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Fed holds interest rates steady as economy weathers resurgent inflation

July 29, 2026 by WDNY Radio

(WASHINGTON) — The Federal Reserve held interest rates steady on Wednesday as the economy weathers resurgent inflation set off by the Iran war.

The policy decision arrived as oil prices surged and stock prices tumbled in response to a resumption of fighting in the Middle East, underscoring the challenge faced by central bankers tasked with containing price increases.

The Federal Open Market Committee, a 12-member policymaking body at the Fed, issued a statement describing “elevated” inflation attributed in part to “supply shocks that have driven price increases in certain sectors, including energy.”

Nine members voted in favor of maintaining interest rates at current levels while three members supported a quarter-point rate increase, the FOMC said.

The war triggered a historic oil shortage that drove up fuel costs and catapulted inflation to a three-year high.

A preliminary peace agreement in June offered up some relief, but a burst of on-again, off-again fighting in recent weeks has caused crude prices to rise.

Fed Chair Kevin Warsh, who took the helm of the central bank in May, has repeatedly vowed to slash inflation to the Fed’s desired level of 2%. The annual pace of price increases currently registers at 3.5%.

“Persistently high prices are a burden for the American people,” Warsh told reporters in Washington, D.C., last month. “This committee will deliver price stability.”

Odds stand in favor of a rate hike in September, the next time central bankers meet, according to the CME Group’s FedWatch Tool, a measure of investor sentiment.

Elevated price increases pose a challenge for central bankers eager to beat back price hikes. In theory, the Fed could raise interest rates in an effort to cool off prices, but the move risks a slowdown of hiring.

So far this year, hiring has proven largely resilient, despite increased costs borne by shoppers and businesses.

Over the first half of this year, the labor market added an average of 92,000 jobs each month, U.S. Bureau of Labor Statistics data showed. That pace marks an improvement from an average of about 7,000 jobs lost per month over the second half of 2025.

Oil prices, a key ingredient in overall price levels, have swung dramatically in recent weeks. Last month, oil prices briefly fell to their lowest level since before the late February outbreak of the Iran war on news that a preliminary agreement to end the war had been reached.

A resumption of large-scale fighting between the U.S. and Iran, however, cast doubt over the staying power of that deal.

Shipping traffic in the Strait of Hormuz declined sharply as the war escalated. The maritime trading route facilitates transport of about one-fifth of global oil supply. In turn, worldwide oil prices climbed above $100 a barrel last week.

By Monday, however, oil prices had plunged below $90 a barrel after the U.S. paused strikes on Iran in an apparent attempt at further negotiations. On Wednesday, surged back above $90 per barrel after fighting resumed.

Crude costs account for a large share of the price of auto gasoline. The average price of a gallon of gas currently stands at $4.09, according to AAA, which marks a 37% jump since the Iran war began in February.

Trump administration to end Medicare Part D subsidy program in 2027

July 29, 2026 by WDNY Radio

(WASHINGTON) — The Trump administration is ending a key health insurance subsidy program that aimed to keep premiums for seniors’ prescription drug plans in check, claiming that it benefits corporate insurance companies, according to Centers for Medicare & Medicaid Services Administrator Mehmet Oz.

Medicare Part D — the government health insurance program’s prescription drug benefit — is used by tens of millions of older or disabled beneficiaries.

The program’s subsidies are set to expire at the end of the year, the administration announced Tuesday.

That move will likely result in higher prescription costs and increase premiums for about half of recipients, according to an administration official.

The changes are anticipated to happen in 2027 and enrollees will find out the new monthly cost later this fall, administration officials said.

Currently the government pays billions of dollars to insurance companies as a subsidy to keep prescription drug insurance at an average of $36 per person per month, according to KFF, a health policy nonprofit.

Ending the subsidies may increase premiums for some by as much as $20 a month, according to KFF.

