calling his base 'selfish' for 'going after' her. 'We're on one Team, MAGA, and I don't like what's happening,' the president lamented on his Truth Social on Saturday. 'We have a perfect Administration… and 'selfish people' are trying to hurt it, all over a guy who never dies, Jeffrey Epstein.' He then said that the files were written by Democrats, including former President Barack Obama, former Secretary of State Hillary Clinton, former FBI Director James Comey and former CIA Director John Brennan. He said it was up to them to release the files. 'They created the Epstein Files, just like they created the FAKE Hillary Clinton/Christopher Steele Dossier that they used on me, and now my so-called 'friends' are playing right into their hands,' Trump wrote in his lengthy social media post. 'No matter how much success we have had… it's never enough for some people.' The president claims that Bondi has more important work to do then spending more months on looking at the Epstein files. 'Let's keep it that way, and not waste Time and Energy on Jeffrey Epstein, somebody that nobody cares about,' he concluded. Trump is standing by his AG and asking his base to accept the outcome of the Epstein files But as much as Trump tries to stop the hate from flowing Bondi's way and the more he tries to downplay the importance of the Epstein files, the more his base leans into demanding that everything he DOJ has be brought to light. Loomer helped lead the demands for Bondi to exit her post last week over the 'failure.' 'Please join me in calling for Blondi to RESIGN!' Loomer posted to X last Monday, using her nickname for the blonde-haired AG. 'How many more times is this woman going to get away with Fing (sic) everything up before she is FIRED?' she added. On his podcast, conservative luminary Tucker Carlson theorized that Bondi is orchestrating a cover-up in order to protect members of the intelligence community who were ensnared in Epstein's conduct. 'The current DOJ under Pam Bondi is covering up crimes, very serious crimes by their own description,' Carlson said. 'Intel services are at the very center of this story, U.S. and Israeli and they're being protected.' White House Press Secretary Karoline Leavitt reaffirmed Trump's continued support for Bondi despite calls to resign.


Daily Mail
39 minutes ago
- Daily Mail
New research shows investors' politics are shaping their portfolios
The success of investors' stock market portfolios is increasingly dependent on how they vote, new research has found. Americans are increasingly buying and selling stocks based on their political associations with profound consequences for their portfolios. There is currently a 47 percentage point gap between Republicans thinking stocks will rise in the next six months compared to their more bearish Democrat peers. Meanwhile Democrats who expect stocks to fall over the next six months exceed Republicans by 59 percentage points. It is the largest sentiment gap on the stock market's trajectory since 2001, according to Gallup data. This 'optimism' gap is leading both political persuasions to make different trading decisions. Wealthy individuals who voted red or blue are also increasingly buying different stocks, The Wall Street Journal reported. Investing $1,000 in 1953 but only holding stock when a Republican was president would yield $29,000 today, according to Paul Hickey at Bespoke Investment Group. Doing the same but only investing when a Democrat was in the White House would roughly double the sum. However, neither strategy would beat simply buying and holding throughout the entire period, which would leave the investor with $1.9 million today. The divide between Red and Blue voters' portfolios began in 2013 under Barack Obama's presidency. The gap continued to widen in the following years following Trump's election in 2016, according to Elena Pikulina who collected and studied data from more than 300 independent investment advisers. 'If I know how people voted, I could tell you how they feel about the stock market,' David Sadkin, partner at Bel Air Investment Advisors, told the Journal. Sadkin recalled how one of his wealthy clients, who do not approve of the President, inquired about moving all their assets abroad because they were afraid they would sink under Trump's second term. On the other hand, Trump voter Bruce Besten, 68, told the Journal that he believes his investments will do well under the current administration. 'In general, when a person with his mindset is in office, it's good for the business environment,' the restaurant owner from Louisville, Kentucky explained. 'What's good for the business environment is good for the stock market.' He told the outlet that media 'hype' about how tariffs would batter the economy created buying opportunities for him during the market collapse in April , when he bought American stocks including Nvidia.