The Economy Slowed Down at the End of Last Year

Summary

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Fox News Hourly Update

Episode: The Economy Slowed Down at the End of Last Year

Date: February 20, 2026
Host: Dave Anthony

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Overview

This episode delivers a rapid-fire rundown of major late-breaking news for February 20, 2026, with a central focus on the U.S. economy’s unexpected slowdown in the fourth quarter—tying in political finger-pointing, recent inflation data, and a series of top national and international developments including updates on the Epstein estate, avalanche tragedies, and Olympic triumphs.

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Key Discussion Points & Insights

1. U.S. Economy: Fourth Quarter Slowdown

• GDP Growth Drop: Economic growth sharply slowed, with Q4 GDP rising only 1.4%, down significantly from Q3’s 4.4%.
  • Cheryl Cassoni: “We came in at 1.4%. This is even below the range of expectations that we got for fourth quarter.” (00:12)
  • “We had a 43 day government shutdown in this quarter. That is certainly going to be one of the issues here now.” (00:23)
• Political Blame & Reactions:
  • Dave Anthony: President Trump, on Truth Social, blamed Democrats for the government shutdown, claiming it cost the US “at least 2 percentage points of GDP growth.” Trump also demanded lower interest rates and criticized Federal Reserve Chairman Jerome Powell as “the worst.” (00:30)
  • Quote from Trump Rally: “You notice what word have you not heard over the last two weeks? Affordability, because I’ve won. I’ve won affordability.” (Unknown Political Commentator, 00:49)

2. Tariffs & Inflation Update

• Ongoing Tariffs: Trump continued to promote his tariff policies, with Democrats retorting that tariffs are “the American people paying the price for them.” (00:58)
• Inflation Report: Slight uptick in personal consumption expenditure inflation; rate increased a tenth of a percent to 2.9% annualized for December. (00:58)

3. Presidential Updates: Iran and UFOs

• Iran Nuclear Deadline: President Trump set a strict 10-15 day deadline for Iran to reach a nuclear agreement.
  • Quote: “I would think that would be enough time, 10, 15 days, pretty much maximum.” (Unknown Political Commentator, 01:21)
• UFO Files Order: The President directed Secretary of War Pete Hegseth and other agencies to declassify files related to “alien life” and “unidentified aerial phenomena.”
  • Trump's jab at President Obama: accused him of leaking classified information about aliens.
  • When asked about his beliefs: “No, I don’t. I don’t have an opinion on it.” (Unknown Political Commentator, 01:54)

4. Legal Developments: Royal & Epstein Cases

• Prince Andrew Released: Former Prince Andrew was released after a high-profile arrest in Britain. Still faces misconduct charges related to Epstein’s sex trafficking scheme. His title was stripped by King Charles in response to the allegations. (02:40)
• Epstein Estate Settlement: The estate settled a class action for $35 million, related to claims two top associates enabled trafficking. The settlement follows a prior $121 million restitution fund payment; neither man admits wrongdoing or has been criminally convicted.
  • Eben Brown: “That lawsuit alleged the two men... were helping to facilitate Epstein’s trafficking of women and girls.” (03:01)

5. Avalanche Tragedy in the West

• Utah Avalanche: An 11-year-old girl died after being buried for half an hour near Brighton Ski Resort. This follows a California avalanche which killed 8 with one still missing and 6 rescued. (03:39)
• Investigation: Authorities and state regulators are probing possible criminal negligence and the responsibilities of tour organizers.
  • Gary Baumgarten: “Both police and state regulators are looking into the possibility that criminal negligence was involved and whether the tour organizers are at fault.” (03:55)

6. Market & Sports Update

• Wall Street: Stock futures dropped after the morning’s downbeat economic data. (04:23)
• Winter Olympics: Norway set a record with its 17th gold medal of this year’s Winter Games. (04:23)

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Notable Quotes & Memorable Moments

• Economic Sticker Shock:

  • Cheryl Cassoni: “We came in at 1.4%. This is even below the range of expectations that we got for fourth quarter.” (00:12)
  • Dave Anthony: “GDP that is down from 4.4% growth in the third quarter.” (00:19)

• Political Soundbite:

  • Unknown Political Commentator: “You notice what word have you not heard over the last two weeks? Affordability, because I’ve won. I’ve won affordability.” (00:49)

• Presidential Deadlines:

  • Unknown Political Commentator (on Iran): “I would think that would be enough time, 10, 15 days, pretty much maximum.” (01:21)

• UFO Curiosity:

  • Unknown Political Commentator (on alien life): “No, I don’t. I don’t have an opinion on it.” (01:54)

