Federal Reserve Holds Interest Rates SteadyThe Federal Reserve's decision to hold interest rates steady has broad implications for consumers, borrowers, and the wider economy.
GEOPOLITICS
US Resumes Strikes on Iran After Attack on American Forces; Senate Rejects War Powers Resolution
The US conducted a new wave of airstrikes on Iran after Iranian forces attacked American troops in Jordan, with all ballistic missiles intercepted and no casualties reported. The Senate voted 49-50 against a resolution to limit presidential war authority, the second such failure in two weeks.The United States launched what officials described as a heavy wave of retaliatory airstrikes on Iran after Iranian forces — identified as the Islamic Revolutionary Guard Corps — mounted an attack targeting American troops stationed in Jordan. US Central Command confirmed all incoming ballistic missiles were intercepted and no American casualties resulted. The renewed hostilities came days after President Trump had paused US operations to allow space for diplomacy. The Senate voted 49-50 to reject a war powers resolution that would have curtailed the president's authority to continue military operations against Iran — the second time in two weeks such a measure has failed, with a small number of Republicans joining Democrats in support of the resolution. Separately, Saudi Arabia announced plans for a major military offensive against Houthi forces in Yemen by sea and potentially by land, aimed at restoring its oil export routes through the southern Red Sea. Saudi Arabia also joined more than a dozen other countries, including Egypt and Turkey, to form a new maritime defense coalition to protect Red Sea shipping. Iraq stated it had no advance knowledge of US and Saudi military actions conducted in the region. Oil prices settled lower after a volatile session, with Brent crude at roughly $89 per barrel. A new poll indicates most Americans say the war with Iran has not been worth fighting, and presidential approval on the Iran conflict has declined modestly since last month.
Suspected Russian Missile Strikes Polish Territory During Ukraine Attack, NATO Confirms
A missile that left a crater deep inside Poland was probably Russian, according to Poland's prime minister and NATO, striking near the village of Tarnawa Kolonia during a large-scale Russian attack on Ukraine involving over 70 missiles and 280 drones that killed at least eight people.Polish and NATO officials said a missile that struck Polish territory during a large Russian attack on Ukraine was likely Russian in origin. The projectile, described as a suspected Kh-101 cruise missile, left a crater approximately 10 meters wide near the village of Tarnawa Kolonia, roughly 100 kilometers from the Ukrainian border. Poland scrambled fighter jets in response, and investigators have not yet definitively confirmed the missile's origin. The Russian attack on Ukraine involved more than 70 missiles and approximately 280 drones and killed at least eight people. Russian missiles have briefly entered Polish airspace on prior occasions. Poland is a NATO member, meaning any confirmed attack on its territory would implicate the alliance's collective defense obligations under Article 5. Investigations are ongoing.
Russian Missile Destroys US-Owned Drone Factory in Kyiv
A Russian ballistic missile destroyed a drone factory in Kyiv owned by Terminal Autonomy, a US corporation registered in Delaware. It is reported to be the first time Russia has directly targeted a US company's facility in the conflict.A Russian ballistic missile strike destroyed a drone manufacturing facility in Kyiv belonging to Terminal Autonomy, a US company incorporated in Delaware. The factory produced precision deep-strike drones equipped with guidance systems. Researchers and officials described the strike as the first known instance of Russia directly targeting a US company's assets in Ukraine. The attack adds a new dimension to the conflict, raising questions about potential escalation involving American commercial interests on Ukrainian soil. No details on casualties at the facility were provided in available reporting.
Russian Missile Strikes Kill at Least Six Civilians in Ukraine, Including Three Children
A Russian ballistic missile attack on Ukraine killed at least six people, including a six-year-old girl and two boys aged 11 and 17, in a village near Kryvyi Rih.A Russian ballistic missile strike killed at least six civilians in a village near the central Ukrainian city of Kryvyi Rih, according to Ukrainian President Volodymyr Zelensky. Among those killed were a six-year-old girl and two boys aged 11 and 17. The attack followed warnings from Zelensky of an impending large-scale overnight assault. Multiple explosions were reported across Kyiv as part of the broader barrage.
