1. Federal Reserve Rejects Larger Rate Cut: Donald Trump's own Fed appointee declines a half-point cut, holding at a quarter-point instead. The Fed signals it is unlikely to issue additional rate cuts, leaving markets uneasy as investors wait for clearer labor-market data.
2. AI Bubble Warning Signs Grow: AI markets continue surging, but regulators warn of a debt-fueled bubble driven by circular investment deals and massive leveraged acquisitions. If the bubble bursts, companies loaded with debt—and Americans through their 401(k)s—could take the hit.
3. Senate Republicans Approve 97 Trump Nominations: The Senate fast-tracks a major block of nominees across the executive branch and federal judiciary, overcoming Democratic objections and delivering the administration one of its largest confirmation pushes in years.
4. Treasury Secretary Scott Bessent Blasts Blue States for Blocking Tax Cuts: Several Democratic-led states refuse to implement key provisions of the One Big Beautiful Bill Act, including eliminating taxes on tips, overtime, and Social Security. The Treasury argues these states are deliberately preventing residents from feeling the economic benefits and sabotaging federal policy for political gain.

Erick Erickson breaks down the four major stories you need to know before the day ends. From political power plays in Washington to breaking developments the mainstream media is ignoring, this rapid-fire update cuts through the noise.

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