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‘Inflation is too high and has been for too long,’ says Kevin Warsh as Fed announces rate hikes – live
As of 1h ago
Warsh: ‘The simple fact is, inflation has been too high for far too long.
Warsh continues, “Yet, since more than five year, the inflation rate has exceeded the target.” The Fed is therefore focusing on its primary mandate, which is price stability.
Double quotation marksThe inflation rate is high and it has been so for a long time.
The inflation figures for this summer do not indicate a meaningful improvement in underlying trends, he says.
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The Key Events
Kevin Warsh ended his comments earlier and major US indexes fell. The S&P 500 was down by 0.9%, while the Dow dropped 850 points, and the Nasdaq lost 0.5%.
US Treasury Securities were also mixed. After initially declining, the 2-year yield, which is most sensitive to future expectations of Fed policy, increased 6 basis points, to reach 4.725%. The 10-year rate was unchanged at 5%, while the 30-year rate was down by 1.6 basis points at 5.347%.
The US Dollar Index rose by 0.6%, to 100.25.
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Dominic Rushe
Editors of Business
Donald Trump is yet to comment, but one Republican has spoken out in opposition to the Fed’s ruling.
In a recent statement, Jason Smith, the Missouri representative who chairs the House’s top tax committee, stated that interest rates shouldn’t be going up. “The economy is growing, companies are hiring and investing and the inflation rate has been less than half of what American families experienced under former President Biden,” Smith said.
The American workers, small business owners, and families have been waiting long enough to be relieved of high interest rates that are making it difficult for them to start businesses, buy homes, or even get ahead. It is a bad decision that will prolong their high cost of living.
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The latest update is at 15:30 EDT
Brendan Boyle (Democrat) the House Budget Committee’s ranking member, said on X.
Double quotation mark The Federal Reserve has just increased interest rates due to Donald Trump’s taxation on tariffs and the war in Iran, which have caused inflation to soar. Trump has been unable to keep his promise of lowering costs from ‘Day One’.
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This page was last updated at 15:31 EDT
Richard Carter, Head of Fixed Interest Research at Quilter-Cheviot says that today’s interest rate hike was inevitable, as energy prices continue to rise and inflation remains persistently above the target.
Then he added:
Double quotation markThis moment is also pivotal for Kevin Warsh. Kevin Warsh was appointed to the Fed by Trump as his man, ready to bring him the rate reductions he desperately wanted. His first significant move is actually an increase in interest rates. This could harm the relationship with Powell and lead to a repetition of his barbs.
Warsh hopes that this will happen quickly, even though energy prices drive inflation at the moment and not what’s happening in the US economy.
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This page was last updated at 15:31 EDT
Dominic Rushe
Stephen Brown, Capital Economics’ chief North America economist, wrote to investors:
The Fed seems to agree with us that the hike it made today would be followed up by another later in this year. The latest Summary of Economics Projections suggests that the Fed is content to only raise interest rates twice. However, our view is that Fed officials underestimate the possibility that unemployment will decline. Therefore, we remain committed to our prediction for a further hike early in 2027.
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Dominic Rushe
Donald Trump said in June that he loved inflation, and that the price increases were only temporary. Prices would fall sharply after his war against Iran ended.
The war and high gasoline prices continue. Warsh had earlier argued that the prices were too high. “The fact is, inflation has been too high for a long time.” The inflation figures for this summer do not indicate that the underlying trend has improved significantly.
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Warsh insists that financial markets did not influence the decision of the central bank to increase interest rates.
Double quotation marksWe took this decision today after assessing the current situation. I will watch the market and listen to what it has to say. Today was the day we made our decision.
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Warsh, the Fed’s independent leader, says: “We keep to our own lane.”
Warsh, when asked by reporters about Donald Trump’s calls to cut rates, and not raise them, declined to make any comments.
He told a reporter, “I have nothing to say about a conversation with the President.”
When a reporter asked Warsh about Trump’s threat to stop trade with some countries and when he had last spoken to him, whether he anticipated a meeting after the decision, and if it was another test of the Fed’s independent, Warsh reiterated that:
Double quotation marksYou’ve given me many options to pick from, and they are all tempting. There’s nothing I can tell you about the discussions that took place with President Obama. This is not a Wall Street Newsletter.
We stay on our own lane. Independence has two sides. Let those who are involved in trade and fiscal policies stay on their own lane. This is how we can call out the people who are doing the trade policy and fiscal policies.
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This page was last updated at 14:57 EDT
Warsh says of the interest rate increase: “Those with the least to gain are those who have the greatest need for a stable economy, solid employment market, and low prices.”
