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  • The Week Evening Review
    Market reaction to firing Powell, the WNBA's refereeing problem, and multi-titled Trump officials

     
    TALKING POINTS

    Trump's threats to fire Powell are unsettling markets

    We do not know if President Donald Trump will fire Jerome Powell from his job as chair of the Federal Reserve. But we do know the financial markets do not much like the idea.

    Trump's attacks on Powell for not reducing interest rates have "rattled financial markets," said the Financial Times. Investors are concerned about both the "central bank's independence" and its "long-term ability to fight inflation." 

    Markets briefly tumbled last week amid reports that Trump would fire the Fed chair, then rebounded after he said he was "highly unlikely" to do so, said the FT. There's still nervousness on Wall Street, however. 

    'Velociraptors testing the fences'
    A Powell firing would likely lead to "higher long-term borrowing costs," said Axios. The Fed is currently "removed from the day-to-day political maw." 

    If the central bank comes under "more direct White House control," though, the Fed's mission to rein in inflation will take a back seat to Trump's desire to cut short-term interest rates, said Axios. Ironically, that would likely push up long-term rates. "Expect a period of volatility" if Trump follows through on his threats.

    Trump knows he "can't just bust down the Fed's door" without triggering a reaction from Wall Street, said Allison Morrow at CNN. For now, markets are largely operating in "TACO mode," assuming that Trump will "chicken out" before making good on his complaints against Powell. 

    Trump might still decide to follow through on his instincts "even if they would be disastrous for the economy," said Morrow. But for now, Trump and his team seem content to float trial balloons about Powell's job security "like the velociraptors testing the fences for weakness in 'Jurassic Park.'"

    'Big quagmire'
    Trump is "walking into a big quagmire," said Capitol Securities Management's Kent Engelke to MarketWatch. Firing Powell would be misguided because his stance reflects the "consensus view" of the Federal Open Market Committee that sets rates. If Trump wants lower short-term rates, he would "also need to fire anyone else" on the central bank board who opposes his wishes.

    Without Trump's tariffs and trade wars, the Fed "would have already lowered interest rates," said Jared Bernstein, the former chair of the Council of Economic Advisers, at MSNBC. If Trump wants interest rates to come down, he should end the trade war. The president "doesn't need to fire Powell. He can do that himself."

     
     
    QUOTE OF THE DAY

    'I don't want to just survive. Medicaid helps me live a fulfilling, independent life in my community. I should be able to control my own life, just like anyone else.'

    Rob Stone, a disability rights advocate in Maryland, speaking about his reliance on two state Medicaid programs. The 4.5 million people who receive Medicaid-covered home-care services annually fear these services could be at risk because of the roughly $1 trillion in federal Medicaid spending cuts to come over the next 10 years.

     
     
    TODAY'S BIG QUESTION

    Are referees and 'physicality' hurting the WNBA?

    The WNBA played its All-Star Game over the weekend, but Caitlin Clark, the league's most popular player, sat out with injuries. It's the latest flashpoint in a leaguewide debate over physical play and referee quality right at the moment the WNBA is rising in national prominence.

    WNBA officiating "remains a sore point" across the league, said USA Today's For the Win. That is especially true where Clark is concerned. Other teams play against Clark with a "level of physicality," said Indiana Fever coach Stephanie White. But Clark is not the only player struggling. Injuries are "high all across the league," said FTW, raising the question of "what's permissible" to WNBA referees while they are calling games. 

    The league is "facing increasing pressure" to address its referee issue, said ESPN. "Tensions over officiating have boiled over" in game after game, drawing newfound scrutiny thanks to the growing popularity of women's basketball.

    What did the commentators say?
    WNBA officiating problems are a "threat to the game," said Sally Jenkins at The Washington Post. The "chronically lousy, second-rate officiating" has resulted in an "uglification of the game" dominated by hard fouls. The "ugly math" is that the league's 179 players have suffered a reported 141 injuries since opening day. 

