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    Trump Media surges after expansion into financial services including crypto and ETFs

    The announcement comes after complaints from Republicans that banks have treated some conservatives unfairly.
    Trump Media’s Truth.Fi financial products would focus on “American growth, manufacturing, and energy companies as well as investments that strengthen the Patriot Economy,” according to the release.
    President Donald Trump indirectly owns 114,750,000 shares of the parent company, held in a revocable trust.

    This illustration shows an image of President-elect Donald Trump next to a phone screen that is displaying the Truth Social app, in Washington, D.C., on Feb. 21, 2022.
    Stefani Reynolds | AFP | Getty Images

    Trump Media is expanding into financial services, including investment vehicles, the firm announced Wednesday.
    Shares of the Truth Social parent company, which trade under the ticker DJT, jumped 6.8% on Wednesday. President Donald Trump indirectly owns 114,750,000 shares of the company, held in a revocable trust.

    The financial services division will be known as Truth.Fi, and it will be started with up to $250 million from the company that will be custodied with brokerage firm Charles Schwab, according to a news release. That money will be allocated to customized exchange-traded funds and cryptocurrencies, among other investment vehicles.
    The company said it expects to launch products and services, including its own investment vehicles, later this year.
    “Truth.Fi is a natural expansion of the Truth Social movement. We began by creating a free-speech social media platform, added an ultra-fast TV streaming service, and now we’re moving into investment products and decentralized finance,” Trump Media CEO and Chairman Devin Nunes said in the release.
    “Developing American First investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves from the ever-present threat of cancellation, censorship, debanking, and privacy violations committed by Big Tech and woke corporations,” added Nunes, a former congressman from California.
    The release did not specify what types of investment vehicles Truth.Fi would offer, but said Schwab would “broadly advise” the company’s investments and strategy. The products would focus on “American growth, manufacturing, and energy companies as well as investments that strengthen the Patriot Economy,” according to the release.

    Samantha Schwab, a granddaughter of the namesake founder of Charles Schwab, recently became the deputy chief of staff at the U.S. Department of the Treasury.
    The announcement comes after complaints from Republicans that banks have treated some conservatives unfairly. During a remote appearance last week at the World Economic Forum in Davos, Switzerland, Trump complained to Bank of America CEO Brian Moynihan that the firm was locking out and de-banking conservatives.
    “I hope you start opening your bank to conservatives because many conservatives complain that the banks are not allowing them to do business within the bank, and that included a place called Bank of America,” Trump said.
    The president also took on Jamie Dimon, CEO of JPMorgan Chase, the largest U.S. bank by assets.
    “You and Jamie and everybody, I hope you’re going to open your banks to conservatives because what you’re doing is wrong,” Trump said.
    The remarks continued a simmering feud between Republicans and the nation’s largest banks, with a flashpoint coming last year when a group of state attorneys general filed a complaint alleging that the institutions were discriminating against customers based on religious and political affiliations. Officials at the banks have denied wrongdoing.
    Complaints about de-banking are also common among the crypto community, which was aligned with Trump during his presidential campaign.
    Truth.Fi comes on the heels of the Trump memecoin, which launched shortly before the inauguration and resulted in on-paper gains of billions of dollars for the Trump Organization and its affiliates.
    The new financial services firm may end up being a competitor to Elon Musk’s X, which announced a deal with Visa on Tuesday as part of its push to expand beyond social media. Musk is a close advisor to President Trump.

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    Fed’s Powell has had no contact with Trump after president said he’ll demand rates drop

    Powell’s comments came after Federal Reserve members announced they were keeping the benchmark interest rate steady.
    “I’ll demand that interest rates drop immediately,” Trump said during a virtual appearance before the World Economic Forum in Davos, Switzerland, last week.
    “The public should be confident that we will continue to do our work as we always have, focusing on using our tools to achieve our goals and really keeping our heads down and doing our work,” Powell said Wednesday.

