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Excavation Work On Trump's Arch To Begin Over Next 2 Weeks, Burgum Says

Excavation work on President Donald Trump's triumphal arch is scheduled to begin over the next two weeks, Interior Secretary Doug Burgum said on Sept. 3.

"This will be one of the great pieces of American architecture, honoring the history and significance of Arlington Cemetery and befitting the most powerful capital in the world," Burgum said in a post on X.

Burgum also included pictures of what the arch would look like.

The proposed monument would include a mezzanine level at 166 feet, a 24-foot-high observation deck, and a 60-foot statue of Lady Liberty at the top.

The structure, which is intended to mark America's 250th anniversary, would prominently display the inscriptions "One Nation Under God" and "Liberty and Justice for All."

It was inspired by the 164-foot-high Arc de Triomphe in Paris.

However, as Jackson Richman reports for The Epoch Times,the proposal has sparked a legal challenge.

A group of veterans and a historian, represented by public interest law firm Public Citizen Litigation Group, have filed a federal lawsuit seeking to block construction, arguing that the arch would interfere with the historic sightline between the Lincoln Memorial and Arlington House, among other concerns.

The Justice Department has responded that Congress approved large structures at the planned site decades ago and gave authority to the National Park Service to change their design.

The National Park Service released a report on the arch on Aug. 28 that supported the project but warned there would be adverse effects on the sightlines between a host of iconic landmarks such as the Washington Monument and Lincoln and Jefferson memorials.

The arch, announced last October, is proposed to be built on a man-made island overseen by the National Park Service, located on the Virginia side of the Potomac River near Memorial Bridge, which connects to the Lincoln Memorial.

At 250 feet, the structure would be significantly taller than the Lincoln Memorial, which is 99 feet tall, and roughly half the height of the Washington Monument.

It is one of the numerous projects Trump has undertaken as part of his stated goal of beautifying the nation's capital.

The president also seeks to renovate East Potomac Golf Links, build an arch near the Lincoln Memorial, and construct a ballroom on White House grounds.

He renovated the Lincoln Memorial Reflecting Pool, which will need to be refilled after deficiencies were found. The president blamed vandalism as well as contractor error.

Although the arch proposal has been approved by the U.S. Commission of Fine Arts, the National Capital Planning Commission, the federal government's planning agency for the D.C. region, has to give final approval for the project.

When it will do so is to be determined.

The commission met on Sept. 3, but the arch was not on the agenda.

Tyler Durden Fri, 09/04/2026 - 17:20

States Must Report Illegal Immigrants To Feds Or Risk Losing Federal Welfare Funding: DOJ

Authored by Troy Myers via The Epoch Times,

States must alert the federal government to known illegal immigrants when they opt into receiving certain federal welfare benefits, the Department of Justice (DOJ) announced Wednesday.

The move withdraws a 1998 DOJ opinion and clarifies that under a 1996 welfare-reform law - the Personal Responsibility and Work Opportunity Reconciliation Act - all state agencies, including those that administer welfare funding, have the duty to report individuals unlawfully in the United States to the Department of Homeland Security (DHS).

According to the new Office of Legal Counsel opinion, which was issued Sept. 1, states risk losing funds for the Temporary Assistance for Needy Families (TANF) and the Supplemental Security Income programs if they do not comply.

"Congress wrote this requirement plainly," said Assistant Attorney General T. Elliot Gaiser of the DOJ's Office of Legal Counsel.

"When a state chooses to participate in TANF, it accepts the obligation to report illegal aliens in the United States."

States that do not alert DHS to unlawful individuals attempting to obtain welfare thus encourage illegal immigration and take tax dollars away from U.S. citizens, Gaiser said in a statement.

The previous Clinton-era interpretation of the Personal Responsibility and Work Opportunity Reconciliation Act, which is now reversed, limited states' reporting requirement of illegal immigrants to immigration authorities only to state agencies administering the welfare funds.

"We reached that view by disregarding [the 1996 law's] definition of 'State' and giving that term inconsistent meanings within the same statutory provision," the Office of Legal Counsel admitted in its new opinion. "We conclude that our 1998 Opinion improperly narrowed the conditions that Congress attached to federal funding for certain federal benefits programs. We now withdraw it."

All 50 states, the District of Columbia, and several U.S. territories participate in TANF and the Supplemental Security Income programs, the DOJ said.

Funding for the TANF program alone accounts for more than $16.4 billion each year.

DOJ Office of Legal Counsel Deputy Assistant Attorney General Joshua Craddock, who authored the new opinion, said it doesn't impose any new obligations on states. It only restores the original meaning of the 1996 act that binds all state agencies to federal law in sharing information with DHS about known illegal immigrants, he stated.

"States that accept TANF funding must abide by federal law, and failure to comply may lead to serious consequences, including loss of program funding," Craddock said in the statement.

The DOJ clarified this new opinion only applies prospectively. States will not face retroactive penalties or altered agreements for welfare funds because those contracts complied with the 1998 interpretation.

Tyler Durden Fri, 09/04/2026 - 17:00

Missouri House Candidate Accused Of Plotting To Plant Cocaine On Primary Rival

A Republican candidate for the Missouri state House is facing a federal charge after authorities accused him of orchestrating a plot to secretly place drugs on a political rival, CBS affiliate KOLR-TV reported.

Thomas Ross, 37, who sought Missouri's House District 161 seat representing the Joplin area, was charged Wednesday in connection with the alleged scheme targeting primary opponent Louise Secker.

Missouri House Candidate Thomas Ross

Investigators have accused Ross of directing his former campaign manager to put cocaine and a prescription amphetamine pill among Secker's belongings, according to a probable cause statement. Authorities also believe the Adderall allegedly intended for the plot came from Ross' own prescription, KOLR-TV reported.

Ross edged out Secker in the Aug. 4 Republican primary by 33 votes.

Missouri Republican Party Chairman Peter Kinder has since called for Ross to step aside, describing the matter as "serious and deeply troubling." The Jasper County Republican Central Committee joined Kinder in calling on Ross to withdraw.

Under Missouri law, Ross has until Sept. 8 to remove his name from the November ballot.

Federal authorities have filed a one-count criminal complaint accusing Ross of conspiring to distribute a controlled substance.

Ross has been held without bond in the Joplin City Jail since his arrest Wednesday, with a detention hearing set for Wednesday.

U.S. Attorney R. Matthew Price said in a statement that his office will "continue to uphold fairness, transparency, and integrity in elections and will pursue violations of public trust when warranted."

"Candidates are expected to conduct their campaigns with integrity, honesty, and respect for their opponents, allowing voters to make informed decisions without fear of misinformation or undue influence," Price said.

Ross did not respond to requests for comment, and the federal public defender's office assigned to his case did not say how he intends to plead. Secker also did not respond. The charge is an accusation, and Ross is presumed innocent unless proven guilty.

Tyler Durden Fri, 09/04/2026 - 16:40

Insurrection For Real

Authored by James Howard Kunstler via Clusterfuck Nation,

"The Democrat agenda is to legalize crime and criminalize the middle class."

- Stephen Miller

Not to put too fine a point on it: but whenever a lawfare ninja of the Democratic Party utters the phrase "our democracy," you must know that they are completely full of shit. For sure, they do not mean anything remotely related to an American commonweal, as understood by people of sound mind and good faith.

What they mean by "our democracy" is the state as a racketeering operation run for the sole benefit of their party members, along with the ruthless power to annihilate their opponents and critics.

Norm Eisen, Democratic Party Lawfare Ninja Supreme

The war-cry "our democracy" only signifies how degenerate they have become. Though they yearn to win control of Congress in these midterm elections by any means necessary, the party's actual prospects are not so great, having nominated a pack of obvious morons and reprobates such as Abdul el-Sayed (MI), James Talarico (TX), Angie Nixon (FL), Troy Jackson (ME), and Peggy Flanagan (MN) for the US Senate.

Now, it appears that President Donald Trump is determined to clean up our fraud-ridden election process this year, one way or another. Hopes are nearly dead for Congress passing a comprehensive election reform law, the SAVE Act, so he has looked to other measures. One is a procedure for the US Postal Service to match and track mail-in ballots to real persons with actual addresses listed on state voter rolls. The matter is still working through courts. The DOJ's Civil Rights Division has pledged to send about 1000 election monitors to polling places around the country as "observers," which could obviate arrant shenanigans like the broken toilet ploy in Fulton County, GA, 2020.

Mr. Trump could go further, as discussed here recently, and declare a National Security Executive Order with more exacting rules such as requiring proof of citizenship and photo ID at the polls, and reporting election results no later than the day following the election. The Democratic Party is fighting desperately to prevent any changes to current procedure with so much room for fraud.

