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US set to carry out four executions this week

A Florida man convicted of murdering two women he hired for sex was put to death by lethal injection on Tuesday, one of four executions to be carried out in the United States this week.Samuel Smithers, 72, was sentenced to death in 1999 for the 1996 killings of Christy Cowan and Denise Roach in Tampa. They had been beaten and strangled and their bodies were found in a pond.Smithers was executed at a Florida state prison at 6:15 pm (2215 GMT), the 14th execution in the southern state this year.Another convicted murderer was also put to death by lethal injection in the midwestern state of Missouri on Tuesday.The execution of Lance Shockley, 48, was carried out at 6:13 pm (2313 GMT) for the 2005 murder of a police sergeant, Carl Graham.Graham was gunned down in an ambush at his home. The officer had been investigating a fatal car accident involving Shockley at the time.Shockley maintained his innocence but his appeals were rejected by numerous courts, including the Supreme Court. Missouri Governor Mike Kehoe rejected his clemency request on Monday.Two other executions are scheduled this week.Charles Crawford, 59, is to be put to death by lethal injection in Mississippi on Wednesday for the 1994 rape and murder of Kristy Ray, a 20-year-old college student.Richard Djerf, 55, is to be executed by lethal injection in Arizona on Friday for the brutal 1993 murders of four members of a Phoenix family.In a letter last month apologizing for the crime, Djerf said he was ready to die and would not seek clemency.”If I can’t find reason to spare my life, what reason would anyone else have?” he wrote.There have been 37 executions in the United States this year, the most since 2013, when 39 inmates were put to death.Florida has carried out the most executions with 14, followed by Texas with five and South Carolina and Alabama with four.Thirty-one of this year’s executions have been carried out by lethal injection, two by firing squad and four by nitrogen hypoxia, which involves pumping nitrogen gas into a face mask, causing the prisoner to suffocate.The use of nitrogen gas as a method of capital punishment has been denounced by United Nations experts as cruel and inhumane.The death penalty has been abolished in 23 of the 50 US states, while three others — California, Oregon and Pennsylvania — have moratoriums in place.President Donald Trump is a proponent of capital punishment and, on his first day in office, called for an expansion of its use “for the vilest crimes.”

Trump hails ‘martyr’ Charlie Kirk at posthumous medal ceremony

US President Donald Trump hailed assassinated ally Charlie Kirk as a “martyr for truth and freedom” Tuesday as he posthumously awarded the right-wing activist America’s highest civilian honor.Handing the Presidential Medal of Freedom to Kirk’s tearful widow, Trump compared the 31-year-old conservative to Socrates, Saint Peter, Abraham Lincoln and Martin Luther King.Trump, 79, also used the somber ceremony at the White House to vow to redouble his crackdown on what he calls radical left-wing groups that he launched following Kirk’s shooting.”In the wake of Charlie’s assassination, our country must have absolutely no tolerance for this radical left violence, extremism and terror,” Trump told an audience of the country’s conservative elite.”We’re done with the angry mobs, and we’re not going to let our cities be unsafe.”The US State Department on Tuesday said it had revoked visas of at least six foreign nationals who had “celebrated the heinous assassination” on social media. In posts to X, the department shared offending posts allegedly by citizens of Argentina, South Africa, Mexico, Brazil and Paraguay who had called Kirk “racist,” “xenophobic” or other characterizations.One German apparently lost their US visa for writing “When fascists die, democrats don’t complain,” according to the State Department.The Trump administration has controversially cited political reasons in stripping others of their visas, including several hundred people involved in Gaza war protests on US universities campuses. Father-of-two Kirk was shot dead on a Utah college campus last month, sparking a wave of grief among conservatives and promises of a clampdown from Trump that has seen National Guard troops sent to several Democrat-run cities. Guests at the ceremony included visiting Argentinian President Javier Milei, a libertarian firebrand, and a host of conservative US media personalities.Kirk’s widow Erika thanked Trump for flying back from a Middle East peace trip for the medal ceremony, which fell on what would have been her late husband’s 32nd birthday.”You have given him the best birthday gift he could ever have,” she said, dabbing away tears and occasionally pausing to collect herself.She added that Kirk, who used huge audiences on TikTok, Instagram and YouTube to build support for conservative talking points, “would probably have run for president” if he had not been assassinated.Tyler Robinson, 22, has been charged with Charlie Kirk’s murder. He faces the death penalty if convicted.