    Federal Reserve Chair Jerome Powell said Wednesday he has not spoken to President Donald Trump since the newly inaugurated president told business leaders he would demand the central bank lower interest rates.
    Speaking after the Fed’s decision to hold interest rates steady, Powell said he has had “no contact” with the president since Trump’s remarks last week.

    “I’m not going to have any response or comment whatsoever on what the president said. It’s not appropriate for me to do so. The public should be confident that we will continue to do our work as we always have, focusing on using our tools to achieve our goals and really keeping our heads down and doing our work,” Powell said Wednesday.
    The Federal Reserve is designed — since its founding in 1913 — to make interest rate decisions independent of pressure from elected officials. However, Trump in his first term as president was unusually vocal with his opinions on what the central bank should do. His remarks during the 2024 campaign and since his election victory have pointed to that continuing in his second stint in the White House.
    “I’ll demand that interest rates drop immediately,” Trump said during a virtual appearance before the World Economic Forum in Davos, Switzerland, last week. “And likewise, they should be dropping all over the world. Interest rates should follow us all over.”
    Powell was originally nominated to be Fed chair by Trump, taking over the position in 2018. He is now in his second term in the position, which runs through May 15, 2026.
    Powell has said that he would not resign from his position if asked by Trump and that he believes the president removing or demoting the Fed chair is “not permitted under the law.”

    Wednesday’s interest rate decision was the first since Trump returned to the White House. The Fed had cut its benchmark interest rate in three previous meetings by a cumulative total of 1 percentage point. Inflation readings are still above the central bank’s 2% target.
    Trump criticized Powell and the Fed later on Wednesday, saying in a Truth Social post that the central bank “failed to stop the problem they created with inflation.”

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    Three key takeaways from Robert F. Kennedy Jr.’s Senate confirmation hearing

    Robert F. Kennedy Jr., President Donald Trump’s controversial pick to lead the Department of Health and Human Services, testified Wednesday before a Senate panel that is crucial to advancing his nomination.
    Kennedy, 71, appeared before the Senate Committee on Finance, which will vote on whether his nomination as HHS secretary advances to the full chamber.
    He faced questions about vaccine skepticism, his evolving views on abortion and grasp of sprawling federal health programs.

    Robert F. Kennedy Jr., President Donald Trump’s controversial pick to lead the Department of Health and Human Services, testified Wednesday before a crucial Senate panel, where he faced questions about vaccine skepticism, his evolving views on abortion and grasp of sprawling federal health programs.
    Kennedy, 71, appeared first before the Senate Committee on Finance, which will vote on whether his nomination as HHS secretary advances to the full chamber. In the Republican-controlled Senate, Kennedy can lose only three GOP votes if all Democrats oppose him.

    He will also appear before the Senate Committee on Health, Education, Labor and Pensions for a courtesy hearing Thursday.
    He sidestepped many of the questions as senators grilled him Wednesday. He also struggled to answer some questions about Medicare and Medicaid, and often said he would defer to Trump on policies in such areas as reproductive rights and prescription drug price negotiations.
    If confirmed, Kennedy will take the reins of a $1.7 trillion agency that oversees vaccines and other medicines, scientific research, public health infrastructure, pandemic preparedness, food and tobacco products, and government-funded health care for millions of Americans. The heads of the Food and Drug Administration, Centers for Disease Control and Prevention, National Institutes of Health, and Centers for Medicare & Medicaid Services, among other federal health agencies, all report to the HHS secretary.

    Kennedy has faced criticism from both sides of the aisle. He is a prominent vaccine skeptic, making false claims that they are linked to autism despite decades of studies that debunk that association.
    Kennedy is also the founder of the nonprofit Children’s Health Defense, the most well-funded anti-vaccine organization in the U.S. In a government ethics agreement last week, he said he stopped serving as chairman or chief legal counsel for the organization as of December.

