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Issued at: Wed, 25 Feb 2026 20:58:26 +0000



News: Daily Breeze
https://www.dailybreeze.com Wed, 25 Feb 2026 20:58:26 +0000 en-US hourly 30 https://wordpress.org/?v=6.9.1

News: Daily Breeze
https://www.dailybreeze.com 32 32 136041897

Los Angeles Zoo held a celebration of the Year of the Horse at its Lunar New Year event
https://www.dailybreeze.com/2026/02/25/los-angeles-zoo-held-a-celebration-of-the-year-of-the-horse-at-its-lunar-new-year-event/ Wed, 25 Feb 2026 20:58:00 +0000 https://www.dailybreeze.com/?p=5330036&preview=true&preview_id=5330036

Crowds visited the Los Angeles Zoo last weekend to enjoy the Year of the Horse at the zoo’s Lunar New Year. The zoo event offered performances by the Qing Wei Lion and Dragon Dance Cultural Troupe, the Qing Wei Lion and Dragon Dance Cultural Troupe, members of the Asian Arts Talents Foundation Mongolian Chopstick group, members of the Asian Arts Talents Foundation Little Red Fox Dance group, and members of the Asian Arts Talents Foundation Little Indian Princess group.

'The Year of the Horse is characterized by passion, energy, and a dynamic spirit,” said Misha Body, Deputy Zoo Director of Animals & Experiences.  “The Lunar New Year celebration at the L.A. Zoo honors a beautiful cultural heritage while fostering connections between people, culture, and nature. This weekends event and activities were a wonderful reflection of that.”

Max Pulsinelli, L.A. Zoo Chief of Marketing & Communications, said, 'We were thrilled to have seen so many families engaging with our annual Lunar Year programming this past weekend. By bringing Angelenos together to learn and celebrate the Year of the Horse, the L.A. Zoo continues its mission to enrich our communities and create connections to nature.'

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5330036 2026-02-25T12:58:00+00:00 2026-02-25T12:58:26+00:00


Trump administrations ‘third country deportation policy is unlawful, judge rules
https://www.dailybreeze.com/2026/02/25/immigration-deportation-south-sudan/ Wed, 25 Feb 2026 20:10:27 +0000 https://www.dailybreeze.com/?p=5330013&preview=true&preview_id=5330013

By MICHAEL KUNZELMAN, Associated Press

The Trump administrations latest policy of deporting immigrants to 'third countries' to which they have no ties is unlawful and must be set aside, a federal judge ruled Wednesday in a case that already reached the nations highest court.

U.S. District Judge Brian E. Murphy in Massachusetts agreed to suspend his decision for 15 days, giving the government time to appeal his latest ruling in the case. Murphy noted that the U.S. Supreme Court ruled in the administrations favor last year, pausing Murphys previous decision and clearing the way for a flight carrying several migrants to complete its trip to war-torn South Sudan, where they had no ties.

Murphy said migrants challenging the Department of Homeland Securitys policy have the right to 'meaningful notice' and an opportunity to object before they are removed to a third country. The policy 'extinguishes valid challenges to third-country removal by effecting removal before those challenges can be raised,' the judge concluded.

'These are our laws, and it is with profound gratitude for the unbelievable luck of being born in the United States of America that this Court affirms these and our nations bedrock principle: that no ‘person in this country may be ‘deprived of life, liberty, or property, without due process of law,' Murphy wrote.

In June, the Supreme Courts conservative majority found that immigration officials can quickly deport people to third countries. Liberal justices Sonia Sotomayor and Ketanji Brown Jackson dissented, saying the ruling gives the government special treatment.

Murphy said President Donald Trumps administration has repeatedly violated ' or tried to violate ' his orders. Last March, he noted, the Defense Department deported at least six class members to El Salvador and Mexico without providing the process required under a temporary restraining order that Murphy issued.

'The simple reality is that nobody knows the merits of any individual class members claim because (administration officials) are withholding the predicate fact: the country of removal,' wrote Murphy, who was nominated to the bench by Democratic President Joe Biden.