The move comes as Affordable Care Act subsidies have expired and health care costs remain a top issue for voters ahead of the midterm elections. The ACA subsidies helped lower the out-of-pocket costs for monthly premiums for people who purchased health care through the health insurance marketplace.

Trump administration officials decried the Biden administration for signing the Inflation Reduction Act, which they allege bailed out major insurance companies and resulted in increased premiums for Americans. Trump officials also claim that billions of dollars were funneled to the companies through Biden’s signature legislation

At the time, Biden officials touted the Inflation Reduction Act for allowing the government to negotiate with drug companies about the pricing for some of their most expensive medicines.

“We are stabilizing the market so this bailout is no longer needed,” Oz wrote in a post on X. “Premiums will go up by less than $10 for most Medicare recipients, with many even seeing LOWER premiums.”

“Every Medicare beneficiary still has access to low-cost plans, and we will continue to lower prescription drug prices for every American patient, from more MFN deals to our policy giving seniors access to GLP-1s for $50 a month,” he added, referring to “most favored nation” deals under which pharmaceutical companies charge U.S. patients the same rate as they charge in other countries.

The news about the Medicare Part D subsidies ending was first reported by The Wall Street Journal.

About half of enrollees will either see a premium increase of less than $10 or a premium decrease and most will have plans available at $10 or less, according to a Trump administration official.

Oil prices surge after Trump vows retaliation for Iranian attack

July 29, 2026 by WDNY Radio

(NEW YORK) — Global oil prices surged on Wednesday after an Iranian attack elicited a vow of reprisal from President Donald Trump, ending a brief calm that had renewed hope among investors of a negotiated resolution.

A benchmark index for worldwide crude prices climbed more than 7% on Wednesday, crossing above $90 a barrel.

Major stock indexes, meanwhile, tumbled. The Dow Jones Industrial Average plunged 710 points, or 1.3%, while the S&P 500 increased 0.6%. The tech-heavy Nasdaq declined 0.8%.

Oil prices account for a large share of the price of auto gasoline. The average price of a gallon of gas currently stands at $4.09, according to AAA, marking a 37% jump since war broke out in late February.

Trump on Wednesday said the U.S. will respond to an overnight missile attack launched by Iran.

“We’ll be hitting them [Iran] hard,” Trump told Fox News.

The U.S. intercepted an “attempted surprise attack” involving multiple ballistic missiles, which targeted U.S. forces in the Middle East on Tuesday, according to U.S. Central Command.

Oil prices have swung dramatically over recent weeks in response to on-again, off-again fighting.

Last month, oil prices briefly fell to their lowest level since before the war on news that a preliminary peace agreement had been reached.

A resumption of large-scale fighting between the U.S. and Iran, however, cast doubt over the staying power of that deal.

Another round of price relief arrived on Monday after the U.S. paused attacks on Iran over the weekend, but the resumption of fighting on Tuesday rekindled price gains.

The Iran war set off a jump in overall inflation due in large part to a rise in oil prices and, in turn, fuel costs.

“Persistently high prices are a burden for the American people,” Warsh told reporters in Washington, D.C., last month. “This committee will deliver price stability.”

The Fed stands poised to issue a decision on the level of interest rates on Wednesday afternoon.

It could raise interest rates in an effort to cool off prices, but the move risks a slowdown of hiring.

Futures markets peg a roughly 66% chance of interest rates being left unchanged on Wednesday, according to the CME Group’s FedWatch Tool, a measure of investor sentiment. Odds, however, stand in favor of a quarter-point rate hike in September, the next time central bankers meet.

More than 18,000 cyclosporiasis cases reported across 45 states: CDC

July 29, 2026 by WDNY Radio

(WASHINGTON) — Cases of cyclosporiasis, an intestinal illness caused by a parasite, have topped 18,000 in 45 states, according to updated data Wednesday from the Centers for Disease Control and Prevention.

Since May 1, at least 6,707 cases have been laboratory-confirmed, including 423 hospitalizations, the CDC noted.