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Timestamps for Key Segments

• [00:03] – [00:23]: Economic report and reaction
• [00:30] – [00:58]: Political responses, tariffs, and inflation data
• [01:21] – [01:36]: Iran deadline and UFO directive
• [02:40] – [03:39]: Prince Andrew update and Epstein estate settlement
• [03:39] – [04:23]: Avalanche tragedy and investigation
• [04:23] – [04:37]: Stock market and Olympics wrap-up

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Conclusion

This briskly-paced update zeroes in on the U.S. economy’s surprising dip, traces its political reverberations, and weaves together sharp snippets of major ongoing stories from royal scandals to winter sports glory. If you missed it, this episode delivers the essential facts and sharper exchanges shaping today’s headlines.

Transcript

[Dave Anthony]

The economy slowed down at the end of last year. I'm Dave Anthony, FOX News and report just out this morning, FOX Business Network, Cheryl Cassoni, details.

[Cheryl Cassoni]

We came in at 1.4%. This is even below the range of expectations that we got for fourth quarter

[Dave Anthony]

GDP that is down from 4.4% growth in the third quarter.

[Cheryl Cassoni]

We had a 43 day government shutdown in this quarter. That is certainly going to be one of the issues here now.

[Dave Anthony]

Ahead of the report, President Trump posted on Truth Social, blaming the government shutdown on Democrats that it cost the US at least 2 percentage points of GDP growth. He also again called for lower interest rates, writing Federal Reserve Chairman Jerome Powell is the worst. The day after the president touted a stronger economy and lower inflation at a rally in Georgia.

[Unknown Political Commentator]

You notice what word have you not heard over the last two weeks? Affordability, because I've won. I've won affordability.

[Dave Anthony]

Now, he also touted his tariffs. Democrats say though it's the American people paying the price for them. We got an inflation update about a half hour ago showing a slight increase in December month to month in what are called personal consumption expenditures. The annual inflation rate there went up a tenth of a percent to 2.9%. The President is giving Iran a deadline to make a nuclear deal.

[Unknown Political Commentator]

I would think that would be enough time, 10, 15 days, pretty much maximum.

[Dave Anthony]

President Trump on Air Force One again warning Iran if they don't agree, it'll be unfortunate for them. The president also made news in a Truth social post on UFOs, Fox's Shawn Langel.

[Shawn Langel]

He's directing Secretary of War Pete Hegseth and other relevant agencies to release files related to alien life as well as unidentified aerial phenomena and unidentified flying objects. The president accused Obama of revealing classified information by suggesting aliens were real. But when asked aboard Air Force One if he's a believer.

[Unknown Political Commentator]

No, I don't. I don't have an opinion on it.

[Dave Anthony]

I never. America's listening to FOX News.

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[Dave Anthony]

the former Prince Andrew is free this morning in Britain after being released by police about 11 hours after his high profile arrest. But Andrew Mountbatten Windsor is still facing public misconduct charges over his alleged involvement in the Jeffrey Epstein sex trafficking scheme. That accusation led his brother King Charles to strip Andrew of his prince title. And there's more Epstein news.

[Eben Brown]

Jeffrey Epstein's estate is agreeing to settle a lawsuit brought against the late financiers to associates who serve as co executives of the estate. The agreed upon number in the federal class action suit is $35 million. That lawsuit alleged the two men, one who served as Epstein's personal lawyer and another his accountant, were helping to facilitate Epstein's trafficking of women and girls. And neither of the men are criminally convicted nor do they admit any wrongdoing. It's not the first time the disgraced Epstein's estate has settled claims it previously paid 121 million to a restitution fund. In Miami, Eben Brown, FOX News.

[Dave Anthony]

There's been another deadly avalanche, this one in Utah near the Brighton ski Resort. An 11 year old girl skiing off trail was buried in the snow for about a half hour and later died days after the avalanche in California that killed eight skiers. Another is still missing, presumed dead. Six others were rescued.

[Gary Baumgarten]

Both police and state regulators are looking into the possibility that criminal negligence was involved and whether the tour organizers are at fault. The 11 backcountry skiers and four guides were traveling along a route that reportedly was at greater risk than longer exit paths. The tour company, Blackbird Mountain Guides says it's too soon to draw conclusions as investigations continue. GARY Baumgarten, FOX NEWS On Wall street,

[Dave Anthony]

stock futures are falling after the two economic reports this morning. At the Olympics, Norway just won gold again, the country's 17th gold medal this year. That is a Winter Olympics record. I'm Dave Anthony and this is FOX News.

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