Brash Trump approach brings Gaza deal but broader peace in question

A new US president, focused on domestic priorities, criticizes his predecessor as too hard on Israel but soon takes on the mantle of peace and reaches a deal heralded around the world.In September 1993, it was Bill Clinton, who brought Israeli and Palestinian leaders together at the White House for the landmark first Oslo accord which marked the beginnings of Palestinian self-governance.This weekend it was Donald Trump who sealed an agreement to end two years of devastating war in Gaza and hailed a “historic dawn of a new Middle East.” But despite his typically immodest language, Trump has quickly drawn questions about whether he is ambitious and committed enough for a broader agreement to solve one of the world’s most intractable conflicts.On his way back from a lightning trip to Israel and Egypt, Trump said vaguely that he will “decide what I think is right” on the Palestinians’ future “in coordination with other states.””A lot of people like the one-state solution, some people like the two-state solution. We’ll have to see,” Trump told reporters.Trump’s brash approach marks a sharp change from the Oslo process, in which Israeli and Palestinian negotiators met quietly with help from Norway and set up a roadmap that was eventually supposed to settle heated disputes such as permanent borders and the status of Jerusalem.Trump had firmly backed Israel despite growing international outrage over its Gaza offensive launched in response to Hamas’s October 7, 2023 attack.But Trump then forcefully pushed Prime Minister Benjamin Netanyahu after Israel attacked Hamas leaders meeting in Qatar, a key US partner.”In a lot of ways, the easy part is what was just accomplished, but what would be necessary to move this conflict toward resolution is going to take so much more than the very vague details that are presented in the plan,” said Mona Yacoubian, director of the Middle East program at the Center for Strategic and International Studies.This 20-point plan released by the White House speaks only of an eventual “credible pathway” to Palestinian statehood.It also has little on the West Bank, where Israel has ramped up construction and extremist settlers have attacked Palestinians in the wake of the attack from Gaza-based Hamas.”Maybe it’s the failure of Oslo that gave rise to the rather unconventional approach that Trump has taken, where he has short-circuited any sort of process and simply pressured and cajoled,” Yacoubian said.”The problem, of course, is in the implementation. And that was the problem with Oslo,” she said.If there is no “sustained commitment to seeing through an actual solution to the conflict, rather than kicking the can down the road, then we see how those these processes fall apart.”Other Western powers including France and Britain in their own way also broke with Oslo’s model of painstaking diplomacy and last month recognized a Palestinian state.- Netanyahu long resistant on state -Clinton, who negotiated in meticulous detail, had sparred with Netanyahu, Israel’s long-serving prime minister who has adamantly opposed the prospect of a Palestinian state and the Oslo process.After Netanyahu lost power, Clinton at the end of his term sought to end the conflict with his Camp David summit, which failed.Ghaith al-Omari, who was an advisor to Palestinian negotiators at the time of Clinton’s Camp David summit, said he did not believe any of the current leaders were capable of reaching a lasting peace deal.Netanyahu, he said, is widely mistrusted, even among Arab leaders who want better relations with Israel.Powers from the Arab and Islamic worlds have considered sending troops to stabilize Gaza, but it remains uncertain if they would do so without stability, and Netanyahu has opposed a role for the Palestinian Authority, the West Bank-based rival of Hamas.Mahmud Abbas, the leader of the Palestinian Authority, turns 90 next month and, beyond his age, is “just too discredited” after his “last 30 years has been associated with failure,” said al-Omari, a senior fellow at the Washington Institute for Near East Policy.Al-Omari said Lebanon could show the future ahead, with Israel repeatedly carrying out strikes against Hezbollah since a ceasefire took hold nearly a year ago but without full-scale war.As for Trump, he has shown skill in seizing the moment but has not put in place staff that would indicate sustained diplomacy, he said.”I would be very skeptical if we see the level of engagement we have seen over the last few weeks,” al-Omari said.”We’re nowhere near the kind of kumbaya moment that was projected.”

