Marines Poised To Move Into Los Angeles As Protests Spread Across US

Political

Summary:

Hundreds of U.S. Marines were undergoing refresher training in riot and crowd control just outside of Los Angeles and will move into the city soon, a military official said, as protests over President Donald Trump's immigration raids spread from California to other parts of the country.

Trump's decision to dispatch National Guard troops and Marines to Los Angeles over the objections of California's governor has sparked a national debate on the use of the military on U.S. soil.

The Marines will be in Los Angeles "soon" but not on Wednesday, U.S. Army Major General Scott Sherman, who is commanding the troops, told reporters at a news briefing.

The governor of Texas, Republican Greg Abbott, said he will deploy the National Guard on Wednesday ahead of planned protests in San Antonio and other parts of the state, making him the first governor to take that step. Police in Austin, Texas, fired tear gas and pepper balls in a standoff with demonstrators on Monday.

Protesters marched in New York, Atlanta and Chicago on Tuesday night, chanting anti-U.S. Immigration and Customs Enforcement slogans and at times clashing with law enforcement, while downtown Los Angeles spent its first night under a mandatory curfew after five days of demonstrations.

The protests are likely to expand on Saturday, when several activist groups have planned hundreds of anti-Trump demonstrations across the country. That day, tanks and other armored vehicles will rumble down the streets of Washington, D.C., in a military parade marking the U.S. Army's 250th anniversary and coinciding with Trump's 79th birthday.

Trump says the military deployment in Los Angeles prevented the violence from raging out of control, an assertion California Governor Gavin Newsom and other local officials have decried as untrue.

"This brazen abuse of power by a sitting president inflamed a combustible situation, putting our people, our officers and even our National Guard at risk. That's when the downward spiral began," Newsom, a Democrat widely expected to mount a presidential run in 2028, said in a video address on Tuesday.

Los Angeles Mayor Karen Bass said the deployments were not necessary and that local police could manage the protests, which have been largely peaceful and limited to about five downtown streets.

But the mayor imposed a curfew over one square mile of the city's downtown starting on Tuesday night after some businesses were looted. Police said multiple groups stayed on the streets in some areas despite the curfew and "mass arrests" were made.

Newsom sued Trump and the Defense Department on Monday, seeking to block the deployment of federal troops. Trump in turn has suggested Newsom should be arrested.

PROTECTING ICE AGENTS

The 700 Marines and 4,000 National Guard troops that Trump has mobilized are assigned to protect government personnel and buildings and do not have arrest authority.

The Pentagon has said the Marines, along with National Guard troops, will also be used to safeguard ICE officers during immigration raids.

ICE posted photos online on Tuesday of National Guard troops standing guard with weapons in hand as ICE officers handcuffed apparent migrants against the side of a car in Los Angeles.

California Attorney General Rob Bonta told Reuters that allowing federal troops to protect personnel could violate an 1878 law that generally forbids the U.S. military, including the National Guard, from taking part in civilian law enforcement.

"Protecting personnel likely means accompanying ICE U.S. Immigration and Customs Enforcement agents into communities and neighborhoods, and protecting functions could mean protecting the ICE function of enforcing the immigration law," Bonta said.

Sherman, the troops' commanding officer, said they are authorized to detain individuals temporarily until law enforcement can arrest them if it becomes necessary to protect federal personnel.

The last time the military was used for direct police action under the Insurrection Act was in 1992, when the California governor at the time asked President George H.W. Bush for help responding to Los Angeles riots over the acquittal of police officers who beat Black motorist Rodney King.

'LIBERATE LOS ANGELES'

The standoff in Los Angeles has become the most intense flashpoint in the Trump administration's efforts to deport migrants living in the country illegally.

Trump centered much of his campaign last year on his promise to deport millions of immigrants living in the U.S. illegally.

The Department of Homeland Security, ICE's parent agency, said on Monday that ICE had arrested 2,000 immigration offenders per day recently, far above the daily average of 311 in fiscal year 2024 under former President Joe Biden.

An immigration raid on Tuesday at a meat production plant in Omaha, Nebraska, was the "largest worksite enforcement operation" in the state during the Trump presidency, DHS said. Republican Congressman Don Bacon told local media that 75 to 80 people were detained.

The company, Glenn Valley Foods, said it was surprised by the raid and had followed the rules regarding immigration status.

SATURDAY PROTESTS

A coalition calling itself "No Kings" has planned demonstrations and other events in over 1,800 locations across the U.S. on Saturday as a counterpoint to Trump's military parade in Washington.

