What's Happening

International

The UK Rolled Out the (Royal) Gold Carpet for Trump

What's going on: A lot has changed since the US declared independence from Britain nearly 250 years ago — like the UK pulling out all the stops to charm President Donald Trump. He touched down yesterday for his first trip across the pond since 2019, and no expense was spared. Trump and First Lady Melania Trump rode in a horse-drawn carriage decked out in his favorite color. Melania’s hat stole a slice of the spotlight, perfectly matched to the president’s tie. Some gifts were exchanged, and to cap it all off, a banquet at Windsor Castle — lavish enough to make “fit for royals” sound like an understatement. But the real marquee moment is still ahead: Melania and Kate Middleton will appear together for the first time today at a scouting event. So far, no royal missteps from the Americans — a small victory, given some people haven’t forgotten Trump’s social faux pas during a visit with the late Queen Elizabeth II.

What it means: The visit is about more than pomp. Britain is putting its military power on display to convince Trump that the US should keep supporting NATO and Ukraine, according to the BBC. In fact, he’s now the only sitting president ever invited back for a second official state visit. Still, Trump has long argued that other NATO countries should pay far more, and once even floated withdrawing from the alliance. It hasn’t been an entirely warm welcome for Trump, as protests broke out across the country ahead of his arrival. While officials kept the demonstrations far from his view, one group managed to project a photo of Trump with Jeffrey Epstein onto Windsor Castle. The president is also set to meet UK Prime Minister Keir Starmer, with several new trade deals expected to be signed today.

Related: What Prince William and Kate Middleton Did During Trump’s Visit (Parade)

Economy

The Fed Finally Dusted Off Its Scissors 

What's going on: The Federal Reserve just gave borrowers a tiny breather, cutting interest rates for the first time since December. The quarter-point trim — which lowers the benchmark rate to a new range of 4% to 4.25% — came with a signal that two more cuts could follow this year. The Fed’s newest governor, Stephen Miran, confirmed less than 24 hours earlier, cast the lone “no” and pushed for a steeper half-point reduction. In its statement, the Fed said it lowered rates due to slowing job growth and increasing risks to employment. The decision follows pressure from the Trump administration to cut rates and an attempt to oust Governor Lisa Cook, who remains in her seat.

What it means: The Fed’s move marks a turning point from holding rates steady to giving the economy some breathing room. The central bank has two big goals: Cool inflation (target: 2%, current: ~3%) and keep jobs strong. High rates help tame prices; lower rates help protect jobs. For everyday people, these are the main things to know: Experts say credit card rates could ease a bit, car loans could get cheaper, and savings accounts and CDs may earn less. What about mortgage rates? They don’t mirror Fed cuts directly, but analysts say additional reductions could eventually bring relief to homebuyers. Officials hope cheaper credit will support hiring as job growth slows. Bottom line: Borrowers may feel some relief, savers not so much. 

Related: Why You Should Own (Some) Gold (WSJ Gift Link)

Politics

ABC Pulls Kimmel Off Air 

What's going on: The show will not go on for Jimmy Kimmel. Yesterday, ABC announced it pulled Jimmy Kimmel Live! off the air “indefinitely” in light of the late-night host’s recent comments about the murder of conservative activist Charlie Kirk. During Monday night’s broadcast, Kimmel said the “MAGA gang” was doing everything “to score political points” from Kirk’s death. His comments sparked criticism, and the president of Nexstar — which owns dozens of ABC affiliates — called the host’s comments “offensive and insensitive.” The network’s decision came hours after the chairman of the Federal Communications Commission suggested the agency could “take action” against ABC. Kimmel has yet to respond to the news. On Truth Social, President Donald Trump congratulated ABC for having “the courage to do what had to be done.”

What it means: The move comes amid a broader discussion about free speech following Kirk’s assassination. A number of people have reported being fired or suspended after commenting on the conservative activist’s murder. And the Trump administration said it would look into punishing those who make insensitive comments about Kirk’s death. Meanwhile, the decision to remove Kimmel comes at a fraught time for networks and late-night TV, which are grappling with increasing political pressure and legal challenges. Just last year, ABC settled a defamation lawsuit with then President-elect Trump for $15 million. And over the summer, CBS announced the cancellation of The Late Show with Stephen Colbert — a move that came after its parent company, Paramount, settled a suit with Trump.

Related: Kimmel News Floods Social Media With Reactions From Celebrities and Politicians (Variety)

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