Strong dealmaking boosts profits at US banking giants

Robust dealmaking activity and strong trading results helped boost US bank earnings Tuesday despite lingering worries about a softening job market and a potentially overvalued stock market.Profits rose in the third quarter at JPMorgan Chase and three other US lending giants, reflecting strength in core business areas and the still-healthy condition of many consumers even after a lengthy stretch of persistently high costs that have stretched low-income households.At JPMorgan, profits were $14.4 billion, up 12 percent from the year-ago level, with revenues of $46.4 billion, up 9 percent.The bank, the biggest US lender in terms of assets, reported somewhat higher credit costs in the quarter as it disclosed details about a $170 million hit from the bankruptcy of Tricolor, a subprime auto lender. But JPMorgan executives reiterated that consumers remain generally “resilient” and mostly on time with credit card payments, a tone echoed by other large banks. “We’ve been waiting for the so-called consumer recession, but it doesn’t materialize,” said investment banker and author Christopher Whalen of Whalen Global Advisors.The large banks “don’t do business with subprime” customers, said Whalen, who suspects more troubles involving banks’ corporate lending will surface in time. – Stock market ‘frothiness’ -More bank earnings will be released in the coming days, but Tuesday’s batch showed increases all around with Citigroup profits rising 16 percent to $3.8 billion, Goldman Sachs up 39 percent to $3.9 billion and Wells Fargo up 9 percent to $5.6 billion.Goldman Sachs pointed to its role as the “exclusive advisor” to Electronic Arts in a $55 billion deal to go private as it confidently described its merger and acquisition “pipeline” of pending and future deals. Other banks also touted strong demand for financial advisory service. But they expressed concern about weakening US job data.”While there have been some signs of a softening, particularly in job growth, the US economy generally remained resilient,” said JPMorgan chief executive Jamie Dimon.”However, there continues to be a heightened degree of uncertainty,” said Dimon, pointing to tariffs, the risk of “sticky” inflation and other factors.Executives also acknowledged concerns that sky-high equity valuations for artificial intelligence companies may be out of hand.Citigroup Chief Financial Officer Mark Mason said the stream of stock market records suggests “some frothiness in different sectors,” adding, “we’ll have to see how that ultimately evolves.”- Problem loans limited so far -Heading into the results, one overhang facing the sector was the question of exposure to a pair of recent high-profile bankruptcies.Accounts of the collapse of Texas-based Tricolor have pointed to “apparent or alleged fraud,” JPMorgan Chief Financial Officer Jeremy Barnum said on a conference call with reporters. Barnum said it can be difficult to avert all cases where a “motivated party” is committed to deception, but that the firm was looking at fortifying its controls.”This is not our finest moment,” added Dimon, who said colleagues would “scour every issue” in light of the revelations on the case.Citigroup also disclosed what it called “idiosyncratic downgrades” that more than doubled its corporate non-accrual loans compared with last year.Mason said Citi had not experienced broad problems within its portfolio, noting the bank was not exposed to Tricolor or to First Brands, a US auto supply firm whose bankruptcy has hit some other lenders, including UBS and Jefferies.”There’s no particular concentration of exposure that I’m worried about,” he said.While the damage from such examples has been limited so far, more cases of problem corporate lending could surface. Whalen said the financial system is still flush from a period of great liquidity due to central bank actions.”There’s been so much credit available,” he said. “It’s just that they haven’t gotten to the point where they’re cleaning house.”

