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Fed makes second consecutive interest rate cut

admin - Latest News - October 29, 2025
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The Federal Reserve cut interest rates for the second consecutive time, despite little recent visibility on economics data due to the government shutdown. The central bank voted to lower borrowing costs by a quarter of a percentage point, with Fed chair Jerome Powell saying that no decision has been made yet on lowering rates again in December. 



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Oct. 29, 2025, 5:10 PM EDTBy Janis Mackey Frayer and Alexander SmithYICHANG, China — Behind a large glass wall, a worker in full protective gear watches as hundreds of tiny glass bottles whizz by every minute, sterilized, filled and packaged by a ballet of robotic arms.Inside each ampule is the substance at the heart of the geopolitical strife between the United States and China: fentanyl, the deadly opioid set to be top of the agenda when Presidents Donald Trump and Xi Jinping meet Thursday.NBC News got exclusive access to the headquarters of Yichang Humanwell Pharmaceutical, the largest producer of the drug in China, and indeed Asia, at its sprawling complex in the central city of Yichang. Humanwell says that it only supplies fentanyl for use in hospitals and that it does not export any medication to the United States, Mexico or Canada. In 51 years of operating, “we have never had a single incident of a drug going missing — not a single dose has ever been lost,” its president, Du Wentao, said in an interview inside his factory, which is surrounded by high fences wrapped in concertina wire and electric sensors.Read more on this story at NBCNews.com and watch “NBC Nightly News with Tom Llamas” tonight at 6:30 p.m. ET/5:30 p.m. CT.Humanwell Healthcare is one of only five companies in China licensed to produce fentanyl for use in hospitals, and it makes around 100 million doses of fentanyl variants each year.After a strict registration process to get past the main gate, all visitors and staff alike — including the CEO — are required to wear blue hospital caps, shoe covers and lab coats to ensure they do not contaminate the workspace.Most of the production line is automated to limit human contact, with the vials being washed and sterilized and then filled with fentanyl using long rubber tubes.Two staffers in protective gear supervised the process, with an alarm pinging every 10 minutes to remind them to spray their gloved hands with disinfectant. The vials are then inspected using flashes of light, stamped, boxed up and shipped out via a warehouse.All visitors and workers at Humanwell are required to wear full protective gear so as to not contaminate the workspace.Janis Frayer / NBC NewsTrump says fentanyl will be the subject of the “first question” he asks when he meets with Xi in South Korea, the last stop of his three-country Asian tour.American officials say the Chinese government hasn’t done enough to stem the illicit international flow of precursor chemicals for fentanyl, which are then processed into the highly addictive opioid in Mexican labs and smuggled across the border to the United States. Though deaths appear to be declining in the U.S., fentanyl and other synthetic opioids have killed hundreds of thousands of Americans in recent years, according to the Centers for Disease Control and Prevention.Trump, who cited fentanyl as the reason for imposing the first 20% in tariffs on China since retaking office in January, said Wednesday that he believed China is “going to help us with the fentanyl situation” and that tariffs would be lowered accordingly.China has defended its anti-fentanyl efforts and says unrelenting American demand for the drug is to blame for the crisis.But a State Department report to Congress last month accused the ruling Chinese Communist Party of continuing to “subsidize and otherwise incentivize China-based companies to export synthetic drug precursors, including through tax rebates, monetary grants and awards, and official site visits.” It accused companies controlled by the Communist Party of being “complicit in this illicit trade.”Under pressure from Trump, China made fentanyl a controlled substance in 2019, banning its use outside of medical prescriptions. That slowed the influx of Chinese fentanyl into the U.S., but the “prolific export of chemical precursors and other illicit narcotics remains,” the State Department report said.Chinese officials reject that narrative.