Fed Cuts Rates & China’s Nuclear Arsenal | Afternoon Update | 12.18.24
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I'm Georgia Howe with Daily Wire Editor-in-Chief John Bickley. It's Wednesday, December 18th, and this is your Morning Wire afternoon update. The Federal Reserve has announced its third consecutive interest rate cut, a 25 basis point reduction. This move lowers the federal funds rate to a target range of 4.25% to 4.5%, following similar reductions in November and September. The Federal Open Market Committee says inflation is trending downward but remains above its 2% target, while unemployment has ticked up. The Fed says it remains focused on balancing risks to employment and inflation as uncertainty clouds the economic outlook.
As sightings of unidentified drones continue on the East Coast, the FBI is warning residents against pointing lasers at them. Daily Wire reporter Tim Pierce has the latest.
Officials say these actions could have deadly consequences. Pilots of manned aircraft in the area have already reported having lasers shined in their eyes after being mistaken for drones by those on the ground. The Pentagon and federal agencies say there's no evidence these drones pose a national security threat. Still, lawmakers are pressing for more transparency to address the public's concerns, as the FBI has logged over 5,000 drone sightings in recent weeks. The FBI's statement, along with yesterday's classified briefing, have done very little to put the public at ease. Here's DOD Press Secretary Major General Patrick Ryder being asked about that.
Why does it have to be a classified briefing if these are just hobbyist drones? They're not military drones. Why is it a classified briefing on the Capitol Hill?
I'd have to refer you to Congress on that. Again, you know, sharing as much information as we can here. I don't have the briefing in front of me, so I can't tell you specifically, you know, what aspects are classified or not. I can assure you, though, that, again, we are sharing as much information as we can based on what we know.
The House Ethics Committee has reportedly voted to release its findings from its investigation into former Congressman Matt Gaetz. Gaetz, who resigned in November after briefly being named Trump's Attorney General pick, faces longstanding sexual misconduct allegations, which he denies. The Republican-led panel's secret vote occurred last month, and the report is expected by the end of the year.
The Pentagon says China has nearly tripled its nuclear arsenal since 2020. The Defense Department now estimates China has over 600 operational nuclear warheads, compared to the low 200s just four years ago. China's rapid buildup aims to create a diversified nuclear force, ranging from low-yield missiles to intercontinental ballistic missiles. Officials warn the stockpile could exceed 1,000 warheads by 2030. Here's UK Special Forces Admiral Sir Tony Radican issuing a similar warning about China's growing stockpile earlier this month.
Since the end of the Cold War, every year from 1990 to 2022, there were fewer and fewer nuclear weapons in the world. In 2022, for the first time, that changed and there were more such weapons at the end of the year than at the beginning, and that is due to China. So that's obviously a reason to be very concerned about this. It's also that China is not transparent about what their plan is.
A South African national who is illegally in the U.S. has been arrested in New York City after being flagged on the terrorist watch list. The individual was initially detained in Texas for trespassing but later released by Border Patrol. U.S. officials say a subsequent investigation confirmed the person as a positive match on the terrorist watch list, triggering a multi-agency arrest in Brooklyn. The illegal immigrant is now in custody awaiting removal.
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