Trump warns of Argentina aid cut if Milei loses election

US President Donald Trump warned Tuesday he could sever struggling Argentina’s financial lifeline if his libertarian ally Javier Milei loses crucial legislative elections later this month.”If he loses, we are not going to be generous with Argentina,” Trump said as firebrand Milei visited the White House to seek the Republican’s political and economic support.”I’m with this man because his philosophy is correct. And he may win and he may not win — I think he’s going to win. And if he wins we are staying with him, and if he doesn’t win we are gone.”Trump’s administration has already promised $20 billion to prop up Argentina’s struggling economy but his backing has failed to calm the markets — or help Milei’s polling ahead of midterms on October 26.The results of the elections, in which Milei’s minority party is hoping to boost its seat tally, will dictate whether Milei can pass tough cost-cutting reforms or will face a legislative brick wall for the next two years of his term.  Hailing Milei as a “great leader,” Trump said he would “fully endorse” his ideological ally in the elections.”He’s MAGA all the way, it’s ‘Make Argentina Great Again,'” Trump said, referring to his own “Make America Great Again” slogan.Trump has however faced questions about how a big bailout for Argentina tallies with that same America First policy.Asked by reporters what the benefit to the United States was, Trump replied: “We are helping a great philosophy take over a great country. We want to see it succeed.”- ‘Acute illiquidity’ -With Argentina struggling to stave off yet another financial crisis and Milei’s disapproval ratings rising, the chainsaw-wielding leader has come to right-wing ally Trump for help. Trump has repeatedly voiced political support for Milei, while backing it up with a promise of huge economic aid, but the markets remain spooked by Argentina. In recent weeks, highly indebted Argentina has had to spend more than a billion US dollars to defend the peso, a strategy most economists believe is unsustainable.  That prompted Milei’s allies in Washington to step in with a financial bailout. “Argentina faces a moment of acute illiquidity,” US Treasury Scott Bessent said last week, announcing a deal that would give Argentina access to US$20 billion. “The US Treasury is prepared, immediately, to take whatever exceptional measures are warranted to provide stability to markets.”  The announcement sparked a rally in Argentine bonds and stocks and helped ease pressure on the peso.  It also marked a rare instance of direct US intervention in Latin American currency markets, underscoring Washington’s strategic interest in Milei’s success. “The United States saw this attack on Argentina, on the ideas of freedom, on a strategic ally — and that’s why they supported us,” Milei said in a radio interview Monday. “They know we are a true ally,” Milei said, referring to Argentina’s alignment with US and Israeli interests. In Argentina, there has been fevered speculation about what Trump might want from Milei in return for his support. Before Milei took power, Argentina — a major lithium producer — had been deepening ties with China. The Argentine president’s office said the leaders would discuss “multiple topics.” On Sunday, Economy Minister Luis Caputo ruled out immediate plans to dollarize the economy or alter the floating exchange rate band, amid speculation of post-election changes.  

US indicts Cambodian tycoon over $15bn crypto scam empire

US authorities on Tuesday unsealed an indictment against Chen Zhi, a UK-Cambodian businessman accused of running forced labor camps in Cambodia where trafficked workers carried out cryptocurrency fraud schemes that netted billions of dollars.The 37-year-old, known as Vincent, founded Prince Holding Group, a multinational conglomerate that authorities say served as a front for “one of Asia’s largest transnational criminal organizations,” according to the US Department of Justice.The Justice Department also filed the largest forfeiture action in its history, seizing approximately 127,271 Bitcoin worth around $15 billion at current prices.”Today’s action represents one of the most significant strikes ever against the global scourge of human trafficking and cyber-enabled financial fraud,” said Attorney General Pam Bondi.Chen allegedly directed operations of forced labor compounds across Cambodia where hundreds of trafficked workers were held in prison-like facilities surrounded by high walls and barbed wire.Under threat of violence, they were forced to execute so-called “pig butchering” scams — cryptocurrency investment schemes that build trust with victims over time before stealing their funds.The schemes targeted victims worldwide, causing billions in losses.Scam centers across Cambodia, Myanmar and the region use fake job ads to attract foreign nationals — many of them Chinese — to purpose-built compounds, where they are forced to carry out online fraud under threat of torture.Since around 2015, Prince Group has operated across more than 30 countries under the guise of legitimate real estate, financial services and consumer businesses, prosecutors said.Chen and top executives allegedly used political influence and bribed officials in multiple countries to protect the operation. Proceeds were laundered in part through the Prince Group’s own gambling and cryptocurrency mining operations.The stolen funds financed luxury purchases including watches, yachts, private jets, vacation homes and a Picasso painting bought at a New York auction house, authorities said.Chen faces up to 40 years in prison if convicted on wire fraud and money laundering conspiracy charges.In coordinated action, British authorities on Tuesday froze 19 London properties worth over £100 million linked to Chen’s network, including a £12 million mansion in North London.The sanctions also target Chen’s associate Qiu Wei Ren, a Chinese national with Cambodian, Cypriot and Hong Kong citizenship.An AFP investigation on Tuesday found that scam centers in neighboring Myanmar were expanding rapidly just months after a crackdown there. China, Thailand and Myanmar forced pro-junta Myanmar militias who protect the centers to promise to shutter the compounds in February, freeing around 7,000 people — most of them Chinese citizens.But the brutal call center-style system is flourishing again in Myanmar, now using Elon Musk’s Starlink satellite system for internet access.

