News Wrap: Donald Trump Jr. testifies in civil case against family’s real estate business

Amna Nawaz:

In the day's other headlines: Donald Trump Jr. testified in New York in the civil fraud case against the family's real estate business.

He entered a Manhattan courthouse this afternoon. Under oath, he maintained he had little to do with financial practices that allegedly involved inflating asset values. His brother Eric, co-manager of the Trump Organization, is set to testify tomorrow.

The U.S. Supreme Court has heard another case involving former President Trump. In arguments today, a California man said he wants to trademark the phrase — quote — "Trump too small" and put it on T-shirts. He said it's about free speech. Federal officials said that can't happen without Mr. Trump's consent. The court will decide by next summer.

Federal prosecutors in New York today accused Sam Bankman-Fried of building a — quote — "pyramid of deceit" at his failed cryptocurrency exchange. He allegedly defrauded FTX customers and investors of $10 billion, charges he denies. In closing arguments to the jury, one prosecutor said — quote — "He told a story and he lied to you."

The defense argued the government unfairly painted Bankman-Fried as a monster.

The Federal Reserve is leaving a key short-term interest rate unchanged again. The decision today marked the second time in a row that policymakers held steady. Fed Chair Jerome Powell said they're taking a wait-and-see approach on whether current rates will cut inflation to the fed's 2 percent goal.

Jerome Powell, Federal Reserve Chairman:

I think we are seeing the effects of all the hiking we did last year and this year. We're seeing it. It takes time. We know that. And you can't rush it. So, doing — slowing down is giving us, I think, a better sense of how much more we need to do, if we need to do more.

Amna Nawaz:

Inflation at the consumer level is down sharply from last year's peak, but still running at nearly twice the fed's goal.

Six Democratic mayors are pressing President Biden for greater federal help to handle thousands of migrants. In a new letter, the mayors of Denver, Chicago, El Paso, Houston, Los Angeles, and New York complain of — quote — "little to no coordination, support or resources." They call for $5 billion in federal funds nearly three times what the president has proposed.

Republican Congressman Ken Buck announced today he won't seek a sixth term, and he complained the party has abandoned its mission. The Colorado conservatives said too many Republican leaders are still lying about the 2020 election results and the January 6 attack on the U.S. Capitol.

Rep. Ken Buck (R-CO):

It is impossible for the Republican Party to confront our problems and offer a course correction for the future while being obsessively fixated on retribution and vengeance for contrived injustices of the past. This trend among Republicans is a significant departure from the enduring principles of conservatism.

Amna Nawaz:

Buck opposed opening an impeachment inquiry into President Biden, and he voted to oust Kevin McCarthy as House speaker.

Also today, Texas Republican Kay Granger said she will retire after next year after nearly 30 years in Congress.

The nation's infant mortality rate has hit its highest level in two decades. The CDC reports the rate climbed 3 percent in 2022 after falling for years. Deaths rose sharply among white and Native American infants, newborn boys and babies born at 37 weeks or earlier. The cause is unclear, but RSV and flu infections could be factors. Overall, death rates among Black and Native American infants remain the highest.

Toyota will raise wages and benefits for its non-union factory workers in the U.S. Today's announcement comes after the United Auto Workers union won sharply higher pay from Ford, GM and Stellantis. Toyota's hourly workers at the top of the pay scale will see 9 percent raises.

And on Wall Street, stocks rallied after the Federal Reserve's statement on interest rates. The Dow Jones industrial average gained 221 points to close at 33274. The Nasdaq rose 210 points, or 1.6 percent. The S&P 500 was up just over 1 percent.