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      Stocks Drop After Hotter Than Expected Inflation Reading

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      Investors are now betting that the Federal Reserve will cut interest rates just once more this year, a drastic shift in expectations since late 2024.Stocks on Wall Street slumped at the start of trading on Wednesday, dragged lower by data that showed consumer prices rose more than expected in January, leaving the Federal Reserve little cause to lower interest rates again soon.The S&P 500 fell roughly 1 percent as trading got underway. The Nasdaq Composite index, which is chock-full of tech stocks that have come under pressure recently from rising global competition to develop the chips that will power the development of artificial intelligence, also fell around 1 percent.Fresh inflation data from the Bureau of Labor Statistics on Wednesday showed that prices rose 3 percent for the year through January, up from 2.9 percent in December. The “core” Consumer Price Index, which excludes volatile food and energy prices, rose 3.3 percent year-over-year.Signs of continuing price pressure is likely to encourage the Fed to refrain from further interest rate cuts in the coming months. For stock investors, higher interest rates means slower business activity, which can weigh on companies’ earnings and stock prices.The uptick in inflation in January “does not derail the longer-term downward trend in inflation,” said Kyle Chapman, a foreign exchange market analyst at Ballinger Group. But, he said, “it does reaffirm the consensus that cuts are going to come much more slowly than we had thought towards the end of last year.”Investors are now betting that the Federal Reserve will keep interest rates at their current level until December. It’s a drastic shift in expectations since last year, when traders were expecting as many as four cuts for 2025, and even just a few weeks ago investors expected the next cut in rates as soon as June.The two year Treasury yield, which is sensitive to changes in investors’ interest rate expectations, rose sharply after the inflation report, up 0.1 percentage points to 4.36 percent, close to its highest level of the year.Wednesday’s drop comes after a bumpy three weeks for traders, with whipsaw swings in stock prices reflecting investors’ struggle to parse the flurry of executive actions taken by President Trump since he returned to the White House for a second term.The S&P 500 has risen roughly 3 percent since the start of the year and has nudged up 1.2 percent since inauguration day, despite the volatility.Impending tariffs are adding to concern about an acceleration in inflation. On Monday, Mr. Trump announced tariffs on foreign steel and aluminum. He has already imposed a 10 percent tariff on Chinese goods, and broad 25 percent tariffs on Canada and Mexico are set to take effect in March, after being delayed for a month.“Rising prices already appear to be a headwind, and the prospect of new trade barriers have the potential to further fuel inflationary pressures by increasing costs for businesses and consumers,” said Jason Pride, chief of investment strategy and research at Glenmede, a wealth management firm. More

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      8 Inspectors General Fired by Trump File Lawsuit Seeking Reinstatement

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      Eight former inspectors general who were summarily fired by President Donald J. Trump last month filed a lawsuit on Wednesday asking a judge to declare their removals illegal and order the government to reinstate them.“The purported firings violated unambiguous federal statutes — each enacted by bipartisan majorities in Congress and signed into law by the president — to protect inspectors general from precisely this sort of interference with the discharge of their critical, nonpartisan duties,” the complaint said.The lawsuit asserts that the plaintiffs remain the lawful inspectors general of their agencies because Mr. Trump’s dismissals broke the law. It asks for an injunction requiring the executive branch to allow them to return to work and awarding them back pay.Four days after Mr. Trump returned to office last month, the White House notified as many as 17 inspectors general in tersely worded emails that they were being terminated because of “changing priorities.”Those were all in direct conflict with statutory restrictions on firing such officials in the Inspector General Act of 1978 and strengthened by lawmakers in the bipartisan Securing Inspectors General Act of 2022.That statute says that before an inspector general is removed, the president must provide Congress with 30 days’ advance notice, including a written explanation with “the substantive rationale, including detailed and case-specific reasons for any such removal.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Hegseth Says Return to Ukraine’s Pre-War Borders Is ‘Unrealistic’

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      A return to Ukraine’s pre-2014 borders is “an unrealistic objective” and an “illusionary goal” in the peace settlement between Ukraine and Russia that President Trump wants to accomplish, the U.S. Defense Secretary, Pete Hegseth, said on Wednesday at a NATO meeting in Brussels.In his first meeting with NATO and Ukrainian defense ministers, Mr. Hegseth told them that Mr. Trump “intends to end this war by diplomacy and bringing both Russia and Ukraine to the table.” But for Ukraine to try to regain all of the territory Russia has seized since 2014, as it insists it must do, “will only prolong the war and cause more suffering,” Mr. Hegseth said. “We will only end this devastating war and establish a durable peace by coupling allied strength with a realistic assessment of the battlefield,” he said.Mr. Hegseth also told the meeting that Mr. Trump expected Europe to bear more financial and military responsibility for Ukraine’s defense.Europe, he said, must take more responsibility for its conventional defense and spend more money on its armed forces, up to 5 percent of national output, as the United States deals with its own security risks and the challenge of China.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Curtails Anti-Corruption Efforts, as Aides Seek End to Eric Adams Case

