Verizon latest company to end DEI programs as FCC approves $20B deal
(NewsNation) — Verizon Communications will end its DEI practices as part of its $20 billion Frontier Communications merger, which the Federal Communications Commission approved Friday.
Verizon is the latest company to end its diversity, equity and inclusion programs since President Donald Trump took office. Major companies like Warner Bros. Discovery, Goldman Sachs, Paramount, Pepsi and many more have scaled back or shifted their DEI policies.
Verizon's 'commitment to equal opportunity and nondiscrimination … will ensure that the combined business will enact policies and practices consistent with the law and the public interest,' said FCC Chairman Brendan Carr in a news release.
Musk's AI company says Grok focus on racial politics 'unauthorized'
In February, Carr announced a probe into the company's promotion of DEI.
Frontier Communications is a telecommunications services company. The deal allows Verizon to upgrade and expand Frontier's fiber network. Frontier's network spans 25 states.
Verizon's fiber will replace old copper networks, 'ensuring that more communities benefit from advanced technologies,' Carr said. 'Following the transaction, Verizon expects to deploy fiber to 1 million or more American homes annually.'
Carr said the merger will add billions of dollars in infrastructure to communities nationwide, 'including rural America.'
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Yahoo
8 minutes ago
- Yahoo
What is the bond market and why is everybody so worried about it?
The bond market doesn't make headlines nearly as often as its more exciting cousin, the stock market, but when it does, look out. At least twice in 2025, bond investors have reacted negatively to U.S. President Donald Trump's policies, spooked first by his trade war and more recently by the growing U.S. government debt. Those join a list of other recent bond market tantrums that suggest investors have growing concerns about the state of government finances around the world. But just what is the bond market, how does it work and why is it such a problem when investors get jittery about it? The Financial Post explains. The bond market is a financial market where governments, companies and investors can issue, buy and sell debt in the form of — you guessed it — bonds. For governments, selling a new bond raises the funds needed to finance public spending, while a business might use the proceeds for corporate operations or an acquisition. In return, bonds provide investors with periodic interest payments, usually at a fixed interest rate, and guarantee the repayment of the principal at maturity. Government bonds can come in a range of durations from months all the way up to decades. For example, U.S. government debt ranges from one-month Treasury bills to 30-year Treasury bonds. Investors are especially focused on the U.S. bond market because it is the largest in the world, worth about US$47 trillion. This accounts for about 40 per cent of the US$142 trillion global bond market as of 2025, according to the Securities Industry and Financial Markets Association, a U.S. industry trade group. As of the fourth quarter of 2024, investors held US$28 trillion of government debt in Treasuries. Investors buy government bonds because they are seen as safe, especially in contrast to stocks, which can carry more risk, especially during economic turbulence. Bonds pay out steady interest, and there is little risk the government of a major economy such as the U.S. will not repay the principal at maturity — or at least that's the theory. In reality, investors increasingly appear to be questioning whether government bonds, in particular those issued by the U.S., are such a safe bet. Carl Gomez, chief economist and head of market analytics for CoStar Group, said the bond market, like any other market for financial assets, depends on buyers and sellers making trades based on their expectations regarding market conditions. And some recent decisions by the U.S. government have investors feeling like they are taking on more risk with bonds, he said. When Trump unveiled his plan for massive tariffs on other countries on 'Liberation Day' in April, it sent shockwaves through the stock market. Although normally investors would buy bonds as a counterweight to equity risk, something unexpected happened. There was a selloff in the bond market as well, signalling that buyers were losing confidence in the U.S. as a safe place to store their money. The 10-year Treasury yield spiked from less than four per cent on April 4 to 4.5 per cent on April 8, while the 30-year yield topped five per cent. 'People are worried the independence of the Fed could be eroded to some extent, people are worried that the U.S. administration's policies have not been friendly to the allies or to the providers of capital for the U.S. market,' said Jason Daw, the head of North American rates strategy at Royal Bank of Canada (RBC) Capital Markets. 'This has led the market to believe that (foreign) investors are going to be investing less in the U.S and maybe more in their domestic markets.' And with the U.S.'s massive debt, investors question the government's fiscal prudence, weakening demand for U.S. bonds. Trump's 'big, beautiful' tax bill lead to the second big spike in yields this year. Introduced in May, the bill included extended tax cuts and an increase to the national debt ceiling, and would add nearly US$4 trillion to America's US$36 trillion in debt if passed. In the immediate aftermath of the tax bill announcement on May 22, the 10-year yield closed at 4.58 per cent, its highest level since 2023. To make matters worse, credit rating agency Moody's Corp. downgraded America's credit rating due to the country's inability to manage its ballooning debt. Following that up, there was tepid demand at a US$16 billion 20-year Treasury bond auction, another key indicator of the bond market's woes, pushing yields to 5.1 per cent. 