The effort is led by chief lawfare ninja Norm Eisen, who is associated with several activist NGOs: the States United Democracy Center (founder); State Democracy Defenders PAC; Citizens for Responsibility and Ethics in Washington (CREW); the Brookings Institution; plus his own pro bono litigation practice, Norma Eisen PLLC.

Eisen enjoys many millions of dollars in backing that have enabled him to file hundreds of court cases against Trump administration actions, including the recent suits against the US Postal Service mail-in ballot plan. His own NGOs are backed by hundreds of other NGOs both here and globally, many of which have been involved in color revolutions in foreign countries. Eisen himself has played a part in many episodes of the long-running color revolution here in the USA, including RussiaGate, the 2020 fake impeachment, and the Jan-6 House Committee. All that could be described in totality as a seditious coup attempt - and it's all currently under investigation by several federal grand juries.

Likewise, lawfare ninja Marc Elias, who operates his election activities through Democracy Docket (founder); the Free election Fund; the Democracy Forward Foundation (board chair); We the Action; plus his own firm, the Elias Law Group. He was formerly a lawyer with the DC law firm Perkins Coie, through which he served as general counsel to the Hillary Clinton campaign in 2016. He shepherded the Steele Dossier into the Intel apparatus and around the news media.

All that is a prelude to a disturbing roll-out of events that anyone paying attention can see coming this fall.

The Democratic Party has massive resources not just to stall and obstruct pre-election reform, but to mount a vicious resistance after the fact if it doesn't produce their desired result. They could go as far as to repudiate the election, refuse to accept its results. If the president does issue that NatSec EO prior to the election, blue state officials could refuse to hold elections under new rules. Thirty states have already refused to comply with DOJ demands to submit their official voter rolls for evaluation. Some of the aforementioned activist NGOs have promised post-election street actions (demonstrations that could easily turn into riots).

In the face of that, you can foresee the necessity of the president having to invoke the Insurrection Act of 1878 (10 U.S.C. §§ 251-255). The act provides an exception to the Posse Commitatus Act, also 1878, which forbids the use of the US military to act as police inside the USA. Under the Insurrection Act, the president can federalize states' national guard units to enforce federal law or protect constitutional rights when ordinary civilian means are not enough.

The Act has been used before in our history about thirty times by fifteen presidents, including the Great Railway Strike of 1877 (Pres. Hayes); the Pullman Strike of 1894 (Pres. Cleveland); the Little Rock School Desegregation resistance of 1957 (Pres. Eisenhower sent in the 82nd Airborne). Pres. Lyndon Johnson invoked it three times: the Selma to Montgomery March of 1965; the Detroit riots of 1967; and the riots that followed the Assassination of Martin Luther King, 1968. Pres. George H. W. Bush used it in 1994 to quell the Rodney King Riots in Los Angeles.

If Mr. Trump invokes the Insurrection Act around any violence or organized election rebellion this year, he will invite the Democrats to label him an autocrat, a tyrant, a wannabe king, as they have been taunting him and goading him with for years. Let's suppose that will be enough to inflame the party's activists. I think you can see how this lays the groundwork for something that looks like a new civil war. The repudiation of election results by blue states would be enough.

Know this: it won't work. It will result in charges of sedition and many Democratic officials will be arrested and charged, probably some governors. It will be a really ugly episode in our history, but we'll get through it. Of course, it will be the end of the Democratic Party.

Tyler Durden Fri, 09/04/2026 - 16:20

IRS, Treasury Propose Cutting Tax-Exempt Status For Schools With Diversity Policies

Authored by Jack Phillips via The Epoch Times,

The Trump administration is proposing a new rule that would strip private colleges and schools of their tax-exempt status if those institutions engaged in racial discrimination through policies such as diversity, equity, and inclusion (DEI).

The U.S. Treasury Department and the Internal Revenue Service said on Thursday that a proposed rule would bar a private school from obtaining tax-exempt status under section 501(c)(3) of the U.S. tax code if the school "adopts, maintains, or enforces a policy or practice that discriminates on the basis of race, color, or national or ethnic origin."

Under the new regulation, which would take effect in May 2027, a broad range of programs administered by schools would be affected. They include admissions, policies, loans, scholarships, and athletics, said the Treasury Department in a news release.

The proposal may impact as many as 18,000 private educational institutions across the United States, the IRS and Treasury estimated.

"This administration is standing up for America's students by ensuring racial discrimination has no place in American education," said Treasury Secretary Scott Bessent in a statement.

"Schools rebranding race-based preferences as equitable, inclusive, or diversity-enhancing does not change their discriminatory nature."

The proposal, he added, would "establish a clear standard" for private schools to follow, warning that any institution that continues to "use discriminatory practices will no longer receive the benefits of federal tax-exempt status."

The move by the Treasury is another attempt to put pressure on schools and colleges to drop DEI policies that had become common before President Donald Trump returned to the White House. Trump officials have said the policies discriminate against white and Asian American students.

On his first day in office in his second term last year, Trump signed an order ending a number of DEI-related policies implemented under the Biden administration.

Last year, the Trump administration threatened to revoke Harvard University's tax-exempt status during a battle with the nation's oldest college. In a response, Harvard officials said there was no legal basis for doing so and argued it would force cuts to financial aid and crucial medical research.

To maintain nonprofit status, which allows donations to be tax-deductible, organizations must follow IRS rules on lobbying, political campaign activity, and annual reporting requirements, as well as other obligations.

The IRS says on its website that 501(c)(3) organizations also cannot be operated or organized for the benefit of private interests and that their net earnings cannot "inure to the benefit of any private shareholder or individual."

IRS Chief Executive Officer Frank J. Bisignano said private schools that promote discriminatory practices will no longer be exempt from taxes.

"Today's proposed regulations put institutions on notice and schools that continue to engage in racial discrimination should expect to lose that status," he said in a statement on Thursday.

Religious private schools will still be able to maintain a "religious mission, curriculum, or program of religious observance" under the latest proposal, the Treasury Department said.

It added that those schools can continue to select students based on religious affiliation or membership, provided they follow guidelines consistent with federal law.

Tyler Durden Fri, 09/04/2026 - 15:40

Argentina's Milei Escalates Falklands Dispute With Oil Sanctions On UK, Israeli Firms

Argentina's President Milei has announced plans to sign a decree sanctioning companies working on oil exploration of the Falkland Islands, coming a mere days after President Trump indicated that the US position on the archipelago was "under review".

The Libertarian-Right firebrand leader proclaimed quite provocatively that "The Falkland Islands are Argentinian, historically and legally. There is no debate" and added that the "winds of change" have more lately favored Argentina's claim.

Milei characterized the Falkland's Sea Lion Project, which is based out of what firmly remains a British territory, as essentially a resource-grab which undermines Argentinian sovereignty. 

via photojet

The area to be tapped lies some 140 miles north of the Falkland Islands and is widely estimated to hold a whopping 1.7 billion barrels of oil.

The ambitious project involves Israeli and British firms, creating rare tensions between staunchly pro-Israeli Milei and what are primarily Tel Aviv-based investors.

He further warned that given the project has proceeded without Argentina's permission, it marks a "concrete and urgent danger," given that "If we fail to act, within a few months, they will possess the physical capacity to take the oil reserves that lie beneath our waters."

According to more on ownership details via Reuters:

The project's two owners have strong Israeli ties. Sea Lion is operated by Tel Aviv-listed Navitas Petroleum (NVPTp.TA), which ​holds a 65% stake.

Gideon Tadmor, a prominent figure in Israel's energy sector and also the company's chair, holds about 9% of shares in the company, ​according to LSEG data.

The remaining 35% of Sea Lion is owned by London-listed Rockhopper Exploration (RKH.L), with Israel-based Noked Capital, Brosh Funds ⁠and ION Fund Management among its top five investors, owning between 4.6% and 9.2% each.

Navitas and Rockhopper said the Sea Lion project had valid licenses and that ​they did not expect Milei's comments to have a material effect on the project's development.

Navitas is charging ahead, indicating in its statement that it won't bow to Argentine pressure and that it's done everything correctly and legally.

"The Partnership operates pursuant to valid petroleum licences lawfully granted to it by the ​Government of the Falkland Islands, a self-governing UK Overseas Territory, and with the full and ongoing support of the UK Government," Navitas said.

The Falklands remain a unique pressure point for Britain, which fought a war over the islands in the early 1980s. The United Kingdom has controlled it going all the way back to 1833.