Additionally, the agency said it is “aware” of more than 11,500 additional cases that are not laboratory confirmed or require further investigation and analysis. Many of these additional cases have been reported by Michigan and Ohio, which have linked the bulk of their cases to now recalled iceberg lettuce.

The CDC notes that this parasite typically spikes in the summer months, so other states could be seeing cases tied to other sources.

Health officials have previously said that increases in cases may reflect reporting delays rather than a fresh wave of infections.

The CDC said it can take up to six weeks to determine if a sick person should be counted in the agency’s tally.

Additionally, the average time between infection and when symptoms appear is one week but can take up to two weeks or longer, according to the CDC. This means it may take some time for diagnosis and reporting to catch up.

The ages of those who have fallen ill ranges from 1 to 98 years old, the data shows. No deaths have been reported.

While health officials have linked some of these cases to shredded iceberg lettuce served at some Taco Bell restaurants in nine states, the agency said it is possible there are other potential sources — something officials continue to investigate.

The lettuce at Taco Bell was supplied by Taylor Farms and sourced from central Mexico. Earlier this month, Taylor Farms de Mexico issued a voluntary recall of all iceberg lettuce sourced from central Mexico, with the recall affecting 27 states.

The recalled products were distributed from June 29 through July 16 and have best-if-used-by dates up to Aug. 3.

Additionally, Taco Bell said it is no longer using lettuce from Taylor Farms de Mexico at any of its restaurants.

ABC News’ Mary Kekatos contributed to this report.

Fauci invokes 5th Amendment during Senate testimony, refrains from answering lawmakers’ questions

July 29, 2026 by WDNY Radio

(WASHINGTON) — Dr. Anthony Fauci, who helped lead the U.S. response during the COVID-19 pandemic, invoked the Fifth Amendment amid plans to testify before the Senate’s Homeland Security and Governmental Affairs Committee (HSGAC) on Wednesday and refrained from answering questions.

The committee is chaired by Republican Sen. Rand Paul of Kentucky, who has long accused Fauci of deceiving Americans about the origins of the COVID-19 pandemic.

“It pains me to do so because of the respect that I have for the legislative branch of government and my decades long record of cooperating with Congress, under the advice of my attorneys, I will invoke my right under the Fifth Amendment of the Constitution to refrain from answering your questions,” Fauci said during his opening statement.

Fauci said he testified before or briefed congressional committees over 200 times in his 38 years as director of the National Institute of Allergy and Infectious Diseases.

“Given Senator Paul’s obvious obsession with calling for my prosecution, his repeated slanderous comments about me, and recently his publicly releasing my unredacted personal diary aimed at embarrassing and intimidating me, the only conclusion I can reach is that the sole reason he is calling me before this Committee is to get me to say something that could vindicate his repeated public pledges that I end up, in his words, ‘behind bars,'” Fauci said.

Paul focused his questioning on Fauci’s personal journal entries between December 2019 and December 2022, as well as the origins of COVID-19, but Fauci declined to answer the questions.

One of Fauci’s attorneys, David Schertler, who was sitting next to him, attempted to speak several times after Paul’s questioning was over, but the senator shut him down, saying the attorney wasn’t recognized.

“You were told not to sit at the table, you insist on sitting at the table, and we told you you would not be recognized,” Paul said to the attorney. “You are not invited here for testimony, sir. You are being disruptive. Would you behave this way in a courtroom? No, because the judge would put you in jail. I can’t do that today, but I can have you escorted from the premises.”

After about another minute, Paul called for security and Capitol Police had Schertler escorted from the room.

Republicans on the committee hammered Fauci over entries in his journal that they claim show he contradicted himself and sought personal fame.

Sen. Ron Johnson, sounding incredulous, said that Fauci lied to his own diary when Fauci wrote that he was never shown a March 2020 re-opening plan sent to governors by President Donald Trump.