Thousands of Migrants Cross from Morocco into Spanish Enclave of Ceuta; At Least Nine Die
Thousands of migrants crossed from Morocco into the Spanish enclave of Ceuta in a matter of hours, with at least nine people dying in the attempt. Spain is deploying military and additional police forces to restore order after the enclave's leader declared local resources overwhelmed.Thousands of migrants crossed from Morocco into Ceuta, a small Spanish enclave on the northern coast of Africa, over the course of several hours. Video footage showed large numbers of people swimming and wading ashore at Tarajal beach. At least nine people died during the crossing. Ceuta's regional leader declared local resources overwhelmed and called on Spain's national government to intervene, requesting a formal emergency declaration — a request the central government declined. Spain announced it would deploy military forces alongside additional police to the territory to restore order. The Spanish government and the White House both commented on the situation, with accounts diverging on framing and the appropriateness of the central government's response. Crossings into Ceuta from Morocco have occurred periodically in large numbers over recent years, typically driven by migrants from sub-Saharan Africa seeking entry into the European Union.
Wildfires Across Southern Europe Kill Firefighters, Force Mass Evacuations
Wildfires burning across Greece, France, and Spain have killed at least three firefighters, forced the evacuation of approximately 330,000 people, and caused widespread destruction. EU fire weather data shows conditions this year have been 43% more severe than the seasonal average.Wildfires burning across multiple southern European countries have killed at least three firefighters and forced the evacuation of roughly 330,000 residents and tourists. In Greece, fires on the island of Crete killed two firefighters, while a third died in the Peloponnese region. Thousands were evacuated in Crete as flames threatened tourist areas in the Rethymno region, driven by strong winds. Significant fires also continued to burn on the Greek island of Lesbos. In France and Spain, large blazes have caused deaths and extensive property damage, with no immediate sign of abating. European Union fire weather data shows that hot, dry, and windy conditions across the EU from January through the end of July have been 43% more severe than the seasonal average, setting a record for this time of year. Scientists attribute worsening fire conditions in part to rising temperatures driven by carbon emissions. A new heatwave was forecast to arrive in the region, complicating containment efforts.
Wildfire Near Suffolk Nuclear Plant Prompts Evacuations and Major Incident Declaration
A wildfire spreading across more than 80 hectares on the Suffolk coast, near the Sizewell B nuclear power station, has prompted a major incident declaration and the evacuation of hundreds of residents. Firefighters expect to remain at the scene for at least 48 hours.Hundreds of people were evacuated and a major incident was declared after a wildfire spread across more than 80 hectares on the Suffolk coast in eastern England. The fire burned within a few miles of the Sizewell B nuclear power station, which was monitoring the blaze. An RSPB nature reserve in the area was significantly damaged. Fire services described the blaze as still growing and unpredictable, expecting operations to continue for at least another 48 hours. The fire is part of a broader pattern of unusual wildfire activity across the United Kingdom during an extended dry and hot period.
Record Low Danube Water Levels Force Hungary's Only Nuclear Plant Offline
Historically low water levels in the Danube River, caused by prolonged heatwaves and reduced rainfall, have forced Hungary's sole nuclear power plant to shut down. Romania, Bulgaria, and Serbia are also experiencing significant water shortages.Record low water levels in the Danube River have forced Hungary to shut down its only nuclear power plant, which relies on river water for cooling. The low levels are the result of a series of prolonged heatwaves and below-normal rainfall across Central and Eastern Europe. Romania, Bulgaria, and Serbia are also experiencing the effects of the drought conditions. The shutdown reduces Hungary's domestic electricity generation capacity at a time of high summer energy demand across the region.
Markets have been mixed with no clear direction over the past week.
US Economy Grew at 1.5% Annual Rate in Second Quarter as Consumer Spending Increased
The US economy expanded at an annual rate of 1.5% in the spring quarter, a modest slowdown from the prior quarter, while consumer spending accelerated, according to the Commerce Department.The US economy grew at an annual rate of 1.5% in the second quarter of 2026, according to data released by the Commerce Department. That represents a slight deceleration from the previous quarter's pace. Consumer spending, a key driver of economic activity, picked up during the period despite ongoing concerns about inflation and the impact of military conflict in the Middle East on energy prices. The data provides a mixed picture: growth continues, but at a slower rate, while households have so far maintained spending levels.
US Mortgage Rates Reach Highest Level in a Year at 6.66%
The average 30-year fixed-rate mortgage reached 6.66% on Thursday, the highest level in a year, driven by inflation concerns and uncertainty stemming from the conflict in the Middle East.The average rate on a 30-year fixed mortgage rose to 6.66% as of Thursday, reaching its highest point in twelve months. Analysts attribute the increase to elevated bond yields driven by investor concerns about inflation and the ongoing US military conflict with Iran, which has pushed energy prices higher. Rising mortgage rates increase borrowing costs for homebuyers and reduce affordability in an already strained housing market.