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This page was last updated at 14:54 EDT
Warsh says, “During our meeting in July, we agreed that the inflation rate was still too high and expressed our readiness to take action as required by circumstances.”
The majority of colleagues I spoke with and myself thought it would have been wiser to weigh new information during the period between meetings.
“I expressed in Wyoming my commitment to the discipline of monetary policy, and not a particular decision, during my last visit. I set the bar for what was acceptable. It is important to be sure that inflation is on track and moving in the right direction.
Today, the FOMC decided that this standard had not been met.
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Warsh: ‘The simple fact is, inflation has been too high for too many years.
Warsh continues, “Yet, since more than five year, the inflation rate has exceeded the target.” The Fed is therefore focusing on its primary mandate, which is price stability.
Double quotation marksThe inflation rate is high and it has been so for a long time.
The inflation figures for this summer do not indicate a meaningful improvement in underlying trends, he says.
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Warsh, who is a leading economist in the United States, says that the strength of the American labour market can be seen by the fact that the unemployment rate has been low, the number of hours worked per week has increased, and people have filed for unemployment benefits at a relatively low rate.
Double quotation marksThe labor side of the Fed’s congressional agreement in good condition.
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This page was last updated at 14:42 EDT
Warsh says, “Our decision is made at a moment when it appears that the American economy has strengthened.”
He adds that he has cited consumer spending and capital investment as well as other indicators:
Double quotation mark. When you consider the global geopolitical environment of uncertainty and shocks, it is easy to see the US’s resilience.
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This page was last updated at 14:42 EDT
Kevin Warsh, Fed chairman, gives press conference after decision of rate hike
Kevin Warsh will be speaking.
He begins by repeating what was released in the press release of the Committee. Here are all of the main points.
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Brendan Boyle (Democratic congressman) released the following statement in response to the recent news.
Double quotation markToday’s rate increase is yet another proof of Donald Trump’s and Republicans’ failure in the economy. As Trump came into office, the inflation rate was declining. Diesel hit its highest ever price today. Trump’s tariffs, and the disastrous war against Iran has sent diesel prices skyrocketing again. This led to a Federal Reserve rate hike.
Donald Trump is sure to try and blame someone else for the rate increase. If he really wants to find out who is responsible, then he needs to look at himself.
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The latest update is at 14:30 EDT
Business
Vance warns US exit could trigger ‘worldwide energy crisis’ as Iran vows to resist
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Vance warns US withdrawal from Middle East would trigger ‘worldwide energy crisis’
Vice President JD Vance warned Wednesday that a U.S. withdrawal from the Middle East would trigger a “worldwide energy crisis” as Iran continues targeting commercial shipping.
“What I would say to anybody who’s frustrated right now is the alternative here, which is the United States effectively says to the Middle East, ‘You’re on your own,’ would mean necessarily a worldwide energy crisis, so long as the Iranians keep on shooting at shipping, which we know that’s exactly what they would do,” Vance said during an appearance at the All-In Summit.
“The president came in, and yes, he wanted to keep the United States out of foreign entanglements,” Vance said.
“He also said that he was committed to Iran not having a nuclear weapon, and I think that wanting to keep the United States out of foreign entanglements does not mean that you can never use the military in order to accomplish the American people’s objectives.”
Vance said the U.S. had achieved “substantial destruction” of Iran’s nuclear program and conventional military but that Iranian forces continued targeting commercial shipping “even in the midst of peace negotiations.”
“I think the president has actually done the responsible thing here, which is to try to ensure that world energy markets, despite Iranian terrorism, continue to get that flow of oil and gas,” Vance added.
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US denies visas to Palestinian President, dozens of PA officials ahead of UNGA
The U.S. Department of State has denied visas to Palestinian Authority President Mahmoud Abbas and his delegation, barring them from attending next week’s U.N. General Assembly in New York in person.
The State Department cited the Palestine Liberation Organization (PLO) and PA’s failure to meet commitments under U.S. law, including unilateral statehood efforts, legal actions against Israel and what it described as the glorification of terrorism.
“It is in our national interest to impose consequences and hold the PLO and PA accountable for glorifying terrorism,” the State Department said in a statement.
Abbas could address the General Assembly virtually. According to The Jerusalem Post, the U.N. is considering allowing Abbas to address the General Assembly remotely.
If approved, it would mark the second consecutive year Abbas has been unable to travel to New York for the annual gathering.
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Trump declares Iran’s military ‘decimated,’ 159 ships ‘at bottom of sea
President Donald Trump declared Wednesday that Iran’s navy and air force have been “decimated,” praising U.S. troops for sinking nearly 160 hostile vessels.