However, Trump's recent signaling that he'll reconsider the US' position on the Falklands appears to be a big lever over London, and of course there's the reality that Trump's alignment with Milei is tighter than ever. 

'If we allow it, we create incentive for British govt to DEEPEN its occupation' — Argentina's Milei opposes Falkland Islands 'Sea Lion' oil project pic.twitter.com/M8JmqMr5H4

— RT Intl (@RT_on_X) September 4, 2026

Recent reporting in The Telegraph said the Trump administration is using Britain's sovereignty over the Falkland Islands ultimately as leverage to pressure the European ally into meeting NATO's new defense-spending target. 

Back in April, Milei proclaimed on X in Spanish that "The Malvinas were, are, and always will be Argentine" - using the Argentine name for the islands. He also told media outlets at the time that his government is doing "everything humanly possible" to return the Falklands to Argentina. 

Tyler Durden Fri, 09/04/2026 - 15:20

Pentagon, HHS Investigating Whether COVID Vaccines Contributed To Military Deaths

Authored by AG News Staff via American Greatness,

The Trump administration is investigating whether COVID-19 vaccines contributed to the deaths of U.S. service members following the Biden administration's military vaccine mandate, according to testimony from an Army doctor assigned to the effort.

Army physician Theresa Long said in an Aug. 14 federal court deposition that Defense Secretary Pete Hegseth detailed her to serve as Health Secretary Robert F. Kennedy Jr.'s senior medical military adviser.

Long said she is examining 2,544 unverified reports of deaths among service members submitted to the federal Vaccine Adverse Event Reporting System, or VAERS, following COVID vaccination.

VAERS is an early-warning surveillance system that accepts reports of health problems occurring after vaccination. A report does not establish that a vaccine caused the medical event or death.

Long, who is board certified in aerospace medicine and holds a master's degree in public health, said she hopes to complete her investigation within a year.

She also testified that she knows of 28 people who died because of COVID vaccines but said she was not permitted to provide additional information supporting that assertion.

The investigation comes as the Trump administration reexamines the military's handling of the COVID pandemic and the Biden administration's 2021 vaccine mandate.

Nearly 9,000 service members were discharged for refusing COVID vaccinations before Congress ordered the Pentagon to rescind the mandate in 2022. The Defense Department has since established a COVID-19 Reinstatement and Reconciliation Task Force to assist troops who left the military over the requirement and want to return.

"The Department continues to right the wrongs of the past and to restore confidence in, and honor to, our fighting force," the Pentagon said in announcing the task force.

Long is also reviewing military health surveillance systems and two medical databases from the pandemic period.

A 2026 Pentagon report found an increase in myocarditis and pericarditis among active-duty service members shortly after COVID vaccination, but said the increase was not sustained over one year. The report did not identify vaccine-related deaths.

The FDA has also required updated warnings for mRNA COVID vaccines concerning myocarditis and pericarditis. The agency reported a higher incidence among young men, with 27 cases per million vaccinations compared with 8 per million in the general population for the period it analyzed.

Long's previously undisclosed assignment indicates that the Trump administration's review of the Biden-era military vaccine mandate now extends beyond reinstating discharged troops to examining whether the vaccines themselves caused serious injuries or deaths among service members.

Tyler Durden Fri, 09/04/2026 - 15:00

Deutsche Bank: August US Auto Sales Beat Forecasts, But Incentives Remain A Factor

U.S. auto sales came in stronger than expected in August, offering another sign that consumer demand for new vehicles remains relatively resilient despite elevated borrowing costs and broader questions about the economy.

According to Deutsche Bank’s auto team, led by Edison Yu, August sales ran at a seasonally adjusted annual rate of roughly 16.9 million vehicles. That was comfortably ahead of the bank’s 16.4 million estimate and also above the roughly 16.4 million pace recorded a year earlier.

The headline SAAR number was strong, although the underlying monthly figures were somewhat less impressive. Automakers sold approximately 1.388 million vehicles during August, slightly above July’s 1.380 million but below the roughly 1.482 million vehicles sold in August 2025.

Sales among both the Detroit Three and major Japanese automakers were modestly better than Deutsche Bank expected. But Hyundai Group was one of the biggest contributors to the upside surprise, beating the bank’s forecast by approximately 14,000 vehicles. Other brands accounted for the remainder of the beat.

The closely watched large pickup market was more mixed. Daily sales declined for most major truck models, but Ram was a notable exception. Ram sales increased by roughly 105 vehicles per day to around 1,550, with Deutsche Bank attributing much of that strength to aggressive incentive spending.

Higher sales are obviously positive for volumes, but when they are being generated through heavier discounts and incentives, the improvement doesn’t necessarily translate into equally strong profitability for manufacturers.

Inventory remains relatively controlled. Industry-wide inventories slipped to approximately 49 days of supply, compared with 50 days previously, although that remains above the 47-day level seen in 2025. Truck inventories declined by one day to 52 days of supply, while passenger-car inventories dropped by two days to just 34.

Taken together, the August numbers paint a reasonably healthy picture of the U.S. auto market. Sales are running better than expected, inventories aren’t showing signs of a major glut, and the annualized selling rate remains comfortably above 16 million vehicles.

Deutsche Bank isn’t extrapolating August’s 16.9 million pace into a dramatically stronger industry forecast, however. Yu and his team continue to expect a 16.0 million SAAR for full-year 2026, roughly consistent with forecasts from the major automakers themselves. For 2027, Deutsche Bank is forecasting only a modest improvement to 16.1 million.

In other words, August was a good month, but Deutsche Bank isn’t calling it the beginning of an auto boom. The more interesting question from here may be how much manufacturers have to spend on incentives to keep sales around these levels...particularly if consumers remain squeezed by high vehicle prices and financing costs.

Tyler Durden Fri, 09/04/2026 - 14:40

Trump Admin Asks Supreme Court To Unblock New Mail-Ballot Rules Before States Start Mailing

Authored by Matthew Vadum via The Epoch Times,

The Trump administration asked the U.S. Supreme Court on Sept. 3 to allow the government to begin implementing a regulation that tightens rules around mail-in voting.

In the emergency application, U.S. Solicitor General D. John Sauer asked the justices to stay U.S. District Judge Indira Talwani's Aug. 27 order that blocks the United States Postal Service (USPS) from enforcing a final rule published Aug. 26.

The rule implements Section 3 of President Donald Trump's Executive Order 14399, which assigns federal agencies a larger role in who receives a mail ballot and how those ballots are processed by the USPS.

Talwani issued a 14-day temporary restraining order that blocked the post office from implementing the parts of Section 3 that required state and local election officials to submit outbound and return mail envelopes for USPS design review, place unique tracking barcodes on those envelopes, and upload voter names, addresses, and barcode data to a new federal portal. Mailings that do not match portal data or that fall short of the envelope standards would not be accepted for delivery.

The judge said in her Aug. 27 ruling that the agency had presented no evidence of fraudulent mail-in voting that would justify the new USPS rule and that the rule itself was likely unlawful and adopted in violation of the U.S. Constitution, which gives states primary authority to administer elections.

"USPS's interest in correcting an unsubstantiated problem through likely unconstitutional means is dwarfed by the overwhelming risk of pervasive disenfranchisement of citizens who need access to mail ballots in order to vote," she said. "The balance of harms and public interest warrants a [temporary restraining order]."

New York Attorney General Letitia James said on Aug. 26 that the postal regulation issued under the executive order will "create confusion, unnecessary costs, and unacceptable risks for voters going into Election Day." She said officials would have to rush to redesign envelopes, obtain federal approval, and develop new list-transmission systems while already preparing to mail ballots.

The short-term freeze was set to expire around Sept. 10 if Talwani declined to extend it. Earlier in the day on Sept. 3, the judge held a hearing on extending the temporary restraining order. Separately, the Trump administration previously filed an appeal of the restraining order that is still pending before the U.S. Court of Appeals for the First Circuit.

Sauer said the nation's highest court needs to act urgently.

"Even before September 10, two States - North Carolina and Alabama - will begin sending ballots to voters, the first as soon as September 4. Once those ballot envelopes enter the mailstream, there is no retrieving them," he said.

The solicitor general also asked the Supreme Court for an immediate administrative stay so the rule can take effect while the justices review the briefs.

The application was directed to Justice Ketanji Brown Jackson, who oversees emergency appeals from Massachusetts, where Talwani is based.

Jackson directed the respondents - including several states and advocacy groups - to file a reply to the application by 10 a.m. on Sept. 8.

On Aug. 24, the Supreme Court lifted an earlier injunction after finding a challenge was premature because the post office had not yet issued a final rule. The high court's ruling allowed Trump - for the time being - to implement his executive order ahead of the November midterm elections that will determine control of Congress.