The Federal Reserve's policy committee voted to hold interest rates unchanged at its latest meeting, according to the FOMC statement issued Wednesday.The Federal Reserve announced it would hold its benchmark interest rate steady following the most recent meeting of the Federal Open Market Committee. The decision comes amid elevated inflation pressures and uncertainty about the economic impact of ongoing military activity in the Middle East. Bond market yields remained elevated, reflecting investor uncertainty about the pace and direction of future Fed rate moves.
Hospitals Report Sharp Rise in Uninsured Patients Following Reduction in ACA Subsidies
Hospitals across the US are reporting a significant increase in uninsured patients seeking emergency care, which they attribute to the end of enhanced federal subsidies under the Affordable Care Act. Many patients are unable to pay their bills.Hospitals around the United States are reporting a marked increase in the number of uninsured patients seeking care, particularly in emergency rooms. Healthcare providers attribute the trend to the expiration of enhanced federal subsidies for Affordable Care Act marketplace plans, which congressional Republicans ended. Without those subsidies, a larger number of Americans lost health coverage and are now seeking treatment without insurance. Many of these patients are unable to pay their medical bills, creating financial pressure on hospital systems. The development represents one of the first measurable downstream effects of the subsidy cuts to appear in hospital-level data.
Trump Asks Supreme Court to Overturn $83.3 Million Defamation Verdict Against Him
President Trump has petitioned the Supreme Court to hear his appeal of an $83.3 million civil defamation verdict. Separately, the court's approval rating has reached a new low.President Trump filed a petition asking the Supreme Court to hear his appeal of a civil defamation verdict that awarded $83.3 million against him. The case involves statements Trump made about the plaintiff following an earlier civil jury finding against him. The Supreme Court has discretion over whether to accept the case. Separately, a measure of the Supreme Court's public approval rating has reached a new low, according to SCOTUSblog reporting on the case.
Ebola Outbreak in Eastern Congo Intensifies Existing Hunger Emergency, UN Warns
The fastest-growing Ebola outbreak on record is worsening a severe hunger crisis in eastern Congo, where nearly 10 million people are already at crisis or emergency levels of food insecurity, according to the World Food Program.The World Food Program warned that the Ebola outbreak in eastern Democratic Republic of Congo — described as the fastest-growing in history — is compounding an existing humanitarian emergency in the region. Nearly 10 million people in eastern Congo are already experiencing crisis or emergency levels of hunger, driven by long-running armed conflict. The Ituri province, which is the epicenter of the Ebola outbreak, has approximately 1.9 million people in need of food assistance. The simultaneous presence of infectious disease outbreak conditions and severe food insecurity is straining humanitarian response capacity. The situation in Congo has drawn comparatively limited international attention relative to other ongoing conflicts.
Major Tech Companies Continue to Increase AI Spending, Raising Investor Concern
Amazon's capital expenditures rose 69% as the company increased investment in artificial intelligence infrastructure, joining other major technology firms in sharply escalating AI spending. Investor concern over the sustainability of the spending is growing.Amazon reported a 69% increase in capital expenditures as it expanded investment in artificial intelligence data centers, adding to a wave of similar announcements from major technology companies. The scale of AI infrastructure spending across the industry is drawing increasing scrutiny from investors, who are questioning when the investment will generate returns. Some technology investors argue that even if the spending creates a speculative bubble, the long-term infrastructure built during that period could still be valuable. Apple and Amazon both reported quarterly revenues that beat Wall Street expectations, but investor sentiment toward some technology stocks turned cautious as AI spending figures accumulated.
European Soccer Associations Vote to Boycott World Cup if FIFA Proceeds with Investment Plan
UEFA's 55 member associations voted to boycott future World Cup tournaments unless FIFA reverses plans to sell minority stakes in the tournament. UEFA stated the World Cup is not for sale.All 55 member associations of UEFA, European soccer's governing body, voted to boycott future World Cup tournaments if FIFA and its president, Gianni Infantino, proceed with a proposed plan to bring in outside investment by selling minority stakes in the World Cup. UEFA described the proposal as an attempt to commercialize the tournament in a way that undermines the sport's governance. The boycott threat is described as unprecedented. FIFA has not formally reversed the proposal. A World Cup without European national teams — which include many of the sport's most prominent competing nations — would represent a fundamental change to the tournament's character and commercial value.