“We have the Strait open, we have all this thing and they’ve been decimated,” he said of Iran. “Their navy is gone, their air force is gone. Think of it, their navy, 159 ships.”
“Every one of them is at the bottom of the sea.” “In all the months that has been, not one ship going to Iran has gotten through that blockade, not one,” he said of the U.S. blockade of Iranian ports.
“So I just want to thank our military, say, God bless our military because they’re the greatest, the greatest in the world. And that will end soon,” he said of the conflict.
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Trump says Iran war could reach ‘really good conclusion’ before November election
President Donald Trump said Wednesday that the war with Iran could reach what he called “a really good conclusion” even before the November election, suggesting the conflict could end sooner than he previously expected.
“So now they’re not going to have a nuclear weapon,” Trump said at a rally in North Carolina.
“We took out the nuclear capacity, but then we had to go back in them again,” Trump said before describing conversations with Treasury Secretary Scott Bessent and others.
“I told my guys, all of my people. Todd, everybody. “I said, we got to make a little journey down to the Middle East because we can’t let this crazy nation have a nuclear weapon, and we stopped them.
“Their nation is destroyed,” Trump said of Iran.
“It’s a very inexpensive price to pay for what we’ve done. It’s going to be a really good conclusion.”
“It’s going to and it’s going to happen. It’s going to I say it’s going to be a little bit after the election, but maybe not. Maybe it’s before the election,” Trump added.
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Breaking News
House passes Lindsey Graham sanctions bill targeting Russia, Iran in 262-159 vote
The House voted 262-159 Wednesday to pass the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, sending the legislation to President Donald Trump’s desk for his signature.
The legislation includes measures targeting Russia’s energy sector and countries that buy Russian oil and gas, a source of revenue for Moscow’s war in Ukraine.
The 61-page bill passed the Senate in an 86-11 vote last month.
The legislation was named in honor of the late South Carolina senator, who died in July.
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Trump says US dealing ‘directly’ with Tehran as Iran ‘very much’ wants deal
President Donald Trump said Wednesday that Iran is seeking a deal with Washington as his administration works toward ending the war, telling reporters in North Carolina that Tehran “very much” wants an agreement.
“We’ll hopefully work toward the end of the war,” Trump said.
“They want to make a deal. We’ll see how that works out,” Trump said before stating that Iran was “very much wanting to make a deal” and that Washington was dealing “directly” with Tehran.
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US-bound energy tankers hit by cyberattacks as Iran war fuels new concerns: report
At least two foreign tankers bound for the United States were targeted in cyberattacks that are now under investigation by the U.S. government, The Wall Street Journal reported.
Citing U.S. officials, the outlet said the attacks came amid concerns that Iran or other adversaries could be looking to widen the conflict in the Middle East.
U.S. Coast Guard and FBI agents boarded the tankers on Aug. 21 and Aug. 24 after the vessels arrived in the Gulf of America.
The inspections of the foreign-flagged ships “were designed to ensure integrity of the vessel’s operational and information technology systems following indications that the networks of both vessels were compromised,” according to statements from the Coast Guard and FBI.
The tankers were attacked while transiting the Strait of Gibraltar, a critical chokepoint for global energy markets, earlier in August.
The attacks raised concerns that hackers were attempting to disrupt the maritime passage or target a U.S. port, with a cyberattack potentially causing risks for fire, explosions or an oil spill.
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Iran hits back at Germany over nuclear program, proxy claims
Iran on Wednesday accused German Chancellor Friedrich Merz of distorting Tehran’s regional role after he called for an end to what he described as Iran’s military nuclear program and its support for regional proxies.
“The German chancellor speaks of Iran’s ‘war,’ its ‘military nuclear program,’ and Iran’s ‘proxies,'” Iranian Foreign Ministry spokesman Esmaeil Baqaei wrote on X.
“It was #USrael — not Iran — that launched a war of aggression, and Germany failed to show even the minimum moral courage required to deplore that.”
“Those Berlin labels ‘proxies’ are independent actors with their own clear causes and calculations,” he added.
“They are fighting for self-determination, freedom, and dignity against occupation, aggression and subjugation.”
He further insisted that Iran has no “military” nuclear program “no matter how often the Israeli fabricated ‘big lie’ is repeated by Israeli apologists.”
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US diplomats meet with Houthis in Oman as Red Sea tensions escalate
American diplomats recently met with Houthi representatives at the U.S. Embassy in Oman to discuss escalating tensions in the Red Sea, according to reports.