The justices didn't rule on the lawfulness of Trump's executive order, but said the states that sued weren't harmed and therefore shouldn't have received relief from the Massachusetts judge.

In the new application, Sauer said that days after the Supreme Court issued its ruling, the district court "issued an order partially barring implementation of that rule, without meaningfully addressing the rule's contents or providing any meaningful analysis to support its conclusion that the rule was unlawful."

The lower court's "continued prejudgment of the rule is baseless," and a stay should be issued immediately, because "the District Court's errors deal 'a serious setback' to the Executive's 'goals' while this litigation unfolds."

The states "cannot choose to use the federal mails to carry out their elections but then insist that their election-related mail is somehow exempt from the Postal Service's rulemaking authority," Sauer said.

The USPS rule "imposes only modest requirements on the use of the federal postal system - it does not regulate state administration of elections."

Sauer quoted the rule, which says the USPS "will not play any role in determining voter eligibility, maintaining voter rolls, or counting ballots."

Tyler Durden Fri, 09/04/2026 - 14:20

Enes Kanter Freedom Files Lawsuit After Chicago Sky Ejection, Ban

Authored by Timothy Frudd via The Epoch Times,

Former NBA player Enes Kanter Freedom filed a lawsuit on Sept. 3 after he was ejected during a Women's National Basketball Association (WNBA) game and banned from future games.

Kanter Freedom sued the Chicago Women's Basketball Operations, LLC, which operates the Chicago Sky. The Metropolitan Pier and Exposition Authority and the City of Chicago were also named in the complaint.

The lawsuit alleged that the three entities conspired and acted together to discriminate against Kanter Freedom based on his "verbal and demonstrable expression of viewpoint and gender identity" by wrongfully ejecting him from the Chicago Sky vs. Indiana Fever game on Aug. 23 at Wintrust Arena in Chicago.

Security escorted Kanter Freedom out of Wintrust Arena after an altercation occurred between the former NBA player and Chicago Sky guard Natasha Cloud.

After Cloud scored late in the third quarter, she appeared to approach Kanter Freedom, who was seated along the baseline. In Thursday's lawsuit, Kanter Freedom alleged that Cloud "without provocation, initiated a vulgar, profanity-laced verbal tirade" directed at him.

Thursday's lawsuit stated that Kanter Freedom believed Cloud was "motivated and triggered" by the message on his shirt and his "widely publicized viewpoint on protecting the integrity of women only sports."

At the time of the incident, Kanter Freedom was wearing a black shirt bearing the words, "WOMAN noun. adult human female."

During the altercation, Kanter Freedom stood up with his arms outstretched and stepped onto the basketball court before basketball officials, multiple Chicago Sky players, and security personnel moved between the two. Kanter Freedom was then escorted from the arena.

Kanter Freedom addressed the lawsuit against the Chicago Sky in a social media post on Thursday.

Kanter Freedom said he was "peacefully exercising" his First Amendment rights at the WNBA game.

"My T-shirt did what the whole @WNBA apparently couldn't: define a woman. No threats. No violence. Just biology. And somehow, that required a security escort," he wrote.

"You don't have to agree with my speech but you don't get to silence me for it," he added. "I will not be intimidated. I will not be silenced. I will continue to stand for women and defend free speech."

Chicago Sky owner Michael Alter announced on Aug. 25 that Kanter Freedom would not be allowed in the arena for future games unless he was able to prove that he could "abide by our rules without being a potential threat."

Alter also accused Kanter Freedom of having attended the game to provoke the players and attract attention.

The lawsuit alleged that Alter mischaracterized both the altercation between Kanter Freedom and Cloud and his intention to "protect women only sports." Kanter Freedom also denied provoking Cloud prior to her approach at the game.

"The Chicago Sky; [Metropolitan Pier and Exposition Authority], through Wintrust Arena Security; and the City of Chicago, by its Police Department, worked together to eject Plaintiff in retaliation for protected expression, and continue to work together to enforce the ongoing, unconstitutional ban of Plaintiff from Wintrust Arena, which is public property owned by MPEA," the lawsuit stated.

"Plaintiff's damages continue as long as the unconstitutional ban of Plaintiff from Wintrust Arena remains in place."

The lawsuit asked the court to award nominal and compensatory damages, as well as attorney fees for Kanter Freedom. It also asked for a permanent injunction directing the defendants to remove the ban on his attendance at Wintrust Arena.

The Metropolitan Pier and Exposition Authority told The Epoch Times on Sept. 3 that it did not have any comment on the lawsuit filed by Kanter Freedom. The corporation noted that its agreement with the Chicago Sky gave the WNBA team the ability to control whether individuals were permitted to access Wintrust Arena on game days.

"The Chicago Sky informed MPEA that Enes Freedom was removed from the arena and banned from future Chicago Sky events because he violated rules imposed by the WNBA," the Metropolitan Pier and Exposition Authority said. "MPEA employees were not involved in those decisions."

The Metropolitan Pier and Exposition Authority added that the Chicago Sky's ban of Kanter Freedom was only applicable to WNBA games and did not apply to other events at Wintrust Arena.

The Epoch Times reached out to the Chicago Sky and the City of Chicago but did not receive a response before publication time.

Tyler Durden Fri, 09/04/2026 - 13:40

"Apathy, Caution, And Chagrin": UBS Sours On Consumer Stocks

The Street's mood toward US retail has been described by UBS analysts as "apathy, caution, and chagrin."

"Investors are engaged, but not necessarily enthusiastic. They remain interested, but increasingly selective. Most importantly, conviction feels harder earned than it has in years," Michael Lasser, a managing director and senior equity-research analyst at UBS, wrote in a note on Thursday.

Goldman Sachs consumer expert Scott Feiler wrote yesterday that "consumer stocks have had a tough run the last few weeks" and pointed to Goldman's prime brokerage data, which show that gross exposure to retail stocks has plunged to a multi-year low, signaling that hedge funds have reduced their exposure this year.

Returning to Lasser, the UBS analyst warned that consumers are facing affordability pressures, elevated interest rates, inflation, labor-market uncertainty, tariffs, freight costs, and geopolitical instability, all of which have pushed investors to view retail through a defensive lens.

The broad consensus is that the US consumer remains resilient, but that conclusion masks deepening income-based bifurcation. Accelerating sales at Dollar General and Dollar Tree, alongside moderating trends at Walmart and Costco, have renewed questions about whether consumers are beginning to trade down.

Credit-card delinquencies, equity-market wealth effects, and fuel prices are emerging as critical indicators for spending through 2027.

Lasser explained:

At times, investing in retail today feels like crossing a river against a steady current. Every step forward is informed by the latest demand signals, market share reads, or channel checks. Daily stock movements frequently reflect changing narratives around risk rather than changes in underlying fundamentals. In some cases, share price action appears to be influencing investment theses as much as investment theses are influencing share price action.

Against that backdrop, confidence has become relative. Selectivity remains exceptionally high. The market is rewarding execution over aspiration, consistency over storytelling, and evidence over possibility. That dynamic is unlikely to change in the near term unless the macroeconomic undertow begins to recede.

Lasser added a lot more color about the current state of the consumer:

The State of the Consumer

The broad consensus remains that the consumer is holding up reasonably well. Yet that conclusion masks an increasingly nuanced debate. Income-based bifurcation has become so widely accepted that it is almost cliché. The more relevant question today is whether this remains an investable theme and how durable it may prove to be.

The recent acceleration at the dollar stores alongside moderation at Walmart and Costco has prompted renewed questions about shifting consumer behavior. Investors continue to monitor credit card delinquencies, wealth effects tied to equity markets, and fuel prices as key variables that could shape spending patterns over the next several quarters.

Sentiment Swings and Market Positioning

Perhaps the most striking characteristic of the current environment is the magnitude of sentiment volatility relative to changes in business fundamentals.

Recent examples include Dollar General, Dollar Tree, Target, and Ulta, where investor opinion periodically swung far beyond what underlying operating results appeared to justify. When evidence emerges that challenges the prevailing narrative, consensus often snaps back just as aggressively in the opposite direction. This creates fertile ground for mispricing opportunities and outsized returns for investors willing to be patient.

More recently, many of these discussions have centered on names such as Dick's Sporting Goods, AutoZone, and Tractor Supply.

Interest Rates and Replacement Cycles

Interest rates continue to serve as one of the sector's most important variables. Home Depot, Lowe's, and Floor & Decor have largely traded as housing and bond-proxy vehicles, while Best Buy, Williams-Sonoma, and Wayfair have increasingly been viewed as beneficiaries of an eventual replacement cycle.

