Ed Kalecki

The New York Times reports a second U.S.

Air Force plane crashed in the Persian Gulf region Friday with the U.S.

already carrying out search and rescue operations from another incident in which Iran downed a fighter jet.

The A-10 Warthog went down near the Strait of Hormuz around the same time that Iran shot down a U.S.

F-15E fighter jet.

The lone pilot was safely rescued.

The U.S.

has rescued one of the two-man crew from the F-15 incident, according to a U.S.

official.

who spoke on condition of anonymity to detail sensitive matters.

The official said a search operation is underway for the second crew member.

The Justice Department lost its bid to continue an investigation into building renovation cost overruns by the Federal Reserve, setting the stage for an appeal that could eventually reach the Supreme Court.

U.S.

District Chief Judge James Bussberg upheld an earlier ruling he made to quash two grand jury subpoenas issued to the central bank by U.S.

Attorney Jeanine Pirro as part of a criminal investigation into the cost overruns and congressional testimony Chair Jerome Powell provided on the matter.

Pirro's office had asked Bussberg to reconsider his decision to reject the subpoenas.

The ruling is the latest development in a legal battle that pits the independence of the Fed against the Justice Department's power to carry out investigations.

The Pentagon's proposed fiscal 2027 budget would significantly ramp up its military firepower.

Bloomberg's Monica Ricks reports.

It was a good Friday for the labor market.