Edition, 17 stories.

Morning NOISE, Sep 17

Business, 07:35, 5 sources.

Fed raises rates despite Trump pressure as markets fall

Federal Reserve chair Kevin Warsh led all 12 policymakers to back a quarter point rate rise, the first since 2023, citing inflation that is too high for too long with PCE at 3.7 percent. The move defied President Donald Trump, who demanded rates of 1 percent or less and said Warsh might as well vote with a hostile board. Stocks sold off after the decision with the Dow down 631 points while short dated Treasury yields rose as policymakers signaled at least one more increase this year.

Signal read, tense. Sand spit. Illustration: NOISE.

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FTTrump fails to bend the Fed to his will CNBCHere are five key takeaways from Wednesday's Fed rate hike

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Signal read

Tense

Rates, energy security, regulation and midterm politics shape an uncertain day.

Sep 11, Tense. Sep 12, Tense. Sep 13, Turbulent. Sep 14, Turbulent. Sep 15, Tense. Sep 16, Busy. Sep 17, Tense, latest.

Sep 11Sep 17

Markets	Last	Change
S&P futures	7,685.75	+0.82%
Dow futures	52,318.00	+0.78%
Nasdaq futures	29,572.50	+1.08%
CRWD	241.36	-0.47%
AMZN	245.96	-0.99%
SPCX	150.88	+5.15%

U.S., 4 stories

Republicans are struggling with message discipline seven weeks before the midterms as high prices and low approval weigh on battleground races. State officials are preparing for ICE presence at polls while the Fed's rate hike adds pressure.

05:20 Republicans face messy messaging seven weeks before midterms Playbook reports Republicans are struggling with message discipline one week after their midterm convention, with GOP candidates largely ignoring Trump's advice as high consumer prices and low approval weigh on battleground races. Axios reports state officials from Maine to Oregon are preparing to counter possible ICE presence at polls after administration hints about fall enforcement. The Fed's first rate hike in three years and surging diesel prices in key states add pressure less than seven weeks before Election Day.

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AxiosStates prep for ICE agents to be at polls, just in case PlaybookMost Read - Politico

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05:03 Michigan Jewish leaders urge support for El-Sayed Senate bid Michigan Jewish leaders issued a public petition urging support for Abdul El-Sayed, the state's Democratic Senate nominee, the NYT reported. The petition comes after other Michigan Jews registered discontent with El-Sayed, according to the outlet.

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NYTJewish Leaders in Michigan Urge Support for El-Sayed’s Senate Bid

05:00 More than 400 arrested in five-day Indiana ICE operation U.S. Immigration and Customs Enforcement arrested 426 immigrants in Indiana during the five-day Operation Safe Community-Indiana in late August and early September, with most arrests in Indianapolis, according to WaPo. The agency said some of those detained had records including sex crimes, assault, domestic violence and drug trafficking but did not specify how many had criminal histories. Indianapolis Mayor Joe Hogsett said his office received no advance notice and pledged support for immigrant communities, while an advocate described the enforcement as devastating for communities.

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WaPoHundreds arrested in Indiana during recent five-day ICE crackdown

05:03 Democrats hope voting ruling boosts Black turnout in South Update The NYT reports Black Democratic candidates for governor, the Senate and the House hope attacks on Black representation will bring out Black voters in November. The coverage frames a voting rights decision as a potential driver of higher Black turnout in the South for Democrats.

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Follow-up to Democrats pledge vigilance on election security after Supreme Court ruling, September 16

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NYTDemocrats Hope Voting Rights Decision Will Drive Black Turnout in South

World, 4 stories

07:17 Saudi alternate oil routes ease prices amid Hormuz pressure Bloomberg reported Saudi Arabia aims to restore about half the East-West pipeline capacity within days and sold Asian refiners more oil for collection outside the Strait of Hormuz. CNBC reported Saudi Arabia arranged additional shipments through Oman’s Sohar port via ship-to-ship transfers after shutting the pipeline following the September 11 drone attack. Both outlets tied the alternate export moves to lower Brent and WTI prices, while wire excerpts noted warnings of a wider energy crisis as Iran targets commercial shipping.

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BloombergStocks and Treasuries Rally as Oil Extends Retreat: Markets Wrap CNBCTrump says U.S. ‘hopefully’ nearing end of Iran war as Saudi Arabia, Houthis trade strikes

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07:23 EU proposes Canada associate membership as Carney asserts sovereignty European Commission President Ursula von der Leyen proposed making Canada the EU's first associate member, a category that would need to be created and ratified. CNBC reports Carney welcomed closer ties in Strasbourg and said Canada's parliament will debate and vote, adding that no one will dictate with whom Canada makes agreements after President Trump called the idea laughable and threatened tariffs. NPR describes the proposal as viewed by many as mostly symbolic amid shared pressure over tariffs and NATO.

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NPRThe Fed raises interest rates. And, EU proposes Canada become an 'associate member'CNBCCarney says Canada will decide its own partnerships after Trump calls EU proposal ‘laughable’

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06:12 Jet power gives Russia edge in Ukraine drone war The WSJ reports jet drones are the latest innovation in robot combat over Ukraine.

