10AM ET 05/15/2026 Newscast

Summary

FOX News Hourly Update — 10AM ET, May 15, 2026

Host: Dave Anthony | Network: FOX News Podcasts
Episode Theme: Breaking coverage of today’s top news stories in U.S. diplomacy, global conflict, economic shifts, and legal battles—plus a sporting update.

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Main Theme & Purpose

This newscast delivers a fast-paced overview of the day's most significant national and international headlines. Major topics include President Trump’s high-stakes diplomacy with China and Iran, the latest developments in Ukraine, economic turbulence in the markets, a consequential Fed leadership change, and a legal battle over home equity in Ohio.

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Key Discussion Points & Insights

1. President Trump’s Asia Trip: Policy Ambiguity & Geopolitical Tensions

Timestamps: 00:02–01:22

• US Stance on Taiwan

  • President Trump, in remarks to reporters while returning from China, expresses opposition to U.S. involvement in a distant war over Taiwan.
    • Quote [00:02, Dave Anthony]: “He says we can't afford a war more than 9,000 miles away.”
    • Pressed about possible U.S. defense commitments if Taiwan is invaded, Trump gives a cryptic answer:
      • Quote [00:20, President Trump]: “There's only one person that knows that you know who it is. Me...that question was asked to me today by President Xi. I said I don't talk about that.”

• China’s Position on Iran and Oil

  • Trump references President Xi Jinping’s strong views on Iran, notably Xi’s insistence that Iran should not obtain a nuclear weapon and should open the Strait of Hormuz.
    • Quote [00:35, President Trump]: “He feels strongly they can't have a nuclear weapon...and he wants them to open up the strait.”

• Rising Oil Prices

  • Oil prices are up 2% amid Iran-related tensions.

2. U.S.–Iran Strain: Sanctions, Energy, and Security

Timestamps: 00:53–01:17

• Iran’s “Pain Tolerance”

  • Responding to Brett Baier, Trump pushes back against the idea he underestimated Iran’s resilience:
    • Quote [00:56, President Trump]: “I didn't underestimate anything. We hit them unbelievably hard.”

• Strait of Hormuz & U.S. Blockades

  • Iran continues limiting shipping in the Strait; the U.S. maintains port blockades.
  • Surge in U.S. oil shipments, as Trump notes unexpected increases in exports:
    • Quote [01:06, President Trump]: “Ships are floating up to Texas and Louisiana and they're going to Alaska and they're loading up with oil like we've never seen before.”

• Upcoming Interview Promo

  • Trump’s full discussion about China and Iran with Brett Baier will air at 6pm ET.

3. U.S.–China Relations & Trade Commitments

Timestamps: 01:22–01:42

• Results of Trump’s China Trip
  • Mark Meredith reports on Trump’s optimism post-visit, highlighting positive personal rapport with Xi and newly secured Chinese pledges to buy more U.S. goods (notably soybeans and Boeing planes).
    • Quote [01:22, Mark Meredith]: “The president says...he got more of a commitment from the Chinese to buy more American products, from soybeans to Boeing planes.”

4. International Crisis: Russian Strike on Kyiv, Ukraine

Timestamps: 01:42–01:51

• Human Cost
  • Russian drones and missiles have killed at least 24 people in Kyiv; a makeshift memorial is growing amid ongoing recovery from the attack.

5. Markets & Financial News

Timestamps: 01:51–02:35

• Market Sell-off
  • Wall Street is tumbling post-record highs: Dow down 409 points, Nasdaq off 423, S&P down 82.
• Oil & Gas Prices
  • Oil up 2%; gas averages $4.52/gallon—$1.50 higher than before the Iran conflict.
• Federal Reserve Transition
  • Leadership change at the Fed: Kevin (last name not provided) is about to take over as chair following Senate confirmation.

6. Federal Reserve Under Scrutiny: Legal Pressures and Governance

Timestamps: 02:35–03:11

• Outgoing Chair Jay Powell
  • Despite White House pressure to step down early, Powell stayed through his term’s end and intends to remain on the board.
    • Quote [02:52, Dave Anthony]: “My concern is really about the series of legal attacks on the Fed, which threaten our ability to conduct monetary policy without considering political factors.”
  • Criminal probe into Fed building cost overruns has ended; oversight moves to the Fed’s Inspector General.

7. Ohio Homeowners’ Supreme Court Appeal: Surplus Equity Dispute

Timestamps: 03:11–03:51

• Big Constitutional Stakes

  • Three Ohio homeowners, part of a class-action lawsuit, challenge Cuyahoga County for seizing their homes over unpaid taxes but keeping entire proceeds from subsequent sales, which were worth more than the debts owed.
    • Quote [03:17, Jeff Manaso]: “The county won the titles to their homes that are worth more than the tax debts that once sold, they received none of the profits, calling practice of taking surplus equity a violation of the state constitution, including Ohio's excessive fines clause.”

• Current Status

  • The case is before the Ohio Supreme Court after previous victories for the county.

8. Sports Update: PGA Championship

Timestamps: 03:51–end

• Golf Leaderboard
  • Five golfers tied for the lead in the PGA Championship’s second round; standout Scottie Scheffler now trails by two strokes.

