American Incomes Hit A Record High
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What are the key headlines in today’s Wall Street Journal PM edition?
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Trump administration officials defend the president's policies to Congress. Plus, in a blow to the crypto industry, a landmark bill falls short during a procedural vote in the Senate.
One of the biggest hurdles for the bill over the past few months has been the Essex language.
And new census data show that American incomes reached a record last year. It's Tuesday, September 15th. I'm Alex Osoleff for the Wall Street Journal. This is the PM edition of What's News: the top headlines and business stories that move the world today. Congress is back in session, with the Senate returning yesterday from its summer recess, and two members of the Trump administration appeared before lawmakers today. FBI Director Cash Patel sat before the Senate Judiciary Committee for an oversight hearing today. Lawmakers grilled him on changes to the FBI hiring rules and the agency's role at poll sites for the midterms. Meanwhile, Treasury Secretary Scott Bessent spoke to members of the House Financial Services Committee.
Lawmakers grilled him on whether his recent intervention in the Treasury bond market worked. Besson said that his intervention was successful because even though yields remain high, they might have climbed even higher without the Treasury Department's ramped up buyback plan.
The US bond market that continues during past month, during since President Trump has come in, the has been the best performing bond market in the developed world.
Bessant was also asked about President Trump's plan to pay each adult citizen $5,000 if Republicans retain control of a House and Senate.
How did the Senate’s procedural vote affect the landmark crypto‑regulation bill?
He called Trump's plan, quote, very real. And this week's chatter on AI's existential threat also bled into questioning. Bessant said the Treasury Department has been focused on AI safety since the limited release of Anthropic's mythos models, and that he hadn't yet seen any AI regulation he would support. following the recent hugging face hack. The Pentagon spent about $38 billion in its first few months of the war with Iran, and it will need at least five years to replace the missile interceptors used in the conflict. That's according to the Congressional Budget Office, a nonpartisan congressional watchdog. It also estimated that the war is likely to cost an additional two to three billion dollars a month, as President Trump tries to figure out the next steps in the conflict.
The Pentagon's chief spokesman said claims of US munition shortages are false. And the board for the Kennedy Center voted today to immediately close the venue's main building for renovations. That's according to people familiar with the matter. And per court filings, the work is expected to take two years and cost $285 million. The board said that the building is in such disrepair that it's endangering visitors and employees, and that the consulting group hired for the renovation had recommended the closure. Trump said in a social media post afterwards that the Then you will close immediately. But that the renovation can't begin until an appeals court rules on the board's approved name for the center.
He signaled plans to go to the Supreme Court if he loses. The move comes just a few hours after a federal judge blocked President Trump's name from going back on the Kennedy Center building, saying that it violated an earlier ruling that only Congress has the authority to rename the institution. In More News out of Washington, a landmark cryptocurrency bill has failed to advance in Congress. The Clarity Act already passed the House last year, but it fell short in a procedural vote in the Senate today that required the approval of 60 senators.
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Chapters
8 chapters
1
What are the key headlines in today’s Wall Street Journal PM edition?
0:00–2:07
2
How did the Senate’s procedural vote affect the landmark crypto‑regulation bill?
2:07–4:00
3
Why did the Kennedy Center board decide to close the venue for renovations?
4:00–5:46
4
What does the new census data reveal about record‑high American incomes?
5:46–7:38
5
Why aren’t millions of Americans feeling richer despite higher median income?
7:38–9:01
6
Which demographic groups saw the biggest income gains in 2025?
9:01–10:42
7
How are rising Treasury yields and oil prices influencing the Fed’s next rate decision?
10:42–12:15
8
What international developments are shaping the global economic outlook today?
12:15–12:17
Speakers
5 identifiedMore from WSJ What’s News
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Surging Bond Yields Pile Pressure on the Fed
Trump Rejects Calls for AI Regulation Amid Industry Fears Over Safety
Fearing a Loss of Control, AI Bosses Call for Tech Slowdown
Inside Pete Hegseth’s Pentagon Shake-Up