THE SHOW NOTES: Joe Biden Goes to War Against the Catholics, Gas Stove Bans Are Here, & One Final Rate Hike
Welcome! Russia claims a Ukrainian drone tried to assassinate Putin.
PART 2: Jeffrey Epstein was way more connected than anyone realized. - WSJ (paywall)
🚨🚨 The federal government told an Oklahoma Catholic hospital to either blow out a sanctuary candle or stop serving elderly, disabled, and low-income patients. - Twitter
HEADLINE: Trump Likely to Sit Out One or Both of First Two G.O.P. Debates - NYT (paywall)
LOL: Elon Musk threatens to reassign @NPR on Twitter to 'another company'
Last Hike?
The Federal Reserve is expected to announce one last rate hike at the end of today’s FOMC meeting. The 25 basis point increase is projected to be the final hike as growing recessionary signs point to a US economy likely slowing down in the last half of 2023. Economists agree that markets have largely priced in a tenth consecutive rate hike but expect a pause and reversal in the near future.
Banking drama: Shares of Western Alliance Bank and PacWest Bancorp plummeted yesterday in a sign that the banking crisis may be far from over. Customers with deposits over FDIC limits fled the respective banks in a similar bank run that brought down Silicon Valey Bank and First Republic.
What happens next: In short, no one knows. Experts thought the banking crisis that caused the second-largest US bank closure in American history on Monday was the end of the banking drama that first brought down SVB. Now banking pressure appears to have spread to smaller banks that mismanaged investments in a macro environment of rising interest rates.
Banning Natural Gas
The New York legislature passed a state budget last night that bans natural gas and other fossil fuels in most new homes and buildings. The new rule cannot be overruled by individual cities or counties but gave special exemptions to manufacturing facilities, restaurants, hospitals, and carwashes.
But can they? A legal battle is all but certain with Republicans pointing to a 9th circuit court of appeals ruling that undid a similar ban in Berkley, California.
Why this matters: The massive win for climate activists puts New York as the first state in the country to initiate such a ban. Go deeper with The Washington Post (paywall).
US Navy Hires Drag Queen
The United States Navy is using an active-duty drag queen as a digital ambassador to help dive up sagging recruitment numbers. Joshua Kelley, who identifies as nonbinary, was selected as one of five ambassadors to share their story of being in the Navy while performing as a drag queen.
Democrats Hate DiFi
Democrats are furious with Sen. Diane Feinstein’s refusal to retire from her California senate seat. The 89-year-old senator has missed months of service in the Senate due to health issues and has effectively neutered the Democrat’s control of the upper chamber.
Why this matters: The 51-49 Senate is controlled by Democrats. Thanks to Feinstein’s absence, Democrats have a much smaller margin of error. To make matters worse, Biden’s judicial nominees have sat sullenly by as Feinstien’s seat on the judiciary committee remains vacant and the committee is no longer under a Democrat majority.
What happens next: Pressure is mounting for Feinstein to retire. Leading Democrats from Ro Khanna to AOC have demanded that Feinstein call it quits. Feinstein’s staff announced the Senator is hoping to return to work next week.
Related: Biden's new strategy on judges - Axios
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