Axios PM

January 28, 2026
🐪 Hello there, happy Wednesday. Today's newsletter, edited by Alex Fitzpatrick, is 728 words, a 2½-min. read. Thanks to Sheryl Miller for copy editing.
⚡️ Situational awareness: The Fed left rates unchanged, noting "solid" growth and a stabilizing job market. Go deeper.
1 big thing: 💰 America's boom states

Household incomes have grown unevenly across the U.S. over the past half-century, with some states seeing explosive gains while others lagged, Alex Fitzpatrick writes from a new Urban Institute report.
- 📈 From 1970 through 2023, inflation-adjusted median household income rose by about 78% in Utah, 67% in Colorado and 62% in New Hampshire, per the D.C. think tank.
- Household incomes rose by nearly 32% nationwide.
🎓 The most important factor tied to income change, the report finds: educational attainment.
- 🌍 Another contributor: immigrants — "because immigration leads to economic growth, immigrants seek out growing areas, or both."
2. 😡 Trump goes back on offense

President Trump is back to verbally attacking Minnesota officials, despite efforts to calm tensions between his administration and local leaders, Axios' Avery Lotz reports.
- 🤳 Trump, on Truth Social today: "Surprisingly, Mayor Jacob Frey just stated that, 'Minneapolis does not, and will not, enforce Federal Immigration Laws.'"
- "Could somebody in his inner sanctum please explain that this statement is a very serious violation of the Law, and that he is PLAYING WITH FIRE!"
👮 Frey, in response: "The job of our police is to keep people safe, not enforce fed immigration laws."
Their exchange came after Trump once again targeted Rep. Ilhan Omar (D-Minn.) yesterday during a speech in Iowa.
- Omar was later rushed by a man and sprayed with an unknown liquid at a town hall.
- Trump claimed without evidence that she staged the incident.
The White House referred Axios to press secretary Karoline Leavitt's statement that "nobody in the White House, including President Trump, wants to see people getting hurt or killed in America's streets."
- She went on to blame local officials: 'This tragedy occurred as a result of a deliberate and hostile resistance by Democrat leaders in Minnesota."
The president previously signaled a cooldown amid major backlash after Renee Good and Alex Pretti were killed by federal immigration agents in Minneapolis on Jan. 7 and Jan. 24.
- Two agents who opened fire on Pretti were placed on leave, The New York Times reports, counter to earlier info from Border Patrol official Greg Bovino.
- Bovino and some federal agents have reportedly begun leaving Minnesota, with border czar Tom Homan now overseeing operations there.
3. ⚡️ Catch me up

- 💵 President Trump is turning on the PR machine for "Trump accounts," bringing in rapper Nicki Minaj and a slew of CEOs to help fund investment accounts for kids. More from Axios' Courtenay Brown.
- 📈 The S&P 500 in morning trading today crossed the 7,000 mark for the first time, as investors shrugged off tariff and Fed worries. Go deeper.
- 🚔 FBI agents were executing a search warrant at the Fulton County elections office near Atlanta today, a spokesperson confirmed. Go deeper.
- 🦠 South Carolina's measles outbreak is the country's largest since the disease was considered eradicated in the U.S. over 20 years ago, CNN reports. Go deeper.
- 🤑 Pro-crypto PAC Fairshake and its affiliates have nearly $200 million in cash heading into the midterms, signaling the industry's big election plans. Go deeper.
4. 🚀 1 for the road: Challenger remembered

If you weren't around on Jan. 28, 1986, the significance of the Challenger disaster may elude you, Axios Salt Lake City's Erin Alberty writes.
- 🌖 Boomers who watched the Moon landing on TV taught their kids that astronauts were heroes — especially after beating the Soviets there.
👩🏫 Challenger's fateful launch was promoted as an educational mission, given the inclusion of New Hampshire social studies teacher Christa McAuliffe.
- 📺 Schools nationwide rolled out TVs for millions of kids to tune in live — only for the stuff of dreams to become a nightmare.
Seven people dying in a faraway fire may seem a small terror to those who watched 9/11 and other more recent horrors unfold in real time.
- But at the time, it was one of the worst things we'd seen televised.
📰 Flashback: The Washington Post's Michael Kranish, who witnessed and reported on the disaster for The Boston Globe: "Much about this story is perhaps even more relevant today than it was on Jan. 28, 1986." Gift link.
📬 Thanks for reading! Please invite your friends to join PM.
Editor's note: A chart in yesterday's story on population growth has been updated to reflect the U.S. Census National Intercensal data sets for 2015–2025.
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