Blistering heat is straining power grids across the eastern half of the US, leading to a blackout in part of New York City’s borough of Queens as the local utility issued a warning to conserve electricity.
Consolidated Edison Inc. is working to restore service to more than 6,200 customers in southeast Queens, the company said in a statement. The utility asked residents in the area not to use energy-intensive appliances like washers and microwaves until crews complete repairs.
By Aldgra Fredly of Epoch Times
The State Department has issued a “worldwide caution” for U.S. citizens living abroad in the wake of the escalation of the Israel-Iran conflict, following U.S. intervention targeting Iran’s nuclear sites.
In a June 22 alert, the department warned of potential demonstrations against U.S. citizens and interests around the world. On June 21, U.S. forces launched airstrikes to neutralize threats from three Iranian nuclear facilities, which came amid the exchange of missiles between Israel and Iran.
“The conflict between Israel and Iran has resulted in disruptions to travel and periodic closure of airspace across the Middle East,” the bulletin stated, calling on U.S. citizens worldwide to exercise “increased caution.”
Iranian Foreign Minister Abbas Araqchi has warned of “everlasting consequences” in response to the U.S. strikes. Araqchi also implied that diplomacy between Iran and the United States is no longer on the table.
The United States and Iran had previously engaged in talks as President Donald Trump pushed for Iran to abandon its nuclear ambitions but the parties failed to reach a deal, leading Israel to launch airstrikes against Iranian infrastructure on June 13.
Israeli Prime Minister Benjamin Netanyahu said that Israel’s actions aimed to eliminate the existential threat posed by Iran’s nuclear and missile programs. Iran retaliated by launching waves of ballistic missiles and explosive attack drones toward Israel, some of which breached Israel’s air defense network.
The United States began evacuating U.S. citizens and lawful permanent residents from Israel on June 21. U.S. ambassador to Israel Mike Huckabee said the State Department has arranged departure flights and issued instructions for citizens seeking departure assistance.
The U.S. Embassy in Israel has also advised its employees to shelter in place and near their residences until further notice. In a latest update, the embassy said it would resume limited in-person operations on June 23 to provide limited validity emergency U.S. passport service to those without a valid passport.
The embassy also said that it is aware of U.S. citizens departing Israel overland to Jordan and Egypt, as well as by sea to Cyprus, with assistance from third-party providers.
“While we are not able to endorse any providers, we know some have been able to successfully help U.S. citizens,” it stated.
During a televised address on June 21, Trump said the U.S. strikes “were a spectacular military success” and that “Iran’s key nuclear enrichment facilities have been completely and totally obliterated.”
Trump warned that Iran’s future holds “either peace or tragedy” depending on the regime’s next moves as he called for earnest negotiations for a deal, and that there are many other targets that could be hit by the U.S. military.
Fed governor Chris Waller may have thought he was a shoo-in for Powell's replacement (and the role of shadow Fed chair) when he said last week that, contrary to the Powell narrative and FOMC consensus, the Fed should cut as soon as July.
Waller Puts In Bid For Next Fed Chair, Says Powell Should Cut "As Early As July" https://t.co/uiN1Umb49j
— zerohedge (@zerohedge) June 20, 2025
Well, not so fast.
Recall late last summer, it was Fed vice chair Michelle Bowman who staked out a bid for Powell's replacement when she first dissented with the Fed's jumbo 50bps rate cut meant to ease Biden/Kamala's election, and second when she (correctly) lashed out at illegal immigrants as the source of "upward pressure on rents."
First she dissents, now this. If Trump wins, she will be the next Fed chair. https://t.co/eKtX10huDO
— zerohedge (@zerohedge) October 2, 2024
Fast forward to this morning, when Bowman officially reminded the world that she is also in the running for Powell's replacement, when she echoed Waller in saying that she would favor an interest rate cut at the next policy meeting in July so long as inflation pressures stay muted (which is doing just that).
With her speech delivered in Prague, Bowman became the second central banker in recent days to suggest that President Donald Trump’s tariffs are likely to have a temporary and muted impact on prices, thus paving the way for lower rates.
“Should inflation pressures remain contained, I would support lowering the policy rate as soon as our next meeting in order to bring it closer to its neutral setting and to sustain a healthy labor market,” she said in prepared remarks. “In the meantime, I will continue to carefully monitor economic conditions as the Administration’s policies, the economy, and financial markets continue to evolve.”
