Trump Signs Executive Order to Cut Federal Workforce, Empower DOGE Agency

President Donald Trump signed an executive order on Tuesday mandating federal agencies to collaborate with the Department of Government Efficiency (DOGE) to reduce their workforce and limit future hiring. The order strengthens DOGE, led by billionaire Elon Musk, by placing a “DOGE Team Lead” in each agency with authority over hiring decisions. Agencies must follow a "one hire for every four departures" rule after the hiring freeze lifts, with exceptions for public safety and law enforcement roles. The order also directs agencies to prepare for significant workforce reductions. Critics, including federal employee unions, argue the move will weaken essential government services.

Source: The Washington Post

Hegseth to Visit NATO as Allies Seek Clarity on Ukraine, Military Spending

U.S. Defense Secretary Pete Hegseth is set to visit NATO headquarters on Wednesday, marking the first high-level engagement between the Trump administration and the alliance. As the war in Ukraine nears its third anniversary, NATO allies are eager to understand Trump's approach, particularly regarding military aid and diplomatic efforts to end the conflict. Hegseth, in "listening mode," will attend a meeting of the Ukraine Defense Contact Group but is not expected to announce new military aid. The Trump administration has signaled a shift in responsibility toward Europe, with National Security Adviser Mike Waltz stating that European nations must "own this conflict going forward." NATO leaders are also preparing for debates over defense spending, as Trump has proposed raising the alliance's budget target to 5% of GDP—far above the current 2% guideline. Hegseth, however, has suggested that U.S. military spending should not drop below 3%.

Notes: Currently, 23 out of 31 NATO members meet or exceed the 2% GDP target, but no nation has reached 5%. Poland is the closest, spending over 4%. The U.S. currently spends about 3.3% of its GDP on defense.

Source: Associated Press

Powell Signals No Rush to Cut Interest Rates

Federal Reserve Chairman Jerome Powell testified before the Senate Banking Committee on Tuesday, indicating that the central bank sees no urgent need to cut interest rates. With inflation still elevated and the job market strong, Powell emphasized a cautious approach, suggesting rate reductions will depend on further economic data. Powell avoided commenting on the political aspects of Trump's trade policy but reaffirmed the Fed’s independence, stating that the president cannot remove board members. Republican senators raised concerns about "debanking"—the alleged regulatory discouragement of banks from working with politically disfavored businesses, such as those in the cryptocurrency sector. Powell responded by stating the Fed would take a “fresh look” at their supervision manual.

Source: NPR

Notable Headlines

• Apple and Google change “Gulf of Mexico” to “Gulf of America” in maps

• Tesla stock falls 6%, BYD says it will partner with DeepSeek to create self drivign systems

• Santorini, Greece hit with earthquakes between 4 and 5.3 magnitudes

• Elon Musk claims DOGE team found evidence FEMA spent $59M to house illegal migrants