The key debate is whether a declining rate environment would lift all of these businesses equally. Investors increasingly question whether lower rates alone are sufficient or whether company-specific execution and category fundamentals will ultimately prove more important.

Tariff Refunds and the Coming Anniversary Effect

Another emerging area of focus is the growing divide between tariff refund beneficiaries and those largely excluded from those benefits.

Retailers such as Walmart, Dollar General, Dollar Tree, Home Depot, Tractor Supply, and Best Buy are generally viewed as beneficiaries. Meanwhile, Target, Williams-Sonoma, and Five Below are more commonly viewed as those on the other side of that group.

This distinction may become increasingly important as investors begin to focus on the anniversary of these benefits and their second- and third-order implications for margins, pricing strategies, and earnings growth moving into next year.

The Nuanced Debates

Beyond the headline themes, countless smaller discussions continue to shape investor thinking. Topics ranging from nominal pricing and demographic trends to category-specific dynamics are influencing views on which retailers can sustainably grow above GDP and which may struggle to keep pace heading into 2027.

He touched on individual names:

Walmart

Walmart appears to be undergoing a gradual regeneration of its shareholder base. Investors have become more comfortable with underlying comp trends excluding Health & Wellness, although there is some concern that H&W-related headwinds could become more pronounced in 2027.

Discussions around store-level economics, margin expansion opportunities, and the long-term earnings power of the business remain central to the debate. The prevailing view is that the stock may remain range-bound near term as investors wait for proof that the most compelling elements of the investment thesis can translate into tangible financial outcomes.

Costco

Conversation around Costco has been comparatively subdued. The August sales release reignited debate over whether recent performance reflects continued deceleration or the early stages of stabilization.

Bulls remain focused on traffic growth, membership engagement, and the enduring strength of Costco's flywheel. Skeptics question whether the stock can continue to command its premium valuation if the business settles into a slightly lower long-term comp framework.

Target

Investor sentiment toward Target has swung dramatically over the past year. A few quarters of mid-single-digit comparable sales growth have meaningfully altered the narrative. The discussion has shifted from questioning the relevance of the business to debating its long-term earnings potential.

Key debates center around 2027 comp expectations, tougher margin comparisons, and valuation. Consensus expectations that once centered around approximately $10 of earnings power have increasingly migrated toward the possibility of nearly $12 in 2027. Where investors fall along that spectrum largely determines whether they view the stock as attractive or fully valued.

BJ's Wholesale Club

Investors have been more open to this stock as of late. There's been some surprise on the degree to which its shares have pulled back after a reasonably solid print. While the stock remains heavily influenced by the data, bulls have expressed optimism about it seeing improving trends from both its higher income and lower income shoppers. Bears remain skeptical about the sustainability of its recent performance, and are concerned that tough gas compares and more normalized MFI increases could pressure earnings growth in CY'27.

Dollar General

Investors broadly appreciate the improvement in operational execution and the progress management has made over the past year.

Operationally, the largest debate centers on the health of the mature store base. Core mature-store comps hovering around flat levels have become a focal point. Some investors worry that persistently muted comp growth could create longer-term margin pressure given the operating leverage embedded within the model.

There are also questions surrounding the sustainability of the recent gross margin expansion cycle. With much of the benefit from shrink reduction and damage improvements potentially already realized, and LIFO tailwinds likely moderating, investors are increasingly debating how much incremental margin upside remains available.

The contribution opportunity from DG Media continues to generate constructive discussion as well. Meanwhile, the bullish camp argues that the company has successfully re-established itself as a double-digit algorithm business capable of delivering attractive earnings growth over time.

Dollar Tree

Sentiment toward Dollar Tree continues to improve as investors focus on simplification, operational execution, and self-help opportunities.

The traffic inflection has strengthened the bullish narrative and quieted many of the skeptics. While investors still seek additional proof points, there is growing recognition that the direction of travel has improved meaningfully.

The primary debates now center on tariff refund anniversaries and the potential impact of elevated freight costs as the company moves into 2027. Some say that, as a result of these factors, margins remain uncertain moving forward.

 Goldman consumer stocks versus AAA retail gasoline

The takeaway here is that US consumer has imploded. It is that resilient headline data are concealing widening fractures beneath the surface. Accelerating sales at dollar stores, alongside moderating trends at Walmart and Costco, suggest that spending is shifting toward discount retailers. 

Hedge funds appear to have recognized the shift, as the Goldman data suggests gross exposure to retail stocks is at a multi-year low. 

Tyler Durden Fri, 09/04/2026 - 13:05

Bitcoin-Gold Correlation Hits Six-Year High As Debasement Fears Mount

Authored by Mathew Di Salvo via BitcoinMagazine.com,

Bitcoin’s correlation with gold is at its highest in six years as investors increasingly look for ways to hedge against currency debasement. 

That’s according to a new report from Bitwise, which this week pointed out that the precious metal and leading cryptocurrency are trading in lockstep because the U.S. government has “materially intervened in the macro picture.” 

Bitcoin started surging last month, after the U.S. Treasury Department said it would more than double the size of its government debt repurchases. The coin had its best run in three years and third best August ever. 

“The last time the bitcoin-gold correlation was that high was in 2020, following the rounds of fiscal and monetary stimulus during the Covid crisis,” Bitwise’s European Head of Research, André Dragosch, wrote. 

JUST IN: Bitcoin's correlation with gold hit a six-year high, according to Bitwise 👀

"The last time it was this high was 2020, after the Covid stimulus." 🚀 pic.twitter.com/fHtQUlR9Ol

— Bitcoin Magazine (@BitcoinMagazine) September 3, 2026

He added that bitcoin’s correlation with the stock market dropped to a one-year low, “implying some kind of decoupling between hard assets and the stock market.”

Bitcoin has been pushed as “digital gold” for years but has sometimes traded with tech stocks as a “risk-on” asset. 

But the so-called debasement trade — when investors buy an asset as a way to hedge against a currency losing value — was a much-talked about investment strategy last year and appears to be back. 

The reason is down to the government intervening in markets, Dragosch argued. When the Treasury said it would try to rein in long-term borrowing costs, the dollar’s value slid and sent investors flooding back to gold — and bitcoin. 

The Treasury the same week also said the U.S. public debt exceeded $40 trillion for the first time. Excessive debt also undermines confidence in the dollar. 

“Investors are no longer asking whether to hedge currency debasement with gold or bitcoin. They’re simply hedging with both,” the report added. 

“Bitcoin spent its first fifteen years being priced as a risk asset. If this correlation trend with gold holds, the next fifteen may look very different.”

The leading cryptocurrency again rallied this week, and was recently trading for close to $81,438 after jumping nearly 6% over a 24-hour period. 

Tyler Durden Fri, 09/04/2026 - 12:50

Chinese Rare-Earth Suppliers Halt US Shipments As Decoupling Fears Surge

The scenario we viewed as inevitable appears to be materializing, validating our decision to intensify coverage of the US-China decoupling theme and the Western-aligned miners positioned to supply the West if Beijing further weaponizes critical material exports, as it has throughout the Trump 2.0 era.

A Reuters report on Friday morning revealed that some Chinese rare-earth suppliers are refusing to ship material to US customers, citing fear of retaliation from Beijing.

The report continued:

A handful of Chinese suppliers have refused to ship rare earths to U.S. companies since early August when China imposed sanctions on the Responsible Business Alliance (RBA), a U.S. supply chain monitor, a separate source with direct knowledge of the situation said.

With China deploying its own trade compliance weapons, the companies were wary of punishment from Beijing for complying with the due diligence framework of the Responsible Minerals Initiative (RMI), a global mineral supply chain audit programme connected with the RBA, the source said.

Other Chinese rare earths companies had already stopped shipments to the U.S. to avoid entanglement in geopolitics in recent months, two other sources familiar with the trade said.

One cited four instances where Chinese firms declined to send material for fear it could be resold to banned users.

The exact number of blocked suppliers and shipments remains unknown, and that ambiguity is itself part of Beijing's asymmetric leverage campaign against the US.

China does not need to announce a formal trade embargo to choke critical material flows. Export controls, licensing delays, and the threat of regulatory retaliation can halt shipments to US importers almost overnight.

Really, Beijing retains a kill switch inside US defense, aerospace, semiconductor, and energy supply chains, forcing companies to scramble for substitutes only after supplies have collapsed.

That's why we've sounded the alarm in recent weeks that the decoupling theme should be top of mind for Wall Street desks, with our coverage focused on tungsten and germanium, both of which have been restricted from export to the US and are colliding with a rearmament cycle in the West.

