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The Fed delivered its first rate hike since 2023, while the Supreme Court blocked Trump’s new mail-voting restrictions weeks before the midterms. Elsewhere, Washington secured a Greenland security pact, the White House barred three news organizations, and the U.S. acknowledged deploying weapons in space.

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The Federal Reserve lifted its benchmark rate a quarter point Wednesday, to a range of 3.75% to 4%. Chair Kevin Warsh broke with President Trump to argue that inflation was still running too hot to ignore.

Annual inflation hit 3.4% in August, with gasoline driving more than a third of the monthly jump. Borrowing costs on mortgages, credit cards and car loans climbed with it, six weeks before the midterms.

The Supreme Court on Monday refused to let the administration enforce new mail ballot rules for the 2026 midterms. Justice Brett Kavanaugh joined the majority, while Samuel Alito and Clarence Thomas dissented.

Trump's order would have forced states to surrender voter lists and print special barcodes on ballot envelopes. Mail voting had already opened in Alabama, North Carolina, Wisconsin and three other states when the ruling landed.

Washington and Copenhagen agreed to a pact handing the U.S. permanent control over security in Greenland. Denmark kept sovereignty, and the terms barred Chinese and Russian bases from the island.

Trump called the arrangement a complete answer to every American concern in the Arctic. Greenland's prime minister said the deal recognized his island's interests, though both parliaments must still approve it.

Trump announced on Truth Social Friday that three news organizations would lose access to the White House. Guards turned reporters away Saturday after their press credentials were switched off.

The president cited two years of coverage he called fiction, rather than any single story. Constitutional lawyers called the ban plainly unconstitutional, and all three outlets said they would sue.

Air Force Secretary Troy Meink told a defense conference that the military had fielded orbital weapons capable of defending American forces. Meink offered no detail on what they are or how they work.

No American official had ever confirmed such a deployment, despite years of warnings about Russian and Chinese capabilities. Washington's admission strained the 1967 Outer Space Treaty, which reserved orbit for peaceful purposes.

Think-tank back channels between Washington and Beijing have been busy for weeks ahead of the summit. Watch whether the two sides say anything joint about AI safety, or retreat to chips and stolen intellectual property.

Warren Buffett, 96, gave up the chairmanship on Friday, passing the title to his son Howard. Greg Abel now stands alone at the top, and his first big capital move will define the post-Buffett era.

Trump-aligned super PACs booked more than $150 million in ads over the past two weeks. Alaska, Texas, North Carolina and Ohio are the tell — Republicans are spending hard to hold seats they once took for granted.

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This week showed major institutions becoming more willing to push back against presidential power. The Federal Reserve raised rates despite Trump’s demands for lower borrowing costs, while the Supreme Court blocked his administration’s mail-voting restrictions as early voting was already underway in several states.

The White House press ban created another test of institutional limits. CNN, MS NOW and Politico are preparing lawsuits after their reporters’ credentials were disabled, turning a dispute over negative coverage into a broader constitutional fight over press freedom and government retaliation.

Beyond Washington, the Greenland security agreement and America’s admission that it has deployed weapons in orbit showed how quickly strategic competition is expanding. The Arctic, outer space and artificial intelligence are becoming connected fronts in the rivalry among the United States, China and Russia.

Now attention turns to the Trump-Xi summit, where even a narrow agreement on AI could shape the next phase of that competition. Berkshire Hathaway is also entering its post-Buffett era, while more than $150 million in early advertising signals an expensive and fiercely contested midterm campaign ahead.

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That’s your Sunday edition of Five Minute Daily. Thanks for spending part of your weekend with us — enjoy the rest of your Sunday, and we’ll be back tomorrow with a fresh five-minute briefing to start the week.

—The Five Minute Daily Team