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WSJSee How Jet Power Is Giving Russia the Edge in the Drone War

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06:24 UN mission finds grounds to believe US committed war crimes in Iran, and Tehran crimes against humanity Full text unavailable at press time.

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Business, 3 stories

03:43 China cuts US Treasury holdings to lowest since 2008 China's holdings of US Treasuries fell to $618bn in July, the lowest since August 2008 and down from a peak of more than $1.3tn in November 2013, the FT reported. The decline reflects diversification into gold, US agency bonds and equities amid strained financial ties, accelerated by concern after the US freeze of Russian reserves in 2022. The FT noted American officials are concerned foreign selling could push yields higher and raise refinancing costs as US debt passed $40tn.

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FTChina cuts US Treasury holdings to lowest level since 2008

03:46 Brookfield to invest up to $600 million in India's ACME green fuels business Full text unavailable at press time.

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Wed 21:54 NSE $2.4 billion IPO opens with valuation in focus Update Bloomberg reported that National Stock Exchange of India Ltd. opened its long-awaited IPO Thursday, offering 126.44 million shares at 1,700 to 1,785 rupees each to raise up to 226 billion rupees ($2.4 billion). At the top end, the listing would value NSE at about 42.9 times earnings for the year ended March, a discount to domestic rival BSE Ltd. but well above 24 to 25 times for large global exchanges, raising questions about whether its market dominance and 62% profit margin justify the premium. The offer was 42% subscribed on the first day, with its gray market premium falling to about 160 rupees, as analysts cited dependence on options trading and regulatory scrutiny as key risks.

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Follow-up to Amazon obtains warrants for Generac stock, shares soar over 40%, September 16

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BloombergNSE’s $2.4 Billion India IPO Opens With Valuation in Focus

Tech, 3 stories

07:09 EU proposes under-13 social media ban and teen limits BBC reports the EU Kids Act would ban under-13s from social media, limit ages 13 to 15 to one hour daily through parent linked mini accounts, and require platforms to prove safety by design or face fines of up to 6 percent of global sales. Wired focuses on chatbot provisions in the proposal, including barring emotional simulation for under-18s and barring under-13 access without guardian supervision. If adopted, the regulation would apply across member states and supersede national laws.

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BBCEU announces plan to restrict social media access for under-15s WiredThe EU Wants to Break Up Kids and Their Chatbots

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04:22 Microsoft warns of AI risks as King Charles urges control BBC reported Microsoft AI chief Mustafa Suleyman warned uncontrolled AI could create a rival silicon species and said systems must remain subordinate to humanity. Bloomberg reported King Charles will press leaders including Nvidia CEO Jensen Huang and Google DeepMind co-founder Demis Hassabis on keeping AI under control at a forum in Scotland. BBC emphasized industry warnings about autonomy while Bloomberg emphasized growing pressure from the monarch for safeguards.

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BBCUncontrolled AI could lead to 'silicon species' rivalling humans, warns Microsoft BloombergKing Charles Calls on Nvidia, OpenAI Chiefs to Control AI

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07:24 NVIDIA and Google launch coalition for faster AI data center connections NVIDIA, Google and Emerald AI have launched the AI Energy Management Alliance to promote flexible AI data centers that can reduce power use during peak demand. The group proposes standards for shifting computing workloads, using batteries and on-site generation, and responding to grid emergencies. In exchange, Engadget reports the coalition is asking utilities and policymakers for faster grid connections to ease constraints on data center growth.

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EngadgetNVIDIA and Google's new coalition wants to speed up AI data center power grid connections

Sports, 2 stories

The Kings named Drew Doughty their 15th captain as they transition after Anze Kopitar's retirement and five straight first-round exits. Seahawks coach Mike Macdonald also reflected on a difficult start before Seattle's run to winning Super Bowl LX.

03:16 Macdonald reflects on difficult start before Seahawks Super Bowl run In an interview on In Depth With Graham Bensinger, Seahawks coach Mike Macdonald said his first months after being hired in January 2024 were the most difficult stretch of his life, citing pressure as a first-time head coach and grief over his dog's death. ESPN reports Macdonald said he struggled to get out of bed and felt he was not a great leader during a 10-7 season in 2024. He said he later told general manager John Schneider he felt like himself again before Seattle went 14-3 in 2025 and won Super Bowl LX.

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ESPNMacdonald: Seahawks start was 'most difficult stretch of my life'

Wed 20:34 Kings name Drew Doughty captain after Kopitar retirement The Los Angeles Kings named 36-year-old defenseman Drew Doughty the 15th captain in franchise history following Anze Kopitar's retirement, ESPN reported. Doughty, entering his 19th season with Los Angeles and the only remaining player from the 2012 and 2014 Stanley Cup teams, was cited by general manager Ken Holland as setting the standard with his daily competitiveness. The move comes as the Kings transition under new coach Peter Laviolette after five straight first-round playoff exits.

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ESPNKings name longtime defensive star Drew Doughty captain