Axios

The Democratic Congressional Campaign Committee is baffling fellow Democrats by pouring money into yet another competitive House primary — this time in Arizona.

Why it matters: The DCCC has racked up a spotty record in its attempts to intervene in Democratic primaries this cycle, leading some House Democrats to question why they're paying dues to the campaign committee.

The Federal Reserve on Thursday announced leaders of five outside task forces that chairman Kevin Warsh has formed in his push to reform the central bank — a list that includes a number of outsiders to the often insular institution.

Driving the news: The panels include a range of well-known figures from finance and economics, as well as business — including top venture capitalist Marc Andreessen and former Walmart CEO Doug McMillon.

• Other bold-faced names include former top central bankers in other countries: Mervyn King, the former governor of the Bank of England, Raghuram Rajan, former governor of the Reserve Bank of India, and Arminio Fraga, former president of the Central Bank of Brazil.
• Prominent economists participating include Greg Mankiw, Karen Dynan, Jeremy Stein, and Raj Chetty, all at Harvard, as well as Charles I. Jones, a Stanford professor on leave at the AI firm Anthropic, and Thomas Sargent, a New York University professor and Nobel laureate.

Latino voters aren't just splitting over President Trump. They're divided over how being Latino shapes their identity in America, according to a new Pew Research Center report.

Why it matters: This is a deeper fracture than a typical partisan divide — Latino voters are splintering over whether their ethnicity feels like a barrier, an asset or is politically irrelevant.

The oil economy's surprising flexibility and countries' plans to cut reliance on the Strait of Hormuz could together limit how much the war boosts the global energy transition.

Why it matters: Energy crises have long-term consequences — like the 1970s oil shocks that brought U.S. gasoline mileage rules for cars, and the country's turn away from burning oil to make electricity.

President Trump's threat to "cut off all trade" with Spain was immediately a market event — at least in Europe.

Why it matters: Well into Trump's second term, foreign investors aren't totally dismissing the president's trade threats, even if the legal authority, the path to implementing them and the ultimate outcome remain unclear.

Three AI trends are accelerating and colliding, forcing government, business and investors to rethink strategies in real time:

1. AI is getting bigger and better, both here and in China.
2. The U.S. government is scrambling to keep pace by creating a regulatory framework, perhaps with international reach.
3. Both America and China are considering blocking access to their best AI, in recognition of the rising stakes.

Why it matters: The explosive rise of truly autonomous agents is forcing Washington and Beijing away from light-touch oversight, transforming the global AI race from a commercial sprint into a national-security standoff.

America's state governments now run on two very different tax engines: income in many coastal and professional-class states, and consumption in much of the Sun Belt and low-tax-growth belt.

Why it matters: States are not just competing over tax rates. They've built systems around which parts of the economy to tax — and which residents feel it most.

The White House is preparing for what could become a multi-day or even multi-week exchange of fire with Iran over the Strait of Hormuz.

• The length and severity of the new campaign hinge entirely on Tehran's next moves, U.S. officials tell Axios.

Why it matters: A war that began with the goal of degrading Iran's missile capabilities and destroying what remained of its nuclear program has evolved into an open-ended fight over the world's most important energy chokepoint.

Maine Democrat Graham Platner announced Wednesday that he is "suspending campaign operations" for his Senate bid.

• Platner indicated that he intends to withdraw from the race — but said the process to replace him "needs to be driven not from back rooms, but by the will of the people."

Why it matters: His apparent departure — following a sexual assault allegation that he denies — leaves Democrats in chaos. Maine is one of the most critical midterm races in the country, complicating their already difficult path to retake the Senate.

The U.S. military struck Iranian targets near the Strait of Hormuz on Wednesday, a U.S. official said.

Why it matters: This was the second day in a row that the U.S. had attacked Iranian targets in what U.S. officials say is an effort to stop Tehran from striking commercial ships in the Strait of Hormuz.