Myanmar scam centres booming despite crackdown, using Musk’s Starlink: AFP investigation

Scam centres in Myanmar blamed for swindling billions from victims across the world are expanding fast just months after a crackdown that was supposed to eradicate them, an AFP investigation has found.New buildings have been springing up inside the heavily guarded compounds around Myawaddy on the Thailand-Myanmar border at a dizzying pace, with others festooned with dishes for Elon Musk’s Starlink internet service, satellite images and AFP drone footage show.The revelations come as Britain and the United States imposed sanctions Tuesday on the “masterminds behind industrial-scale scam centres in Southeast Asia”, freezing 19 London properties “linked to a multi-billion-pound network”.They include a mansion worth £12 million (nearly $16 million) on one of London’s most expensive streets and a £100 million office building in the city’s financial district.US prosecutors have also launched an action to seize up to $15 billion in cryptocurrency they said is held by Chinese-born Chen Zhi, the alleged head of a “sprawling cyber-fraud empire” based in Cambodia where workers are trafficked and “confined in prison-like compounds”.Americans are among the top targets of Southeast Asia scammers, the US Treasury Department says, losing an estimated $10 billion last year, up 66 percent in 12 months.The centres have caused misery to millions of people across the world, pushing some victims to suicide, while the families of those who work in them often have to pay to have relatives freed.Experts say most of the centres in Myanmar and Cambodia, notorious for their romance scams and “pig butchering” investment cons, are run by Chinese-led crime syndicates that have switched from gambling into cybercrime. Starlink has gone from nowhere at the time of the Myanmar crackdown in February, when Thailand cut power and internet cables to the scam centres along its border, to becoming the country’s biggest internet provider every day from July 3 until October 1, according to data from the APNIC Asian regional internet registry.The US Congress Joint Economic Committee told AFP it had opened an investigation into Starlink’s involvement with the centres. SpaceX, which owns Starlink, did not reply to AFP requests for comment.China, Thailand and Myanmar forced pro-junta Myanmar militias who protect the centres into promising to “eradicate” the compounds in February. They freed around 7,000 people — most Chinese citizens — from the brutal call centre-style system, which the United Nations says runs on forced labour and human trafficking.Many workers told AFP they were beaten and forced to work long hours by bosses who target victims across the globe with telephone, internet and social media cons.Only weeks after the headline-grabbing releases, building work on several of the centres had started along the Moei River, which forms the frontier with Thailand.AFP analysis of satellite images from Planet Labs PBC found dozens of buildings going up or being altered in the largest of the compounds, KK Park, between March and September.Construction work has also been going on at several of the other 27 suspected scam centres in the Myawaddy cluster, an AFP analysis found, including what the US Treasury called the “notorious” Shwe Kokko centres, north of Myawaddy.- ‘Abhorrent’ -Last month, the US imposed sanctions on nine people connected to Shwe Kokko and the Chinese criminal kingpin She Zhijiang, founder of the multistorey Yatai New City centre there.Senator Maggie Hassan, the leading Democrat on the US Congressional committee, has called on Musk to block the Starlink service to the fraud factories.”While most people have probably noticed the increasing number of scam texts, calls, and emails, they may not know that transnational criminals halfway across the world may be perpetrating these scams by using Starlink internet access,” Hassan said.She wrote to Musk in July demanding answers to 11 questions about Starlink’s role.Erin West, a former California prosecutor who now heads the Operation Shamrock group that campaigns against the centres, said: “It is abhorrent that an American company is enabling this to happen.”While still a cybercrime prosecutor, she warned Starlink in July 2024 that the mostly Chinese crime syndicates that run the centres were using its service, but received no reply.Up to 120,000 people may be being “forced to carry out online scams” in the Myanmar centres, according to a UN report in 2023, with another 100,000 held in Cambodia.South Korea President Lee Jae Myung said Tuesday that he was concerned by the “significant harm” being done by the centres amid the shock over the death of a Korean student who police said was tortured and killed after being kidnapped in Cambodia.Other Koreans have also been abducted. “The numbers are not small, and many of our citizens are deeply concerned about their family members,” Lee said. isk-mjw-sjc-nlc-fg/js