Trump has been pressuring the Fed to lower interest rates as a way to save financing costs on the nation’s ballooning national debt. However, the Federal Open Market Committee at its meeting last week voted to hold its key interest rate in a target between 4.25%-4.5%.
For her part, Bowman said she supported the change in approach the post-meeting statement took noting that policy uncertainty has diminished and the focus is now tilting towards potential labor market weakness.
Economists had worried that Trump’s tariffs would spike inflation, but measures have shown little if any impact so far. In fact, as we showed overnight, Trump has been spot on, and export prices for Japanese cars destined to the US have cratered as it is Japanese car makers that eat the tariff cost.
well would you look at that: guess who is eating all those tariff costs (hint, it's not US consumers) pic.twitter.com/iwdKyeqTII
— zerohedge (@zerohedge) June 22, 2025
“I think it is likely that the impact of tariffs on inflation may take longer, be more delayed, and have a smaller effect than initially expected, especially because many firms frontloaded their stocks of inventories,” Bowman said. “As we think about the path forward, it is time to consider adjusting the policy rate.”
Trump has said he thinks the Fed should lower by at least 2 percentage points. Bowman’s remarks did not mention how much she thinks the rate should be lowered, and Waller said there is no need for such dramatic cuts.
The FOMC next meets July 29-30. Traders are assigning just a 23% probability to a move at the meeting, with a likelihood of about 77% that the Fed will cut in September, according to the CME Group’s FedWatch gauge measuring futures market pricing.
Bowman's comments sent 2Y yields and the dollar tumblig...
... and sent odds of a rate cut surging.
Expect this to last the next war freakout sends oil - and inflation - expectations surging, and undoing all of the above.
https://www.zerohedge.com/markets/bowman-joins-race-powells-job-supports-july-rate-cut
Regencell Bioscience lacks any product, influential promoter, or narrative to sustain meme stock status like GameStop or Trump Media.
Novo Nordisk A/S scrapped a partnership with Hims & Hers Health Inc., saying the US company is using “deceptive marketing” to sell copycat versions of its obesity blockbuster Wegovy.
Hims, a telehealth platform, wasn’t stepping back enough from its practice of mass marketing compounded versions of the weight-loss medicine, said Dave Moore, the executive vice president of Novo’s US operations.
VSee Health, Inc. (Nasdaq: VSEE) a leading provider of HIPAA-compliant digital health solutions has been selected to support a NIH-funded Phase 3 clinical trial study on stroke recovery telerehabilitation based out of UCLA—the second such national trial of post-stroke telerehabilitation. The trial spans 29 hospitals and 202 patients, and will evaluate the outcomes of adding 6 weeks of gamified, home-based telerehab to improve arm functionality in stroke survivors while reducing costs like transportation, caregiver burdens, and hospital readmissions.
The proven efficacy of Phase 3 trials opens doors for Medicare and private payer reimbursement and opportunities in the $328M global stroke rehab market, where telehealth could disrupt traditional physical therapy with better adherence and lower costs. Success also paves the way for gamified telerehabilitation in other areas, e.g. multiple sclerosis, spinal cord injury, and traumatic brain injury rehab.
Cidara Therapeutics Inc (NASDAQ:CDTX) stock surged 90.1% following the announcement of positive topline results from its Phase 2b NAVIGATE trial evaluating CD388 for seasonal influenza prevention.
The biotechnology company reported that the study met its primary endpoint, demonstrating statistically significant prevention efficacy across all three dose groups tested. The trial evaluated CD388, a drug-Fc conjugate therapeutic developed using Cidara’s Cloudbreak platform, in healthy unvaccinated adults aged 18 to 64.
The highest dose group (450 mg) showed 76.1% prevention efficacy against laboratory and clinically confirmed influenza over 24 weeks, while the 300 mg and 150 mg doses demonstrated 61.3% and 57.7% efficacy, respectively. All results were statistically significant compared to placebo.
The study also met all secondary endpoints, including efficacy at different temperature thresholds and maintenance of prevention efficacy up to 28 weeks. Safety data showed similar profiles across all treatment arms with no safety signals observed.
"Results such as these are unprecedented in influenza and support our confidence in the potential of CD388 to offer robust, once-per-season protection against influenza A and B," said Jeffrey Stein, Ph.D., president and chief executive officer of Cidara.
CD388 is designed to provide seasonal protection against all influenza strains regardless of immune status. The company has submitted an end of Phase 2 meeting request to the FDA to discuss Phase 3 trial design and expects to present additional results at scientific conferences in 2025.