    Some critics have argued that his work advocating against vaccine use has cost lives and could deter more Americans from getting recommended shots at a time when vaccination rates are declining.
    A protester in the hearing room shouted when Kennedy denied he was anti-vaccine, accusing him of lying. It sparked applause, briefly interrupting his opening remarks.
    Shouting again interrupted the hearing as committee ranking member Sen. Ron Wyden, D-Ore., questioned Kennedy about his comments about vaccines. Committee Chair Sen. Mike Crapo, R-Idaho, threatened to recess the hearing if any more protesters disrupted it.
    Beyond vaccines, Kennedy also previewed how he plans to pursue his broad “Make America Healthy Again” platform if confirmed as the nation’s top health official. The platform argues that a corrupt alliance of drug and food companies and the federal health agencies that regulate them are making Americans less healthy. Kennedy has long contended that the agencies that HHS oversees need reform or a sweeping overhaul.
    Kennedy’s supporters say some of his stances around food, such as highlighting the risks of food additives and ultra-processed products, have hit on broad appeal among Republicans and some Democrats. But Kennedy on Wednesday said he is not “the enemy of food producers,” noting that American farms are “the bedrock of our culture and national security.”
    Caroline Kennedy, the nominee’s cousin and daughter of former President John F. Kennedy, wrote a letter to senators Tuesday that referred to her cousin as a “predator” and urged them not to confirm him.
    Here are some of the key takeaways from Wednesday’s hearing:

    Kennedy defends vaccine stance

    Robert F. Kennedy Jr., U.S. President Trump’s nominee to be secretary of Health and Human Services, testifies before a Senate Finance Committee confirmation hearing on Capitol Hill in Washington, U.S., Jan. 29, 2025. 
    Evelyn Hockstein | Reuters

    Kennedy, in his opening remarks before the panel, pushed back on claims that he is anti-vaccine or anti-industry.
    “I am neither; I am pro-safety,” Kennedy said. “I worked for years to raise awareness about the mercury and toxic chemicals in fish, but that didn’t make me anti-fish. All of my kids are vaccinated, and I believe vaccines have a critical role in health care.”
    Kennedy engaged in heated debate with senators over his vaccine views, saying, “I support the measles vaccine, I support the polio vaccine, I will do nothing as HHS secretary that makes it difficult or discourages people taking” them.
    Sen. Ron Wyden, D-Ore., didn’t buy that claim, highlighting Kennedy’s previous remarks in a book about not viewing measles as a threat. 
    Senators also pointed to Kennedy’s misinformation about the safety of the measles, mumps and rubella vaccine that was linked to a severe measles outbreak in Samoa in 2019 that left dozens of children dead. That outbreak came just months after Kennedy visited the island nation. 
    Kennedy denied having anything to do with the deadly outbreak. 
    “You cannot find a single Samoan that says, ‘I didn’t get vaccinated because of Bobby Kennedy,'” he said.
    When Wyden asked if measles is deadly, Kennedy did not directly answer the question. Kennedy contended again that he was not anti-vaccine.
    Wyden also pressed Kennedy on his comments in a 2023 podcast in which he said, “There’s no vaccine that is safe and effective.” Kennedy said he has previously clarified those statements and that he would not dissuade Americans from getting certain vaccines.

    Kennedy’s shifting abortion stance

    Democrats pressed Kennedy on whether he had reversed his stance on abortion for political expediency and if he would do the same on other issues. 
    “When was it that you decided to sell out the values you’ve had your whole life in order to be given power by President Trump?” Democratic Sen. Maggie Hassan of New Hampshire said, pointing to his previous public support for abortion rights. 
    Kennedy, in response, said “every abortion is a tragedy” — a line he repeated at least four times throughout the hearing. 
    When asked about his approach to regulations around the abortion pill mifepristone, Kennedy said Trump “wants me to look at safety issues.” He added that the president had not yet taken a position on how to regulate it.
    “Whatever he does, I will implement those policies, and I will work with this committee to make those policies make sense,” Kennedy said. That’s a similar response he had when asked about other abortion policies. 
    There is extensive scientific evidence showing that the pills, which are regulated and approved for use by the FDA, are safe. 

