multiple sources, revealing a confluence of domestic political controversies, shifting foreign policy doctrine, and economic uncertainty. The most critical takeaways are:• A massive, billion-dollar social services fraud scandal in Minnesota has escalated into a national political flashpoint. The scheme, primarily linked to residents of Somali descent, has triggered a Republican-led congressional investigation into the state's Democratic administration. The Trump administration is leveraging the scandal to fuel a broader anti-immigrant narrative, threatening to revoke protected status for Somalis and employing inflammatory rhetoric.• Defense Secretary Pete Hegseth is at the center of two major controversies: the potential commission of a war crime during a military strike in the Caribbean and the mishandling of classified information in what is known as "Signalgate." Despite a damning Inspector General report and private expressions of concern, Republican leaders on Capitol Hill are publicly defending Hegseth or remaining silent, creating a unified front against Democratic calls for accountability.• A new National Security Strategy signals a significant shift in U.S. foreign policy under President Trump. The doctrine emphasizes military preeminence in the Western Hemisphere, framing border security as the primary national security interest. It is deeply critical of European allies, suggesting they are in "civilizational decline," while taking a more measured tone on China and pulling punches on Russia. This strategy underpins an increasingly severe anti-immigration policy, including proposals to halt immigration from non-white countries and denaturalize citizens based on subjective criteria.• Following significant volatility, market consensus strongly indicates an imminent Federal Reserve interest rate cut. After expectations plummeted due to a six-week government shutdown and uncertain Fed signaling, the market-implied probability of a December 2025 rate cut has rebounded to over 90%. This reflects a stabilization of investor sentiment, though uncertainty remains for policy decisions in 2026.

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