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      Two nearly simultaneous moves by the Trump administration on Monday signaled a new and far more transactional approach to the Justice Department’s handling of corruption cases.In the evening, President Trump signed an executive order halting investigations and prosecutions of corporate corruption in foreign countries, arguing such cases hurt the United States’ competitive edge. “It’s going to mean a lot more business for America,” he said of his decision to pause enforcement of the Foreign Corrupt Practices Act of 1977.Around the same time, a top Justice Department official directed federal prosecutors in Manhattan to drop bribery charges against Mayor Eric Adams of New York. The stated justification for the demand had nothing to do with the evidence in the case and focused instead on politics.The actions on Monday stunned current and former prosecutors and investigators who said the department was abandoning a tradition of holding public officials, corporate executives and others accountable for corruption in favor of an approach built on political or economic expedience.That same day, Mr. Trump pardoned Rod R. Blagojevich, the former Democratic governor of Illinois who was convicted in 2011 of essentially trying to sell a Senate seat that was vacated by President Barack Obama. Mr. Trump had previously commuted Mr. Blagojevich’s sentence.Trump administration officials have also ordered the shutdown of an initiative to seize assets owned by foreign kleptocrats, dialed back scrutiny of foreign influence efforts aimed at the United States and replaced the top career Justice Department official handling corruption cases.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Enjoying the Pinnacle of Power, Musk Holds Court on Trump’s Stage

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      The president let the spotlight in the Oval Office go to his billionaire friend/budget slasher, who cited blank checks and 150-year-old Social Security beneficiaries to justify purging the federal work force.Three weeks into this administration, hardly a day seems to go by that does not produce a norm-busting moment at the White House. But the scene that played out in the Oval Office on Tuesday afternoon was among the wildest yet.President Trump sat behind the Resolute Desk while Elon Musk stood at his side and attempted to explain, for the first time in public since Inauguration Day, what it is he came to Washington to do.For weeks, he and his Dorito-dusted minions have burrowed deep inside the federal government, tearing the thing apart from within by sending workers packing and shutting down programs and entire agencies, testing if not exceeding the bounds of the law and the Constitution in the process.So far, the only explanations to be had about what they are doing or where they are going next have come in the form of brief or sometimes trolling messages on the social media platform Mr. Musk owns or in opaque statements from administration officials.Dressed all in black, with a dark MAGA hat on his head and his young son fidgeting by his side or on his shoulders, Mr. Musk, seeming quite jolly about finding himself at the very pinnacle of power, sought on Tuesday to justify pushing tens of thousands of federal employees out the door by casting them as a collection of unelected and unaccountable managers of a wasteful and corrupt bureaucracy.Workers overseeing contracts were mysteriously getting rich, he asserted without any backing details or evidence. Social Security was paying benefits to 150-year-olds. Taxpayers were being gouged.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Orders Plans for ‘Large Scale’ Work Force Cuts and Expands Musk’s Power

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      President Trump signed an executive order on Tuesday directing agency officials to draw up plans for “large scale” cuts to the federal work force and further empowered the billionaire Elon Musk and his team to approve which career officials are hired in the future.The order gives the so-called Department of Government Efficiency vast reach over the shape of the Civil Service as the Trump administration tries to sharply cut the number of employees working for the federal government. It states that, aside from agencies involved in functions like law enforcement and immigration enforcement, executive branch departments will need hiring approval from an official working with Mr. Musk’s team.Each federal agency, with some exceptions, will be allowed to “hire no more than one employee for every four employees that depart” after a hiring freeze is lifted, according to Mr. Trump’s order. New career hires would have to be made in consultation with a “DOGE Team Lead,” the order stated. It also said that agencies should not fill career positions that Mr. Musk’s team deems unnecessary, unless an agency head — not a member of Mr. Musk’s initiative — decides that those positions should be filled.The “work force optimization initiative” was signed by Mr. Trump shortly before he and Mr. Musk spent roughly 30 minutes defending the drastic overhaul in front of reporters in the Oval Office. Mr. Musk, the world’s richest person, has moved rapidly to force change in Washington, an effort he asserted on Tuesday would benefit the public.In the first three weeks of the new Trump administration, Mr. Musk’s team has inserted itself into at least 19 agencies, according to a tally by The New York Times, where it has begun identifying programs to cut.The order is the latest move by Mr. Trump to bolster the authority of Mr. Musk’s effort.Eric Lee/The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Bannon Pleads Guilty to Fraud in Border Wall Case but Will Serve No Time

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      President Trump had already pardoned his adviser in a similar federal case, which accused him of skimming money from donations to build a Southern border barrier.Stephen K. Bannon, a longtime adviser to President Trump, pleaded guilty on Tuesday in Manhattan criminal court to a single count of defrauding donors who sought to help build a wall at the Southern border.Mr. Bannon’s plea deal stipulates that he will be given a three-year conditional discharge, meaning he will receive no prison time if he does not reoffend.He had faced five felony counts, including money laundering and conspiracy charges, and faced a maximum sentence of five to 15 years on the most serious charge.This is a developing story and will be updated. More

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      Senator Accuses Kash Patel of Covertly Directing F.B.I. Dismissals

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      The top Democrat on the Senate Judiciary Committee on Tuesday accused Kash Patel, President Trump’s nominee for F.B.I. director, of improperly directing a wave of firings at the bureau before being confirmed.In a letter to the Justice Department’s inspector general, Senator Richard J. Durbin of Illinois cited “highly credible information from multiple sources” that suggested Mr. Patel had been personally involved in covertly orchestrating a purge of career officials at the F.B.I.“This alleged misconduct is beyond the pale and must be investigated immediately,” Mr. Durbin wrote to the independent inspector general, Michael E. Horowitz.The accusation comes as the committee prepares to vote Thursday on whether to send Mr. Patel’s nomination to the Senate floor. Mr. Durbin said that if the allegations were true, then the acting No. 2 at the Justice Department, Emil Bove, fired career civil servants “solely at the behest of a private citizen,” and also that Mr. Patel “may have perjured himself” at his confirmation hearing last month.Representatives for the Justice Department, the White House and Mr. Patel did not immediately respond to requests for comment.Mr. Durbin sent the letter, a copy of which was obtained by The New York Times, on Tuesday. He is expected to deliver a speech on the Senate floor about the matter.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More