'When the government goes to borrow, they auction up the bonds, and get the money from the Treasury,' Gomez said. 'If there are fewer buyers, then that price is going to come down, and the yields will need to go up on those bonds to make them sellable.' When people talk about trouble in the bond market, they often talk about yields spiking. The yield on a bond is how much you would expect to earn on your money per year if you held the bond through to maturity, including both interest payments and price return. While the interest payment on a bond is usually fixed, yields adjust to prevailing expectations about where interest rates are heading. For example, if investors think they will be able to buy a new bond at an interest rate of five per cent, they aren't likely to want an existing bond with an interest rate of only four per cent. So the price of that older bond falls. The big thing to remember is that yields and prices are inversely related: If yields go up or spike, it means the value of the bonds people are holding goes down. 'Similar to how the value of a stock or the equity market could change, the value of bonds changes depending on people's expectations of future interest rates and depending on when you purchase the bond (which could be) at a value that is above or below its maturity level,' said Daw. If bond buyers are concerned that the U.S. fiscal position is deteriorating, they are likely going to want a higher return to offset the risk of lending to Uncle Sam. So, yields go up, and prices go down. Bond yields have been rising across the globe — a striking reversal in a long-term trend of declining yields that persisted over the past 20 to 30 years thanks to modest inflation and economic stability. With inflation higher post-COVID and due to economic jitters from the U.S.-initiated trade war, there is less demand for especially long-term government bonds globally, making it more expensive for governments to borrow. If the U.S. has trouble selling its bonds at rates that allow it to service its debt, it could be forced to raise interest rates to higher and higher levels to placate investors seeking compensation for taking on the greater risk. Increasing interest rates could create a vicious cycle of higher rates making it more expensive for the government to service its debt, leading to bigger deficits and more debt, producing greater risk that buyers will want to be compensated for with higher interest rates. Most importantly, the U.S. relies on the sale of its Treasury bonds to fund its operations. If buyers don't want to buy bonds, the government could struggle to pay its bills, especially if there aren't sufficient tax revenues, Gomez said. 'Ultimately, it can lead to a financial crisis,' he said. 'It circles down across the whole financial system into the real economy.' Gomez pointed to Greece as an example. The country toppled into a government debt crisis in 2007, exacerbated by the global financial crisis, and struggled to recover. Major financial rating agencies flagged Greek bonds with 'junk' status in 2010. The country's unemployment rate hit a record 28 per cent in 2014, and poverty and homelessness snowballed. 'This doesn't usually happen to a well-developed country like the United States, given its position in the world,' Gomez said, noting the Fed could step in and be 'the buyer of last resort.' Still, this could lead to major inflation risks caused by 'printing money' and potentially call into question America's long-term debt sustainability, which would result in higher interest rates over the long run, he said. Although Canada's bond market typically follows the same direction as its southern neighbour, Gomez said it has hit a resistance point due to the Bank of Canada cutting interest rates out of step with the U.S. Federal Reserve. Canadian bond yields are getting tugged upward, influenced by what is occurring in the U.S., but they are also being pulled down by the central bank. 'Everybody probably expected at the end of last year that we'd see lower interest rates, lower mortgages,' Gomez said. 'But what's really happening is that the bond market and bond yields in Canada are just going sideways.' If the Fed starts cutting rates more than the Bank of Canada, Daw said it is likely the Canadian bond market will underperform the U.S. Treasury market over the next six to 12 months. Canada's central bank is in a tight spot, as it weighs the upside risks to inflation against the downside risks to growth brought on by U.S. tariffs. The other factor weighing on Canadian market sentiment is the expectation that the federal government and provinces will be issuing plenty of bonds this year to increase spending to support the economy through the trade war. When the supply of bonds goes up, this puts downward pressure on bond prices and upward pressure on bond yields. Canada's debt position doesn't look as grim as the U.S., but it is growing. The U.S. debt to gross domestic product (GDP) ratio was 123 per cent in 2024, while Canada's amounted to 110.8 per cent — but Canada's debt to GDP ratio has been on an upward path since 2022 and is markedly higher than its pre-pandemic levels (where it hovered around the 90 per cent range). Why everyone is worried about the bond market — especially Donald Trump Bond market volatility spells trouble for investors Gomez predicted that the Canadian bond market will outperform the U.S. but added that inflation and global factors will still influence yields. 'The thing about the U.S. is that it is still the centre of the capital markets across the world,' said Gomez. 'So, what happens in the U.S. invariably starts impacting the rest of the world.' • Email: slouis@ Sign in to access your portfolio
Yahoo
9 minutes ago
- Yahoo
South Florida now emerging as the ‘epicenter of housing weakness' — but will it spread to the rest of the US?