Axios reported that the meeting was organized with the assistance of the Omani government and was aimed at preserving the 2025 ceasefire and ensuring that the Bab al-Mandeb Strait remains open.
The source said U.S. Embassy diplomats represented Washington at the meeting in Muscat, but the ambassador did not attend.
Houthi representatives also made clear that they want the ceasefire with the U.S. to continue and said their attacks were aimed only at Saudi vessels amid renewed fighting.
Despite Saudi Arabia’s calls for military intervention, the United States has so far refused to act.
On Monday, speaking to reporters at Joint Base Andrews and Vice President JD Vance said: “We’ve been in constant contact with the Emiratis, the Saudis, and others who are affected in the region.”
“It’s something the United States administration is very much on top of, We’ve also been engaged in direct conversations with the Houthis themselves, so we actually feel like we are on top of the situation,” he said.
“It’s a very fluid and dynamic thing, but we’re going to keep on monitoring it, making sure that America’s best interests are represented,” Vance added.
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CENTCOM showcases maintainers keeping US military assets mission-ready
U.S. Central Command (CENTCOM) showcased its military maintainers keeping aircraft, vessels and vehicles mission-ready on Wednesday.
“Skilled maintainers across all branches of the U.S. military keep aircraft, ships, land-based vehicles and more at peak readiness,” CENTCOM said in a post shared on X.
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Meeks refuses to clear Trump $2.8B Israel bomb sale over use of powerful weapons
U.S. Rep. Gregory Meeks, the top Democrat on the House Foreign Affairs Committee, said Wednesday he would not clear the Trump administration’s proposed $2.8 billion sale of bombs to Israel.
“The Trump administration’s proposed sale of 40,000 2,000-pound bombs, some of the most destructive munitions in our arsenal, raises grave, unresolved concerns about how these munitions could be used in densely populated areas of Gaza and Lebanon,” Meeks said.
Meeks said the administration had not provided sufficient assurances that the Israeli government would use the weapons in accordance with U.S. and international law.
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Iran claims 200 nights of resistance have forced nation’s enemies ‘to their knees’
Iran’s deputy foreign minister praised the Iranian people’s resilience Wednesday, saying their opposition to its adversaries had protected the country’s sovereignty and forced its enemies “to their knees.”
“Two hundred nights have passed since the streets of Iran have borne witness to the presence of a people who have not bowed before the enemy,” Kazem Gharibabadi said in a post shared on X.
“Two hundred nights, a narrative of the solidarity and steadfastness of a nation that has kept the name and prestige of Iran alive through its resilience,” he added, before stating that this is “two hundred pages from the history of a nation that has brought its enemies to their knees.”
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Turkey condemns Houthi drone attack on Mecca as ‘vile,’ pledges solidarity with Saudis
Turkey condemned a Houthi drone attack targeting Mecca on Wednesday, expressing solidarity with Saudi Arabia.
“I strongly condemn the vile attack attempt targeting the sanctity and security of Mecca al-Mukarramah using an unmanned aerial vehicle,” said Burhanettin Duran, communications director for the Turkish presidency in a post shared on X.
“Every attempt to attack the Haramayn al-Sharifayn, the sacred value of the Islamic world, wounds the collective conscience of us all,” Duran added, saying that protecting the peace and security of Mecca is a matter of utmost sensitivity for all Muslims.
“As our President, His Excellency Recep Tayyip Erdoğan, has always stated, the Islamic world needs sound judgment, dialogue, and lasting peace, not new conflicts,” he said.
Duran also reaffirmed that Turkey stands firmly with Saudi Arabia.
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Iran lands seat on UN nuclear watchdog committee despite US opposition
Iran secured a seat on the General Committee of the International Atomic Energy Agency’s General Conference over U.S. objections Sept. 15, creating hurdles for international diplomacy at the U.N. over the country’s nuclear program.
“Despite U.S. efforts to obstruct Iran’s participation in the General Committee, #IAEA Member States made their choice: they voted in favor of Iran,” Iran’s Mission to the United Nations in Vienna said in a post shared on X.
“This is a clear reminder that the international community will not allow unilateral pressure to dictate the collective decisions of the IAEA,” it said.
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Treasury rallies global banks to cut off Iran’s illicit cash, weapons networks
The Treasury’s Financial Crimes Enforcement Network (FinCEN) announced Wednesday that it had hosted a meeting with global financial institutions to advance Operation Economic Outcast.
In a statement, it said the meeting focused on sharing actionable intelligence to shut down illicit revenue streams, weapon procurement and money laundering networks linked to Iran and that exploit U.S. correspondent banking.