    Kennedy struggles to answer Medicare, Medicaid questions

    Robert F. Kennedy Jr., U.S. President Trump’s nominee to be Secretary of Health and Human Services, testifies before a Senate Finance Committee confirmation hearing on Capitol Hill in Washington, U.S., Jan. 29, 2025. 
    Nathan Howard | Reuters

    Kennedy appeared to struggle when Sen. Bill Cassidy, R-La., pressed him on what reforms he would propose for the state-federal Medicaid program, which provides coverage to around 80 million Americans, including many low-income people. 
    Republicans could target Medicaid, which costs the federal government more than $600 billion a year, for funding reductions this year to help pay for tax cuts. At times, Kennedy appeared to confuse Medicaid with Medicare, a federal program that provides coverage to older and disabled Americans. 
    Kennedy described Medicaid as “fully paid for” by the federal government. But the program is funded by states as well. 
    He also claimed that many Medicaid enrollees were frustrated by high costs, saying “premiums are too high. The deductibles are too high.” 
    But the majority of Medicaid enrollees do not pay any premiums or deductibles for their coverage. Federal law bars premiums for the lowest-income Medicaid enrollees. 
    Kennedy only vaguely described efforts to reform Medicaid, saying he supported increasing “transparency” and “accountability.”  More

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    Planet lands $230 million contract for Pelican imagery satellites

    Satellite imagery and data analysis company Planet announced it had signed a $230 million contract on Wednesday, with an anchor customer for its Pelican satellites.
    “It’s both our biggest deal ever and it’s a significant step for us into this satellite services business,” Planet CEO Will Marshall told CNBC.

    An animated rendering of a Pelican satellite in orbit.

    Satellite imagery and data analysis company Planet announced it had signed a $230 million contract on Wednesday, with an anchor customer furthering the rollout of its next-generation Pelican satellites.
    “It is a momentum-building event. … It’s both our biggest deal ever and it’s a significant step for us into this satellite services business,” Planet CEO Will Marshall told CNBC.

    Planet’s deal will see it build Pelican satellites in service to a company in the Asia-Pacific region. Planet said the customer will be identified at a later date, but described the company as a long-standing partner. Marshall said the contract covers “a couple of years to construct” the satellites “and then five years of operation.”
    “They get dedicated access to the satellites that we’re launching for them within their [area of interest] in Asia, and then for the rest of the world, we get to license that data,” Marshall said.
    While the deal does not change Planet’s previous guidance for its fiscal 2025 fourth-quarter results, the company expects to begin seeing benefits to its balance sheet in fiscal 2026, with payments for building the satellites and providing services to be recognized over about seven years.
    Planet, which operates more than 200 satellites in orbit, in 2021 unveiled its plans for the more high-powered line of Pelican satellites. Intended to replace the SkySat satellites acquired from Google in 2017, Planet aims to deploy a constellation of as many as 32 Pelican satellites. The company launched its first operational satellite for the constellation, Pelican-2, earlier this month, with the spacecraft notably featuring Nvidia’s Jetson edge artificial intelligence platform for improved data processing.
    “We only had financials to specifically build a subset of [those 32 Pelican satellites], and now we’ve got the financials to build more, and so we’re scaling much faster,” Marshall said.

    Shares of Planet rose as much as 14% in trading Wednesday before giving up early gains to end the day 1.65% higher. Planet late Tuesday announced a multiyear contract worth an unspecified amount with the European Space Agency.