Murphy said the DHS third-country removal policy has targeted immigrants who were granted protection from being sent back to their home countries, where they feared being tortured or persecuted in other ways.

Eight men who were sent to South Sudan in May had been convicted of crimes in the U.S. and had final orders of removal, Immigration and Customs Enforcement officials have said.

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5330013 2026-02-25T12:10:27+00:00 2026-02-25T12:22:01+00:00


Thai antiquities return home at last thanks to OC fiduciarys persistence
https://www.dailybreeze.com/2026/02/25/thai-antiquities-home-at-last-thanks-to-oc-fiduciarys-persistence/ Wed, 25 Feb 2026 20:00:43 +0000 https://www.dailybreeze.com/?p=5329986&preview=true&preview_id=5329986

Before the formal ceremony began, Trevor Murphy collected himself. There he is, seated alone at a long table in Thailand’s Office of National Museums in Bangkok. The ancient artifacts are neatly displayed to his left; the speech he’s been waiting so long to deliver is on a sheet of paper before him.

“It is with deep respect for the history, artistry and spiritual heritage of the Kingdom of Thailand that I join you in marking the return of these precious Ban Chiang antiquities,” Murphy, a fiduciary from Laguna Beach, told the assembled dignitaries on Tuesday, Feb. 24.

“This moment reflects not only the restoration of cultural objects to their rightful home, but also the enduring spirit of cooperation, mutual respect and shared responsibility that unites us in preserving and repatriating Thailands cultural heritage.”

Then he explained how this collection of ancient pieces ' dozens of clay pots and finely painted vases, beads of stone and glass, bronze bells and rattles, bracelets and necklaces, even a mold to make metal axe heads, a skill some archaeologists said didnt exist in Thailand 3,500 years ago ' wound up in a U.S. serviceman’s Orange County home for 50 years.

The serviceman was stationed in Thailand during the Vietnam conflict in the early 1970s and became fascinated with antiquities, Murphy said. During his leave, he visited archaeological sites in northern Thailand, including Ban Chiang, and purchased pieces from antique stores in Bangkok. He shipped them home to his family, and his collection was lovingly displayed behind glass for the next half-century.

“He was definitely an enthusiast in this field,” Murphy said. And he was also a man of integrity.

“Over time, it became clear to him that the highest and best course of action was to ensure these objects returned to the cultural landscape that gave them their meaning,” Murphy continued.

“A couple of days before he died, he called me from his hospital bed. … He thanked me for agreeing to oversee his estate administration, he said he hoped he left everything in order for me, and then he asked me one more time if I would do everything in my authority to repatriate his collection of Ban Chiang back to Thailand. I told him that ‘I am your man.’ It was his last request, and the final conversation I had with him.”

As we’ve chronicled for the last year-and-a-half, this was no easy ask.

Verboten

Ban Chiang dates back to the Bronze Age some 3,500 years ago. UNESCO considers it the most important prehistoric settlement in Southeast Asia, fundamentally rewriting Southeast Asian prehistory. Excavations found evidence of settled farming, metalworking, animal domestication, pottery making and unique burial practices.

It was not verboten to possess Ban Chiang pieces back in the 1970s. It is now.

Murphy was bounced from office to office and government to government as he tried to clear a path forward; in the end ' in addition to getting the pieces home ' his efforts have changed the way the U.S. Homeland Security Investigations Unit and the Thai government handle some repatriation cases.

When Murphy began this mission in 2024, the governments of the U.S. and Thailand had agreed that U.S. Homeland Security Investigations would probe all Thai antiquities cases for potential wrongdoing. They sought to thwart narco-smuggling and antiquities trafficking. So people contacting the Thai Embassy and/or consulates asking to repatriate objects ' people like Murphy ' were referred to U.S. HSI for the full treatment.

Now, officials have agreed that the full-on U.S. HSI treatment is probably not necessary for each and every repatriation request, especially for smaller collections such as this one. The Royal Thai Consulate will consult with Homeland Security and the Ministry of Culture back home; if the objects are innocent, so to speak, and truly from Thailand, they can be returned with fewer hurdles.