“China expresses sympathy for the American people suffering from the fentanyl crisis,” Foreign Ministry spokesperson Guo Jiakun told reporters in Beijing on Wednesday. But he added that “China is the country most resolute in drug control, with the most comprehensive policies and the best track record. It is also one of the countries with the largest number of controlled substances and the strictest regulations in the world.”Du, the president of Humanwell Healthcare, which produces 100 million doses annually of fentanyl-based products, says that the meticulously clean, automated and controlled operation observed by NBC News was no facade.“The management of fentanyl drugs in China is among the strictest in the world,” he said. “There is absolutely no possibility that any dose from our company has flowed to the United States. I can state this with full confidence and certainty — there is no issue whatsoever.”He derided the “many statements in the U.S. claiming that the fentanyl crisis originates from China,” saying that is impossible “given how strict our controls are.”As well as the visit to Humanwell, NBC News gained exclusive access to the National Narcotics Intelligence Center in Beijing, which had been sanctioned by Washington in 2020 but saw those measures lifted three years later during the Biden administration as the two countries agreed to resume cooperation on fentanyl.There, Chinese security officials said the two sides are again exchanging information on how smugglers alter their tactics.Fentanyl precursors are “indeed one of our main concerns because drug synthesis techniques and methods are constantly evolving,” lab director Hua Zhendong told NBC News. “We have not found such processing plants domestically,” he said, so “most of the relevant information comes from technical exchanges with U.S. counterparts.” Hua said the latest precursor chemicals identified by the U.S. “are added to our monitoring list so we can strengthen our attention to these substances.”He said that banning all fentanyl products outside medical use in 2019 had “effectively curbed illegal production and trafficking.”U.S. officials say that’s not the case. The extent to which Washington and Beijing can find common ground on the issue is likely to influence the result of Trump and Xi’s meeting this week, though experts say halting the illicit flow of fentanyl components is easier said than done“I think there is an assumption here that if the Chinese really wanted to shut off these precursors, they could do it,” said Michael Swaine, a senior research fellow in the East Asia Program at the Quincy Institute for Responsible Statecraft, a Washington-based think tank.The problem, he said, is that there is no “set number” of precursors to fentanyl.“You don’t have a clear list of specific items that you would be able to easily interdict,” Swaine said. “And a lot of them, of course, are very dual-use items.”So while there might be a “symbolic effort” to deal with the fentanyl issue at the Trump-Xi meeting, he said, “I don’t think that this is going to go completely away.”Janis Mackey FrayerJanis Mackey Frayer is a Beijing-based correspondent for NBC News.Alexander SmithAlexander Smith is a senior reporter for NBC News Digital based in London.Dawn Liu and Peter Guo contributed.
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Nov. 2, 2025, 7:28 PM ESTBy Andrew GreifOne of the seemingly few bankable results early in this NFL season was the Detroit Lions scoring at least 30 points. They did it in four straight wins to start 4-1 and place themselves in the conversation of Super Bowl contenders.Yet the Lions have failed to exceed that total in each of their last three games, including Sunday’s 27-24 loss to Minnesota. The NFL’s best offense propelled the Indianapolis Colts to a 7-1 start. Then, on Sunday, they turned the ball over six times — more than their total from the previous eight games combined — in a stunning loss to the Pittsburgh Steelers.And the Green Bay Packers, who had re-asserted themselves as Super Bowl contenders during a 5-1-1 start? Naturally, they suffered their season’s first home loss on Sunday to a middling Carolina Panthers team.What connects those three results is the notion that at the season’s halfway mark, there appears to be a paucity of pigskin dominance across a league where teams toggle between looking superb and sliding, varying on the week.Entering this week, ESPN’s Football Power Index projected the Indianapolis Colts to finish with the highest win total in the league, at 12.2. How low is that? The last time 12 wins was enough to lead the league was 2014.In another sign of the parity that has led to many good teams, but no dominant leader, 12 teams entered Week 9 with positive expected-points-added ratings on both offense and defense. Through the same point last year, there were nine such teams; the season