China, EU stand firm on shipping emission deal despite US threats

China, the European Union and several other members of the International Maritime Organization reaffirmed their support on Tuesday for ambitious plans to cut shipping emissions, despite US threats.Initially approved in April, the London-based IMO are set to vote on Friday on formally adopting the Net Zero Framework (NZF), the first global carbon-pricing system.However, Washington’s threat to impose sanctions on those supporting it had cast doubt on the future of the framework, just as the summit where it is due to be adopted got under way.The summit’s first day on Tuesday was marked by friction between members supporting the NZF and those opposing it.The framework would require ships to progressively reduce carbon emissions from 2028, or face financial penalties.Last week, the United States threatened countries who vote in favour of the framework with sanctions, visa restrictions and port levies, calling the proposal a “global carbon tax on the world”.But several countries, including Britain, Brazil, China and the European Union, reaffirmed their commitment during Tuesday’s meeting of the 176-nation IMO.”We believe that reaching a consensus on global implementation (of the framework) is essential,” a representative from China told members.- Oil producers’ opposition -To be adopted, the framework needs the backing of two-thirds of the present and voting IMO members that are parties to the so-called MARPOL anti-pollution convention.The convention has 108 members.A majority of members — 63 states — that voted in favour of the NZF in April are expected to maintain their support on Friday.The plan would charge ships for emissions exceeding a certain threshold, with proceeds used to reward low-emission vessels and support countries vulnerable to climate change.Several major oil producers — Saudi Arabia, Russia and the United Arab Emirates — voted against the measure, and are expected to do so again this week, arguing it would harm the economy and food security.Pacific Island states, which abstained in the initial vote over concerns the proposal was not ambitious enough, are now expected to support it.The United States withdrew from IMO negotiations in April and did not comment on the proposal until last week.US threats could affect “countries more sensitive to US influence and vulnerable to these retaliations”, a European source told AFP.”We remain optimistic about the outcome, but it will probably be tighter than before, with a higher risk of abstention,” the source added.Countries highly dependent on the maritime industry, such as the Philippines and Caribbean islands, would be particularly impacted by US visa restrictions and sanctions.Contacted by AFP, IMO Secretary-General Arsenio Dominguez declined to respond directly to the US statement, maintaining he was “very confident” about the NZF vote.If the global emissions pricing system was adopted, it would become difficult to evade, even for the United States.IMO conventions allow signatories to inspect foreign ships during stopovers and even detain non-compliant vessels.Since returning to power in January, US President Donald Trump has reversed Washington’s course on climate change, denouncing it as a “scam” and encouraging fossil fuel use by deregulation.

US Fed chair flags concern about sharp slowdown in job creation

US Federal Reserve Chair Jerome Powell warned Tuesday that risks to employment had risen in recent months, noting there had been a sharp slowdown of job creation in the world’s leading economy.”While the unemployment rate remained low through August, payroll gains have slowed sharply, likely in part due to a decline in labor force growth due to lower immigration and labor force participation,” he told a conference in Philadelphia. Economic growth appears to be holding up well, he added. No official jobs data has been published for September due to the ongoing US government shutdown, but private sector figures point to a marked slowdown in hiring last month. In mid-September, Fed officials moved to cut interest rates for the first time this year, voting overwhelmingly for a quarter-point rate reduction to help support the flagging labor market. At the September meeting, Fed policymakers penciled in an additional 50 basis points of cuts this year, which suggests additional action at the bank’s two remaining rate decisions this year, in October and December.”In this less dynamic and somewhat softer labor market, the downside risks to employment appear to have risen,” Powell said, noting that longer-term inflation expectations remained aligned with the Fed’s target of two percent. “Rising downside risks to employment have shifted our assessment of the balance of risks,” he said, adding there was “no risk-free path for policy as we navigate the tension between our employment and inflation goals.”The bank has a dual mandate from Congress to act independently to tackle both inflation and employment. “Both supply and demand in the labor market have come down so sharply, so quickly,” Powell said.”The fact that the unemployment rate has barely moved is kind of remarkable in and of itself, and suggests that they’re moving at roughly the same pace, although, of course, the unemployment rate has ticked up, which suggests that demand is moving a little faster than supply,” he added. Futures traders currently see a more than 95-percent chance that the Fed will cut rates by an additional half percentage point this year, according to data from CME Group. Powell also hinted Tuesday that the Fed could soon stop reducing the size of its balance sheet, which ballooned in the early days of the Covid-19 pandemic as the US central bank piled into Treasuries and mortgage-backed securities (MBS) to support the economy.  “Our long-stated plan is to stop balance sheet runoff when reserves are somewhat above the level we judge consistent with ample reserve conditions,” he said. “We may approach that point in coming months.”

