Michael Keegan

“Tariffs quietly chip away at the economic freedoms that American consumers have, for so long, taken for granted: to choose what they want to buy and to get good value for their money, unencumbered by state favoritism about where their goods come from.”

I’m sure Sarah will find a way to turn this into some kind of win and proof of DJT’s brilliance…in addition to other cherry picked stats 🙄

Trump Effect Starts to Show Up in Economy New data reflect that the president’s tariff and immigration policies are boosting inflation and weighing on jobs

A chaotic rollout of tariffs is starting to filter through to price tags on store shelves. An immigration crackdown is beginning to weigh on jobs growth. Taken together, the impact of Trump’s whirlwind 6 months back in office is showing up in the economy www.wsj.com/economy/trum...

Fed Minutes Show Policymakers Split on How Tariffs Might Impact Inflation The emerging divide among Federal Reserve officials over the outlook for interest rates is being driven largely by differing expectations for how tariffs might affect inflation, a record of policymake...

“While a few participants noted that tariffs would lead to a one-time increase in prices and would not affect longer-term inflation expectations, most participants noted the risk that tariffs could have more persistent effects on inflation." www.bloomberg.com/news/article...

Across U.S. distribution networks, inside retail and manufacturing warehouses, there's a widespread move to adjust prices higher due to tariffs. Depending on the product, price increases range from 8%-15%

Senate Majority Leader John Thune (R-SD) has told Senate Republicans to expect to see the legislative text of the budget reconciliation package tonight and then to vote at noon Saturday to begin debate on President Trump’s "One Big Beautiful Bill" thehill.com/homenews/sen...

Iran, Israel launch new attacks after Tehran rules out nuclear talks Iran and Israel exchanged fresh attacks early on Saturday, a day after Tehran said it would not negotiate over its nuclear programme while under threat and Europe tried to keep peace talks alive.

Two weeks, huh? www.reuters.com/world/middle...

And the Interesting Thing is on June 18 President Calls for Iran’s “Unconditional Surrender,” Weighs Joining Israel and in Military Strikes

Today's "And the Interesting Thing is," covering the top stories of the day, is posted and live. Please consider giving it a read and subscribing open.substack.com/pub/michaelj...

Retail sales fell 0.9% in May, worse than expected as consumers pulled back Consumers spending pulled back sharply, weighed by declining gas sales and looming unease over where the economy is headed.

Retail sales in May declined 0.9%, higher than the projected 0.6% drop. The decline followed a 0.1% loss in April and came at a time of unease over tariffs and geopolitical tensions. Sales rose 3.3% from a year ago cnb.cx/4l8DkdV

“His actions were illegal — both exceeding the scope of his statutory authority and violating the Tenth Amendment to the United States Constitution.”

'We live in response to a monarchy': Judge appears critical of deployment of National Guard in L.A. California officials argue that President Trump exceeded his authority by federalizing the National Guard without the consent of Gov. Gavin Newsom and by deploying Marines on American soil.

“of course, the president is limited in his authority, that’s the difference between the president and King George. We live in response to a monarchy; line drawing is important because it establishes a system of process.” I don’t think he’s ruling for the government www.latimes.com/politics/sto...

These guys and slavery

CBO: "One Big Beautiful Bill" would make the wealthiest Americans $12,000 richer each year, while reducing disposable income of the nation’s poorest by $1,600 www.cbo.gov/system/files...

Trump moves to block US entry for foreign students planning to study at Harvard University President Donald Trump is moving to block nearly all foreign students from entering the country to attend Harvard University, his latest attempt to choke the Ivy League school from an international pi...

In a newly-issued executive order, the president is moving to block nearly all foreign students from entering the country to attend Harvard, and empowers the Secretary of State to begin revoking visas of foreign students.

The president’s sure been busy tonight apnews.com/article/trum...

Texas agrees with feds to end in-state tuition for undocumented students Almost 20,000 undocumented college students in Texas will likely lose in-state tuition after this sudden policy reversal.

20,000 undocumented students in Texas are no longer eligible for in-state tuition after the state agreed with the federal government's demand to stop the practice. A move that will cost the state $460 million a year www.texastribune.org/2025/06/04/t...

"He's a complete joke": GOP rage with Musk spills out privately after break with Trump "Nobody really wanted him here. We couldn't wait to get rid of him," said one House Republican.

The courage from these unnamed Republicans, once he’s left government and pledged to dial back his political contributions, is so flaccid. They knew his claimed “DOGE” savings, and promises to cut trillions was BS, but now they speak up. Classic www.axios.com/2025/06/04/e...

