Axios

The amount of diesel that Americans buy in a single day costs roughly $321 million more than it did a year ago — driving a new round of chatter about an export ban to preserve domestic supplies.

Why it matters: Investors and economists warn that it could backfire spectacularly, driving up prices globally and potentially putting further upward pressure on domestic interest rates.

The Federal Reserve raised interest rates a quarter point Wednesday, the first policy adjustment of Kevin Warsh's chairmanship, and hinted that another rate hike is on the way this year, as it seeks to bring inflation down more quickly.

The big picture: The action could bolster Warsh's credibility as an inflation-fighter, but risks putting him in the crosshairs of President Trump, who has long demanded lower interest rates and pilloried Warsh's predecessor for failing to deliver them.

Rep. Thomas Massie (R-Ky.) did not clue Republican leaders in on his plans to introduce an impeachment resolution against Defense Secretary Pete Hegseth over the Iran war, Axios' Kate Santaliz reported.

The big picture: Lame-duck Republicans who lost Trump-backed primary challenges are increasingly using their final months in office to buck the administration and GOP leaders.

Autonomy specialist Swarmer is buying ground-robotics company Ratel for as much as $224 million in a mix of cash and stock.

Why it matters: This international deal signals two things, one in the boardroom and one on the battlefield:

1. Defense industry consolidation is afoot. Not every startup can or will stand on its own.
2. And a world where machines launch machines to fight other machines doing the same, while humans scheme offscreen, has already arrived.

Embraer wants to grow its Middle East customer base on the heels of a deal with the United Arab Emirates for up to 20 C-390 Millenniums.

The big picture: The Brazilian company is racking up buyers across the world for its transporter and refueler.

Members of Congress and governors are under increasing pressure to regulate AI, but more than two dozen of them who spoke with Axios said they don't use the technology or have rarely done so.

Why it matters: That striking admission — particularly among older, influential lawmakers — comes amid calls for an AI slowdown and warnings within the industry that it could end humanity if left unchecked.

The nerdy, traditionally apolitical world of federal data is increasingly getting swept up in the Trump administration's push to control every level of government.

• Across the federal government, agencies are changing how they collect and publicize information. More and more, politics and ideology are part of the equation.

Why it matters: Reliable, unbiased data informs nearly everything the federal government does — from distributing benefits and enforcing workplace discrimination laws to responding to public health threats.

U.S. household income hit a record in 2025, but the lowest earners barely shared in the gains, new Census data show.

Why it matters: On paper, Americans look richer than ever. But broader measures of financial security show millions still getting squeezed by medical costs, uneven income gains and a thinning public safety net.

Alex Saab, an ally and former minister of Venezuela's ex-President Nicolás Maduro, pleaded guilty Tuesday to conspiring to launder proceeds from a bribery and fraud scheme in Venezuela and the U.S., prosecutors said.

Why it matters: Federal prosecutors allege that Saab previously oversaw funding for Maduro, and his plea deal could bolster U.S. prosecutors' separate case against the former Venezuelan leader, who is awaiting trial in New York.

Lawmakers who want to regulate AI are doing something unusual as Congress barrels towards a lengthy recess with no tangible solution in sight: They're working across the aisle.

Why it matters: Bipartisanship is increasingly elusive on Capitol Hill of late, but it remains a crucial first step for action in a Senate that requires 60 votes to pass most legislation.