(Defense Secretaries Lloyd Austin (U.S.) and Carlito Galvez (The Philippines) sign agreement in Manila Thursday.)

THURSDAY 2/2/23

New U.S. Military Bases in The Philippines – The United States has reached agreement with The Philippines to add four new military bases there, where American troops will be allowed to build facilities and “preposition defense assets” nearly nine years after the two nations signed the Enhanced Defense Cooperation Agreement (EDCA), Rappler reports. 

This is “a really big deal,” U.S. Defense Sec. Lloyd Austin said from Manila, where the agreement was signed Thursday (per NPR). The agreement gives the U.S. access to a total of nine bases in The Philippines. 

Definition: “Preposition defense assets” are military arms and equipment that “reduce deployment time,” according to Tactical Defense media

Context: The deal is meant to check Chinese military presence in the region, especially in support of Taiwan. The EDCA was signed in 2014 between the Obama administration and the Aquino administration, but Philippines President Rodrigo Duterte pivoted the country toward Beijing when he took over in 2016. 

Thursday’s agreement was signed under the administration of Ferdinand "Bongbong" Marcos Jr. – son of the late dictator Ferdinand Sr. and famous shoe-collector Imelda – who was elected president of The Philippines last year. 

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Record Profits for Oil’s Big Three – The oil industry’s “three big majors” posted $134 billion in record profits for 2022 after Russia’s invasion of Ukraine and emergence from the COVID-19 pandemic’s global hibernation caused skyrocketing prices at the pump in the U.S. and elsewhere. Shell was the latest to post its record profit Wednesday, of $41.6 billion, up from its previous record of $31.4 billion in 2021, The Wall Street Journal reports. The other two of the “big three” are …

ExxonMobil: $55.7 billion.

Chevron: $36.5 billion.

For Comparison Purposes: General Motors and Tesla both have posted record net income for 2022; $14.5 billion for GM and $13.7 billion for Tesla, Autoweek reports.

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Powell on the Rate Hike – Chairman Jerome Powell said this about the Federal Reserve’s eighth consecutive interest rate hike Wednesday: “We can now say I think for the first time that the disinflationary process has started.” (Per Fortune.)

What This Means: The Fed is satisfied with improvements in the Consumer Price Index and after raising its interest rate from near-zero to more than 4% over the last year, passed an 0.25% increase Wednesday (to the 4.5% to 4.75% range). Though Powell warned of further increases this year, Wall Street took his comments as indication the hikes are over, with the tech-heavy NASDAQ up 2.2% and the New York Stock Exchange composite up 0.53% Wednesday.

--Compiled and edited by Todd Lassa

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COMMENTS: editors@thehustings.news

(Funeral for Tyre Nichols is Wednesday, with eulogy by National Action Network founder Rev. Al Sharpton and a call to action by Ben Crump, national civil rights attorney representing the Nichols family. (AP) About 2,500 are expected to attend.)

WEDNESDAY 2/1/23

UPDATE ON REHOBOTH – No classified documents were found in the FBI’s search of the president’s vacation home in Rehoboth, Delaware, Biden’s attorney said (AP). Federal agents did take some handwritten notes and other materials related to Biden’s time as vice president, however. 

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UPDATE ON THE FED – The Federal Reserve boosted its interest rate by 0.25% Wednesday afternoon, as expected, but warned that ongoing increases are warranted (per The New York Times).

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FBI Searches Biden’s Beach Home – The FBI began a search of President Biden’s beach home in Rehoboth, Delaware, for possible classified documents Wednesday morning, weeks after discovering classified documents in Biden’s former Washington, D.C. office and his primary home in Wilmington, Delaware, The Hill reports. Unlike his longtime home in Wilmington, Biden purchased the Rehoboth home after he left office as vice president in 2017.

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Debt Ceiling Confab – President Biden is scheduled to meet with House Speaker Kevin McCarthy (R-CA) over raising the debt ceiling and avoid U.S. government default this June. House Republicans want to make cuts in the federal budget already passed, though McCarthy has said Medicare and Social Security cuts some House Republicans have favored are “off the table,” The Hillsays.

•••

The Fed’s Next Move – The Federal Reserve is expected to announce its eighth consecutive interest rate hike Wednesday. Last year’s increases were at a steep 0.75% as the Consumer Price Index peaked at 9.1% in June, except for December’s hike of 0.5%, when the CPI eased to 6.5%. An 0.25% hike is expected for Wednesday, The Washington Post says, which would put the prime rate at 4.5%-4.75%. Fed Chair Jerome Powell holds a news conference at 2:30 p.m.

--TL

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...meanwhile...

TUESDAY 1/31/23

(Two more Memphis police officers were disciplined and three emergency responders were fired, officials said late Monday, over the death of Tyre Nichols –AP. See “Will Nichols’ Death Force Policing Change?” below.)

“Distracting” Santos Steps Down from Committees – Rep. George Santos (R-NY) told House Republicans he will step down temporarily from his assignments on the Small Business, and Science, Space & Technology committees “because he’s a distraction,” an unnamed Republican colleague tells The Washington Post. Santos, who faces “multiple investigations” into his 2022 campaign finances and has lied about key aspects of his education, employment and religious history, met privately with Speaker Kevin McCarthy (R-CA) on Monday.

•••

Criminal Charges for Trump? – Manhattan District Attorney Alvin Briggs (D) is showing a grand jury evidence that about $130,000 in hush money paid by Donald J. Trump to adult film star Stormy Daniels just prior to the 2016 presidential election, a “clear sign” the D.A. is nearing a decision on whether to bring criminal charges against the former president. According to The New York Times, the charges could hinge on whether prosecutors can show that Trump and his company falsified records to hide the hush money payment from voters. 

--TL

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Will Nichols' Death Force Policing Change?

MONDAY 1/30/23

After a weekend of peaceful protests in Memphis, Washington, D.C. and other cities following the late-Friday release of video depicting the brutal beating and pepper-spraying by police of Tyre Nichols (above), debate on the danger young Black men face from local police departments seems to be shifting to the need for systemic change. 

Nichols is the 29-year-old Black man who died three days after Memphis police pulled him over for erratic driving and dragged him out of his car and according to body camera and remote footage, chased him down and beat him as he called out for his mother. Five officers involved in the beating first were fired, then were charged last week with murder, and their special unit, Scorpion – Street Crimes Operation to Restore Peace in Our Neighborhoods – was disbanded, all within three weeks of Nichols’ traffic stop. Charges against other officers may be forthcoming.

All Scorpion officers who attacked Nichols according to the four videos released last week are Black. As The New York Timesnoted over the weekend, “It took 13 months and an order from a judge for the authorities in Chicago to relase videos showing a police officer firing 16 bullets into Laquan McDonald, a Black teenager on a busy roadway in 2014.” Until the swift actions taken by Memphis Police Chief Cerelyn Davis, a Black woman in the job since 2021, it was typical for local police departments to delay for months or even refuse to take action against white officers involved in such cases. 

But Ben Crump, attorney for the Daniels family in the Memphis case says these cases are about intstutionalized racism in police departments, no matter the racial makeup of police officers involved.

“We have to talk about this institutionalized police culture that has the unwritten law, you can engage in the excessive use of force against Black and brown people,” Crump told ABC News’ This Week.

•••

This Week On the Hill – The Senate and the House are in session Monday through Thursday. The Senate only is in session Friday.

President Biden is scheduled to meet with House Speaker Kevin McCarthy (R-CA) at the White House Wednesday to discuss the debt ceiling, MSNBC’s Morning Joe reports.

--Compiled and edited by Todd Lassa

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COMMENTS: editors@thehustings.news