Morning Brief: Biden Targeted TPUSA, Fed Finally Lowers Rates & Israel Pushes Into Gaza City

New documents suggest a Biden-era FBI investigation went way beyond the 2020 election, the Federal Reserve makes its interest rate decision, and Secretary of State Marco Rubio ends his trip in the Middle East as Israel moves into Gaza City.

It’s Thursday, September 18, 2025, and this is the news you need to know to start your day.

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Biden FBI Targeted TPUSA, Other GOP Groups

Topline: Whistleblower documents reveal that during the Biden administration, the FBI secretly targeted Charlie Kirk’s Turning Point USA and other conservative groups.

The investigation targeted not just President Trump, then candidate Trump, but a wide range of conservative groups – including TPUSA. Known as Arctic Frost, the FBI investigation began in April 2022 under the direction of then-Director Christopher Wray. It ensnared 92 Republican-linked entities, from the Republican National Committee to state attorneys general associations.

The aim: The stated objective was to examine what the FBI described as a “multifaceted conspiracy” to keep Donald Trump in power after the 2020 election. This included investigating false claims of election fraud and filing lawsuits to challenge the election results. Documents show that the probe also focused on financial aspects, including post-election fundraising that allegedly misled donors about overturning the election results, as well as ties to the January 6 Capitol riot.

But whistleblowers told Senate Judiciary Committee Chairman Chuck Grassley (R-IA) that the probe expanded far beyond the 2020 election. In November 2022, the probe was handed over to Special Counsel Jack Smith and involved coordination with not only the FBI and DOJ, but also the National Archives, the U.S. Postal Service, and other agencies.

The scale: More than 150 interviews conducted, more than 400 subpoenas issued – including 300 for witness records, 200 phone selectors, and 20 financial probes – plus search warrants for 10 phones, 20 devices, seven iCloud accounts, 28 emails, and even Trump’s Twitter.

But why? What’s not clear is the specifics of why TPUSA, or really any of these groups, were targeted. There has been no evidence to suggest that TPUSA was involved in a false elector scheme, any financial misconduct, or any other activity that should have put them in the crosshairs of federal investigators. More declassified releases are expected.

Fed Cuts Rates

Topline: Amid President Trump’s ongoing push to reshape the Federal Reserve, Chairman Jerome Powell announced a cut in interest rates on Wednesday, offering a potential jolt to the Trump economy. 

Powell said the Federal Reserve will be lowering its benchmark interest rate by a quarter point — the first cut since last December. That means some minor, but tangible, relief for those buying a home or car, refinancing their student loans or credit card debt, and so on.

From the horse’s mouth: Powell on Wednesday said: “While the unemployment rate remains low, it has edged up. Job gains have slowed, and downside risks to employment have risen. At the same time, inflation has risen recently and remains somewhat elevated. In support of our goals and in light of this shift in the balance of risks, today the Federal market committee decided to lower our policy interest rate by a quarter percentage point.”

What’s next: Investors are confident this is just the first cut. They’re predicting similar quarter-point cuts in October and December. Many of those investors were clearly thrilled by the news — we saw both the DOW and S&P 500 jump to record highs on Wednesday.

Trump makes moves: This month, Trump appointed and the Senate approved Stephen Miran, one of his top economic advisers, to the Fed’s powerful Board of Governors. That makes Miran one of 12 people voting on rate decisions — while the other 11 voted Wednesday for a quarter-point cut, he was the only one who voted for a larger, half-point cut.

Miran’s role as chair of the White House Economic Council makes him the first Governor in the Board’s 100-plus-year history who’s also technically an employee of the president — though he’ll take a leave of absence from his White House role. 

Democrats respond: Democrats in Congress introduced a bill Tuesday that would bar Federal Reserve officials from simultaneously holding another position appointed by the president. That bill is unlikely to pass the Senate, given the Republican majority, but it could be revived in the future, depending on the outcome of the midterms next year. 

Rubio Visits The Middle East As Israel Moves On Gaza City

Topline: Secretary of State Marco Rubio traveled to the Middle East this week as Israel launched its long-awaited ground invasion of Gaza City, a major population center and one of the last strongholds of Hamas.

Expert opines: Victoria Coates, vice president of the National Security and Foreign Policy Institute at The Heritage Foundation, on the consequences of the invasion of Gaza City: “I think the region understands that this has to happen. It would be desirable to come up with a solution for the Palestinians of Gaza before this was necessary. But the fact of the matter is that Hamas won’t let them out. They’re the only population on the planet that aren’t being allowed to flee from a war zone. And part of that is Hamas. And part of that is the fact that the Egyptians won’t let them cross there. The Jordanians won’t let them come to Jordan. That also is telling.”

Israel recently targeted Hamas leaders staying in Doha, Qatar, with an airstrike that was immediately condemned by the Qatari government, which has served as one of the main Arab state mediators between Israel and the terror group Hamas. To the extent that the strike affects negotiations, Coates says it is possible that the impact will be beneficial, “because we weren’t getting anywhere with the old process.”

Coates: “This was a big step on the part of Israel to strike Hamas in Doha. At least one Hamas terrorist died. So I’m not going to be sorry about it. But at the same time, that was a potential world crisis between Israel and Qatar and potentially with the rest of the Gulf. Now, the good news is that the secretary flew directly from Tel Aviv to Doha … And so he was pretty much demonstrating through his travel that he’s going to go talk to both of them. There’s going to be a direct flight in between them. And … at the Arab summit meeting in Doha, the Abraham Accords countries did not withdraw from the accords. It happened to be the fifth anniversary of the accords on Monday, and that did not happen. They decided to stay in. And so that, to me, is the most powerful symbol that the accords will endure – and we can get back at some point to the business of increasing normalization.”