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Memorable Quotes & Moments

• President Trump on Taiwan [00:20]:
  “There's only one person that knows...Me. I'm the only person. That question was asked to me today by President Xi. I said I don't talk about that.”
• On U.S.–Iran Strategy [00:56]:
  “I didn't underestimate anything. We hit them unbelievably hard.” – President Trump
• Oil Export Boom [01:06]:
  “Ships are floating up to Texas and Louisiana and they're going to Alaska and they're loading up with oil like we've never seen before.” – President Trump
• Jay Powell on the Fed [02:52]:
  “My concern is really about the series of legal attacks on the Fed, which threaten our ability to conduct monetary policy without considering political factors.”

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Timestamps for Important Segments

• US–Taiwan–China relations: 00:02–00:42
• Iran confrontation & oil impact: 00:35–01:17
• China trade deals highlights: 01:22–01:42
• Ukraine strike aftermath: 01:42–01:51
• Market & oil price update: 01:51–02:35
• Federal Reserve legal tension and succession: 02:35–03:11
• Ohio home equity lawsuit: 03:11–03:51
• PGA Championship leaderboard: 03:51–end

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This newscast offers a snapshot of consequential American diplomacy, financial turbulence, and legal questions shaping the news cycle on May 15, 2026.

Transcript

[Dave Anthony]

He says we can't afford a war more than 9,000 miles away. I'm Dave Anthony, FOX News. That's what President Trump tells reporters about Taiwan while flying back from his trip to China, which considers the island its territory and warns about a potential confrontation. The president was asked, would the US Defend Taiwan if invaded?

[President Donald Trump]

There's only one person that knows that you know who it is. Me. I'm the only person. That question was asked to be today by President Xi. I said I don't talk about that.

[Dave Anthony]

Referencing in what the White House video that talks with China's leader Xi Jinping

[President Donald Trump]

on Iran is very interesting. He feels strongly they can't have a nuclear weapon. Said that very strongly they cannot have a nuclear weapon. And he wants them to open up the strait.

[Dave Anthony]

And oil prices are rising 2%. And when it comes to Iran, we're getting this audio from the president talking to fox's Brett Baier before leaving China.

[Jeff Manasso]

Did you underestimate the pain tolerance that Iran has?

[President Donald Trump]

I didn't underestimate anything. We hit them unbelievably hard.

[Dave Anthony]

But as Iran keeps halting most shipping in the Strait of Hormuz and the US Keeps blockading Iran's ports, the president

[President Donald Trump]

also told Brett one thing is happening amazingly. Ships are floating up to Texas and Louisiana and they're going to Alaska and they're loading up with oil like we've never seen before.

[Dave Anthony]

That interview will air on Fox News Channel at 6pm Eastern. Fox's Mark Meredith reports from the White House.

[Mark Meredith]

President Trump left China very happy with the way the trip went. He said plenty of nice things about his Chinese counterpart. But now comes the hard US China relations become more stable in the months ahead. The president says while he was on the ground in China, he got more of a commitment from the Chinese to buy more American products, from soybeans to Boeing planes.

[Dave Anthony]

It's up to 24 people dead in Ukraine's capital from a Russian barrage of drones and missiles this week. One flat in an apartment building in Kyiv where there is now a makeshift memorial growing. Dozens of other people were wounded, found injured in the rubble. America's listening to Fox News. There's a sell off on Wall Street. The dow is down 409 points. The Nasdaq is being dragged way down from Yesterday's record high, falling 423. The S&P 500 losing 82 points from its all time high. The price of oil, as you mentioned, is up about 2% and gas is down a penny this morning. AAA's national average for regular $4.52 a gallon. That's still a buck 50 more than before the Iran conflict. This is a big day at the Fed. A changing of the guard atop the Federal Reserve as Kevin gets ready to take over as chairman days after his Senate confirmation.

[Jessica Rosenthal]

Despite pressure from President Trump to leave the chair position, Jay Powell stayed on until his second four year term ended. And that's today. He said late last month rather than leave entirely, he'd stay on the board of governors because of the Trump administration's initial effort to investigate cost overruns of the Federal Reserve building renovations.

[Dave Anthony]

My concern is really about the series of legal attacks on the Fed, which threaten our ability to conduct monetary policy without considering political factors.

[Jessica Rosenthal]

Powell made those remarks Even after the U.S. attorney's office in D.C. closed the criminal investigation and turned the case over to the Fed's Office of Inspector General. Jessica Rosenthal, FOX News.

[Dave Anthony]

Some homeowners in Ohio are hoping the state Supreme Court takes their side after their homes were taken.

[Jeff Manasso]

Three homeowners are leading a class action lawsuit against the Cuyahoga county treasurer's office after their homes were seized for owing hundreds to a few thousand dollars in property taxes. They argue the county won the titles to their homes that are worth more than the tax debts that once sold, they received none of the profits, calling practice of taking surplus equity a violation of the state constitution, including Ohio's excessive fines clause. The battle before the state Supreme Court follows two previous court rulings that sided with Cuyahoga County. Jeff Manasso, FOX News.

[Dave Anthony]

They're playing round two of the PGA Championship. Five golfers remain tied for the lead. Scotty Scheffler's fallen two strokes back. I'm Dave Anthony, FOX News.