    Read more CNBC space news

    Additionally, Marshall said the Pelican deal represents Planet’s entrance into the satellite services market, effectively selling its spacecraft as an adaptable base to specific customers. It is a market that Planet first dipped into with its Tanager satellite product line, the first of which it built and deployed for the nonprofit group Carbon Mapper.
    “These customers are often customers we’ve been working with for years, so they already know and trust our data and our ability to execute. They know we’ve got a vertically integrated stack of tech, so they know we can deliver satellites in space that work and operate,” Marshall said.
    “It’s synergistic with our data business,” he added.
    Planet went public in 2021 amid the SPAC boom. Similar to other space companies that went public at that time, Planet’s stock slid steadily in the years following — with company shares getting hit amid missed revenue targets and workforce layoffs — before bouncing back in 2024.
    While it lags top-performing space pure-play stocks over the past year, Planet shares have more than doubled over the past 12 months, according to FactSet data. More

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    Major League Table Tennis signs first media deal with CBS Sports

    Major League Table Tennis has signed a national TV deal with CBS Sports.
    CBS Sports Network will air matches, highlights and player profiles.
    The sport has seen a recent uptick in popularity since the Olympics.

    Major league table tennis player Debora Vivarelli
    Masha Zolotukhina

    Major League Table Tennis is going primetime.
    The pro table tennis league that got its start in 2023 by software entrepreneur Flint Lane has signed its first-ever national television deal with CBS Sports, the league announced Wednesday. This comes as table tennis has seen a resurgence in popularity and as broadcasters are hungry for sports content.

    Terms of the deal were not disclosed, but CBS Sports Network will air MLTT matches, exclusive highlights, player profiles and behind-the-scenes features throughout the season beginning Sunday at 8 p.m. ET.
    “This partnership with CBS Sports is a defining milestone for Major League Table Tennis,” Lane, founder and commissioner of MLTT, told CNBC. “It’s a testament to the league’s energy, talent and growing appeal that captivates audiences. We’re excited to bring professional table tennis to millions of homes.”
    MLTT said it’s one of America’s fastest-growing sports on digital and social platforms and that its viewership on YouTube grew more than 1,200% from its first season into its second season. MLTT also noted that table tennis is the sixth most popular sport in the world with 850 million fans, according to the World Atlas.
    MLTT currently has eight teams from cities across the U.S. The teams compete against each other during weekend matches.
    The league has raised about $10 million in capital, Flint said, with investment from names like David Blitzer, owner of Harris Blitzer Sports & Entertainment, which owns the Washington Commanders and Philadelphia 76ers, and Daryl Morey, president of the Philadelphia 76ers.

    Former San Antonio Spurs star Manu Ginóbili is a minority team owner in MLTT team the Florida Crocs.
    “Table tennis is considered a basement sport in America,” Flint said. “Throughout Europe, there are professional leagues, but we’ve never had a professional league in this country, so it gives us more credibility.”
    Flint said the sport got a boost at the Paris Olympics, where for the first time ever two Americans made it to the round of 16. One of those players, Lily Zhang, plays for MLTT.

    The USA Table Tennis team met Steph Curry at the 2024 Paris Olympics.

    The sport also got some buzz during the Olympics when Golden State Warriors Star Stephen Curry met the USA Table Tennis team at opening ceremonies and later invited them to sit courtside at a game.
    While MLTT hasn’t yet been approved for sports betting, betting on table tennis gained traction during the coronavirus pandemic when many sports were shuttered. In some states like Oregon, table tennis is one of the top sports for betting due to its fast pace and rapidly changing odds.
    Flint said now that the league has locked in a television deal, it will focus on selling two expansion teams and increasing the sport’s presence at the grassroots level.
    Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.
    Correction: This article has been updated to correct the spelling of Lily Zhang’s name. More

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    Here’s what changed in the new Fed statement

    This is a comparison of Wednesday’s Federal Open Market Committee statement with the one issued after the Fed’s previous policymaking meeting in December.
    Text removed from the December statement is in red with a horizontal line through the middle.

    Text appearing for the first time in the new statement is in red and underlined.
    Black text appears in both statements.