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. Bubbles don't always burst — sometimes they deflate. But the process can still be painful, as some Florida home sellers are now discovering. According to a Bloomberg analysis of Redfin data, the number of contracts to buy homes in Miami, Fort Lauderdale and West Palm Beach dropped in April compared to a year ago, marking the steepest declines among the 50 largest metro areas in the U.S. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how BlackRock CEO Larry Fink has an important message for the next wave of American retirees — here's how he says you can best weather the US retirement crisis Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Notably, pending sales in Miami plunged 23%, while transactions in Fort Lauderdale and West Palm Beach declined by 19% and 14%, respectively. According to Chen Zhao, head of economics research at Redfin, the region is clearly under pressure. 'South Florida is the epicenter of housing market weakness in the United States,' she told Bloomberg. Homes are also sitting on the market much longer than elsewhere. In April, the median time to sell in West Palm Beach and Fort Lauderdale was 83 days, and 81 days in Miami — more than double the national average of 40 days. South Florida saw a historic run-up in prices during the pandemic, with homes routinely selling above asking price. But the tide has turned. In April, the median home sale price across Florida fell 3.2% year over year. And in West Palm Beach, Miami and Fort Lauderdale, nearly 5% of homes sold below asking — compared to just 0.77% nationally. 'I think you're seeing a really long, slow deflation of that bubble,' Zhao said in the Bloomberg analysis, reflecting on the shifting market dynamics. And while Florida may be feeling the pain, Zhao cautions it might not be the only state that ends up struggling: 'The question for the rest of the country is, will this spread? Florida is uniquely bad right now.' Florida's housing market seems to be under pressure, but that doesn't necessarily signal a nationwide collapse. In fact, according to Redfin, the median U.S. home sale price in April was $437,864 — up 1.3% from a year earlier. Zoom out further, and the long-term trend remains clear: Redfin data show U.S. home prices have surged roughly 45% over the past five years. Affordability, however, remains a major challenge due to the imbalance between supply and demand. As Federal Reserve Chair Jerome Powell acknowledged in a press conference last year, the real issue behind America's housing crisis is clear: 'We have had, and are on track to continue to have, not enough housing.' A June 2024 analysis by Zillow estimates the U.S. housing shortage at 4.5 million homes — a gap that continues to support demand and rental prices in many regions. Meanwhile, many investors view real estate as a time-tested hedge against inflation. As the cost of materials, labor and land rises, property values often follow — and so do rents. This allows landlords to earn income that tends to keep pace with inflation. Of course, with today's high home prices, elevated mortgage rates and an uncertain outlook, jumping into the market might feel daunting. But the good news is, you no longer need to buy a property outright to tap into the benefits of real estate investing. 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With a minimum investment of $50,000, investors can own a share of properties leased by national brands like Whole Foods, Kroger and Walmart, which provide essential goods to their communities. Thanks to Triple Net (NNN) leases, accredited investors are able to invest in these properties without worrying about tenant costs cutting into their potential returns. Simply answer a few questions — including how much you would like to invest — to start browsing their full list of available properties. Read more: Rich, young Americans are ditching the stormy stock market — If you're uneasy about where the U.S. housing market — or the broader economy — is headed, you're not alone. Warnings from top economists and investors are piling up. Nobel Prize–winning economist Paul Krugman has cautioned that a recession could hit the U.S. this year. Meanwhile, Ray Dalio — founder of the world's largest hedge fund, Bridgewater Associates — recently sounded the alarm on 'something worse than a recession.' 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Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, thereby combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an option for those looking to help shield their retirement funds against economic uncertainties. When you make a qualifying purchase with Priority Gold, you can receive up to $10,000 in silver for free. JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it's too late) Are you rich enough to join the top 1%? Here's the net worth you need to rank among America's wealthiest — plus a few strategies to build that first-class portfolio You're probably already overpaying for this 1 'must-have' expense — and thanks to Trump's tariffs, your monthly bill could soar even higher. 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Yahoo
