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🚨 Sen. Elizabeth Warren just called for an immediate pause in advanced AI development. And this has been building all year. Warren said frontier AI is currently a "dangerous technology" without sufficient safeguards and that development should pause while Congress and regulators put protections in place. She said the future of AI should be decided by the American people through elected representatives, not "a handful of CEOs and billionaire corporations." Her warning was blunt. Congress needs stronger guardrails before AI facilitates a cyberattack, economic crisis or national security disaster. "The time to act is yesterday." But Warren has been laying the groundwork for this position throughout 2026. In January, she warned that more than $1 trillion in debt tied to AI infrastructure could create financial stability risks. She also questioned Sam Altman over OpenAI’s massive spending commitments and whether taxpayers could eventually be forced to absorb losses if the strategy failed. Her argument was that AI companies should not privatize the upside while socializing the downside. She then targeted NVIDIA chip exports to China, saying advanced US chips should prioritize domestic companies, startups and universities. In February, Warren raised concerns about Google using Gemini, search data and shopping data to potentially manipulate consumers or personalize pricing. She also pushed antitrust regulators to investigate Big Tech AI deals involving Meta, Google and NVIDIA. Then came national security. Warren questioned Pentagon AI contracts involving Grok, Anthropic and OpenAI, raising concerns about classified data, domestic surveillance and autonomous weapons. She also focused on the physical cost of the AI boom. Warren and Senator Josh Hawley pushed for mandatory reporting on how much electricity massive data centers consume and whether households are being forced to subsidize grid upgrades. Then in April, she said: "I know a bubble when I see one." She compared parts of the debt-fueled AI boom to risks seen before the 2008 financial crisis. By May, she was proposing taxes on AI-related economic gains and energy consumption, arguing workers and the public should share in the upside. In June, she introduced legislation aimed at tracking banks, insurers and private-credit funds’ exposure to AI debt. She warned that companies were relying on "shadowy forms of debt and balance sheet magic" to fund massive infrastructure buildouts. Now the debate has moved one step further. Warren is no longer just asking who pays for the AI boom or who carries the risk. She is asking whether frontier AI development should continue at all without stronger safeguards. The AI race used to be about who gets there first. Washington is now debating whether the race should be stopped before anyone reaches the finish line.

PRESIDENT TRUMP: "INTEREST RATES IN THE UNITED STATES SHOULD BE 1%, OR LESS, BECAUSE WE ARE THE BEST CREDIT IN THE WORLD."

JUST IN: 🇺🇸 US HOUSE FINANCIAL SERVICES COMMITTEE ADVANCES STRATEGIC BITCOIN RESERVE BILL (H.R. 8957)

FED EXPECTS ANOTHER 25BPS INTEREST RATE HIKE IN 2026

The Fed just hiked rates into a strengthening economy. That is the story. Fed Chair Kevin Warsh raised rates 25 basis points to 3.75%-4.00% and made it clear that inflation, not economic weakness, is now the problem. Warsh said the economy has "indeed strengthened," underlying growth is higher and the labor market is essentially at full employment. At the same time, inflation remains too high. Warsh said stable prices have been a problem for more than five and a half years and that recent inflation data have not shown enough meaningful improvement. His Jackson Hole test was simple: the Fed needs confidence that inflation is moving clearly and quickly back toward 2%. He said that standard has not been met. Then came one of the most important lines of the press conference. Warsh said he would be "hard pressed" to describe broad financial conditions as restrictive. He said that view was widely shared by the FOMC. So the Fed “removed a dose of accommodation.” Read that again. The Fed is raising rates while arguing that financial conditions still are not particularly tight. Warsh also said the Fed’s predominant focus is now price stability and reiterated its commitment to the 2% inflation target. But he gave markets almost no help on what comes next. Asked about future hikes, Warsh said he is "not in the forward guidance business." He also confirmed that he did not submit a dot for the Fed’s latest dot plot. The other policymakers did. 16 of 18 currently see at least one more 25 basis point hike before the end of 2026. Warsh wants the data and trends to speak for themselves rather than promising a predetermined path. He also said individual economic prints are noisy and that the Fed should focus on broader trends rather than obsessing over every CPI or retail sales number. On the surge in Treasury yields, Warsh pointed to three things: A stronger economy. A real surge in capital spending. Geopolitics. On oil, he acknowledged the Fed cannot control the price of crude, but said it can prevent an energy shock from spreading into broader inflation and second- or third-order effects across the economy. The message from this Fed is becoming increasingly clear. Growth is holding up. Employment is strong. Financial conditions are not restrictive. Inflation is still too high. And the Fed believes the economy can handle tighter policy. This is no longer a Fed waiting for the economy to break before acting. The Fed is testing just how much tightening a strong economy can take.

SENATOR ELIZABETH WARREN CALLS FOR AN IMMEDIATE PAUSE ON ADVANCED AI DEVELOPMENT UNTIL LAWMAKERS AND REGULATORS PUT STRONGER SAFEGUARDS IN PLACE