before, seven.One potential factor is the 2024 introduction of the “dynamic kickoff” that became permanent before this season. The rule change incentivizes the kicking team to kick a playable ball. Balls kicked into the end zone result in the offensive team taking over at their own 35-yard line, a yardage that gives offenses a sizable head start on their ensuing drive. Field-goal range is now only a few passes away. Facing often shorter fields, offenses in 2025 are averaging 328.9 yards per game, the lowest league average since 2008, yet are scoring 2.14 points per drive, the second-highest in NFL history. In Green Bay’s case, Sunday’s loss — to a Panthers team coming off a 31-point loss — wasn’t one to simply shrug off as a bad day. Star tight end Tucker Kraft was carted off with what was called a knee injury that Packers coach Matt LaFleur said “doesn’t look good.” In Detroit, the Lions gained more yards, completed all three four-down conversions and held the ball three minutes longer yet lost to the Vikings by committing more turnovers and converting fewer red-zone opportunities into points.”It’s probably one of the worst games we’ve played in a really long time,” Lions coach Dan Campbell said.More from SportsDodgers win Game 7 in extra-inning thriller to claim second straight World Series titleAn NFL kicker just hit a 68-yard field goal. Yes, you read that right.The Bears and Bengals traded collapses and comebacks in the wildest game of the NFL seasonBut the most baffling performance by a team previously sitting at or near the top of a conference was Indianapolis. Quarterback Daniel Jones had resurrected his career with the Colts by leading the team to its most points through eight games since 1964. The Colts had turned the ball over just four times in eight games, only for Jones to personally throw three interceptions and lose two fumbles against the Steelers alone. Their record, to this point, had largely been built on beating teams with losing records. The season’s final half, then, will be spent learning whether the Colts are the rare, dominant team they appeared for two months, or simply one of several good ones.Andrew GreifAndrew Greif is a sports reporter for NBC News Digital. 
November 23, 2025
Savewith a NBCUniversal ProfileCreate your free profile or log in to save this articleNov. 23, 2025, 6:00 AM ESTBy Minyvonne BurkeOver the course of two decades, Ryan James Wedding went from a promising snowboarder competing in the Olympics to someone who officials have said is one of the most violent and ruthless criminals in the world, responsible for orchestrating murders and running a billion-dollar cocaine cartel.FBI Director Kash Patel compared the 44-year-old — whose nicknames include “El Jefe,” “Public Enemy” and “Giant” — to Pablo Escobar and Joaquín “El Chapo” Guzmán. Wedding is accused of ordering a hit on a witness in the U.S. government’s case against him and enlisting assassins to murder rival traffickers.Canada’s Ryan Wedding competes in a snowboarding event at the 2002 Olympics in Salt Lake City.Tony Marshall – EMPICS / PA Images via Getty ImagesCourt documents say that Wedding’s crime spree began in 2008, six years after his failed Olympic debut. They detail the alleged dark journey of a young man in his 20s, who got into trouble following a drug deal gone wrong, to a callous criminal on the FBI’s Ten Most Wanted Fugitives list.It’s believed that Wedding is hiding in Mexico and is being protected by the cartel, federal officials said at a Wednesday news conference, announcing a $15 million reward for information that leads to his arrest and/or conviction.‘From shredding powder … to distributing powder’Wedding was born in Thunder Bay, Canada, a small city on the north shore of Lake Superior surrounded by wilderness and the Nor’Wester Mountains. It’s known for outdoor activities and breathtaking scenery. His parents were wealthy, Los Angeles Magazine reported, and his grandparents owned Mount Baldy ski resort in Thunder Bay. It was at the resort where Wedding learned to shred, according to the magazine.In 2002, he represented Canada at the Winter Olympics in Salt Lake City, Utah. He didn’t perform his best, placing 24th in the parallel giant slalom event. With his Olympic debut failing to lead to fame and fortune, Wedding turned to a life of crime.