12 minutes ago
- Yahoo
The AI lobby plants its flag in Washington
Top artificial intelligence companies are rapidly expanding their lobbying footprint in Washington — and so far, Washington is turning out to be a very soft target. Two privately held AI companies, OpenAI and Anthropic — which once positioned themselves as cautious, research-driven counterweights to aggressive Big Tech firms — are now adding Washington staff, ramping up their lobbying spending and chasing contracts from the estimated $75 billion federal IT budget, a significant portion of which now focuses on AI. They have company. Scale AI, a specialist contractor with the Pentagon and other agencies, is also planning to expand its government relations and lobbying teams, a spokesperson told POLITICO. In late March, the AI-focused chipmaking giant Nvidia registered its first in-house lobbyists. AI lobbyists are 'very visible' and 'very present on the hill,' said Rep. Don Beyer (D-Va.) in an interview at the Special Competitive Studies Project AI+ Expo this week. 'They're nurturing relationships with lots of senators and a handful of members [of the House] in Congress. It's really important for their ambitions, their expectations of the future of AI, to have Congress involved, even if it's only to stop us from doing anything.' This lobbying push aims to capitalize on a wave of support from both the Trump administration and the Republican Congress, both of which have pumped up the AI industry as a linchpin of American competitiveness and a means for shrinking the federal workforce. They don't all present a unified front — Anthropic, in particular, has found itself at odds with conservatives, and on Thursday its CEO Dario Amodei broke with other companies by urging Congress to pass a national transparency standard for AI companies — but so far the AI lobby is broadly getting what it wants. 'The overarching ask is for no regulation or for light-touch regulation, and so far, they've gotten that," said Doug Calidas, senior vice president of government affairs for the AI policy nonprofit Americans for Responsible Innovation. In a sign of lawmakers' deference to industry, the House passed a ten-year freeze on enforcing state and local AI regulation as part of its megabill that is currently working through the Senate. Critics, however, worry that the AI conversation in Washington has become an overly tight loop between companies and their GOP supporters — muting important concerns about the growth of a powerful but hard-to-control technology. 'There's been a huge pivot for [AI companies] as the money has gotten closer,' Gary Marcus, an AI and cognitive science expert, said of the leading AI firms. 'The Trump administration is too chummy with the big tech companies, and basically ignoring what the American people want, which is protection from the many risks of AI.' Anthropic declined to comment for this story, referring POLITICO to its March submission to the AI Action Plan that the White House is crafting after President Donald Trump repealed a sprawling AI executive order issued by the Biden administration. OpenAI, too, declined to comment. This week several AI firms, including OpenAI, co-sponsored the Special Competitive Studies Project's AI+ Expo, an annual Washington trade show that has quickly emerged as a kind of bazaar for companies trying to sell services to the government. (Disclosure: POLITICO was a media partner of the conference.) They're jostling for influence against more established government contractors like Palantir, which has been steadily building up its lobbying presence in D.C. for years, while Meta, Google, Amazon and Microsoft — major tech platforms with AI as part of their pitch — already have dozens of lobbyists in their employ. What the AI lobby wants is a classic Washington twofer: fewer regulations to limit its growth, and more government contracts. The government budget for AI has been growing. Federal agencies across the board — from the Department of Defense and the Department of Energy to the IRS and the Department of Veterans Affairs — are looking to build AI capacity. The Trump administration's staff cuts and automation push is expected to accelerate the demand for private firms to fill the gap with AI. For AI, 'growth' also demands energy and, on the policy front, AI companies have been a key driver of the recent push in Congress and the White House to open up new energy sources, streamline permitting for building new data centers and funnel private