“So I’m just simply asking you: Is that true? Did you literally lie to your own diary? Did you know of that letter sent to governors about reopening county by county?” Johnson said.

Fauci again declined to respond.

Other Republican senators, including James Lankford of Oklahoma, asked Fauci about the theory that the COVID-19 virus originated in a laboratory, but the doctor declined to answer questions.

Democrats on the committee defended Fauci’s right to plead the Fifth. They used their time to condemn the hearing as a fishing expedition — and one that is distracting the committee from more pressing public health concerns.

Democratic senators thanked Fauci for his years in public service and dismissed the questions posed by their Republican colleagues.

Ranking member Sen. Gary Peters, D-Mich., decried the hearing as counterproductive, saying the attacks on Fauci would deter others from engaging in the work necessary to protect from public health crises.

“I think today’s hearing, unfortunately, does real damage,” Peters said. “It’s tempting to turn one person into the scapegoat for a crisis that hundreds of officials across both the Trump and the Biden administration were responsible for handling.”

Sen. Richard Blumenthal, D-Conn., referred to the pandemic as some of the “darkest days or times on our history” and said Republicans were attempting to “rebrand” Fauci as a “villain.”

“Dr. Fauci is just one part of this larger campaign against science and facts — a campaign that has made Americans less safe,” Blumenthal said. “It is shameful that in a dedicated public service like Dr. Fauci has experienced persistent threats to his life since the pandemic because of the lies that are told about him.”‘

This is a developing story. Please check back for updates.

A true American original’: Trump eulogizes Sen. Lindsey Graham at Washington funeral

July 28, 2026 by WDNY Radio

(WASHINGTON) — National political leaders and prominent figures from around the globe are remembering South Carolina Republican Sen. Lindsey Graham with a ceremony on Capitol Hill and a funeral service in Washington, D.C., on Tuesday.

President Donald Trump paid tribute to his close ally at Washington National Cathedral on Tuesday afternoon.

“Today, we gather in the deepest gratitude and profoundest sorrow to honor a beloved friend, a devoted brother, a respected statesman, a giant of the United States Senate and a true American original who left us much too soon,” Trump said. “And that can only be the one and only Lindsey Graham.”

The cathedral funeral is being attended by a number of world leaders, including Israeli Prime Minister Benjamin Netanyahu and Ukrainian President Volodymyr Zelenskyy. Graham worked closely with both men as a staunch ally to both nations. Graham spent some of his final days in Ukraine and met with Zelenskyy just before he died.

Sean Hannity and Graham’s niece, Emillie Boggs Roberts, will also deliver remarks.

Graham first was recognized with a ceremony in the Capitol rotunda Tuesday morning. His casket, draped in an American flag, was escorted by Air Force personnel and received by members of his family, including his sister Sen. Darline Graham, on the Capitol steps.

A great number of senators, both Democrats and Republicans, were in attendance. Senate Majority Leader John Thune and Vice President JD Vance gave remarks, as did South Carolina Republican Rep. Sheri Briggs.

Thune remembered Graham for his work in national security and defense, his efforts on the Senate Judiciary Committee and for his commitment to pro-life issues.

Thune seemed to choke back tears toward the ends of his remarks as he said a final goodbye to Graham.

“To Lindsey, rest in peace, my friend. I look forward to the days when you make us all laugh again,” he said.

Vance said he will remember Graham as someone who would fight alongside you on issues you both care about while respectfully disagreeing on others, and shared a story of an “intense argument” they had over Ukraine, but that it didn’t stop Graham from supporting him on another issue.

“I choose to remember Lindsey Graham as a person who could fight with you on one issue, but fight for you on another issue,” the vice president said. “I remember Lindsey Graham as a man who loved people, and because he loved people, he was willing to reason with them, to respect them, and ultimately to persuade them.”

“It was impossible not to like him — that swashbuckling, infectious laugh, that attitude, that passion that so many others have talked about. Lindsey Graham was impossible not to like as a human being, and of course, as a United States senator,” Vance added in his speech.