Trump has warned that any protesters at the parade will be met by "very big force." Thousands of agents, officers and specialists are being deployed from law enforcement agencies across the country for the parade.

The No Kings coalition includes over 100 civil rights and other groups and says it is planning peaceful protests against Trump and his administration's policies.

The aim is for "a mass, nationwide protest rejecting authoritarianism, billionaire-first politics, and the militarization of our democracy," according to a No Kings press release.

Source: Reuters

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Adam

Cryptocurrency

Bullish, a subsidiary of Block One and a cryptocurrency exchange, has taken the plunge. At its helm is Tom Farley, former president of the NYSE, and its supporters include prestigious names such as Peter Thiel, an iconic figure of the "PayPal mafia" alongside Elon Musk, Reid Hoffman (LinkedIn) and David Sacks, nicknamed the "crypto czar" in Donald Trump's entourage. Peter Thiel, a staunch supporter of Trump and Facebook's (Meta) first external investor, is also said to have worked to bring Mark Zuckerberg and Donald Trump closer together.

Bullish has filed a confidential IPO application with the Security Exchange Commission (SEC). Already mentioned before the 2022 rate hike, this operation is being relaunched in a buoyant context, with cryptocurrencies regaining ground. Indeed, the sector is benefiting from favorable political signals, while bitcoin recently reached a new high. Coinbase's entry into the S&P 500 and Circle's 168% surge on its first day of trading are testament to investor interest.

Another crypto asset exchange has filed an application: Gemini, led by the Winklevoss brothers, major figures in the crypto scene and among the largest personal holders of Bitcoin. They too have filed a confidential application with the SEC. They were also actively involved in a political action committee funded by the crypto industry to support Donald Trump's campaign.

The secrecy surrounding these moves allows both companies to gauge market interest while maintaining control over their valuation. Circle, for example, was able to increase the number of shares and their price in response to strong demand.

Both companies have more in common than just their activities. They both have strong ties to the Trump universe and a desire to take advantage of what is considered ideal timing: since Donald Trump's election, the cryptocurrency market has been robust, while overall volatility has subsided after two months of turbulence linked to the trade war.

Source: marketscreener

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Damon

Economic

US President Donald Trump reiterated his call for the Federal Reserve to push through a major rate cut in the wake of the release of new data on Wednesday on consumer inflation.

Trump called the May consumer price index (CPI) a “great” number and wrote on Truth Social that the “Fed should lower one full point. Would pay much less interest on debt coming due. So important!!!"

The May CPI showed a modest increase in inflation relative to a year ago, as many forecasters expect price pressures to accelerate due to the president’s massive increase in import taxes on a wide range of goods. The overall CPI for last month rose by 2.4% relative to May 2024, a touch above the April year-over-year reading, while the CPI stripped of food and energy costs was up by 2.8% over the same time period.

The CPI readings arrive ahead of a Fed policy meeting next week where officials are virtually certain to keep the central bank’s interest rate target range fixed at between 4.25% and 4.5%. Fed officials have signalled they are in a wait-and-see mode right now as the chaotic nature of the Trump administration’s trade policy has made it very hard to know what lies ahead for the economy.

A wide range of economists, as well as Fed officials, believe the tariffs will increase inflation while lowering growth and depressing employment. Some of those risks have moderated as Trump has backed away from some of the most draconian tariffs.

The main question facing the Fed is whether the tariffs will drive a one-time price increase that can be ignored, or create something more persistent.

A recent report from the New York Fed showed factory and service firms passing through a notable amount of tariffs. But at the same time, a separate New York Fed report released on Monday showed the public has become less worried about future inflation, which could reduce the risk of an enduring increase in price pressures.

Following the CPI data release, futures markets increased odds the central bank will lower rates at its September meeting.

Citibank economists said the CPI data “should give Fed officials further confidence that underlying inflation has been easing more rapidly this year ahead of upside risks from tariffs, and that the risk of more persistent inflation resulting from tariffs is low.” They added “we continue to pencil in 125 basis points of consecutive rate cuts from the Fed starting in September.”

Other economists, however, were more cautious about the longer-run outlook for inflation.

Skanda Amarnath, executive director of Employ America, said “we are likely to see a material acceleration in goods inflation and electricity inflation later this summer, both of which threaten to keep interest rates higher for longer and raise recession risk as a result.”

