May 5, 2017

Trump praises Australia's universal health care

Pablo Martinez Monsivais / AP

President Trump was back in New York Thursday night for an event celebrating U.S.-Australian relations and marking the 75th anniversary of the Battle of the Coral Sea. In remarks with Australian P.M. Malcolm Turnbull ahead of his speech, Trump raised eyebrows by saying:

We have failing health care... you have better health care than we do.

Trump also said that reports of a "rough" phone call with Turnbull in January were overblown, though he admitted the call "got a little bit testy."

In his speech, Trump praised the military alliance between the U.S. and Australia and joked that the countries were "born as the rebellious children of the same parent."

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Scoop: Top NSC official reassigned to Energy Department amid "Anonymous" fallout

Photo: Mark Wilson/Getty Images

Deputy national security adviser Victoria Coates will be reassigned as a senior adviser to Energy Secretary Dan Brouillette, the National Security Council said Thursday — and a senior White House official said that the administration "rejects" the rumors that she is "Anonymous."

Why it matters: Coates has battled claims that she is the still-unknown Trump administration official that penned a New York Times op-ed and book critical of President Trump.

The Fed may be setting the table for 2020 rate cuts

Illustration: Sarah Grillo/Axios

The Fed looks to be laying the groundwork to lower U.S. interest rates this year, just as they did in April 2019 before cutting rates in July, September and October.

Why it matters: A Fed rate cut makes taking on debt more attractive for U.S. consumers and businesses, helping to juice the economy, but also puts the central bank in a weaker position to fight off a potential recession.

Morgan Stanley to buy E*Trade in a $13 billion deal

Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Morgan Stanley is planning to buy E*Trade Financial Corp. in a $13 billion all-stock deal, the Wall Street Journal reports, with plans to acquire the company known for helping everyday Americans manage their money.

Why it matters: The deal, which would be the largest by a major American bank since the financial crisis, signals Morgan Stanley‘s desire to bulk up in wealth management.