Chicago Catholics agonize over raids in Pope Leo’s hometown

Father Brendan Curran knows many Chicago Catholics who supported Donald Trump’s return to the presidency. But now they’re watching immigration raids across their city in horror — and have Pope Leo XIV sharing their alarm.”Almost to a person, they’re in shock,” Curran told AFP. “This isn’t what they signed up for.”Trump’s claim that Chicago is a virtual war zone, requiring him to deploy armed soldiers, is demonstrably false. But opposition to his hardline immigration crackdown is growing from a more peaceful source: the Catholic Church.Pope Leo, who was born  in Chicago and is the first American ever to head the global Church, has been outspoken in rejecting Trump’s policies.Referring to the Church’s opposition to abortion — something Trump’s Republicans share with many Catholics — he cited the “inhuman treatment of migrants in the United States” and asked if that was “pro-life.”Chicago is the nation’s third largest city, where 30 percent of the population is Latino or Hispanic, many of them Catholic.For Ariella Santoyo, a dress shop owner in the heavily Latino Little Village neighborhood west of Chicago, the reality of Trump’s presidency versus the hope has been brutal.Trump’s conservative promises, especially on abortion, “appeal to a lot of people” in her community, she said.But the immigration arrests — often conducted violently by masked, plainclothes men — were not what they wanted.”We get that sense a lot from… friends that voted for Trump — family members that I know of that voted who said, ‘Oh I never thought that this would happen.'”- Acts of defiance -Images of Immigration and Customs Enforcement (ICE) personnel chasing down migrants, bundling them into vans, and spraying protesters with tear gas play well to many of Trump’s supporters.He won election last year in part on his apocalyptic, falsehood-filled rhetoric about violent migrants invading the United States.But in faith communities, and particularly among Catholics, there are increasingly visible rifts with the White House.”We as a church, and church leaders and faithful, have every right to say… our opinion on immigration policy in the United States. And right now we’re in absolute opposition with the federal policy of the White House,” Father Curran said.In one symbolic act of defiance, pastor Gary Graf has started from outside Pope Leo’s boyhood home on an 800-mile (1,300-kilometer) walk to New York’s Statue of Liberty to protest Trump’s policies.And last weekend, hundreds of faithful joined a Eucharistic march from a Catholic church to the immigration authorities’ facility in Broadview, west of Chicago, to try — unsuccessfully — to share communion with detained migrants.”Our mission as a church is under threat,” Curran, a Dominican friar, said. “When we are talking about feed the hungry, clothe the naked, shelter the homeless, and that is considered a federal crime, we’re in trouble as a country.”- ‘We pray for President Trump’ -Curran attended a recent prayer service outside Broadview’s ICE facility. As a helicopter buzzed overhead, two dozen Catholics gathered to recite the rosary.”We pray for President Trump” and other US officials “to continue opening their minds and hearts” to enacting compassionate immigration policies, one of them said.Among the group’s facilitators was Royal Berg, an immigration lawyer who branded Trump’s mass deportation efforts “un-American.””The pope is calling for compassion. What I see from Washington is cruelty,” Berg told AFP.Trump loyalists — including prominent Catholics Vice President JD Vance  and White House Press Secretary Karoline Leavitt — are defiant. And some of Trump’s influential far-right supporters brand Leo a “woke” liberal.”He is anti-Trump, anti-MAGA, pro-open Borders, and a total Marxist,” influencer Laura Loomer, who has the president’s ear, said on X.