‘Shared global responsibility’

“These antiquities are significant cultural evidence created by our ancestors more than 2,000 years ago. Their return to Thailand represents an important opportunity for further study, research, conservation and public display in the National Museums, where they will serve as a source of knowledge and inspiration for future generations,” said Phnombootra Chandrajoti, director-general of the Fine Arts Department, according to an English translation of his remarks.

Chandrajoti expressed his deep appreciation for Murphy’s “dedication and determination” in fulfilling his late client’s wishes, and for personally traveling to Thailand to present the artifacts.

Nitaya Kanokmongkol, executive director of the Office of National Museums, Fine Arts Department, expressed her appreciation as well. “Through the cooperation of all parties involved, the 53 antiquities have now been successfully returned to Thailand,” she said, according to the translation.

There were smiles and handshakes and photos with officials, and the event was covered by multiple Thai news agencies. Murphy thanked everyone from the Thai Fine Arts Department, Office of National Museums, Ministry of Culture and Ministry of Foreign Affairs, as well as U.S. HSI, the U.S. Embassy in Bangkok, and the serviceman’s family.

“Today is not simply the conclusion of a process,” Murphy told the assembled dignitaries. “May the repatriation of these Ban Chiang antiquities stand as a symbol of respect ' for Thailands history, for the rule of law and for the shared global responsibility to safeguard cultural heritage.”

Mission: Accomplished.

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5329986 2026-02-25T12:00:43+00:00 2026-02-25T12:34:08+00:00


World Trade Centers last office tower soon will get built and house American Express
https://www.dailybreeze.com/2026/02/25/world-trade-center-redevelopment/ Wed, 25 Feb 2026 19:53:59 +0000 https://www.dailybreeze.com/?p=5329980&preview=true&preview_id=5329980

By JENNIFER PELTZ, Associated Press

NEW YORK (AP) ' The World Trade Centers final office tower will start construction as soon as this spring and become American Express’ new headquarters, Gov. Kathy Hochul and the company said Wednesday, marking a milestone nearly 25 years after the Sept. 11 attacks destroyed the site.

The 2 World Trade Center building will round out the long, tortuous redevelopment of the original 16-acre trade center property. There remains no construction date for a neighboring apartment building to replace another 9/11-damaged skyscraper.

But the 2 World Trade Center announcement represents a big step, physically and symbolically, in fulfilling a pledge of renewal at ground zero. Hochul and other officials also trumpeted the project as a sign of New Yorks continued vitality as a business hub. It comes as Florida and other states have been trying to woo companies from New York.

'Building 2 World Trade Center will bring another iconic skyscraper to Lower Manhattan, create thousands of good-paying union jobs and provide billions in economic benefits to New Yorkers,' Hochul, a Democrat, said in a statement.

American Express CEO Stephen Squeri called the skyscraper 'an investment in our companys future, our colleagues and the Lower Manhattan community,' where the credit card giant has been based for nearly 200 years. Its current headquarters is just west of the trade center.

The trade center was decimated when al-Qaida hijackers crashed jets into its twin towers, part of a coordinated attack that also sent planes into the Pentagon and a field near Shanksville, Pennsylvania. Nearly 3,000 people were killed, mainly at the trade center.

Fraught with physical, financial and political complexities and public debate over what to build, redevelopment unfolded gradually and hit numerous roadblocks. But over time, the signature 1 World Trade Center skyscraper, other towers, the Sept. 11 memorial and museum, a transit hub-shopping center and a performing arts center were built on the property, owned by the Port Authority of New York and New Jersey.

The 55-story, roughly 2-million-square-foot 2 World Trade Center building is planned at the sites northeastern corner. The spot is currently occupied by a low placeholder building, covered with colorful graffiti-style murals, and a beer garden.

American Express declined to discuss the cost of the new building ' which the company will own, leasing the underlying land ' but said it doesnt involve any tax incentives. Messages seeking further information about the costs and financing of the project were sent to officials.

