Fed Cuts Rates & China’s Nuclear Arsenal | Afternoon Update | 12.18.24

Summary

Morning Wire Podcast Summary: "Fed Cuts Rates & China’s Nuclear Arsenal | Afternoon Update | 12.18.24"

Release Date: December 18, 2024

Hosts: John Bickley (Editor-in-Chief, The Daily Wire) and Georgia Howe
Co-host: Amanda Prestis

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1. Federal Reserve’s Third Consecutive Interest Rate Cut

Georgia Howe opens the afternoon update by discussing the Federal Reserve's latest monetary policy decision. On December 18, 2024, the Federal Reserve announced its third consecutive interest rate reduction, cutting the federal funds rate by 25 basis points to a target range of 4.25% to 4.5%. This move follows similar reductions in November and September of the same year.

Key Points:

• Inflation Trends: The Federal Open Market Committee (FOMC) indicated that inflation is decreasing but still remains above the desired 2% target.
• Unemployment Rates: Unemployment has seen a slight uptick amidst these economic changes.
• Economic Outlook: The Fed emphasizes its commitment to balancing the risks associated with employment and inflation, especially as economic uncertainties persist.

Quote:

Georgia Howe [00:17]: "The Federal Open Market Committee says inflation is trending downward but remains above its 2% target while unemployment has ticked up."

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2. Unidentified Drone Sightings on the East Coast

Amanda Prestis transitions to national security concerns, highlighting ongoing reports of unidentified drones along the East Coast. The FBI has issued warnings to residents against pointing lasers at these drones due to potential dangers.

Key Points:

• Laser Incidents: Manned aircraft pilots have reported incidents where lasers were directed at them, mistaking them for drones.
• FBI Precautions: The FBI cautions the public that engaging with drones can have deadly consequences, even though there is no current evidence that these drones pose a national security threat.
• Legislative Push: Lawmakers are advocating for greater transparency to alleviate public anxiety, especially after over 5,000 drone sightings have been logged in recent weeks.

Quote:

Major General Patrick Ryder [01:40]: "China's rapid buildup aims to create a diversified nuclear force ranging from low yield missiles to intercontinental ballistic missile."

Discussion: Matt Walsh questions the necessity of a classified briefing concerning what are perceived as hobbyist drones, given that they are not military drones. A Defense Department official responds by deferring to Congress and assuring that information sharing is optimal based on available knowledge.

Quotes:

Matt Walsh [01:40]: "Why does it have to be a classified briefing if these are just hobbyist drones? They're not military drones."

Defense Department Official [01:49]: "I can assure you though that again, we are sharing as much information as we can based on what we know."

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3. House Ethics Committee to Release Matt Gaetz Investigation Findings

Amanda Prestis reports on the House Ethics Committee's decision to release findings from its investigation into former Congressman Matt Gaetz. Gaetz, who resigned in November after a brief consideration for Trump’s Attorney General position, faces longstanding allegations of sexual misconduct, which he denies.

Key Points:

• Investigation Outcome: The Republican-led panel held a secret vote last month.
• Report Timeline: The official report is anticipated to be released by the end of the year.

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4. China’s Expanding Nuclear Arsenal

In a significant national security update, Georgia Howe details the Pentagon's alarming assessment of China's nuclear capabilities. Since 2020, China has nearly tripled its nuclear arsenal, now possessing over 600 operational nuclear warheads, up from just over 200 four years prior.

Key Points:

• Diversification: China is developing a range of nuclear weapons, from low-yield missiles to intercontinental ballistic missiles (ICBMs).
• Future Projections: Defense officials warn that China’s nuclear stockpile could exceed 1,000 warheads by 2030.
• International Concerns: Admiral Sir Tony Radican of the UK Special Forces echoes these concerns, emphasizing the lack of transparency in China's nuclear strategy.

Quotes:

Georgia Howe [02:28]: "China has over 600 operational nuclear warheads compared to the low two hundreds just four years ago."

Admiral Sir Tony Radican [03:02]: "Since the end of the Cold War... that is due to China. So that's obviously a reason to be very concerned about this. It's also that China is not transparent about what their plan is."

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5. Arrest of South African National in New York

Amanda Prestis covers a recent law enforcement action involving the arrest of a South African national illegally residing in the United States. Initially detained in Texas for trespassing, the individual was released but later matched on the terrorist watch list, leading to a multi-agency arrest in Brooklyn. The suspect is now in custody and awaiting removal proceedings.

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6. President Biden’s Approval Rating Declines, Trump’s Rises

Georgia Howe presents the latest national polling data from Marquette Law School, revealing a stark contrast in approval ratings between President Biden and former President Trump.

Key Points:

• Biden’s Approval: President Biden’s approval rating has plummeted to 34%, with a 66% disapproval rate among adults—a new low since his inauguration.
• Trump’s Popularity: In contrast, Trump’s approval has increased, with 53% of adults viewing his first term favorably, marking a 3-point rise since October.

Quote:

Georgia Howe [04:08]: "President Biden's approval rating has taken another dive, sinking to an all time low while Trump's numbers continue to rise."

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7. Daily Wire's "Am I Racist?" Snubbed from Oscar Shortlist

Amanda Prestis highlights a controversy in the entertainment industry where Daily Wire’s comedy documentary, "Am I Racist?", was excluded from the Oscar shortlist despite its impressive box office performance.