Trump orders investigation of Biden’s use of an autopen, claiming White House cover-up President Donald Trump has ordered his administration to investigate former President Joe Biden’s use of an autopen to sign pardons and other documents.

The president has ordered an investigation into former President Biden’s use of an autopen to sign pardons and other documents. Meanwhile, the House Oversight Committee Chair has ordered a similar “oversight” hearing. Good use of time and investigative resources apnews.com/article/joe-...

Trump officials delayed farm trade report over deficit forecast Administration officials blocked publication of written analysis that normally accompanies the report because they disliked what it said about the deficit.

Delaying and redacting a report with inconvenient data, undercutting your messaging, is not a messang issue. The correct word for this is “lying.” www.politico.com/news/2025/06...

The Trump administration appears to be using a new tactic to ramp up deportations. Inside immigration court, government lawyers are terminating cases. Then, when people step outside, they are arrested by ICE agents and headed for immediate deportation nbcwashington.app.link/KchJbdWBVTb

‪The CBO also projects that an additional 10.9 million Americans would lose their health coverage by 2034‬

Live updates: 10.9 million more people projected to lose insurance in 2034 from GOP tax bill cuts President Donald Trump has promised to hike nearly all of his tariffs on foreign steel and aluminum to a punishing 50% on Wednesday, a move that would hammer businesses from automakers to home builder...

A revised CBO estimate of the president’s tax and spending bill finds the bill will add $2.42 trillion—a $3.67 trillion decrease in expected revenues and a $1.25 trillion decline in spending—over the next decade apnews.com/live/donald-...

“Full transparency, I did not know about this section on pages 278-279 of the OBBB…” Remember when the GOP would twist words to suggest that Dems hadn’t read bills and called for 72 hours to read and review bill before floor votes? Yeah, me too thehill.com/policy/techn...

US growth will slow particularly sharply, sliding from 2.8% last year to just 1.6% in 2025 and 1.5% in 2026, while higher inflation will prevent the Fed from cutting rates this year. The latest assessment represents a downgrade to OECD’s March forecast, which preceded April 2 tariff announcements

Global economy set for weakest growth since Covid, OECD warns Organisation slashes forecasts and says US will be hit particularly hard

OECD: The global economy is heading into its weakest growth spell since Covid-19 as Trump’s trade war saps momentum in leading economies. Global growth is expected to be 2.9% in 2025 and 2026—growth had exceeded 3% every year since 2020, when output plunged because of the pandemic on.ft.com/3SAJIhY

EU Warns It Could Accelerate Retaliatory Tariffs Over US Duties The European Union is preparing for another round of trade talks with the US and warned that it may speed up retaliatory measures if President Donald Trump follows through on his tariff threats, the l...

The EU is preparing for another round of trade talks with the US and “warned that it may speed up retaliatory measures if the president follows through on his tariff threats, the latest of which includes a 50% levy on steel and aluminum imports” www.bloomberg.com/news/article...

Suspect in Colorado Flamethrower Attack Charged With Murder The FBI is investigating it as an act of terror against a group advocating for the release of hostages in Gaza.

Update: A man who used a flamethrower to attack a group in Boulder, Colo., that was advocating for the release of hostages being held by Hamas has been charged with first-degree murder on.wsj.com/3Z7WE2w

JPMorgan CEO Jamie Dimon tells Fox Business US debt could cause bond turmoil JPMorgan Chase CEO Jamie Dimon said on Monday that the rising U.S. national debt is a "big deal" that could create a "tough time" for the bond market that causes spreads to widen, he told Fox Business’ "Mornings with Maria" program.

“It hurts the people raising money. That includes small businesses, that includes loans to small businesses, includes high yield debt, includes leveraged lending, includes real estate loans. That's why you should worry about volatility in the bond market."
www.reuters.com/business/fin...

Trump tax bill poses limited benefits, higher costs for lower-income Americans U.S. President Donald Trump's signature tax break on tips promises relatively few upsides for low-income Americans, who face a net loss of income under his massive tax and spending bill in Congress, analysts say.

The Penn Wharton Budget Model found that the House-passed big beautiful bill “would reduce after-tax income by $1,500 for families earning less than $22,000 per year, and boost income by $104,000 for those earning more than $5.2 million.” www.reuters.com/world/us/tru...

Donald Trump threatens Apple and Samsung with 25% tariff on devices US president says new levy on iPhones and other handsets could apply from the end of June

After announcing the Apple tariffs on social media, Trump told reporters that the new levy could start “on, I guess, the end of June”, and that it would also apply to “Samsung and anybody else that makes that product. Otherwise it wouldn’t be fair.”

Trump's image of dead 'white farmers' came from Reuters footage in Congo, not South Africa. Brilliant! www.reuters.com/world/africa...