    There's a "need for better, fairer, more consistent officiating across the entire WNBA," said Emma Baccellieri at Sports Illustrated. While it's true that complaints about referees are "universal" across all sports, the WNBA is experiencing a "pattern of mistakes that are hampering the quality of play and the growth" of the league. Players do not need "paternalistic coddling," but they do need "structural" improvements that can raise the overall level of officiating.

    What next?
    WNBA Commissioner Cathy Engelbert defended the league's officiating in a recent media session, said Athlon Sports. While there's "room for growth and improvement" among the league's referees, it's also true "no winning team ever complains about officiating," she said.

    Still, the state of officiating might be an issue in negotiations over the new collective bargaining agreement between the league and its players, said Yahoo Sports. The players want a contract that gives a "rightful share of the business that we have built" but also "improves working conditions," the WNBA union said in a statement. The current agreement ends on Oct. 31.

     
     

    Statistic of the day

    23: The number of billionaires in Africa. The continent had "no billionaires in 2000," but now 23 have an estimated shared wealth that has "rocketed by 56% in the last five years," said the charity Oxfam. The four richest men are worth $57.4 billion and are "wealthier than half the continent combined."

     
     
    IN THE SPOTLIGHT

    Trump officials who hold more than one job

    The sheer pervasiveness of Trump administration officials holding at least one additional high-level administrative position has alarmed some observers, raising questions of overreach and inappropriately consolidated power. As the White House continues its MAGA assault on the pillars of government, exactly how do these administration officials pulling double duty fit in with the president's vision?

    'Irresponsible' and 'practically impossible'
    Trump officials holding multiple administration jobs include: Deputy Attorney General and acting Librarian of Congress Todd Blanche; Transportation Secretary Sean Duffy, who was named interim NASA director this month; U.S. Trade Representative Jamieson Greer, who pulls triple duty as acting director of the Office of Government Ethics and acting special counsel of the Office of Special Counsel; and Secretary of State Marco Rubio, who also serves as an acting administrator of the U.S. Agency for International Development, acting archivist for the National Archives and acting National Security Adviser.

    The "time-consuming nature" of "high-level government roles" has some experts warning that running multiple agencies is not only "irresponsible" but "practically impossible," said The Boston Globe. The White House's extensive "dual-hatting" reflects Trump's attempts to "learn from his first term," said The Atlantic. The Heritage Foundation authors of Project 2025 "lamented that Trump was very slow to appoint people to fill administration roles" and "recommended using more acting appointments" as the president tries to fill positions that are "very important but below Cabinet rank." 

    'Model of a confused startup operation'
    As the highest-ranking member of the Trump administration to hold multiple positions, Rubio has become the poster child for dual-hatting. When Trump "likes you and trusts you, he loads you up," said one White House official to Axios. Marco is "loaded up." 

    Dual postings can lead to "managerial challenges, constitutional questions and potential conflicts of interest," said NBC News. Loading multiple roles onto a limited talent pool is the "model of a confused startup operation," said Yale University School of Management Professor Jeffrey Sonnenfeld to the outlet. Ultimately, Trump may be keeping his power concentrated in such a small group, said the outlet, because it "suppresses any challenges to his authority."

     
     

    Good day 🏘️

    … for a meme stock. Real estate tech company Opendoor's stock is the latest to become popular with retail investors on social media. Last week, it surged more than 188%. And today, shares are rising as much as 115% in afternoon trading as the rally continues.

     
     

    Bad day 🏳️‍⚧️

    … for trans rights. Puerto Rico has banned hormone therapy and gender surgery for trans people under 21. The law calls for "15 years in prison for any violators,” said The Associated Press, as well as a "$50,000 penalty and the revocation of all licenses and permits of medical staff members."

     
     
    Picture of the day

    Training turned tragedy

    Emergency crews launched a search-and-rescue operation today after an Air Force training jet crashed into a school in Dhaka, Bangladesh, due to a mechanical failure. The plane slammed into the building during afternoon classes, killing at least 19 people and injuring 171 others in what's now the country's deadliest aviation accident in decades.
    Jubair Bin Iqbal / Getty Images

     
     
    Puzzles

    Daily crossword

    Test your general knowledge with The Week's daily crossword, part of our puzzles section, which also includes sudoku and codewords

    Play here

     
     
    The Week recommends

    Tips for avoiding ticks during your summer travels

    If you plan on spending any time outdoors this summer, preventing tick bites should be a priority. Here are ways to keep you, your family and pets safe.