Here's what we've reported over the last few weeks leading up to the Reuters headline this morning:

1. The AI Boom Runs On Tungsten, But Global Supplies Are "Running On Empty"
2. US Tungsten Scrap Export Ban Takes Effect As Global Supply Crisis Deepens
3. What Happens When A Metal The West Can't Live Without Runs Short
4. The West's Answer To Break China's Tungsten Stranglehold Before Historic Rearmament Cycle Ramps
5. China's Tungsten Chokehold Turns Almonty Into a Critical-Metal Lifeline
6. China's Record Ship Swarm Around Taiwan Sends Decoupling Alarm To Wall Street

China's tungsten export restrictions have sent European prices soaring...

Late last month, the US Commerce Department halted exports of tungsten scrap and shredded battery material in a defensive move to retain scarce supplies inside the country. The move merely shows how rapidly Washington is shifting from the free-trade status quo toward resource security as domestic supplies dwindle and an urgent race emerges across the West to procure new ex-China supplies.

The Sino-US bilateral relationship deteriorated yet again this week after Beijing derailed the G20 joint communiqué over a single phrase, "non-market," only weeks after the Trump administration sanctioned Chinese entities linked to Iran.

All eyes now turn to the Trump-Xi meeting in Washington later this month.

The decoupling theme should be top of mind on Wall Street as China restricts critical-material flows to the West. These materials are essential building blocks not only for next year's rearmament supercycle but also for AI, reindustrialization trends, efforts to power up America, and even physical AI.

Tyler Durden Fri, 09/04/2026 - 12:35

Russia Tries To Assassinate Ukraine's SBU Chief With Unprecedented Drone Attack On Kyiv HQ

The Kremlin has long previewed that its next escalation step against Ukraine would be to start attacking 'decision-making centers', or headquarters and government buildings. That moment has clearly begun and is now in an active phase, also as strikes ramp up on the key southern port of Odesa, as well as on Ukraine-linked cargo and other shipping. On Friday a Russian drone slammed into the headquarters of Ukraine’s Security Service (SBU) in central Kyiv.

The SBU is the country's top domestic security and intelligence service - somewhat akin to the FBI in America. It primarily oversees counterintelligence, counterterrorism, espionage investigations, as well as engages in some law-enforcement functions, especially concerning top level crime including among government officials. It has been the mastermind behind multiple high-level deadly and destructive attacks on Russia.

Drone targeted SBU chief at around 3:30pm local, via pravda.com.ua

President Zelensky soon after the attack announced and confirmed that the SBU's central building on Volodymyrska Street, in the heart of iconic downtown near St. Sophia Cathedral, was struck. Flames and smoke have been seen billowing high over the high-secure central district.

"I spoke with the Head of the Security Service of Ukraine, Oleksandr Poklad. Unfortunately, a Russian drone struck the central building of the Security Service of Ukraine on Volodymyrska Street in Kyiv, across from St. Sophia Cathedral," Zelensky said.

"The drone was aimed directly at the office of the Head of the Security Service in that building," he added. Zelensky has ordered his military to mount a "tangible response and, where possible, one that mirrors this strike, to the Russians once everything is ready. Our military will support this response."

If accurate, this sends an alarming and resounding message - that not only is Moscow now willing to directly target top headquarters buildings, but that it's ready to assassinate intelligence directors. 

President Zelensky said the drone had precisely targeted the office of the head of the SBU service, Oleksandr Poklad, but he had survived the attack —The Times

Big smoke cloud in drone strike aftermath targeting security HQ. ZUMA Press Wire/Shutterstock

European media reports of the immediate aftermath, "Zelenskyy said emergency services were attending the scene. There was no immediate information on casualties."

A large explosion was widely heard among bystanders during a mid-afternoon air raid siren in the capital city, after which Mayor Vitali Klitschko initially reported a fire and said emergency crews were headed to the scene. Several drones had been inbound during the attack incident.

According to some of the latest reporting via CNN:

The daytime strike - the first time the SBU building has been hit in the four-and-a-half year conflict - came after days of near continuous aerial assaults by Russia on the Ukrainian capital.

Authorities said 12 people were injured in the attack and that emergency services were at the scene.

⚡️ BREAKING: Attempted assassination of the head of Ukraine’s intelligence service

Russian Shahed drone strikes the Security Service of Ukraine (SBU) building in Kyiv.

President Zelenskyy said the following:

“The drone was directed straight at the office of the head of the SBU… pic.twitter.com/DRax4RI0Kb

— NEXTA (@nexta_tv) September 4, 2026

This comes after more than a week of consecutive nightly drone and missile attacks on the capital, as Russia indicates it is 'repaying' Ukraine for its own constant long-range drone attacks which have wreaked havoc on oil refineries and industrial sites this summer.

"At least 53 people have been killed and 134 injured in Kyiv city and the wider Kyiv region since the start of these near non-stop attacks last month," CNN also notes.

Unprecedented: Downtown SBU headquarters on fire...

A Russian drone hit Ukraine's SBU headquarters in Kyiv, Zelensky says. pic.twitter.com/ZevaXpLbEV

— Open Source Intel (@Osint613) September 4, 2026

This even could serve as the catalyst that gets Zelensky's Western backers to rush more anti-air missiles and systems - such as the Patriot - to Ukraine. "It is rare for government buildings in central Kyiv to be reached by Russian strikes, especially in broad daylight," The Guardian underscores. "The explosion from the hit on the SBU building could be heard several from several blocks away."

One thing is clear: the gloves are indeed coming off. And just as Trump may be trying to de-escalate the Iran war ahead of November midterms in the US, the Russia-Ukraine war just massively escalated past a likely point of no return.

Tyler Durden Fri, 09/04/2026 - 12:15

US Diesel Pump Prices Hit Record As Global Refined-Products Crisis Threatens Industrial Economy

Goldman explained this week that Gulf oil exports had recovered to between 15 million and 16 million barrels per day, roughly two-thirds of prewar levels, with the rise of dark tanker transits obscuring some flows from conventional tracking via the Automatic Identification System (AIS). Yet headline crude volumes don't tell the entire story. As we have repeatedly noted, crude itself does not keep the industrial economy humming. Diesel does.

US RETAIL DIESEL PRICES ADVANCE TO RECORD HIGH, AAA DATA SHOWS https://t.co/LjXZw8fxYR

— zerohedge (@zerohedge) September 4, 2026

Make no mistake: There is a refined-products crisis because of disruptions in the Strait of Hormuz and Ukrainian one-way drone attacks on Russian energy infrastructure. That tightening in physical markets, especially for diesel, was evident on Thursday, when US retail pump prices reached a record high.

US retail diesel prices surged to a record $5.85 per gallon on Thursday, according to new data from AAA, surpassing the previous peak reached in June 2022.

Unlike crude oil, diesel is the fuel that keeps the industrial economy moving: It powers trucks, construction equipment, tractors, generators, and home-heating systems. The spike threatens to unleash another wave of energy-driven inflation just as global supplies tighten ahead of the Northern Hemisphere's harvest and heating seasons.

Bloomberg's NYMEX one-month heating-oil/crude spread, tracked on the Bloomberg Terminal as the HOCL1 Index, breached $100 per barrel early Tuesday before surging to $108 early Wednesday. It was trading at $99 early Friday morning.

President Trump urged US refiners earlier this week to increase production and lower gasoline and diesel prices, but the industry has limited spare capacity. Many facilities are already operating near, or even above, their stated maximum processing rates following a summer production surge.

Despite the recovery in tanker flows through the Strait of Hormuz, TotalEnergies SE head Patrick Pouyanne recently said there wasn't a "single tanker of products" moving out of the waterway.

Again, the energy crisis is in the refined-products complex.

Tyler Durden Fri, 09/04/2026 - 12:00

"We Have The Receipts": Bartiromo Denies Fox Firing

Update (1155ET): New details are rolling in about the Bartiromo situation - as the anchor is denying reports that she was fired from the station. According to The Hollywood Reporter: 

Bartiromo, who is now repped by Bryan Freedman, who recently repped Justin Baldoni, as well as journalists Don Lemon and Chris Cuomo after their dramatic exits from CNN as well as Tucker Carlson’s exit from Fox, denies that she was fired and further claims that she is “still employed by Fox.” Freedman suggests they may pursue the matter in court. 

“For many years, Maria Bartiromo hosted three number-one-rated television shows on Fox channels. She has been, without question,  one of the hardest-working journalists throughout her award-winning career,” Freedman said in a statement to The Hollywood Reporter.