investment into the construction of these sites. Late last year, OpenAI released an infrastructure blueprint for the U.S. urging the federal government to prepare for a massive spike in demand for computational infrastructure and energy supply. Among its recommendations: creating special AI zones to fast-track permits for energy and data centers, expanding the national power grid and boosting government support for private investment in major energy projects. Those recommendations are now being very closely echoed by Trump administration figures. Last month, at the Bitcoin 2025 Conference in Las Vegas, David Sacks — Trump's AI and crypto czar — laid out a sweeping vision that mirrored the AI industry's lobbying goals. Speaking to a crowd of 35,000, Sacks stressed the foundational role of energy for both AI and cryptocurrency, saying bluntly: 'You need power.' He applauded President Donald Trump's push to expand domestic oil and gas production, framing it as essential to keeping the U.S. ahead in the global AI and crypto race. This is a huge turnaround from a year ago, when AI companies faced a very different landscape in Washington. The Biden administration, and many congressional Democrats, wanted to regulate the industry to guard against bias, job loss and existential risk. No longer. Since Trump's election, AI has become central to the conversation about global competition with China, with Silicon Valley venture capitalists like Sacks and Marc Andreessen now in positions of influence within the Trump orbit. Trump's director of the Office of Science and Technology Policy is Michael Kratsios, former managing director at Scale AI. Trump himself has proudly announced a series of massive Gulf investment deals in AI. Sacks, in his Las Vegas speech, pointed to those recent deal announcements as evidence of what he called a 'total comprehensive shift' in Washington's approach to emerging technologies. But as the U.S. throws its weight behind AI as a strategic asset, critics warn that the enthusiasm is muffling one of the most important conversations about AI: its ability to wreak unforeseen harm on the populace, from fairness to existential risk concerns. Among those concerns: bias embedded in algorithmic decisions that affect housing, policing, and hiring; surveillance that could threaten civil liberties; the erosion of copyright protections, as AI models hoover up data and labor protections as automation replaces human work. Kevin De Liban, founder of TechTonic Justice, a nonprofit that focuses on the impact of AI on low income communities, worries that Washington has abandoned its concerns for AI's impact on citizens. 'Big Tech gets fat government contracts, a testing ground for their technologies, and a liability-free regulatory environment,' he said, of Washington's current AI policy environment. 'Everyday people are left behind to deal with the fallout.' There's a much larger question, too, which dominated the early AI debate: whether cutting-edge AI systems can be controlled at all. These risks, long documented by researchers, are now taking a back seat in Washington as the conversation turns to economic advantage and global competition. There's also the very real concern that if an AI company does bring up the technology's worst-case scenarios, it may find itself at odds with the White House itself. Anthropic CEO Amodei said in a May interview that labor force disruptions due to AI would be severe — which triggered a direct attack from Sacks, Trump's AI czar, on his podcast, who said that line of thinking led to 'woke AI.' Still, both Anthropic and OpenAI are going full steam ahead. Anthropic hired nearly a dozen policy staffers in the last two months, while OpenAI similarly grew its policy office over the past year. They're also pushing to become more important federal contractors by getting critical FedRAMP authorizations — a federal program that certifies cloud services for use across government — which could unlock billions of dollars in contracts. As tech companies grow increasingly cozy with the government, the political will to regulate them is fading — and in fact, Congress appears hostile to any efforts to regulate them at all. In a public comment in March, OpenAI specifically asked the Trump administration for a voluntary federal framework that overrides state AI laws, seeking 'private sector relief' from a patchwork of state AI bills. Two months later, the House added language to its reconciliation bill that would have done exactly that — and more. The provision to impose a 10 year moratorium on state AI regulations passed the House but is expected to be knocked out by the Senate parliamentarian. (Breaking ranks again, Anthropic is lobbying against the moratorium.) Still, the provision has widespread support amongst Republicans and is likely to make a comeback.