“Treasury continues to sever every economic lifeline Tehran has left. Financial institutions are in lockstep with the U.S. government in support of Operation Economic Outcast, and we will continue to work closely with the private sector in the fight against the murderous Iranian regime,” Treasury Secretary Scott Bessent said.
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Iranian official trolls Fed: ‘You can’t 25bp a chokepoint’
Iranian Parliament Speaker Mohammad Bagher Ghalibaf took a swipe at the Federal Reserve on Wednesday, writing on X “Let’s see if a hike could open [the] Strait of Hormuz or produce a single barrel.”
The remark comes as the Federal Reserve is holding a closely watched monetary policy meeting this week as the market expects the central bank to hike interest rates amid concerns about stubborn inflation.
Persistent inflation above the Fed’s 2% long-run target has prompted concern among policymakers and has shifted the market’s outlook to anticipating a rate increase this week, with the CME FedWatch tool showing a 92.5% chance of a 25-basis-point hike versus a 7.5% probability of rates staying at their current level.
“You can’t 25bp a chokepoint and r* isn’t neutral. It’s Strait of Hormuz risk premium, and We set it,” Ghalibaf added. “Stay unanchored!”
He titled his post “Straits Taylor Rule” in an apparent reference to Taylor rules, which the Fed describes as “simple monetary policy rules that prescribe how a central bank should adjust its interest rate policy instrument in a systematic manner in response to developments in inflation and macroeconomic activity.”
FOX Business’ Eric Revell contributed to this post.
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IDF: Hamas commander involved in abduction of Israelis killed
The Israel Defense Forces announced Wednesday that it killed Jihad Samih Mahmoud Ismail, a Hamas Nukhba commander who invaded Israel on Oct. 7, 2023.
The IDF said Ismail “took part” in the abduction of “Captain Omer Neutra, Staff Sergeant Oz Daniel and Sergeant Nimrod Cohen,” the first two of whom are deceased..
“Recently and throughout the war, the terrorist was involved in ambushes and attacks against IDF troops intended to harm them,” the IDF also said. “He was eliminated in order to remove the threat he posed.”
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2 pumping stations along Saudi Arabia’s East-West oil pipeline damaged in attack: report
Two pumping stations linked to Saudi Arabia’s East-West oil pipeline were damaged in an attack last week, three oil and security sources told Reuters on Wednesday.
Saudi Arabia said Friday that drones launched from Iraqi territory struck the East-West Pipeline, prompting the kingdom to shut down the pipeline as a precaution.
President Donald Trump then said Saturday that he believes Iran is behind the attacks, which unfolded as Yemen’s Iran-backed Houthi rebels are clashing with Saudi Arabia.
Fox News Digital’s Brittany Miller contributed to this post.
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Iran’s foreign minister says Tehran wants ‘restoration of calm to the region’
Iran’s Foreign Minister Abbas Araghchi said Wednesday that Tehran seeks “the restoration of calm to the region and friendly and peaceful relations with our neighbors,” following a meeting in Beijing with Chinese Foreign Minister Wang Yi.
“In this regard we have begun dialogue with the countries of the region,” Araghchi added, according to The Associated Press.
Chinese Foreign Minister Wang Yi called on the U.S. and Iran to exercise restraint and reopen the Strait of Hormuz as soon as possible, and expressed China’s concern about the spread of the fighting to Yemen and the Red Sea, according to China’s Foreign Ministry.
The Associated Press contributed to this post.
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Sweden expels Iranian embassy official, describes alleged threats to Jewish, Israeli interests
Sweden’s Foreign Ministry said Wednesday that it has expelled an official at the Iranian embassy near Stockholm, according to Reuters.
The ministry reportedly cited activity that was incompatible with the Vienna Convention on Diplomatic Relations.
“We know that Iran, over a long period of time, has conducted activities that threaten security in and against Sweden, targeting both individuals who oppose the Iranian regime and various Jewish and Israeli interests in our country,” Justice Minister Gunnar Strommer told AFP.
“We can confirm that Iran continues to engage in activities that pose security threats in and against Sweden. This includes, among other things, attempts to use proxies, such as criminal networks, to carry out attacks or acts of violence,” added Jonathan Svensson, the spokesperson for the Swedish Security Service.
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Jordan, Kuwait join condemnation of Houthi drone attack on Saudi Arabia
The foreign ministries of Jordan and Kuwait issued statements Wednesday ripping Yemen’s Iran-backed Houthis for targeting Mecca, Saudi Arabia, with a drone attack.
