When the Fed Chair Walks Into the Room

We Wouldn’t Want To Trade Places With Kevin Warsh

What’s going on: There’s a 90% chance the federal interest rate goes up today... and a 100% chance that President Donald Trump might not like it, according to analysts. Fed Chair Kevin Warsh has been keeping it quiet for the most part, but he’s expected to raise interest rates at 2 pm ET for the first time since July 2023. Most traders are betting on a quarter-percentage-point increase to help bring inflation down to the Fed’s 2% target. Considering that Trump has a history of bullying the Fed chair for not lowering rates, all eyes are on the president. Raising the rates risks unleashing Trump’s wrath, but not following through also risks Warsh’s credibility and independence. One administration official said that while Trump would “100% support” whatever the Fed decides, the president wouldn’t be “super happy” about a rate increase.

Oh, the irony: It’s more than that. The White House has been demanding lower rates because with 48 days to go before the midterm elections, a cost-of-living crisis might make or break Trump’s party. A new report shows the Iran war has been driving up costs like gas prices, and the new tariffs and the AI tech race aren’t helping either. A rate hike could mean borrowing costs get more expensive for new car loans and some mortgages, and credit card interest rates (with average rates already over 22%) are on track to reach record highs. That spells trouble for many families. One June survey found that 56% of Americans are already using credit cards to get basic necessities like groceries, gas, and utilities. 

Related: Treasury Secretary Scott Bessent Praised Trump’s “Economic Turnaround” In His Testimony (The New York Times gift link)

Immigration

Pregnant, Detained, and Denied Medical Care 

What's going on: In the first nine months of 2025, at least 18 pregnant women and girls in ICE custody miscarried. Then, as arrests surged in October, ICE stopped keeping track because of a change in its medical accounting system, a DHS spokesperson told The Guardian. Data shows that ICE arrested record numbers of pregnant women and girls between January 2025 and February 2026. (More recent data has not been released, but The Intercept reported that there were 14 pregnant women in a single detention center last April.) In interviews with The Guardian, three women in ICE detention said they did not receive follow-up medical care after miscarrying or experiencing pregnancy complications, despite ongoing pain. Previously, one woman told Nashville Banner that she had a stillbirth after pleading for medical care. ICE deported her ten days later. Her baby’s ashes remain in the US. 

How is this happening?: It’s not supposed to be. According to a 2021 DHS directive, ICE should avoid detaining pregnant, postpartum, and nursing women “unless release is prohibited by law or exceptional circumstances exist.” If they are detained, ICE officers are instructed to monitor and document their health. Critics say it’s notable that ICE no longer keeps track of miscarriages; one attorney told The Guardian that it’s likely “intended to cover up the level of life-threatening medical neglect that’s happening in these facilities.” Some members of Congress are trying to take action. Last year, Sen. Patty Murray (D-WA) re-introduced the “Stop Shackling and Detaining Pregnant Women Act,” co-sponsored by 22 Democratic and Independent senators. The latest version of the bill has been in committee for the past year and a half.

Related: The States Where ICE Arrests Have Increased the Most (Newsweek)

Tech Talk

Panic at the Desk-O

What's going on: Workers anxious that technology will eventually replace them isn’t a new concept. (Remember when Michael Scott was handed a BlackBerry on The Office and threatened an ageism suit?) But according to a recent Gallup poll, more than 27% of US employees fear technology is coming for their jobs. That’s up 7% from last year, and roughly double since 2017. For workers under age 45, tech displacement is their number one job fear (not someone microwaving fish in the break room). And their concerns are not unfounded — from 2022 to 2025, entry-level tech jobs in New York City fell 49% and remained stagnant at other levels. 

Tell me more: Experts say AI replacement is only partially to blame, but don’t tell that to Oracle employees who woke up Monday to a 6 am email saying, “Today is your last working day.” This is the company’s second round of layoffs after letting go of roughly 13% of its staff earlier this year even as it ramps up AI spending. While some jobs might go away, with innovation come opportunities for new industries (and jobs) to emerge. Last month’s jobs report beat expectations, and some industries — like healthcare and hospitality — are hiring. Plus, it’s not like technology hasn’t been evolving and changing the workforce since the beginning of time — we used to play The Oregon Trail on an IBM, after all. We’d just like the robots to find a way to keep wages on pace with inflation and keep our benefits.  

Related: 162,000 New Nonfarm Payroll Jobs Were Created in August — 98% Were Filled By Women (CNBC)

Fall Fashion Week

Welcome back to Fall Fashion Week. Today, we’re focusing on having fun with your wardrobe, whatever “fun” means to you. Whether you’re running an errands marathon or going out-out (good for you), start with these off-duty outfit ideas:

• Relaxed weekend outfits that don’t make you look sloppy

• Our favorite jeans-and-shoes combos

• Our definitive guide to fall jackets

Quick Hits

👑 Just days after starting the new school year, Prince Harry and Meghan Markle are moving their two children to a different school, citing security concerns.

🎶 Oasis is planning another Xennial convention — sorry, a new 38-date tour — after a successful reunion last year. Anyway, here’s “Wonderwall.”

🎤 Shailene Woodley gave the perfect response when asked for comment on Aaron Rodgers' recent claims about their split. Sometimes laughter speaks louder than words.

🍁 If you prefer leaf peeping to sunbathing, here are 11 places in the US with amazing fall foliage. And no, they aren’t all in New England. 

📚 Apparently, the secret to making your shelves look chic instead of cluttered is something called the triangle method. Your trinkets will thank you.

🚢 Benny Blanco is so afraid of flying that he crosses the Atlantic by boat, watching Titanic every time. We need to know if he also thinks Jack could have fit on the door.