Saturday’s headlines.
Supreme Court Won’t Restore Virginia’s Congressional Map
The Supreme Court rejected Virginia’s long-shot bid to restore its voter-approved congressional map. The upper court issued a brief decision without any dissents on May 15, leaving the Virginia Supreme Court’s ruling last week intact. The change could have allowed Virginia’s Democrats to pick up four seats during the midterm elections in November.
‘Nullify’: “The Supreme Court of the United States has now joined the Supreme Court of Virginia in choosing to nullify an election and the votes of more than three million Virginians,” Virginia Governor Abigail Spanberger (D) said in a statement on X. “These Virginians made their voices heard — casting their ballots in good faith to push back against a President who said he’s ‘entitled’ to more seats in Congress before voters go to the polls,” she continued. “As Governor, I will make sure voters know when and how to cast their votes this year. Because our votes are how we choose the representation we deserve.” Related: Virginia Supreme Court cancels Democrat redistricting…
Strait of Hormuz Will Reopen This Summer: Energy Secretary
The Strait of Hormuz, a global chokepoint located between Iran and Oman, will reopen this summer, says Energy Secretary Chris Wright. In a May 15 interview with CNBC at a liquefied natural gas (LNG) facility in Louisiana, Wright explained that traffic in the narrow waterway will be restored. The vital artery for 20% of the world’s oil supply has been effectively shuttered since the start of the Iran war, upending international energy markets.
Summertime: “Now, traffic will be flowing through the Strait of Hormuz, you know, as soon as we can, but certainly sometime this summer at the latest,” Wright said, adding that a peace deal could be established “in the next few days.” “We’ve done the early steps on that, but [what’s] better is to get a deal and not have to use military force,” he continued. He also said there is some confusion over who is leading Tehran after reports suggested Supreme Leader Mojtaba Khamenei is possibly dead. Related: Iran war rekindling the inflation flame…
DC Parents Could Face Jail Time Over ‘Teen Takeovers’
Parents in the District of Columbia could face prison time if their children engage in “teen takeovers.” Jeanine Pirro, US Attorney for the District of Columbia, said on May 15 that parents who do not follow curfew laws may face criminal penalties of up to six months in prison. Washington currently maintains an 11 p.m. curfew for minors on weeknights and a midnight curfew on weekends.
‘Teen Takeovers’: “Teen takeovers have disrupted neighborhoods, forced businesses to close temporarily, and diverted valuable law enforcement resources from the residents of the District,” Pirro said in a statement. “These incidents have become increasingly common in areas such as Navy Yard and NoMa and are often accompanied by criminal conduct, including assaults, robberies, fights, and other disorderly behavior.” Related: Suburban DC radicals lead soft on crime push in Virginia…
No Evidence Hantavirus Has Mutated, WHO Says
The World Health Organization (WHO) said on May 15 that there is currently no evidence that the hantavirus has mutated to become more serious or transmissible. Dr. Maria Van Kerkhove, director of epidemic and pandemic preparedness and prevention at the WHO, stated that experts have been monitoring the virus that caused an outbreak on a cruise ship and have not discovered any changes. Officials noted that monitoring and quarantines are being completed out of an abundance of caution to ensure the Andes hantavirus does not spread.
‘Precautionary Approach’: “What they are telling me is, and what they have said, is that they haven’t identified any changes to suggest a change in the virus to make it more transmissible, more severe, anything like that,” Van Kerkhove said. “So, we are taking a precautionary approach, assuming that there might be additional cases that were on board, which is why the quarantine measures are so strict for those who have left the ship already.” The WHO says the overall risk to the public remains low. Related: The true cost of COVID-19…
Wall Street Bets on Fed Rate Hike in 2027
Investors now anticipate the Federal Reserve will raise interest rates as its next move. Despite a new Trump-appointed head of the US central bank, the inflation resurgence has spooked Wall Street into betting on the Fed tightening policy rather than loosening conditions. New CME FedWatch data on May 15 suggest traders are penciling in a quarter-point rate increase as their base case in early 2027. This is a complete reversal from several months ago, when they were pricing in rate cuts.
Treasury Yields: From fiscal fears to price pressures, the US government bond market rocketed to close out a busy week of worse-than-expected inflation data. The benchmark ten-year Treasury yield climbed 13.8 basis points to 4.6%, the highest in almost a year. The 20- and 30-year yields also topped 5.1% for the first time in a year. Peter Boockvar, chief investment officer of One Point BFG Wealth Partners, says these numbers show that “inflation is still a problem.” Related: Does the Trump TACO rest in US Treasury yields?