Jordan described the incident Tuesday as a “flagrant violation of the sovereignty of the sister Arab Kingdom of Saudi Arabia, a threat to its security and stability and the safety of its lands, a blatant breach of international law, and an unacceptable aggression that constitutes contempt for the status and sanctity of Mecca Al-Mukarramah [Mecca] and an assault on the feelings of Muslims.”
Kuwait said it “commends the vigilance and efficiency of the Royal Saudi Air Defense Forces in confronting this attempt, and emphasizes that the security of the Kingdom is an inseparable part of the security of the State of Kuwait and the security of the States of the Gulf Cooperation Council for the Arab States.”
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US-contracted ship struck by Iran ‘around the Strait of Hormuz,’ sources say
A U.S.-contracted vessel was hit during an Iranian attack earlier this week, two sources told Fox News on Wednesday.
The incident occurred “around the Strait of Hormuz,” and involved four Iranian drones, and at least one missile, according to Fox News Chief Foreign Correspondent Trey Yingst.
One of the projectiles struck the vessel and caused minor injuries, including smoke inhalation.
The injured are now being treated in a Gulf country.
Some “U.S. personnel” were onboard, the sources said.
Fox News’ Trey Yingst contributed to this post.
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Pakistan rips Houthi’s ‘reprehensible drone attack’ against Saudi Arabia
Pakistani Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar said Wednesday that his country “condemns in the strongest possible terms the Houthi militia’s reprehensible drone attack targeting” Mecca, Saudi Arabia.
Saudi air defenses had destroyed a Houthi drone that attempted to enter the airspace near Mecca on Tuesday, according to the Saudi-led coalition.
“The Royal Saudi Air Defense Forces intercepted and destroyed a drone that attempted to enter the airspace of the Holy Capital,” coalition spokesman Turki al-Malki said in a statement posted on X.
Dar said in his own statement that “such a provocative act violates the sovereignty and territorial integrity of the Kingdom of Saudi Arabia, gravely offends the religious sentiments of the Muslims worldwide, and threatens regional peace and security.”
Fox News Digital’s Emma Bussey contributed to this post.
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China wants US, Iran to reopen Strait of Hormuz ‘at an early date’: report
Chinese Foreign Minister Wang Yi said Wednesday that the U.S. and Iran should “take effective measures to reopen the Strait of Hormuz at an early date,” a report said.
The Iranian regime and the Trump administration also should “rebuild the negotiation mechanism based on the consensus reached so far,” Wang told Iranian Foreign Minister Abbas Araghchi during a meeting in Beijing, according to Reuters.
Wang reportedly added that China “does not want to see regional tensions to spill over further into Yemen and the Red Sea.”
The remarks come as Iran-backed Houthi rebels are targeting Saudi infrastructure.
President Donald Trump and Chinese President Xi Jinping are set to meet in Washington next week.
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Iranian regime committed ‘crimes against humanity’ during protest crackdown, report says
A new report from Amnesty International warned Wednesday that “those responsible for crimes against humanity committed to brutally crush nationwide protests in 2022 continue to control Iran’s deadly state machinery of repression today.”
“The report, Architects of Atrocities: State Machinery Orchestrating Crimes Against Humanity in Iran’s 2022 Woman Life Freedom Uprising –more than 1,000 pages long – details how Iranian authorities committed the crimes against humanity of murder, torture, enforced disappearance, imprisonment, rape and persecution on political, gender, ethnic and religious grounds in order to crush the uprising,” Amnesty International said in a statement. “It also documents deadly protest repression operations and command structures, identifying 87 officials who should be criminally investigated for crimes against humanity.”
Protests erupted in Iran following the Sept. 16, 2022, death of Mahsa Amini, a 22-year-old Kurdish Iranian woman who was detained three days earlier by Iran’s morality police over what authorities described as “improper hijab.”
Her death sparked nationwide demonstrations that became known internationally as the “Woman, Life, Freedom” movement. The U.N. said reports that Amini had been beaten in custody warranted an independent investigation, while Iranian authorities maintained that she died of “natural causes.”
Amnesty International said Wednesday that it is “calling for an international criminal justice mechanism to be established urgently by the U.N. General Assembly to ensure Iranian authorities responsible for crimes against humanity are held to account and to deter further atrocities such as the large-scale protest massacres committed on January 8-9, 2026.”
The organization said in 2022, agents from the Police Command of the Islamic Republic of Iran and the Islamic Revolutionary Guards Corps “repeatedly fired into crowds, using military-grade assault rifles, handguns and shotguns loaded with metal pellets.”
“In addition to firing into crowds, they chased fleeing protesters and bystanders, closing in on unarmed victims who posed no threat to the security forces or others and fatally shooting them at close range,” it added.