    Dress to repel
    Protect your skin by covering it. Wear long pants, light-colored long-sleeved shirts and closed-toe shoes, tucking your pants into your socks. Spray clothing, boots and camping gear with products containing 0.5% permethrin, an insecticide, or purchase pretreated garments. Some tick-repellent clothes and accessories have mesh elements, and it's a "combination of these kinds of features — chemical treatment and design — that work best to keep you comfortable," said Popular Mechanics.

    Do spot checks
    Once a tick settles in, it could feed for several days, increasing the risk of it spitting an "infectious dose of whatever germ it might be carrying into you," Thomas Mather, the director of the University of Rhode Island's Center for Vector-Borne Disease, said to NPR. Doing frequent spot checks makes it easier to catch a tick before the tick can get too comfortable. Look everywhere, and do a final check of your clothes and body when you are inside and before taking a shower.

    Protect your pets in advance
    Check with your vet about outfitting your dog or cat with a flea-and-tick collar or using an oral or topical treatment. Do thorough spot checks in their fur (especially in cats and dogs with longer hair, where ticks can hide more easily), beneath collars, under tails, in ears and between toes.

    Read more

     
     

    Poll watch

    Two out of 5 American adults (42%) who have seen a dentist in the past year rate their health as "excellent" or "very good," according to the Gallup National Health and Well-Being Index. Among the 11,906 surveyed, more than seven in 10 (71%) visit a dentist each year.

     
     
    INSTANT OPINION

    Today's best commentary

    'We need bold, proven interventions to restore civic faith'
    LaJuan Allen at USA Today
    A "powerful act of democratic innovation is hiding in plain sight," says LaJuan Allen. "We need to lower the voting age to 16," like the U.K. recently did. Sixteen-year-olds "work jobs, pay taxes and, in many cases, help support their families." Further, at this "stage in life," many "live in stable home environments, attend school and are surrounded by supportive adults," which makes them "more likely to adopt voting as a habit."

    'Palestinians are starving to death amid the deafening silence of the world'
    Moncef Khane at Al Jazeera
    Many experts have concluded that famine is "present in the besieged Gaza Strip," so it's "hard to understand why the competent U.N. entities" have "not yet reached the conclusion," says Moncef Khane. "Images of emaciated bodies reminiscent of those taken in Nazi concentration camps tell the macabre tale of the reality in Gaza, blockaded by the uncompromising Israeli occupation forces." And yet, though "one million children in Gaza are facing the risk of starvation, 'famine' is not yet declared."

    'Poor students continue to enroll in lower-value institutions than their rich peers'
    Julien Berman at The Washington Post
    "Higher education has become regressive, widening class divisions by delivering far greater returns to wealthy students than to their low-income peers," says Julien Berman. "Most students who enroll in college graduate, and over a lifetime, that degree tends to translate into better job opportunities." But "wealthy college-goers" largely outearn "low-income students." The "primary reason for the shift: a decades-long policy failure that funneled poor students away from four-year research universities and into two-year community colleges and for-profit institutions."

     
     
    WORD OF THE DAY

    polygenic

    A type of risk score given by a new DNA test. The polygenic risk score is considered twice as effective at predicting obesity as the previous best test. More than 600 scientists worldwide drew on the genetic data of more than 5 million people to develop the test, which can also predict how well adults might respond to targeted weight-loss programs. 

     
     

    Evening Review was written and edited by Nadia Croes, Catherine Garcia, Scott Hocker, Anya Jaremko-Greenwold, Joel Mathis, Summer Meza, Rafi Schwartz and Anahi Valenzuela, with illustrations by Stephen Kelly and Julia Wytrazek.

    Image credits, from top: Illustration by Stephen Kelly / Getty Images; Evan Yu / NBAE via Getty Images; Jakub Porzycki / NurPhoto via Getty Images; Illustration by Julia Wytrazek / Getty Images
     

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