"The irresponsible reports that have been published stating that Maria Bartiromo was fired or is no longer an employee of Fox are absolutely and unequivocally false. Make no mistake, we have the receipts and witnesses and they will come out whether through the courthouse or otherwise. Those reporting her firing or the incredulous facts supporting that fiction have exhibited a complete and utter reckless disregard for the truth," he continued.

* * *

Maria Bartiromo was not fired for pushing claims about the 2020 election - she was fired for revealing that Fox had told its own staff not to talk about it. Fox News Media announced on Thursday it had parted ways with the anchor effective immediately after more than twelve years, thanking her for her work and giving no reason. 

The guidance at the center of it went out in July, after President Donald Trump used a prime-time address to tie China to the 2020 result. Fox Business management privately instructed senior staff not to lend credibility to the claims, and killed a China-and-2020 story Bartiromo wanted to pursue. The sensitivity stemmed from legal concerns - Fox paid Dominion Voting Systems $787.5 million in 2023 over 2020 election coverage, and Smartmatic's $2.7 billion claim is still outstanding, with Bartiromo named in both.

Fox did not catch the leak itself. Puck's Dylan Byers reported that Bartiromo took a screenshot of that guidance and sent it to senior White House officials, which Fox executives learned of after receiving a call from the White House.

In a terse statement, Fox News said Bartiromo is no longer with the company, effective immediately and thanked her for her work, while wishing her well in her next chapter.

Status's Oliver Darcy, who built his brand at CNN by pushing censorship campaigns against conservative media, was first to report that Bartiromo leaked internal guidance after Fox Business management privately directed senior staff not to lend credibility to claims President Donald Trump made in a July address regarding China's interference in the 2020 election.

However, a new report alleges that Bartiromo was in FOX's crosshairs for several reasons beyond the alleged leak.

Mediaite reports:

According to a source familiar with the matter, sharing the memo about Trump's July comments was "not the only reason" that led to her abrupt defenestration.

The source confirmed that it was "a confluence of factors," including Fox's whopping $787.5 million settlement it had to pay to Dominion Voting Systems in 2023 over 2020 election fraud claims Fox had aired, plus another similar lawsuit from Smartmatic "still hanging out there." Bartiromo was among the main on-air personalities cited in these lawsuits and has continued to periodically peddle in election denialism. A Fox News media spokesperson told Mediaite that the move was simply a "business decision" and declined further comment.

Comments Kevin O'Leary made on a May 11 episode of Mornings With Maria also factored in, the source said, in which the Shark Tank star accused nonprofit organizations that opposed his data center project in Utah of being secret agents of the Chinese Communist Party.

Trump blasted Fox's decision to sever ties with Bartiromo, calling the host a "true warrior."

"I can't believe Maria Bartiromo is no longer going to have her great show(s) on FoxNews/Business. Three different shows, always number one," the president wrote on Truth Social. "Maria is a total professional, and a true warrior. Her fans, of which there are many, will not be happy. God bless you, Maria!"

Tyler Durden Fri, 09/04/2026 - 11:30

Tesla's Cybercab Debut Falls Flat As NHTSA Opens Probe

Tesla’s long awaited Cybercab finally hit the streets of Austin yesterday, and the debut was something of a dud.

For a product Elon Musk has positioned as central to Tesla’s future, the rollout was remarkably subdued. There was no major public livestream with appearance by Musk or traditional press presence, relatively little new information and just 45 Cybercabs registered in Texas as of Thursday. After years of hype surrounding Tesla’s robotaxi ambitions, the event still felt more like a limited demonstration than the beginning of a transportation revolution.

Now federal regulators have thrown a wet blanket over even that modest celebration.

The National Highway Traffic Safety Administration has opened a review of the Cybercab to determine whether its unusual design complies with federal safety rules, according to the Wall Street Journal.  The two seat vehicle has no steering wheel, pedals or conventional mirrors, putting it outside many of the assumptions baked into decades old automotive regulations.

Tesla says the Cybercab meets all applicable federal standards. NHTSA now wants to inspect the technical data and certification process behind that claim, including Tesla’s determination that certain requirements may not apply to a purpose built autonomous vehicle.

The U.S. generally allows automakers to certify their own vehicles rather than obtaining federal approval before production. NHTSA can then challenge those certifications after vehicles reach public roads, which is essentially what is happening here.

There is also precedent. Regulators previously challenged Amazon owned Zoox after it certified a robotaxi without a steering wheel or pedals. Zoox eventually received an exemption allowing commercial operation under certain restrictions. Tesla has not applied for a similar exemption.

Tesla has installed capacity to produce more than 125,000 Cybercabs annually and eventually hopes to sell them for less than $30,000. Musk has increasingly tied Tesla’s valuation and future to autonomous transportation rather than simply selling electric cars.

NHTSA could ultimately conclude Tesla has done everything correctly. But if regulators disagree, the Cybercab could face required modifications, recalls or additional regulatory hurdles.

Either way, the probe makes an already underwhelming debut even more awkward. Tesla finally got the Cybercab onto public roads after years of promises, only for Washington to immediately start asking whether it should be there in its current form.

Tesla shares are down over 6% this morning (having rolled over at the July highs)...

Analyst Gordon Johnson of GLJ Research put out a note to clients Friday morning that said: "Morgan Stanley set the bar at 25 to 50 Cybercabs on the road, and visibility around pricing, the ability to purchase, and federal exemptions… for the Cybercab event to be a “success”."

He continued: "Tesla delivered 45 registrations, would not say how many were in service, skipped the livestream, kept Musk off the stage, and left the event with no price, no per-mile economics, no purchase button, and no federal exemption on file for a vehicle that legally needs one. When a company stages a launch and then declines to answer the only questions the bulls said mattered, the honest read is not that the story is early — it's that there wasn't one to tell."

Tyler Durden Fri, 09/04/2026 - 11:15

World's Largest Sovereign Wealth Fund Cuts Treasury Holdings... But It's Not What You Think

The headlines are running rampant this morning as the world's largest (and most transparent) sovereign wealth fund - Norway's Government Pension Fund - has proposed reducing the amount of government bonds in its $2.3 trillion portfolio to boost holdings of riskier debt, with US Treasuries the most affected.

Norges Bank Investment Management (NBIM), which manages the fund, said in a letter sent to the Ministry of Finance on Tuesday and published on its website, that government debt should be cut to 50% of the bond holdings from 70%.

As Bloomberg reports:

With about 30% invested in bonds, the fund had more than $615 billion of fixed-income assets in its portfolio as of June 30, about 59.5% of which were invested in government bonds, according to the latest figures on its website. Adding in government-related bonds, the allocation is 69%.

The proposed reduction in government bonds’ share to 50% would imply a decrease of about $58 billion of such bonds, according to Bloomberg calculations.

While the proposed change implies holdings of US Treasuries would drop by $75 billion, those of Japanese government bonds could increase by $20 billion, Bloomberg analysis shows. Holdings of euro area government bonds are also projected to decrease.

With growing concerns about global government debt levels and rekindled inflation fears due to the Middle East conflict having fueled a recent global bond selloff (pushing yields to multiyear highs around the world), the headlines write themselves... "PANIC!!!".

But...

They are not shrinking US or dollar exposure in any meaningful way.

The same letter says US non-government fixed income (IG corporates, agency MBS, government-related debt) would rise from 16.2% to 27.6% of the bond index.

Dollar weight in the bond benchmark barely moves: 52.9% → 52.5%.

They also want to switch the remaining government bonds from GDP weights to market-value weights, which lifts JGBs (4.6% → 7.4%) and trims euro-area govvies a bit; UK gilts stay put.

Additionally, Agency MBS are explicitly part of the pitch: high liquidity, credit quality close to Treasuries because of Fannie/Freddie/Ginnie backing, plus a prepayment/credit premium the fund’s long horizon can harvest.

So the giant fund is reducing duration (while adding yield) as MBS duration is considerably lower due to prepayment risk while maintaining its USD exposure... kinda ruining the terrifying headlines.

“NBIM isn’t making a direct call on US fiscal sustainability,” said Kenneth Crompton, head of rates strategy at National Australia Bank Ltd.

“They’re arguing that they already own enough government bonds to satisfy liquidity needs, and that a long-horizon investor should harvest a broader set of fixed income risk premia.”

However, Mohamed El-Erian’s take is probably the right one: the dollars are modest; the signal that a canonical long-term official holder is structurally less hungry for duration at the sovereign level is what matters.

“The size isn’t big, but the signal that traditional holders and buyers are becoming less reliable is a very important one.”

