The Transportation Security Administration's security protocols could be in for another shakeup — this time involving the long-standing limits on carry-on liquids.
The big picture: Homeland Security Secretary Kristi Noem said TSA is looking to modify the liquid rule Wednesday at the Hill Nation Summit.
Chinese officials signaled Wednesday that they're poised to rein in the feverish price war taking place in the country's booming electric vehicle industry.
The Cabinet issued a statement saying it'll take steps to address the "phenomenon of irrational competition" in the sector, state media reported, according to Reuters and Bloomberg.
State of play: China's blistering EV race has been undercutting foreign automakers on price, pummeling the likes of Tesla, GM and Volkswagen on domestic soil and abroad.
Last week, for example, BYD reportedly lowered the price of a starter EV to less than $8,000. Tesla's cheapest vehicle in China is more than three times more expensive.
💵 Goldman Sachs reported increased revenue from investment banking and equities trading. CEO David Solomon said the company is "focused on risk management," but the markets are "responding positively to the evolving policy environment." (WSJ)
🇨🇳 Nvidia hopes to sell even more advanced chips to customers in China after getting the Trump administration to lift restrictions on shipping its H20 chips there. CEO Jensen Huang has argued that export restrictions only encourage China to develop its own AI chip capability. (CNBC)
😷 Johnson & Johnson raised its earnings outlook after beating sales expectations. CFO Joseph Wolk said, "We're in a pretty good position," as long as the Trump administration's threatened tariffs aren't imposed immediately. (Bloomberg)
The next greatinnovation waiting to happen in the booming space of mocktails and nonalcoholic drinks is to replicate the buzz of booze without the actual alcohol.
State of play: That's exactly what a company called GABA Labs says it's close to doing.
The company is aiming to commercialize a molecule it's dubbed Alcarelle, which is "meant to deliver a version of alcohol's pleasant, relaxing high without the downsides," Bloomberg reports.
How it works: "At its core, the idea is to amplify the effects of gamma-aminobutyric acid, a neurotransmitter that, in lay terms, carries chemical messages to your nerve cells telling your brain to chill out," according to the report.
President Trump could be considering unprecedented moves to undermine Fed chair Jerome Powell, including a possible attempt to fire him for cause.
Why it matters: Trump expects Powell's successor to follow orders on lower interest rates, calling into question the central bank's longstanding political independence.
President Trump denied he was on the verge of firing Fed chair Jerome Powell, despite multiple news reports Wednesday suggesting he'd told congressional Republicans he was close to doing so.
Why it matters: Trump has the market on a knife's edge, waiting to see whether he throws out more than a century of central bank independence to get what he wants on interest rates.
Sen. Elizabeth Warren (D-Mass.) will defend the Federal Reserve in a speech on Wednesday, an unlikely ally for the Fed as it faces unprecedented attacks from the Trump administration.
Why it matters: Even one of Fed chair Jerome Powell's toughest, most consistent critics won't back the White House argument.
The rare support from the influential lawmaker, who is the top Democrat on the Senate Banking Committee, shows how the party will hit back at White House pressure to oust Powell.
Three things can simultaneously be true: that it would be reasonable for the Federal Reserve to cut interest rates; that its headquarters renovation is too expensive; and that the Trump administration's attacks show why central banks are designed to be independent in the first place.
The big picture: The whole reason the U.S. and other advanced economies grant their central banks a measure of independence is to instill confidence that they won't make policy based on what's most convenient in the near-term for elected leaders — such as cutting rates to save the fiscal authorities cash.
Yet that is exactly the grounds President Trump has repeatedly invoked as the reason he believes the Fed should cut rates drastically.
A dozen current and former federal employees detail how DOGE gutted their workplaces in a new audio series released Wednesday morning.
Why it matters: The testimonials are from folks who've worked inside agencies responsible for the health and safety of millions of Americans — including a scientist who studies hepatitis C at the CDC, an FAA employee who supports air traffic controllers and a VA worker who counsels veterans.
House Democrats are introducing what is known as a discharge petition to try to force a vote on quashing President Trump's "Liberation Day" tariffs, Axios has learned.
Why it matters: The long-shot effort to kill the president's initial round of tariffs comes as he is unleashing a new slate targeting top allies including Japan, South Korea and Brazil.
Why it matters: Rep. Haley Stevens (D-Mich.) argued in a letter to DHS Secretary Kristi Noem that Fugate's role raises "troubling questions about whether DHS is taking the prevention of domestic terrorism seriously."
President Trump on Tuesday suggested cost overruns in the Federal Reserve's headquarters renovation could be a fireable offense for Fed chair Jerome Powell.
Why it matters: The president and his administration want to be rid of Powell so they can install a chair who will follow Trump's dictate to lower interest rates.