Plans once envisioned a skyscraper soaring as high as 80 stories, and News Corp. and the former Twenty-First Century Fox were among companies that at points eyed moving there. Like some other trade center components, the project labored for years to secure financing and an anchor tenant. The task grew tougher when the coronavirus pandemic emptied offices in 2020 and raised questions about companies future space needs.

Developer Larry Silverstein always insisted the project would happen, however.

Silverstein Properties CEO Lisa Silverstein, who is the 94-year-old developers daughter, hailed American Express as 'an iconic institution embodying the strength, resilience, and global significance of the project.'

The company plans to occupy the entire Norman Foster-designed building, a sleek structure of glassy sections interspersed with landscaped terraces and gardens. Its expected to accommodate up to 10,000 workers; American Express declined to say how that compares to its current headquarters.

Completion is expected in 2031.

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5329980 2026-02-25T11:53:59+00:00 2026-02-25T11:59:00+00:00


3 scientists were charged in worm smuggling scheme. Lawyers say China helped get the case dismissed
https://www.dailybreeze.com/2026/02/25/chinese-scientists-charged/ Wed, 25 Feb 2026 19:49:44 +0000 https://www.dailybreeze.com/?p=5329972&preview=true&preview_id=5329972

By ED WHITE, Associated Press

DETROIT (AP) ' Chinas government intervened and helped get charges dropped against three Chinese scientists at the University of Michigan who were accused of helping a colleague smuggle biological materials into the U.S., defense lawyers said.

The materials turned out to be mostly tiny, transparent worms ' nothing dangerous ' though U.S. officials last year hailed the arrests as a victory for national security. Attorney General Pam Bondi said the government must be vigilant when foreign nationals try to 'advance a malicious agenda.'

Xu Bai and Fengfan Zhang were charged with conspiring to help another scientist who shipped packages to them from China before she arrived in 2025 for temporary lab research at the University of Michigan. A third man, Zhiyong Zhang, was charged with making false statements to authorities.

Bai, Zhang and Zhang were in jail for more than three months while the case was pending in federal court in Detroit. A judge suddenly dismissed the charges on Feb. 5 at the Justice Departments request and the three traveled home to China.

The U.S. Attorneys Office in Detroit said it would not comment on Chinas role or the governments retreat. An email seeking comment from the Chinese Consulate in Chicago was not immediately answered Wednesday.

'The dismissal came as a pleasant surprise,' defense lawyer John Minock said. 'We dont know the details. What we were told was there was some kind of intervention by the Chinese Consulate in Chicago.'

Another attorney, Ray Cassar, said lawyers were working toward a misdemeanor plea deal to resolve the case when prosecutors simply dropped it.

'We get this phone call saying China is negotiating with the U.S. over these three students. Serious talks,' Cassar said. 'These were kids studying for their Ph.D.s. The last thing you want to do is destroy their careers. … Was it the proper thing to do? Absolutely.'

Bai, Zhang and Zhang were research scholars admitted to the U.S. to temporarily work at the University of Michigan.

Cassar said the worms had a limited lifespan. The packages, he added, were not properly labeled because Chengxuan Han, the woman who sent them, likely didnt want to have them held up by U.S. inspectors.

'There was no intention of doing anything nefarious,' Cassar said. 'The worms have been consistently used for studying chemical reactions, light sensitivity.'

In September, Han pleaded no contest to smuggling and making false statements and was deported to China after three months in jail. In a separate case, Yunqing Jian, another temporary researcher at a campus lab, pleaded guilty to similar charges involving a common plant fungus. She was deported after five months in custody.

Roger Innes, an Indiana University expert who looked at the evidence for Jians attorneys, said there was no risk to anyone in the U.S.

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5329972 2026-02-25T11:49:44+00:00 2026-02-25T11:53:00+00:00


Trumps pick to lead new Justice Department unit scrutinized as president declares ‘war on fraud
https://www.dailybreeze.com/2026/02/25/justice-department-fraud/ Wed, 25 Feb 2026 19:37:37 +0000 https://www.dailybreeze.com/?p=5329962&preview=true&preview_id=5329962

By ALANNA DURKIN RICHER, Associated Press

WASHINGTON (AP) ' President Donald Trumps pick to lead a new Justice Department division dedicated to rooting out fraud said Wednesday he would pursue prosecutions 'without fear or favor' as questions grow about how the new unit will operate free of political influence from a White House that has declared a 'war on fraud.'