Graham served more than two decades in the Senate, becoming one of the chamber’s most recognizable Republicans and one of Trump’s closest friends and advisers. He advised the president on foreign matters, including the recent war in Iran, and was a prominent fixture of the Senate’s powerful Judiciary Committee.

He died suddenly and unexpectedly on July 11 at the age of 71. Preliminary findings from the Medical Examiner of the District of Columbia said that the senator died due to “aortic dissection due to arteriosclerotic cardiovascular disease.”

Graham’s casket will return to South Carolina on Wednesday, where further memorial services are set for Columbia, the state’s capital, and Pickens County, where Graham grew up and part of the district he represented.

The U.S. Air Force will rename Joint Base Charleston in South Carolina for Graham, a White House official confirmed on Tuesday.

The base, which falls under the command of the United States Air Force’s 628th Air Base Wing, will be renamed to Joint Base Lindsey Graham, according to a memorandum from Secretary of the Air Force Troy Meink dated July 27.

In the memo obtained by ABC News, Meink said that the renaming would honor “Graham’s decades of distinguished service to the United States Congress and the United States Air Force.” It was not immediately clear when the change would go into effect.

Kentucky governor calls on McConnell to ‘verbally address’ Kentuckians or resign

July 28, 2026 by WDNY Radio

(NEW YORK) — Kentucky Gov. Andy Beshear called on Monday for Sen. Mitch McConnell to either “verbally” show proof to Kentuckians that he can still serve in the Senate or to resign from Congress.

“Important events are happening in our country right now during your absence,” Beshear, a Democrat, wrote in a letter to the Republican senator, according to a copy obtained by ABC News.

McConnell has been hospitalized since June 14, according to his office, which said on July 12 that the 84-year-old senator was recovering from a fall that left him briefly unconscious. He also had to deal with a “mild case of pneumonia,” his office said.

“President [Donald] Trump is stuck in a war of his own making and has greatly strengthened the very country he claims is a threat,” Beshear wrote. “Prices continue to rise, crushing Americans who are working hard but not getting ahead. Americans’ voting rights are being eliminated by the Supreme Court and threatened by congressional action. All while you are absent and refuse to communicate clearly and directly to the people you serve.”

“As Governor of the state you serve, I am calling on you to directly and verbally address the people of Kentucky and provide proof of your capacity to serve, or resign,” he added.

ABC News reached out to McConnell’s office for comment, but didn’t immediately receive a response.

The letter followed a statement issued on Monday by McConnell’s office, in which the senator said he would miss an upcoming Kentucky political event in order to continue his rehabilitation.

“I’m still working hard to get back to my full schedule of work in the Senate and in Kentucky, keeping up with intense physical therapy per my doctors’ orders,” McConnell said in the statement.

McConnell’s office also included a new image of the senator and his wife, Elaine Chao, that it said was taken on Sunday, July 26.

Beshear on Monday also sent a separate letter to Senate Majority Leader John Thune, calling on Thune to investigate McConnell’s condition and, if McConnell does not show he can continue serving in the Senate, to begin the process of potentially expelling McConnell from the chamber.

“Per our research, a vacancy in the Senate occurs when a senator dies, resigns, or is expelled by a vote of the Senate itself,” Beshear wrote in the letter to Thune. “If Senator McConnell is unwilling to voluntarily show that he still has the capacity to serve, I will insist that you as the Majority Leader of the Senate fully investigate his condition, report to the American people, and begin the process if warranted.”

Beshear as governor does not have the authority to alter McConnell’s standing in the Senate. If McConnell’s seat were to become vacant, Beshear would likely have to set up a special election to fill it.

Kentucky lawmakers previously passed legislation that blocked the governor from having the ability to appoint a temporary replacement.

