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“The Federal Reserve’s primary price gauge rose at its highest core level since 2023, reinforcing the central bank’s recent tough talk on inflation,” CNBC reports.
“The personal consumption expenditures price index showed inflation running at a seasonally adjusted 4.1% annual rate, the highest since April 2023.”
“JD Vance has taken the greatest gamble of his vice-presidency by making himself the face of the Iran ceasefire deal – a shaky agreement that already seems to be unraveling at the seams,” The Guardian reports.
“But after months spent in limbo due to the war, it may be the best chance for him to find his feet again.”
New York Times: 59% of Americans say they lack confidence in the Iran deal.
“Democratic lawmakers don’t trust President Donald Trump’s ongoing diplomacy with Iran. They also want the war to be over — meaning their only real choice is to hope the president can keep peace talks going,” NOTUS reports.
“Legislators and aides told NOTUS they are not seeing an appetite among Democrats to stymie the negotiations, say by introducing legislation to prevent the U.S. from lifting relief or by pushing to vote down an accord.”
“President Trump has repeatedly promised the American public that his White House ballroom project will not cost taxpayers ‘one dime,’ saying it will be completely funded by him and private donors as a ‘gift’ to the United States,” the New York Times reports.
“He has claimed he is raising so much money for his ballroom that he could use surplus funds to finance a 250-foot Triumphal Arch that he is commissioning in Washington. And he has said that private donors will help foot the bill for other projects in his construction spree, perhaps the most expansive in the history of the presidency.”
“Yet a New York Times analysis shows there will be significant taxpayer expense associated with all of Mr. Trump’s building and renovation initiatives. The 18 major construction projects Mr. Trump has undertaken during his second term come with a potential cost of more than $1 billion.”
Mother Jones: Trump’s gilded White House makeover is all about power.
Bloomberg: “Even when Trump is scheduled to deliver an economic message, his most energetic moments are often on other topics. Earlier in the week, his speech at a Mack Truck facility in Pennsylvania veered into talk about transgender people in women’s sports and asking the crowd who ‘takes the fat drug?'”
“He highlights falling oil prices, and last night said that gas would soon be $2.50 a gallon or lower. But his main fixations remain the Iran conflict (and the deal to end it), his DC renovation projects, and taking out Republicans who have defied him.”
“None of which are likely to help his party in November’s elections.”
“Pennsylvania Gov. Josh Shapiro privately met with Canadian Prime Minister Mark Carney on the sidelines of a Toronto summit earlier this month — the latest sign that top 2028 Democratic contenders are cultivating ties with a key ally as they prepare for the post-Trump era,” Politico reports.
“I am thrilled to declare that America is back… We are respected by everybody. Nobody is laughing at us anymore. Two years ago they were laughing. We were a joke two years ago. We’re not a joke anymore.”
— President Trump, speaking at the opening his 250th birthday celebration for the country.
A majority of 53% of Americans say there are grounds for Congress to impeach President Trump, according to the latest Strength In Numbers/Verasight poll — including 40% who say “yes, definitely” — while 39% say there are not grounds to impeach him (28% “definitely not”).
“Bill Pulte has spent his first days as the acting director of national intelligence firing senior personnel. But according to the law, he’s not even eligible for the job he occupies,” The Atlantic reports.
“On this matter, the act of Congress that created the position he now holds seems unambiguous: ‘The Principal Deputy Director of National Intelligence shall act for, and exercise the powers of’ the DNI when that position is vacant, as it is now. Not ‘may’ serve. Shall. The current principal deputy is Aaron Lukas, a career intelligence officer who is not only available to serve but has extensive national-security experience, which is another thing that the law requires.”
Axios: “From early April peaks, U.S. crude oil was down roughly 36% through Tuesday. Brent, the global benchmark, was down about 44%.”
“U.S. gasoline prices are down too, but not as much, with the national average all-grade price of a regular gallon down about 12.5% from its recent peak of $4.63 in mid-May to $4.05 this week.”
Bloomberg: Trump warns ‘big trouble’ for oil companies if price gouging.
“If a preliminary deal to end the war with Iran holds, the worst of the inflation surge that has followed in its wake could soon be over. Oil prices have dropped significantly since the announcement of a truce this month. Gasoline costs have, in turn, begun to fall, and airfares and shipping fees are poised to follow,” the New York Times reports.
“But despite this reprieve, the U.S. inflation problem is far from fixed. Measures of underlying inflation were already showing little progress before the war began several months ago. The trend has only worsened as the fighting and other forces, like the boom in artificial intelligence, have stoked prices.”
“Wealthy Americans have spent hundreds of millions from their fortunes in their quests to join Congress. It usually doesn’t pay off,” the Washington Post reports.
“The most recent example came Tuesday in Maryland, when billionaire and former congressman David Trone’s record-breaking $25 million comeback bid ended in defeat in the Democratic primary. Trone, who amassed his fortune by co-founding a national alcohol retailer, has been one of the most prolific self-funders of congressional campaigns. He spent $134 million across six races over the course of a decade, winning three terms in the House but spending $101 million on contests he lost.”
“Members of the House Oversight Committee have discussed issuing subpoenas to people who could testify about secret settlements between some of Jeffrey Epstein’s friends and his accusers,” Politico reports.
“Some of Epstein’s accusers have signed confidential prelitigation settlements with friends of the sex offender whom they have also accused of misconduct.”
“Moderate Democrats are sounding the alarm after massive losses in New York’s primaries. They fear they’re on the verge of losing the party’s ideological civil war — and hurting its electoral chances,” Politico reports.
“Leftist candidates swept a trio of deep-blue House seats in New York City, a seismic victory that toppled two incumbents, including the powerful chair of the Congressional Hispanic Caucus. And after a string of progressive battleground wins in earlier primaries, moderates are making it very clear that the left’s winning streak is potentially just starting.”
“The far left is eyeing even bigger targets in key battleground primaries that will determine control of Congress as well as governorships in crucial swing states. Most immediately, moderates fear that a progressive primary sweep could imperil the party’s hopes of beating Republicans this fall.”
CNN: House Democrats’ anxiety rises after wins by Mamdani-backed candidates: “Are we going to let them take over the party?”
“The top strategist for Los Angeles Mayor Karen Bass’ reelection bid has left her campaign, just as she is gearing up for a bruising showdown against City Councilmember Nithya Raman in the Nov. 3 runoff,” the Los Angeles Times reports.
New York Times reporter Maggie Haberman said President Trump does not seem to care if Republicans retain control of Congress, Mediaite reports.
Said Haberman: “He’s not behaving like somebody who cares. Maybe he will start to at some point, but he is not right now. And I’m not sure whether he particularly believes he will suffer consequences, again, this is something else we talk about in the book if the House and even possibly the Senate flip.”
“It was almost as if the last 250 years never happened,” CNN reports.
“President Donald Trump kicked off celebrations for America’s semi-quincentennial on Wednesday night in a speech which implied that the nation’s greatness at this landmark moment was largely thanks to him.”
CNN: “From allies to adversaries, past supporters to potential rivals, and the primary voters who may ultimately decide his fate, there’s near-unanimous agreement in the Republican Party on this: Cruz is laying the groundwork for another presidential campaign, even if it means taking on Vice President JD Vance or whoever President Donald Trump ultimately endorses.”
Taegan Goddard is the founder of Political Wire, one of the earliest and most influential political web sites. He also runs Political Job Hunt, Electoral Vote Map and the Political Dictionary.
Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.
Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country.
Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.
Goddard is the owner of Goddard Media LLC.
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