Trump’s call for a full percentage point interest rate cut advocates for a policy action central bankers usually reserve for economic emergencies. The president has been pressing for easier monetary policy for some time even as Fed officials have shrugged off his commentary.

Trump’s comment on how a Fed rate cut would lower government interest payments alludes to the massive bill high short-term interest rates have imposed on government borrowing.

That said, the Fed is mandated by Congress to set interest rates to keep inflation low while promoting maximum sustainable job growth. The Fed is not charged with managing government borrowing costs and officials have said that is not a factor in how they deliberate on the future of interest rate policy.

Source: Theedgemarkets

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Adam

Economic

China–U.S. Trade War

U.S. President Donald Trump Wednesday said that China will supply rare earths upfront to the U.S. as part of a trade agreement.

The relationship between the world’s two largest economies is “excellent,” Trump said in a post on Truth Social, while adding, “WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%.”

He added that magnets and “any necessary rare earths” will be supplied up front by China and that the U.S. will in turn make certain concessions such as allowing Chinese students to attend U.S. colleges and universities.

The agreement is subject to final approval with himself and China President Xi Jinping, the U.S. president said, adding that he intends to work closely with Xi to open up China to American trade, describing the prospect as “a great WIN for both countries!!!”

Representatives from both sides had on Tuesday revealed that a deal had been reached on trade after a second day of high-level talks in London.

“We have reached a framework to implement the Geneva consensus and the call between the two presidents,” U.S. Commerce Secretary Howard Lutnick told reporters.

That echoed comments to reporters from Li Chenggang, China’s international trade representative and a vice minister at China’s Commerce Ministry.

Rare earth elements and magnets widely used by the automotive and defense sectors emerged as a key sticking point between the world’s two largest economies.

China’s Ministry of Commerce in early April imposed export restrictions on strategically important minerals in response to Trump’s tariff increase on Beijing’s exported products.

Both sides had accused each other of reneging on a preliminary trade deal struck in Switzerland last month. Investors, however, had remained hopeful of a breakthrough following last week’s call between Trump and China’s Xi.

China’s mineral dominance

China is the undisputed leader of the critical minerals supply chain, producing roughly 60% of the world’s supply of rare earths and processing almost 90%, which means it is importing these materials from other countries and processing them.

U.S. officials have previously warned that this dominance poses a strategic challenge amid the pivot to more sustainable energy sources.

Trump’s back-and-forth trade policies have roiled financial markets in recent months, sparking chaos in major ports and pushing global supply chains to breaking point.

Oil prices popped shortly after Trump’s social media post. International benchmark Brent crude futures with August delivery rose $1 a barrel to $67.87 on the news. The contract was last seen up around 1.8% for the session.

source : cnbc

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Adam

Stocks

Stocks Open Flat as Inflation Relief and Trade Optimism Fail to Extend Rally

Daily E-mini S&P 500 Index

U.S. markets opened with little conviction Wednesday, following a strong rebound over the past week. Softer inflation data and progress toward a U.S.-China trade framework failed to trigger another leg higher. The S&P 500 was flat in early trading, the Dow slipped 0.1%

, and the Nasdaq rose 0.2% as investors paused to assess recent gains.

With the S&P 500 just 2% off all-time highs and up in six of the past seven sessions, traders appeared content to lock in some profits. The pause came despite signs of easing inflation and a tentative deal between the world’s two largest economies on rare earth exports and tech access.

Does a Cooler CPI Signal Fed Flexibility?

May’s consumer price index rose 0.1%, undercutting economist estimates of 0.2%. Core CPI also landed at 0.1%, suggesting that price pressures remain tame despite tariff concerns. According to Goldman Sachs, companies may still be relying on existing inventories and delayed price adjustments in response to demand uncertainty.

This lighter CPI print gave bond yields some breathing room and helped reinforce bets that the Federal Reserve may have scope to ease policy if labor market data weakens further. For now, traders are focusing on upcoming job figures to gauge whether rate cuts may move from discussion to decision in the coming months.

Will the U.S.–China Deal Deliver Market Support?

Investors also digested early headlines from a preliminary U.S.–China trade outline reached in London. Under the proposal, China would resume rare earth mineral exports, while the U.S. would ease certain restrictions on tech sales. President Trump described the deal as “done, subject to final approval,” touting tariff advantages and concessions on education access for Chinese students.

Though the announcement offered a brief sentiment lift, traders remain skeptical until more specifics are finalized. Past negotiations have unraveled before full agreements were signed, keeping risk appetite in check.