The proposed National Fraud Enforcement Division has raised eyebrows not only because fraud is already prosecuted by the agencys Criminal Division but because the White House has suggested it will have an unusual role in overseeing the new divisions work.

Colin McDonalds nomination to serve as the first assistant attorney general in charge of the new division comes as the Trump administration has put fresh attention on allegations of widespread fraud in Minnesota. During his State of the Union speech Tuesday, Trump announced that Vice President JD Vance would lead the 'war on fraud,' accusing members of Minnesotas Somali community of having 'pillaged' billions from American taxpayers.

McDonald didnt directly answer when pressed during his confirmation hearing Wednesday whether he would follow an order from the president to open a certain investigation. McDonald, a seasoned prosecutor who works in Deputy Attorney General Todd Blanches office, would only say that he follows the facts and applies the law in all cases.

'The vision that we have is a division that is large enough where no fraud is too big, and no fraud is too small, so that we can reach all actors within the chain of criminal culpability and no one more than that,' McDonald said. 'Those are the ones that we are going to be looking after, investigating and following the facts ' without fear or favor.'

Even for an administration that has broken down many barriers designed to insulate the Justice Department from White House influence, Vances announcement in January that the new fraud assistant attorney general would report directly to the White House came as a shock to many in the department.

The administration has since indicated that McDonald would instead report to the deputy attorney general ' like all other division heads ' though his confirmation hearing left open many questions about exactly what role Vance will have in overseeing investigations and prosecutions.

Federal prosecutors have been scrutinizing staggering amounts of fraud in Minnesota for years and dozens of defendants have been charged ' most of them of Somali descent ' under the Biden and Trump administrations. But the scope of the alleged fraud came under an intense spotlight in recent months during the Trump administrations immigration crackdown in Minneapolis. A federal prosecutor has said that half or more of the roughly $18 billion in federal funds that supported 14 programs in Minnesota since 2018 may have been stolen.

If confirmed, McDonald could immediately face a challenge in recruiting prosecutors to investigate fraud as the U.S. attorneys office in Minnesota has been gutted by resignations in the wake of high-profile fatal shootings of civilians by federal agents during the immigration enforcement surge. Among those who have resigned during a period of tension in the office over the Justice Departments response to the shootings is Joseph Thompson, the prosecutor who had been leading the sprawling Minnesota fraud probe.

Critics have questioned the true purpose of the new division, given that the department already prosecutes fraud through its Criminal Division. The divisions fraud section last year charged 265 people, up more than 10% from the year before. Those cases amounted to more than $16 billion in intended fraud losses, a record high for the section and more than double the total from 2024.

Even with those successes, McDonald told the committee there is much more work to be done 'to ensure that our taxpayer funded programs are free of fraud.'

'The problem is massive,' McDonald said. 'And so President Trump and the attorney general were right to identify this as a place where we needed to put significantly more focus.'

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5329962 2026-02-25T11:37:37+00:00 2026-02-25T11:41:00+00:00


A sinkhole opens at an Omaha intersection, swallowing an SUV and a pickup truck
https://www.dailybreeze.com/2026/02/25/omaha-sinkhole/ Wed, 25 Feb 2026 18:46:14 +0000 https://www.dailybreeze.com/?p=5329936&preview=true&preview_id=5329936

OMAHA, Neb. (AP) ' Surveillance video captured the dramatic moment a sinkhole opened up on a busy intersection in south-central Omaha, Nebraska, swallowing up two vehicles.

The incident happened Tuesday afternoon in a trendy section of the Midwest city, when a sport utility vehicle and a pickup truck waiting at a traffic light dropped into a hole several feet deep when the pavement under them suddenly gave way. Neither driver was injured, police said.

The driver of the truck was able to get out of the sinkhole on his own, then joined other bystanders who helped the SUV driver out of the hole, police said.