    Arrows pointing outwards

    Watch here for Federal Reserve Chair Jerome Powell’s press conference. More

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    Fed holds rates steady, takes less confident view on inflation

    The Federal Reserve left unchanged its overnight borrowing rate in a range between 4.25%-4.5%.
    The decision followed three straight cuts since September 2024.
    The post-meeting statement offered a somewhat more optimistic view on the labor market while dropping a key reference from the December statement that inflation “has made progress toward” the Fed’s 2% inflation goal.

    The Federal Reserve held its key interest rate in check Wednesday, reversing a recent trend of easing policy as it examines what is likely to be a bumpy political and economic landscape ahead.
    In a widely anticipated move, the central bank’s Federal Open Market Committee left unchanged its overnight borrowing rate in a range between 4.25%-4.5%.

    The decision followed three straight cuts since September 2024 worth a full percentage point and marked the first Fed meeting since frequent Fed critic Donald Trump assumed the presidency last week and almost immediately made known his intentions that he wants the central bank to cut rates.
    The post-meeting statement dropped a few clues about the reasoning behind the decision to hold rates steady. It offered a somewhat more optimistic view on the labor market while losing a key reference from the December statement that inflation “has made progress toward” the Fed’s 2% inflation goal.

    “The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid,” the new language read. “Inflation remains somewhat elevated.”
    A stronger labor market and stubborn inflation would provide less incentive for the Fed to ease policy. The statement again indicated that the economy “has continued to expand at a solid pace.”
    During a news conference, Chair Jerome Powell added that the labor market has not been a significant source of inflationary pressure. He said the central bank would need to see “real progress on inflation or some weakness in the labor market before we consider making adjustments.”

    Stocks fell after the decision to leave rates unchanged.
    Recent statements from policymakers have shown some apprehension about whether progress in bringing down inflation has stalled. Officials also have said they want to see how the previous cuts are working their way through the economy though most expect rate reductions this year.

    No contact with Trump

    In addition, the decision comes against a volatile political backdrop.
    In a little over a week, Trump has cut a swath through Washington policy and political norms as he has signed hundreds of executive orders that seek to implement an aggressive agenda. The president has backed tariffs as both an economic and foreign policy tool, ordered a wave of deportations against those crossing the border illegally, and has put forth a series of deregulatory measures.
    Moreover, Trump last week spoke of his confidence that he will bring down inflation and said he would “demand” that interest rates be lowered “immediately.” Though the president has no authority over the Fed other than to nominate board members, Trump’s statement signaled a potentially contentious relationship with the policymakers much like during his first term.
    Powell said he has not had any contact with the president since he made those statements.

    Inflation lower but not at target

    Inflation has moved down sharply from the 40-year peak it hit in mid-2022, but the Fed’s 2% goal has remained elusive. In fact, the central bank’s preferred pricing gauge showed headline inflation ticked higher to 2.4% in November, the highest since July, while the core measure excluding food and energy held at 2.8%.
    Traders had been pricing in a nearly 100% probability of the Fed holding the line at this meeting and in fact don’t see another cut coming until June. Markets are pricing in a funds rate of about 3.9% by the end of 2025, implying a 61% probability of two quarter percentage point cuts this year, according to CME Group data.
    Economic growth has been solid and consumer spending held up well during 2024. Gross domestic product is tracking at an annualized growth rate of 2.3% for the fourth quarter, according to the Atlanta Fed, which lowered the estimate Wednesday from the previous outlook for 3.2% as data on private domestic investment weakened.
    The meeting also featured a changed voting composition on the FOMC. Powell and the other seven board of governors members are joined this year as voters by regional Presidents Austan Goolsbee of Chicago, Alberto Musalem of St. Louis, Susan Collins of Boston and Jeffrey Schmid from Kansas City. The vote to keep the funds rate unchanged was unanimous.

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    Don’t let Donald Trump see our Big Mac index

    President Donald Trump likes fast food almost as much as he loves tariffs. During a government shutdown in his first term, he laid on a banquet of burgers and “many, many French fries” for a visiting American football team. During the 2016 campaign, according to one aide, he would often order two fish burgers and two Big Macs (although he removed the buns). More