Which Stocks Are Reacting at the Open?

Early movers reflected mixed sentiment. Warner Bros Discovery and First Solar rose over 2%, while Lockheed Martin and Nucor saw notable declines, shedding nearly 7% and 6%, respectively. Tesla also gained pre-market after announcing a July launch of its robotaxi program, adding a speculative bid to growth names.

Market Forecast: Will the Rally Resume or Stall Here?

With inflation data supportive and trade headlines encouraging but incomplete, markets may tread water near highs as traders await further catalysts. Eyes now turn to labor market data and Fed commentary.

If yields stay subdued and economic surprises remain mild, the current consolidation could set the stage for another test of February’s record highs.

However, lack of progress on trade or signs of economic softness may prompt a defensive rotation. Traders should remain data-driven and alert to headline risk.

Source: fxempire

Risk Warnings and Disclaimers

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Daniel Carter

Commodity

The Energy Information Administration's (EIA) Crude Oil Inventories report, a key indicator of the balance between supply and demand in the US oil market, showed a decrease of 3.644 million barrels for the week. This figure represents a slight recovery from the previous week's decline, but still indicates a robust demand for crude oil.

The latest decrease in inventories was less than the forecasted drop of 2.4 million barrels. This suggests that demand for crude oil remains strong, but not as strong as analysts had predicted. Nevertheless, the decrease in inventories is still a bullish sign for crude prices, as it indicates that demand is outstripping supply.

Compared to the previous week's decrease of 4.304 million barrels, the latest figure indicates a slight slowdown in the rate of inventory depletion. This could suggest that while demand remains robust, it may be starting to ease slightly. Alternatively, it could indicate that production has picked up, leading to a slower drawdown of inventories.

The level of crude oil inventories is a crucial factor in determining the price of petroleum products. When inventories are high, it suggests that supply is outpacing demand, which can put downward pressure on prices. Conversely, when inventories are low, it suggests that demand is outstripping supply, which can put upward pressure on prices.

The EIA's Crude Oil Inventories report is closely watched by investors and analysts as it provides valuable insight into the dynamics of the US oil market. Given the importance of the US as a major oil producer and consumer, changes in its crude oil inventories can have significant implications for global oil prices and the broader energy market.

Source: Investing

Risk Warnings and Disclaimers

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Adam

Commodity

Oil prices rallied as US President Donald Trump signaled skepticism over talks with Iran and confidence in a trade deal with China.

West Texas Intermediate (CL=F) rose as much as 2.3% to the highest since early April. Trump told the New York Post he’s “less confident” about whether he can convince Tehran to agree on shutting down its nuclear program. Earlier, Iranian Foreign Minister Abbas Araghchi said a nuclear deal was “within reach” and could be “achieved rapidly.”

Further bolstering futures, US inflation data also came in below estimates, weighing on the dollar, which makes raw materials priced in the currency more appealing.

“Oil prices jumped on comments from US President Trump that downplayed the potential for a near-term nuclear deal with Iran,” said Jens Naervig Pedersen, a strategist at Danske Bank. “The comments add to the recent sentiment boost in the oil market from progress in trade talks and potential for tighter sanctions on Russia.”

Oil Rallies as Trump Doubts Iran Talks, Sees China Deal ‘Done’_1

Trump also posted on social media that a trade deal with China was “done,” subject to the approval of President Xi Jinping. The agreement would still see some tariffs between the two nations, he said, without elaborating. Global markets swung after the comments.

Crude has dropped this year as trade concerns hurt the appetite for risk assets, including commodities. At the same time, OPEC+ has moved to restore idled capacity at a faster-than-expected pace, boosting concerns about a glut later this year. Prices have recovered in recent sessions, supported by easing trade tensions and the outlook for summer demand.

A monthly report from the US Energy Information Administration underscored the oil market’s current uncertainties. While the agency expects supply to eclipse demand by 800,000 barrels a day this year, the most since it began publishing a forecast for 2025, it also doesn’t see US crude production topping last month’s levels before the end of next year, a sign that lower prices are curbing some supply.

An industry estimate, meanwhile, projected that US crude inventories fell by about 400,000 barrels last week. The drawdown would be the third decline in a row, if confirmed by official data later Wednesday.

Signs of market tightness have also appeared along the futures curve. Earlier this week, the February-March WTI spread flipped to backwardation — where near-term prices are higher than longer-dated ones — for the first time since April, with several subsequent months following suit earlier today, signaling concerns about oversupply are easing.