Fox News Digital’s Efrat Lachter contributed to this post.
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Vance outlines ‘second phase’ of Iran war as conflict approaches major shift
Vice President JD Vance said the Iran war will enter a “much different phase” in the coming months during an interview with the New York Post aboard Air Force Two on Monday.
“We can’t predict the future, but I think the president is right to say that this thing will enter a much different phase in a couple of months,” Vance told the outlet.
“He’s also the commander in chief, so he’s the person who determines … when conflicts start and when they stop,” he said of President Donald Trump.
“I certainly understand there’s some impatience from the American people, but fundamentally what’s happening right now is that the United States is not engaged in aggressive operations. We’re just not,” Vance said.
Vance said what is happening is that the Iranians are occasionally shooting at commercial shipping, “usually not successfully.”
“The first phase was destroy the nuclear program, destroy their conventional military, destroy their ability to project power in a way that they were able to even a couple of years ago,” Vance said.
“And then the second phase of this is ensure that they’re not able to rebuild and try to maintain as much global stability in the wake of that,” he said.
Yesterday’s Fox News Digital live blog offers additional coverage of the conflict with Iran.
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7 Republicans rebel against Trump, vote with Dems to rein in Iran war powers
A handful of House Republicans rebuked President Donald Trump’s operation in Iran on Tuesday, joining Democrats to pass a resolution aimed at reining in the commander-in-chief’s war powers.
Rep. Seth Moulton, D-Mass., introduced the war powers resolution that was backed by 14 of his fellow House Democrats, including Reps. Jason Crow, D-Colo, and Pramila Jayapal, D-Wash. But it was Republicans who helped put the legislation over the edge.
Seven House Republicans joined all 213 voting Democrats to pass the measure in a 220 to 204 vote late on Tuesday night. Opponents of the bill were 203 House Republicans and Rep. Kevin Kiley, I-Calif., who caucuses with the GOP.
Republicans who voted to withdraw U.S. forces from Iran have long argued that it’s on Congress to declare war, not the White House. The War Powers Resolution of 1973 generally allows a president to engage U.S. forces in hostilities for up to 60 days without congressional authorization, with an additional 30-day withdrawal period under certain circumstances. Supporters of the resolution argue that period has already expired.
The Trump administration has argued the president is acting within his constitutional authority as commander in chief and has defended the continued military operation against Iran, saying the resolution would improperly restrict the president’s ability to protect U.S. forces and national security interests.
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Business
Who are the richest Americans? Forbes drops 2026 list
In America, the rich are getting richer, according to Forbes’ new list of the country’s top 400 wealthiest people.
The wealth gap among the ultra-rich is widening, so much so that 590 American billionaires were “too poor” to make the annual Forbes 400 List, which calculated that everyone who did make the cut is worth a combined $8 trillion.
According to Forbes, the combined net worths of the top 20 on its list account for 50% of the total, which is up $970 billion from 2025. Despite the minimum net worth “soaring to an unprecedented $4.4 billion,” 34 newcomers still made the cut.
From Elon Musk to Mark Zuckerberg, the usual suspects round out the top 10, with the South African-born businessman earning the No. 1 spot for the fifth year in a row.
Musk, the Tesla CEO and former leader of the Department of Government Efficiency (DOGE), broke the $900 billion mark on the list this year, becoming the first person to do so. He also leads the magazine’s global real-time billionaires list.
Amazon founder Jeff Bezos came in second place, short by more than $500 billion behind Musk.
Here’s a look at the top 50 richest Americans named on Forbes’ 400 list.
These are the 50 richest Americans, according to Forbes
Forbes formed its 2026 list of the 400 richest Americans using estimates of each person’s wealth as of Sept. 4, according to the magazine.
Here’s a look at the top 50:
To see the full list, go to https://www.forbes.com/forbes-400/.
Contributing: Melina Khan, USA TODAY
Business
Man who was duct-taped on American Airlines flight after alleged violent outburst breaks his silence
Layne Lundeen, the man who made headlines after he had to be duct-taped to his American Airlines seat following an alleged violent outburst, has spoken publicly for the first time about the incident.
Flight attendants and passengers on an American Airlines flight between Dallas and New Jersey on September 3 duct-taped Lundeen to his seat after he allegedly began shouting racial slurs at the flight crew and choking his seatmate. The flight was diverted to Baltimore-Washington International Thurgood Marshall Airport, where he was arrested.
The following day, Lundeen, 67, appeared in an Annapolis court to face second-degree assault and disorderly conduct charges, according to the Baltimore Banner.