'We are grateful to them for jumping into action and quickly providing help,' Omaha police spokeswoman Officer Sarah Martier said in a statement.

The area serves both the University of Nebraska at Omaha and draws residents to a thriving entertainment district teaming with restaurants, retail shops and a movie theater.

Omaha Public Works indicates on its website that the sinkhole was the result of a water main break. Metropolitan Utilities District, which operates the citys water system, did not immediately return phone and email messages Wednesday seeking comment.

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5329936 2026-02-25T10:46:14+00:00 2026-02-25T12:33:21+00:00


Mortgage rates reach lowest since 2022, spurring refinancing
https://www.dailybreeze.com/2026/02/25/us-mortgage-rates-reach-lowest-since-2022-spurs-refinancing/ Wed, 25 Feb 2026 18:45:59 +0000 https://www.dailybreeze.com/?p=5329904&preview=true&preview_id=5329904

By Vince Golle | Bloomberg

US mortgage rates slipped last week to the lowest level since 2022, generating more refinancing activity.

The contract rate on a 30-year mortgage dropped 8 basis points to 6.09% in the week ended Feb. 20, according to Mortgage Bankers Association data released Wednesday. The rate on five-year adjustable mortgages fell to 5.23%, also the lowest since September 2022.

An index of refinancing activity climbed more than 4% to the second-highest level in five months. Refinancing has increased in all but two weeks this year, based on MBA data.

However, the near quarter-point decline in mortgage rates this year has yet to inspire buyers, illustrating a housing market still struggling to gather momentum. The MBAs measure of applications for home purchases declined 4.7% last week to the lowest level since April.

At the end of 2025, new-home sales perked up, helped in part by builder incentives. The resale market also finished the year strong, offering hope the real estate market was starting to stir after years of malaise. But thats only one part of the equation, with home prices still near record highs.

Still, mortgage rates that are hovering just above 6% have the potential of attracting buyers with the approaching spring selling season. President Donald Trump last month asked Fannie Mae and Freddie Mac to purchase $200 billion of mortgage-backed securities in an effort to drive down home financing costs.

The MBA survey, which has been conducted weekly since 1990, uses responses from mortgage bankers, commercial banks and thrifts. The data cover more than 75% of all retail residential mortgage applications in the US.

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5329904 2026-02-25T10:45:59+00:00 2026-02-25T10:46:18+00:00


Trumps portrayal of ‘golden age is out of sync with how Americans see economy
https://www.dailybreeze.com/2026/02/25/trump-state-of-the-union-economy/ Wed, 25 Feb 2026 18:27:18 +0000 https://www.dailybreeze.com/?p=5329916&preview=true&preview_id=5329916

By CHRISTOPHER RUGABER and PAUL WISEMAN, Associated Press Writers

WASHINGTON (AP) ' President Donald Trump sought in his first State of the Union address to sell Americans on the idea of a booming economy, falling prices, and soaring jobs, yet he faces a skeptical public with a much gloomier view.

Barely 12 hours before his speech, in fact, The Conference Board, a business research group, released its latest consumer confidence report. It showed that overall confidence in the economy remains historically low, and is barely above the level it plunged to in the depths of the COVID recession.

In February, its index ticked up to 91.2, which is noticeably below a four-year peak reached in November 2024 of 112.8. Americans remain dejected by high prices and see few jobs available, the survey found.

Other polling has yielded similar results: Only 39% of Americans approve of Trumps economic leadership, according to the latest Associated Press-NORC Center for Public Affairs Research survey. And the University of Michigans consumer sentiment survey remains mired at recessionary levels.

Trump sought to overcome that gloom by pointing to economic data that paints a brighter picture, a tactic that President Joe Biden tried with little success. But on Tuesday night there were gaps between the presidents claims and the economic reality many Americans are facing.

'Inflation is plummeting, incomes are rising fast, the roaring economy is roaring like never before,' Trump said.

