🪖 U.S. Awards Raytheon $22.9B Deal To Surge Tomahawk Output
The Pentagon has awarded RTX's Raytheon a $22.9 billion, seven-year contract to dramatically increase Tomahawk cruise missile production, after U.S. forces burned through more than 1,000 of the weapons during ongoing strikes against Iran.
Annual production will rise from roughly 600 units to more than 1,000 missiles per year. Acting Navy Secretary Hung Cao called the deal a "landmark" contract that will "accelerate Tomahawk missile delivery to our warfighters at unprecedented speed." Raytheon said it has already delivered three times as many missiles in the first half of 2026 as in the same period last year. A single Tomahawk costs up to $3.5 million.
U.S. officials have warned it will take years to replenish depleted munitions stocks. Military planners also view precision weapons like the Tomahawk as critical assets for any potential conflict with China.
⚡ Iran Rejects Interim Deal Extension, Strait of Hormuz at Risk
Iran has ruled out extending its interim nuclear agreement with the United States, threatening to escalate the conflict as the 60-day negotiating window nears its close.
The interim deal had kept the Strait of Hormuz open while both sides worked toward a final agreement on Tehran's nuclear program. Iran's rejection of any extension pushed oil prices higher on global markets.
The Strait of Hormuz is one of the world's most critical oil transit chokepoints, carrying roughly 20% of global petroleum supplies — making any threat to its status a direct concern for U.S. energy markets and foreign policy.
Goldman Sachs says inflation — not the labor market — remains the dominant factor in the Fed's policy decisions, with softer employment data viewed as largely irrelevant to the rate path.
Core CPI came in roughly in line at 21.5 basis points, while cooler-than-expected PPI data helped push the S&P 500 to a record closing high. September Fed meeting pricing eased slightly to around nine basis points after the CPI release. Goldman says market pricing for Fed Funds remains too high relative to its own outlook.
The bank estimates AI-related corporate debt issuance at $250 billion this year and up to $400 billion next year, compounding structural upward pressure on long-end yields alongside heavy Treasury supply. The 10-year auction — the highest-yielding since 2007 — was well absorbed. Goldman's preferred trade is a yield curve steepener, with the largest payoff reserved for a recession scenario the bank does not view as its base case.
💼 Amazon Updates Terms to Block Class-Action Lawsuits
Amazon emailed customers Friday announcing a terms-of-service update requiring disputes to be resolved through arbitration, including a class-action waiver.
The change means most customers cannot seek a judge or jury in disputes with the company. Amazon described arbitration as a "fast and efficient" resolution method. Customers retain the right to use small claims court in limited cases, though payouts there are typically capped at a few thousand dollars.
The move effectively shields Amazon from large-scale coordinated legal challenges by routing complaints into individual arbitration proceedings.
Speculation over a potential 2028 presidential run by Rep. Alexandria Ocasio-Cortez (D-N.Y.) is intensifying, with the congresswoman now leading the Democratic nomination field on both Kalshi and Polymarket, the two largest political betting markets.
Democrats describe a mix of excitement and trepidation over a possible Ocasio-Cortez candidacy, reflecting divisions within the party over her political positioning heading into the next election cycle.
No formal announcement has been made by Ocasio-Cortez.
⚖️ BBC Subpoenas Trump Family in Jan. 6 Panorama Lawsuit
The BBC is seeking to subpoena members of Donald Trump's family as part of a lawsuit stemming from its 2021 Panorama documentary about the January 6 Capitol riot.
BBC lawyers argue Trump's family members "have personal knowledge" of his intentions during the speech he delivered outside the U.S. Capitol on January 6, 2021. The subpoenas are part of the network's legal defense in the case.
The lawsuit centers on the BBC's coverage of the events surrounding the Capitol attack, with the family subpoenas representing a significant escalation in the discovery phase of the proceedings.
💼 Trump Family Crypto Firm Gets Conditional Bank Charter
The Office of the Comptroller of the Currency granted preliminary conditional approval Friday for a national trust bank charter to World Liberty Trust Co., a crypto firm partially owned by President Trump's family.
The approval was posted on the OCC's website. The conditional status means the firm must meet additional requirements before full authorization is granted.
The development comes as crypto regulation and Trump family business interests face growing scrutiny in Washington.