Sen. Lindsey Graham’s funeral services take place in DC

July 28, 2026 by WDNY Radio

(WASHINGTON) — National political leaders and prominent figures from around the globe will remember South Carolina Republican Sen. Lindsey Graham with a ceremony on Capitol Hill and a funeral service in Washington, D.C., on Tuesday.

Graham is first being recognized with a ceremony in the Capitol rotunda. His casket was brought to the Capitol, where he is being honored by his fellow senators.

The ceremony includes remarks from Senate Majority Leader John Thune and Vice President JD Vance, according to the program.

Graham served more than two decades in the Senate, becoming one of the chamber’s most recognizable Republicans and one of President Donald Trump’s closest friends and advisers. He advised the president on foreign matters, including the recent war in Iran, and was a prominent fixture of the Senate’s powerful Judiciary Committee.

Later Tuesday, there will be a funeral service at the Washington National Cathedral. Trump is expected to speak at the service, according to the office of Darline Graham, the late senator’s sister who was sworn in earlier this month to finish out the rest of his term.

The cathedral funeral is expected to be attended by a number of world leaders, including Israeli Prime Minister Benjamin Netanyahu and Ukrainian President Volodymyr Zelenskyy. Graham worked closely with both men as a staunch ally to both nations. Graham spent some of his final days in Ukraine and met with Zelenskyy just before he died.

Powerful earthquake rocks Japan, damaging buildings and mall in south

July 28, 2026 by WDNY Radio

(TOKYO and LONDON) — A powerful earthquake rocked southern Japan on Tuesday, damaging building, causing injuries and prompting warnings from officials, according to local authorities and broadcasts.

The U.S. Geological Survey said the quake measured at a magnitude of 6.8 after initially releasing a preliminary magnitude of 7.1.

It struck Kyushu Island, in the Kumamoto Prefecture, shortly before 4:30 p.m. local time, according to the U.S. Geological Survey, where a large shopping mall has been damaged.

The shopping mall was evacuated when the quake struck, Japan’s NHK News reported, adding that there appeared to have been an explosion in the aftermath of the earthquake and that injuries were reported in the area.

Aerials taken from above the shopping mall appeared to show that a number of walls, as well as the roof, partially collapsed. NHK reported that the fire department said the second floor of the building collapsed.

The quake struck about 6 miles below the island, which is the southernmost of the main Japanese islands, according to local and U.S. weather officials.

The quake prompted the Japan Meteorological Agency to issue and later lift a tsunami advisory for the coasts of the Ariake Sea and the Yatsushiro Sea.

The agency warned that further quakes may strike the area in the coming days, with an official saying, “As the place where the latest earthquake occurred is shallow, this shows that many earthquakes have occurred.”

The rumbling on Tuesday afternoon lasted for about a minute, according to Japan’s NHK News, which broadcast images of apparent smoke or fire nearby.

The prefecture’s airport, Kumamoto Airport, in Mashiki, suspended flights all flights shortly after the quake, according to a notice posted on its website.

Japan’s Nuclear Regulation Authority said in an emergency update that it had not recorded “abnormalities” at nearby facilities in Ikata, Genkai and Satsumasendai City.

Several thousand homes were without power following the quake, NHK reported.

Officials urged people to stay away from the ocean and the sea shore. They also warned residents to watch for possible landslides.

Japanese Prime Minister Sanae Takaichi said strong shaking could be felt in both city of Uki and the town of Hikawa. She warned of potential tsunamis of about a meter, or just over 3 feet, near the Ariake and Yatsushiro seas.

“I urge residents in areas that experienced strong shaking to remain vigilant against the possibility of further earthquakes of similar magnitude,” she said in a statement posted in Japanese on social media.

ABC News’ Joe Simonetti contributed to this report.

Sen. Lindsey Graham’s funeral service to take place in DC on Tuesday

July 28, 2026 by WDNY Radio

Graham will first be recognized on Tuesday with a ceremony in the Capitol rotunda. His casket will be brought to the Capitol where he will be honored by his fellow senators.

Details of that ceremony have not yet been made available.

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