President Donald Trump delivers the State of the Union address to a joint session of Congress in the House chamber at the U.S. Capitol in Washington, Tuesday, Feb. 24, 2026, as Vice President JD Vance and House Speaker Mike Johnson of La., applaud. (AP Photo/Mark Schiefelbein)
President Donald Trump delivers the State of the Union address to a joint session of Congress in the House chamber at the U.S. Capitol in Washington, Tuesday, Feb. 24, 2026, as Vice President JD Vance and House Speaker Mike Johnson of La., applaud. (AP Photo/Mark Schiefelbein)

The economy grew last year, but more slowly

To begin with, the economy is growing but it is hardly 'roaring.'

It expanded 2.2% last year, down from 2.8% in Bidens last year and 2.9% in 2023. To be sure, most Americans were deeply dissatisfied with the price spikes under Biden that pushed inflation to a peak of 9.1% in 2022, a four-decade high.

A roaring U.S. economy typically looks more like the late 1990s, when growth topped 4% for four years in a row, or in the 1980s, when it rose by 3.5% or higher for six years in a row.

Consumers are still struggling with high prices

Inflation has slowed in the past year, but many Americans still cite high prices in surveys as a key reason they are unhappy with the economy.

Trump correctly noted that core inflation, which excludes the volatile food and energy categories, fell to a five-year low in January. Yet other price measures show that inflation remains stubbornly elevated: A gauge of core prices closely monitored by the Federal Reserve was 3% higher in December than a year earlier, above the Feds 2% target. It places less weight on housing costs, which have cooled, than the measure Trump cited.

Nearly half of the people responding to the University of Michigans consumer sentiment survey in February 'spontaneously mentioned high prices eroding their personal finances,' Joanne Hsu, director of the survey, said in a statement.

Trump noted that the price of eggs has fallen sharply from its peak, which is true, but most necessities Americans rely on ' groceries, rent, electricity ' remain much more expensive than they were five years ago. And electricity prices rose another 6.3% just in the past 12 months.

Trumps tariffs have also pushed up the cost of many imported items, including furniture, auto parts, tools, and clothes. And groceries such as ground beef, coffee, and bananas have risen sharply in the past year. Ground beef prices, for example, are up 17%.

President Donald Trump delivers the State of the Union address to a joint session of Congress in the House chamber at the U.S. Capitol in Washington, Tuesday, Feb. 24, 2026. (Kenny Holston/The New York Times via AP, Pool)
President Donald Trump delivers the State of the Union address to a joint session of Congress in the House chamber at the U.S. Capitol in Washington, Tuesday, Feb. 24, 2026. (Kenny Holston/The New York Times via AP, Pool)

Hiring ground nearly to a halt last year

One reason for the consumer gloom is likely the sharp slowdown in hiring last year. Employers added just 181,000 jobs in 2025 ' or 15,000 a month ' making it the worst year for job growth outside of a recession since 2002.

And despite Trumps pledge to revive American manufacturing, factories lost 108,000 jobs in 2025 on top of the 202,000 lost in the last two years of the Biden administration. Auto and auto parts plants have cut nearly 74,000 jobs the past two years.

Trumps tariffs are partially to blame because they force many factories to pay more for imported raw materials and parts. But high interest rates have also hurt manufacturers over the past couple of years. And many of them hired aggressively ' perhaps too much ' in 2021 and 2022 when the U.S. economy was roaring back from pandemic lockdowns. Automation also means that many factories need fewer workers.

Hiring did come in unexpectedly strong in January at 130,000 new jobs, and factories added jobs for the first month in more than a year.

Benefits of tariffs remain unclear

Trump suggested his tariffs have directly contributed to an economic boom for the U.S., but most Americans have likely seen little benefit.

'Moving forward, factories, jobs, investment and trillions and trillions of dollars will continue pouring into the United States of America,' Trump said.

Trump once again made his tariffs sound painless, insisting that they are paid by foreign countries. In fact, they are paid by U.S. importers who often try to pass the burden along to their customers through higher prices. Foreign companies might take a hit if they have to cut prices to maintain sales in the United States. But import prices havent fallen significantly, suggesting that overseas exporters arent feeling much pain.

