05.19.2025

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Breaking news: Former President Joe Biden was diagnosed with prostate cancer that has spread to the bone Friday, his personal office has disclosed. This is a developing story. See write-up here.

Brooklyn Bridge Collision

A Mexican navy ship crashed into New York City’s Brooklyn Bridge Saturday, killing two sailors and injuring at least 19 others, two of them critically. No one on the bridge was harmed, and a preliminary investigation revealed no significant structural damage to the bridge. See footage of the incident here (w/video).

The Cuauhtémoc is a 160-foot-tall vessel bringing Mexican cadets on an annual worldwide tour following their training. The ship was scheduled to carry its 277-person crew to 22 ports across 15 countries in under a year. After docking for several days, the Cuauhtémoc was due to depart Manhattan and head toward Iceland. It was not immediately clear what caused the vessel to veer off course and crash. Initial findings suggest a power cut and mechanical malfunction are to blame; a federal investigation remains ongoing.

The Brooklyn Bridge is a major tourist attraction, bearing an estimated 32,000 pedestrians in addition to the 100,000 commuter vehicles it handles every day. It was once the world’s longest suspension bridge; learn more here.

Leo's First Mass

An estimated 200,000 onlookers flocked to the Vatican yesterday to hear newly installed Pope Leo XIV preside over his first Mass. The pontiff’s first homily called for unity and openness from the church and its nearly 1.4 billion members (watch here).

Born Robert Prevost, the 69-year-old Chicago native became the first US citizen to become pope after being selected to succeed Pope Francis earlier this month (see overview). While popes often oversee Sunday service (and other private and public ceremonies), Pope Leo's inaugural Mass was attended by a number of world dignitaries, including Vice President JD Vance, Ukrainian President Volodymyr Zelenskyy, and Britain's Prince Edward.

He was also presented with two symbolic items. The first is a fisherman's ring, honoring St. Peter and reflecting the call to evangelism; the second is a pallium, a strip of lamb's wool representing the role of a "shepherd" of the church's flock. 

See photos from the Mass here.

Moody’s Lowers Rating

The US lost its last perfect credit rating Friday, with Moody’s downgrading US debt one notch, from an Aaa rating to Aa1. The decision—over the rising US deficit, increased interest payment ratios, and sluggish growth—ends the country’s perfect Moody’s credit rating, in place since 1917. 

Moody’s said it expects federal debt to jump from 98% of the US gross domestic product last year to 134% by 2035 (see overview), with the deficit expected to jump to nearly 9% of GDP. The company said the decade-plus-long increase in the deficit and interest payment ratios exceeds metrics from similar countries. The decision signals increased risk for US bond investors and could drive higher borrowing costs as investors may require a higher yield to buy US Treasury debt.

Moody’s is the last major credit rating agency to have granted the US a perfect rating after Fitch downgraded the US in 2023 and S&P Global did so in 2011. Explore the US deficit here.

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7 Mistakes When Choosing A Financial Advisor

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How to Set Up a Family Trust

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