Finally, we do note that this remains a proposal. NBIM follows a benchmark index set by the Finance Ministry, with major allocation changes to its investment mandate requiring approval in parliament, so there’s no guarantee the fund will be allowed to make the change.

State Secretary Ellen Reitan said the government will “address any proposals for adjustments to the investment strategy in the white paper on the fund, which will be presented to the parliament in the spring” after the Finance Ministry “will thoroughly review the recommendations,” in an emailed comment.

So, with all that in mind - and while we are not used to being the calm kids in the theater when everyone is yelling 'fire' - Norway's fund proposal is more portfolio engineering than a geopolitical "dump America" move (for now)...

Tyler Durden Fri, 09/04/2026 - 10:40

Labor Shock: US Adds 162K Jobs In August, 4-Sigma Beat And Above Highest Forecast

In our jobs report preview we quoted JPM's Market Intel desk which said that today's August payrolls number will be a case of "good news is bad news", and sure enough futures are sliding  and yields surging after moments ago the BLS reported that in August, the US added a whopping 162K jobs, up from an upward revised 21K (July is no longer negative -23K), and the second highest monthly increase of 2026 (only March was higher)...

... and printed not only above the median estimate of 50K but above the highest Wall Street estimate of 125K (from Pantheon). In fact, this was a a 4-sigma beat to expectations.

Understandably, today's blowout print was the biggest beat of estimates going back to March. 

For once, revisions were quite favorable, with June numbers revised up by 11,000, from +20,000 to +31,000, and July revised up by 44,000, from -23,000 to +21,000. With these revisions, employment in June and July combined is 55,000 higher than previously reported.

Remarkably, unlike previous months when jumps in payrolls were met with declines in employment, in August we saw a surge of 569K employed workers from 162.177MM to 162.746MM alongside the 162K increase in payrolls.

This meant that after steadily declining for the past year, and diverging with the number of payrolls, the number of employed Americans posted a sizable jump as shown below.

The unemployment rate remained flat at 4.1%, and in line with expectations. Among major groups, the unemployment rate for people who are Asian declined to 3.2%, The rate for teenagers edged up to 14.1% over the month, mostly  offsetting a decline in the prior month. The jobless rates for adult men (4.0 percent), adult women (3.5 percent), and people who are White (3.7 percent), Black (6.0 percent), or Hispanic (4.8 percent) showed little change in August. 

Average hourly earnings rose 0.3% MoM, in line with expectations, and 3.1% YoY. In August, average hourly earnings of private-sector production and nonsupervisory employees rose by 11 cents, or 0.3 percent, to $32.53. The average workweek for all employees on private nonfarm payrolls edged up by 0.1 hour to 34.4 hours in August. In manufacturing, the average workweek edged up by 0.1 hour to 40.5 hours, and overtime was unchanged at 3.1 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls remained at 33.8 hours.  

Some more details from the report:

The number of long-term unemployed (those jobless for 27 weeks or more) changed little at 1.9 million in August. The long-term unemployed accounted for 27.0 percent of all unemployed people. 

The labor force participation rate edged up to 61.6 percent in August but is down by 0.5 percentage point since January. The employment-population ratio, at 59.1 percent, changed little over the month and since January. 

The number of people employed part time for economic reasons decreased by 414,000 to 4.4 million in August. These individuals would have preferred full-time employment but were working part time because their hours had been reduced or they were unable to find full-time jobs. 

In August, the number of people not in the labor force who currently want a job changed little at 5.7 million. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job. 

Among those not in the labor force who wanted a job, the number of people marginally attached to the labor force changed little at 1.7 million in August. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, changed little in August at 441,000. 

Taking a closer look at the composition of jobs per the Establishment survey we find the following: 

• Employment in food services and drinking places increased by 59,000 in August, well above the average monthly gain of 12,000 over the prior 12 months.
• Local government education added 42,000 jobs in August, largely offsetting a decrease in the prior month. Local government education has shown little net change since January 2025.
• In August, employment in manufacturing continued its upward trend (+16,000) and is up by 58,000 since a recent low in December 2025. Employment in machinery manufacturing (+6,000) and in fabricated metal product manufacturing (+6,000) continued trending up in August. 
• Employment in health care continued to trend up in August (+13,000) but at a slower pace than the average monthly gain over the prior 12 months (+32,000). Over the month, home health care services (+11,000) and hospitals (+8,000) added jobs. 
• Information employment declined by 23,000 in August, following losses that had averaged 8,000 per month over the prior 12 months. In August, job losses occurred in computing infrastructure providers, data processing, web hosting, and related services (-8,000), in publishing industries (-7,000), and in broadcasting and content providers (-5,000). 
• Construction employment changed little in August (+22,000). Employment in nonresidential specialty trade contractors continued to trend up (+8,000), similar to the average monthly gain over the prior 12 months (+6,000).

Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; wholesale trade; retail trade;  transportation and warehousing; financial activities; professional and business services; social assistance; and other services.

Remarkably, unlike previous months where the data was gamed to cover up underlying weakness, this time we saw a very powerful increase in qualitative components, as full-time jobs surged by 735K to 134.288 million, while part-time jobs dropped by 223K!

The unexpectedly strong print has understandably sent Sept rate hike odds spiking and has hammered risk assets, although the real decider whether we get a rate move this month will be next week's CPI print. As a reminder, according to JPM, a print above 95K will lead to a 0.5% to -1.25% down day for the S&P.

 

Tyler Durden Fri, 09/04/2026 - 10:30

Putin Says There's A Chance Of Ukraine Peace Deal, Wants To Restore Full US Relations

Authored by Guy Birchall via The Epoch Times,

Russian President Vladimir Putin said on Sept. 3 that there was "a chance" of achieving peace with Ukraine and expressed a desire to rekindle relations with the United States.

Putin was speaking at a session of the Eastern Economic Forum (EEF) in Vladivostok when he made the comments.

On the subject of Ukraine, the Russian president said Moscow was "grateful to everyone who is trying to contribute to resolving this issue," and he said that in his opinion there is "a chance" of peace, according to Russian state news agency TASS.

He said that for hostilities to end between Moscow and Kyiv, "Russia and Ukraine must first reach an agreement" between themselves, and he acknowledged that "all other countries are ready to support and assist" in achieving that.

The Russian leader also revealed that contact between Moscow and Kyiv was ongoing via the two nations' intelligence services, but he said that it was difficult for him to say "to what extent these contacts are leading to a peace agreement."

Regarding Russo - American relations, Putin confirmed that Moscow was still in contact with Washington and said he hoped that such contact would continue.

Alluding to the recent trip by CIA Director John Ratcliffe to Moscow for meetings on Aug. 25, the Russian president said that everyone was aware of the cooperation between American and Russian intelligence agencies and administration officials appointed by U.S. President Donald Trump.

He said that the collaboration was "working" and expressed a hope that it will "ultimately lead to a positive outcome."

He further stated, "[Moscow is] in favor of restoring relations with the United States in full, but this does not depend solely on us; it depends on the American side."

However, he stressed that he believed that Trump is "determined to engage in such positive, constructive work."

On Aug. 26, Trump confirmed Ratcliffe's visit to Moscow for meetings on Aug. 25.

The president, however, dismissed all rumors about the purpose of Ratcliffe's trip, denying that he was sent to warn the Kremlin against testing NATO's resolve, striking England, or disregarding Iranian sanctions.

"John Ratcliffe is a fantastic guy. He's the head of the CIA, and he is not in there for any of the things that you said. Now, something may come out, you know, out of it. We're working very hard to get that war ended, and frankly, they both want to see it ended at this point," Trump said.

On the topic of meeting with Putin, Trump said on Sept. 2 that such an occasion would occur only after peace was achieved between Moscow and Kyiv.

"We'd do it if I wanted it, but I want to do it when we're ready to do a peace deal," he told reporters in the Oval Office.

He said that the United States wanted to have good relations with both warring parties, saying it would be "great for business."

"They ought to stop that stupid war," he said.

Ukrainian President Volodymyr Zelenskyy said that his country wanted peace but wouldn't surrender, in an Aug. 24 speech in Kyiv marking Ukraine's Independence Day.

On Sept. 1, Zelenskyy said Ukraine supports "every step toward peace," in a post on X.

"The war needs to end, and leaders are right to tell Putin this. So, for the sake of diplomacy and negotiations, whenever our partners approach us about this, we will ensure that Russian skies are cleared of drones for specified periods of time and along specified routes," he said.

"Safety will return to Russia's skies when there is real movement toward peace. For now, the skies over Russia are for drones - not for civilian aviation."

Tyler Durden Fri, 09/04/2026 - 10:30