During his hearing, he said that all he remembers was talking to a man in the seat next to him, Jonathan Cahn, who is a Messianic rabbi and author.
The Baltimore Banner obtained the court transcripts of the hearing.
“I don’t remember any of what happened,” Lundeen said.
District Court Commissioner George Haag told Lundeen his charges, noting that he allegedly assaulted a police officer.
“I assaulted a police officer? Is that what it says?” Lundeen asked, noting that he couldn’t read his charges because he did not have his glasses.
After having the charges read to him, Lundeen said, “Oh my God, what a mess,” before insisting that he did not remember anything.
Cahn — whom The New York Times called “an entrepreneurial doomsday prophet” in 2019 and who holds up President Donald Trump as a Biblical figure — spoke to the Baltimore Banner in a phone interview about the incident.
According to Cahn, he and Lundeen spoke on the plane for about two hours, but the conversation took a turn when the topic turned to religion. He claims Lundeen began shouting profanities and blasphemy in response to him.
“He was slurring everything and everybody,” Cahn told the paper, noting that some of the remarks were allegedly anti-semitic.
When the plane landed, police took Lundeen into custody and he allegedly struck an officer in the chest.
Following the incident, Lundeen, Long Realty, which worked with Lundeen, said it severed ties with the man.
“The conduct described in the reports is wholly inconsistent with the professionalism, integrity, compassion, and respect for others that Long Realty expects from those affiliated with the company,” the company said in a statement. “We expect those associated with our company to uphold those values, and we have no tolerance for conduct that so clearly falls short of those expectations.”
Haag ultimately released Lundeen on his own recognizance and ordered that he not use alcohol or drugs except for medicine he’s been prescribed.
His next court date is scheduled for October 19.
Business
Amazon obtains right to buy up to $340M of Generac, boosting stock
Amazon was granted warrants to purchase up to $340 million worth of Generac stock, sending shares of the backup power provider soaring more than 40% in extended trading on Wednesday.
As part of the agreement, Generac said in a securities filing that it issued warrants to Amazon to acquire up to 1.69 million shares in the company at $200.93 a piece for a total investment that could be worth as much as $8 billion.
Generac will supply Amazon with backup power generators for its data centers, with initial deliveries expected to total $2.4 billion in 2027 and 2028, the filing states.
About 308,000 warrant shares vested immediately and the remaining tranches vest contingent upon payments for the generators.
The warrants are equivalent to almost 3% of outstanding shares in Generac, which has a market cap of about $10.3 billion, as of Wednesday’s close.
It marks the latest infrastructure deal for Amazon. Last week, Amazon struck a deal with Qualcomm to use its custom artificial intelligence chips, and got warrants to acquire as much as $4 billion in Qualcomm stock.
Amazon Web Services, the leader in cloud infrastructure, has been rapidly building out data center capacity to meet a surge in compute demand tied to the artificial intelligence boom. It signed a $38 billion cloud deal with OpenAI last November, and last October, it opened a sprawling $11 billion campus for Anthropic .
Business
Trump demands 1% or lower interest rate after first Fed hike since 2023
President Donald Trump on Wednesday demanded the Federal Reserve slash interest rates to 1% “or less,” hours after the central bank announced its first rate hike since 2023.
“We are ‘carrying’ almost every country in the World, and that cannot go on any longer,” Trump wrote in a Truth Social post.
“LOWER THE INTEREST RATES FOR THE UNITED STATES OF AMERICA, AND FAST!” he wrote.
The Fed, led by Trump-picked Chairman Kevin Warsh, earlier Wednesday afternoon raised benchmark interest rates a quarter percentage point, to a target range of 3.75%-4%.
The decision, by the 12-member Federal Open Market Committee, was unanimous.
“Inflation remains elevated,” the committee said in a statement following its latest meeting.
But Trump, who has relentlessly pressured the Fed to drastically lower borrowing costs, insisted in his Truth post that rates in the U.S. “should be 1%, or less, because we are the Best Credit in the World — BY FAR.”
“Our Country is BOOMING with new Investment!” wrote Trump, who has repeatedly claimed that the U.S. has raked in as much as $20 trillion or more during his second term. Fact-checkers say Trump’s figures are false.
“If we stopped Trading with every country that we have a Deficit with, which is most of them, we would make, at least, 1.5 Trillion Dollars a year,” Trump claimed in Wednesday’s post.
Less than two weeks earlier, Trump threatened that if the Fed doesn’t cut rates, he will cut off trade with countries that have trade surpluses with the U.S. That group includes most of the U.S.’s top trading partners, along with dozens of other countries.
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