A study by Harvard University economist Alberto Cavallo and two colleagues found that U.S. consumers were eating 43% of the higher tariff costs and that U.S. companies were absorbing most of the rest.

And so far Trumps sweeping import taxes havent delivered much progress toward his goal of reducing the vast and longstanding U.S. trade deficit ' the gap between what America sells to foreign countries and what it buys from them.

The U.S. trade deficit in goods such as automobiles and appliances ' the focus of Trumps protectionist policies ' actually hit a record $1.24 trillion last year, increasing 2% from 2024.

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5329916 2026-02-25T10:27:18+00:00 2026-02-25T12:34:06+00:00


Home Depot: Homeowners signaling signs of economic concerns
https://www.dailybreeze.com/2026/02/25/home-depot-says-homeowners-are-weary-from-economic-pressures/ Wed, 25 Feb 2026 18:25:33 +0000 https://www.dailybreeze.com/?p=5329899&preview=true&preview_id=5329899

Home Depot reported a key sales metric that beat expectations in the latest quarter on steady demand, though the retailer cautioned that macroeconomic challenges remain.

Comparable sales, which track performance at locations open at least a year, rose 0.4% in the quarter ended Feb. 1, better than the average of estimates compiled by Bloomberg. Earnings per share, excluding some items, also outpaced expectations in the period.

The results suggest that the appetite for home projects is holding steady despite elevated interest rates and persistent inflation concerns. Home Depot said it gained market share, while also achieving double-digit e-commerce growth for a third straight quarter.

Still, a meaningful change in housing demand has yet to materialize.

'Our customers have been on the sideline with respect to large remodeling projects for three years now,' Chief Financial Officer Richard McPhail said in an interview. 'The homeowner is one of the healthiest customer cohorts out there, but they tell us that uncertainty is growing, that theres concern around housing affordability, around job losses.'

Home Depot is the latest big-box retailer to post results this earnings season, with key competitor Lowes Cos. scheduled to report on Wednesday. Walmart Inc. offered a conservative outlook last week due to a fluid economic backdrop, though it said consumers spending habits have been consistent.

Positive signs

There are some early positive signs for housing: Mortgage rates have dipped, while median home prices have stayed relatively flat over the past year. McPhail said mortgage rates would need to decrease and income levels would have to increase in a more pronounced way for growth to accelerate.

'Everything is moving very slowly in the right direction, but we havent seen a catalyst for a change in home-improvement demand,' he said. Home Depot reiterated its full-year forecast.

Consumer sentiment has been volatile, while affordability challenges remain and employment barely grew in the US last year. US tariff policy is once again in flux after the Supreme Court struck down President Donald Trumps expansive global levies last week. Trump has promised new levies, but questions remain on their level, how theyll be implemented and for how long.

Home Depot is analyzing the potential impact of these changes, McPhail said, adding that the company had largely moved through the impact of tariffs before the latest announcements. Some items will 'modestly' get more expensive during the first half of this year following price increases the retailer recently implemented.

The retailer produced modest growth across the year, but its outlook is 'relatively soft and clouded in uncertainty,' Neil Saunders, managing director at GlobalData Plc, wrote Tuesday in a note to clients.

'The factors holding growth back are almost all external, but given these dynamics have been present for a while it is also incumbent on Home Depot to explore how it can drive better numbers by exposing itself to higher growth pockets in the market,' he said.

Larger discretionary projects remain under pressure, Home Depot executives said on a call with analysts, with sales gaining last quarter in half of the companys product categories. Consumers spent more per trip during the period, underscoring some price increases and an interest in paying up for new items.

During the companys extended slowdown, Home Depot has focused on its faster-growing business that serves professional contractors, who spend more than everyday customers. It has also sought to expand its digital operations and offer AI-enhanced shopping. To combat tariffs, Home Depot has diversified sourcing. Company executives said during an investor day in December that pent-up demand has been building up since 2023 will eventually translate to spending.

The retailer recently cut corporate roles and is requiring staff return to the office as it looks to recapture growth. Its also making the requirements for bonus payouts to management more strict, Bloomberg News reported last week.

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