Key Points:

• Box Office Success: "Am I Racist?" achieved the third-highest opening day gross for a documentary in the past decade and became one of the year's most discussed films.
• Academy Response: The Giacomo Academy's documentary branch members controversially omitted the film from consideration.
• Industry Criticism: Matt Walsh, the film’s star, denounces the exclusion as a "farce," accusing Hollywood of gatekeeping and hostility towards conservative successes.

Quotes:

Matt Walsh [04:48]: "Amiracist... criticized Hollywood for gatekeeping and resenting conservatives success."

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Conclusion

Georgia Howe wraps up the episode by directing listeners to dailywire.com for more detailed coverage and encourages tuning into future episodes of Morning Wire for comprehensive reporting on the day’s most significant stories.

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For More Information:

• Visit: dailywire.com
• Follow Morning Wire: Tune in every morning for in-depth coverage on politics, culture, education, sports, and more.

Transcript

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[Georgia Howe]

I'm Georgia Howe with Daily Wire Editor in Chief John Bickley. It's Wednesday, December 18th, and this is your Morning Wire afternoon update. The Federal Reserve has announced its third consecutive interest rate cut, a 25 basis point reduction. This move lowers the federal funds rate to a target range of 4.25% to 4.5%, following similar reductions in November and September. The Federal Open Market Committee says inflation is trending downward but remains above its 2% target while unemployment has ticked up. The Fed says it remains focused on balancing risks to employment and inflation as uncertainty clouds the economic outlook.

[Amanda Prestis]

As sightings of unidentified drones continue on the east coast, the FBI is warning residents against pointing lasers at them. Daily Wire reporter Tim Pierce has the latest.

[Major General Patrick Ryder]

Officials say these actions could have deadly consequences. Pilots of manned aircraft in the area have already reported having lasers shined in their eyes after being mistaken for drones by those on the ground. The Pentagon and federal agencies say there's no evidence these drones pose a national security threat. Still, lawmakers are pressing for more transparency to address the public's concerns, as the FBI has logged over 5,000 drone sightings in recent weeks. The FBI's statement along with yesterday's classified briefing have done very little to put the public at ease. Here's DoD Press Secretary Major General Patrick Ryder being asked about that.

[Matt Walsh]

Why does it have to be a classified briefing if these are just hobbyist drones? They're not military drones. Why is it a classified briefing on the Capitol Hill?

[Defense Department Official]

I'd have to refer you to Congress on that again, you know, sharing as much information as we can here. I don't have the briefing in front of me, so I can't tell you specifically, you know, what aspects are classified or not. I can assure you though that again, we are sharing as much information as we can based on what we know.

[Amanda Prestis]

The House Ethics Committee has reportedly voted to release its findings from its investigation into former Congressman Matt Gaetz. Gates, who resigned in November after briefly being named Trump's Attorney general, picked faces long standing sexual misconduct allegations, which he denies. The Republican led panel's secret vote occurred last month and the report is expected by the end of the year.

[Georgia Howe]

The Pentagon says China has nearly tripled its nuclear arsenal since 2020. The Defense Department now estimates China has over 600 operational nuclear warheads compared to the low two hundreds just four years ago. China's rapid buildup aims to create a diversified nuclear force ranging from low yield missiles to intercontinental ballistic missile. Officials warn the stockpile could exceed 1,000 warheads by 2030. Here's UK Special Forces Admiral Sir Tony Radican issuing a similar warning about China's growing stockpile earlier this month.

[Admiral Sir Tony Radican]

Since the end of the Cold War, every year from 1990 to 2022 there were fewer and fewer nuclear weapons in the world. In 2022 for the first time, that changed and there were more such weapons at the end of the year than at the beginning, and that is due to China. So that's obviously a reason to be very concerned about this. It's also that China is not transparent about what their plan is.

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[Amanda Prestis]

A South African national who is illegally in the US has been arrested in New York City after being flagged on the terrorist watch list. The individual was initially detained in Texas for trespassing, but later released by Border Patrol. U.S. officials say a subsequent investigation confirmed the person as a positive match on the terrorist watch list, triggering a multi agency arrest in Brooklyn. The illegal immigrant is now in custody awaiting removal.

[Georgia Howe]

President Biden's approval rating has taken another dive, sinking to an all time low while Trump's numbers continue to rise. A new national poll by Marquette Law School found that Biden now holds an approval rating of just 34% and disapproval of 66% among adults. That's the worst rating in the poll since he took office. Meanwhile, views of Trump's presidency have climbed. Marquette found that 53% of adults now view his first term favorably, up 3 points since October.

[Amanda Prestis]

And the Daily Wire produced comedy Am I Racist? Was snubbed from the Oscar shortlist despite its record breaking box office success here with Moore's Daily Wire reporter Amanda Prestis.

[Matt Walsh]

Giacomo Academy documentary branch members controversially left off Amiracist from the Oscars shortlist even though the film brought in more money than any other documentary this year by far. Amiracist, which exposes the lucrative DEI industry, earned the third highest opening day gross from a documentary in the last decade and was one of the most talked about films of the year. The star of Amiracist, Matt Walsh, called the snub a farce and criticized Hollywood for gatekeeping and resenting conservatives success.

[Georgia Howe]

Those are your Drive Home updates this afternoon. To learn more about these stories, go to dailywire.com and for more in depth reporting on the biggest stories of the day, tune in to our full episode of Morning Wire every morning.