“Wedding went from shredding powder on the slopes at the Olympics to distributing powder cocaine on the streets of U.S. cities and in his native Canada,” Akil Davis, the assistant director of the FBI’s Los Angeles field office, said in a March press release.’I guess I lost my way’In 2008, federal prosecutors said Wedding traveled to San Diego with two other men to buy cocaine, court documents show. The dealer they had arranged to meet with was working undercover for the FBI. They were arrested, and Wedding’s case went to trial in November 2009.In opening statements, Wedding’s lawyer painted him as someone who had been “duped by an experienced drug dealer and career criminal,” according to court documents. The lawyer said Wedding was made out to be the “main guy.”A surveillance photo of Ryan Wedding provided by the FBI.FBIA jury found him guilty of conspiracy to distribute cocaine, according to the court documents. At his sentencing in May 2010, Wedding apologized to the court and his family for his “stupid and irresponsible decisions” and said the idea of making easy money had lured him, even though he didn’t need the money.“I knew it was wrong, and I did it anyway,” he said, according to a transcript of the hearing.“In the past 24 months I’ve spent in custody, I’ve had an opportunity to see firsthand what drugs do to people, and honestly, I’m ashamed that I became a part of the problem for years,” he said. “I guess I lost my way.”The judge was so moved by Wedding’s apparent remorse that he imposed a lighter sentence, court records show. He was sentenced to 48 months in federal prison, but with time served, he was released in December 2011.Wedding’s regret was apparently short-lived. After his release, he founded his criminal drug enterprise, federal law enforcement said in an indictment unsealed Wednesday, charging him with murder, witness tampering and intimidation, money laundering and drug trafficking.Attorney General Pam Bondi stands near wanted poster for Canadian fugitive Ryan James Wedding as she speaks with reporters during a news conference at the Department of Justice in Washington on Nov. 19.Mark Schiefelbein / APLargest distributor of cocaine in CanadaIn Wednesday’s unsealed indictment, law enforcement detailed how Wedding’s organization, working with members of Mexican drug cartels, allegedly used boats and planes to move hundreds of kilograms of cocaine from Colombia to Mexico. The organization then began using semitrucks to smuggle the drugs across the border from Mexico to its “hub” in Southern California, the indictment said. The cocaine would then be transported to Canada and other states, federal officials said.At the Wednesday news conference, Attorney General Pam Bondi said Wedding’s organization is responsible for importing about 60 metric tons of cocaine a year into Los Angeles.“He controls one of the most prolific and violent drug-trafficking organizations in this world,” she said. “He is currently the largest distributor of cocaine in Canada.”The indictment said Wedding’s organization “promoted a climate of fear” and is known for retaliating against rival drug traffickers, targeting people Wedding considered enemies and putting out hits on people cooperating with law enforcement.He allegedly put out a “multimillion dollar bounty” on a federal witness who was going to testify against him in a criminal case, according to the indictment. Wedding is alleged to have used a now-defunct Canadian website to post pictures of the witness and his wife to locate him, officials said.The witness was shot and killed in January at a restaurant in Medellín, Colombia, before he could testify, the Justice Department said in a news release.Wedding is also alleged to have enlisted the services of a Canadian-based assassin crew to kill another victim and directed the murders of two members of a family in Canada in retaliation for a stolen drug shipment, according to the press release. A third family member survived the attack but was left with serious injuries.The wife, the ‘General’ and the attorneySeveral people, including Wedding’s wife, are alleged to have contributed to his reign of terror, the U.S. Treasury Department said in a news release.Edgar Aaron Vazquez Alvarado, known as “the General,” allegedly provides protection for Wedding in Mexico, according to the release. Officials said Vazquez is believed to be a former Mexican law enforcement officer and uses law enforcement sources to find targets for Wedding.Wedding’s wife, Miryam Andrea Castillo Moreno, allegedly launders money for him and “has helped him conduct acts of violence,” the department said.A Canadian attorney named Deepak Balwant Paradkar allegedly provides what officials say is a “range of illegal services” that fall outside of the scope of a typical attorney. He is alleged to have helped Wedding with bribery and murder and introduced him to his drug traffickers, the Treasury Department said.Paradkar, 62, was arrested Tuesday.Minyvonne BurkeMinyvonne Burke is a senior breaking news reporter for NBC News.
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