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Photo: SAUL LOEB/AFP via Getty Images

New York City will end its contracts with the Trump Organization following the mob attack on the U.S. Capitol, Mayor Bill De Blasio said Wednesday.

Why it matters: It's the latest potential financial blow to President Trump in the fallout of the Jan. 6 riots at the Capitol. The Professional Golfers Association on Sunday terminated its agreement to hold the 2022 PGA Championship at President Trump's New Jersey golf course.

  • Per the New York Times, the NYC contracts are for two ice-skating rinks, the Central Park Carousel and the city-owned Trump Golf Links at Ferry Point.

What he's saying: De Blasio told MSNBC the city's contracts "make very clear" that it can cancel contracts with organizations whose leaders participate in criminal activity.

  • "Inciting an insurrection against the U.S. government clearly constitutes criminal activity,” De Blasio said Wednesday on MSNBC. "The City of New York will no longer have anything to do with the Trump Organization.”

Go deeper

Pelosi: Trump could be "accessory" to murder over deadly insurrection

Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

President Trump could be an "accessory" to murder in regards to the deadly Jan. 6 riots at the Capitol, House Speaker Nancy Pelosi told MSNBC Tuesday night.

Why it matters: Trump faced intense criticism after a crowd of his supporters breached the Capitol and broke into chambers, including Pelosi’s office. Five people died as a result of the insurrection.

Fed chair says low interest rates aren't driving stock market prices

Jerome Powell. Photo: ANDREW CABALLERO-REYNOLDS / Getty Images

Federal Reserve chairman Jerome Powell told reporters on Wednesday that rock-bottom interest rates aren't playing a role in driving stock prices higher, while noting that vulnerabilities to the financial system are "moderate."

Why it matters: The statement comes amid unshakeable stock prices and a Reddit-fueled market frenzy — prompting widespread fears of a bubble and the role monetary policy has played in that.

2 hours ago - World

Biden freezes U.S. arms deals with Saudi Arabia and UAE

Trump struck several large arms deals with Mohammed bin Salman (L) and Saudi Arabia. Photo: Kevin Dietsch-Pool/Getty Images

The Biden administration has put on hold two big arms deals with Saudi Arabia and the United Arab Emirates which were approved in the final weeks of the Trump administration, a State Department official tells Axios.

Why it matters: The sales of F-35 jets and attack drones to the UAE and a large supply of munitions to Saudi Arabia will be paused pending a review. That signals a major policy shift from the Trump era, and may herald sharp tensions with both Gulf countries.