Good morning. It's Thursday, Dec. 11, and we're covering ICE's purchase of a fleet of planes, an ancient lake reemerging, and much more. First time reading? Join over 4.5 million insatiably curious readers. Sign up here.
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The Department of Homeland Security signed a $140M contract to purchase six Boeing 737 planes that the agency will use for deportations, reports revealed yesterday. DHS penned the deal with Daedalus Aviation—a Virginia-based company whose leadership also signed a separate, nearly $1B contract with the agency to support self-deportations.
DHS facilitated over 1,700 deportation flights to 77 countries since January, per independent analyses. DHS often relies on charter flights to do so, although it has considered purchasing planes from Spirit Airlines (the deal reportedly fell through amid concerns the jets were not functional). DHS aims to facilitate 1 million deportations by the end of President Donald Trump’s first year in office; the agency says it has deported more than 579,000 people to date.
The contract was made possible by an influx of funding from the Big Beautiful Bill passed this year. DHS says the fleet will save $279M annually in taxpayer dollars by improving the efficiency of flight patterns. |
Federal Reserve Cuts Rates |
The Federal Reserve announced a quarter-percentage-point cut in benchmark rates yesterday, bringing the range to between 3.5% and 3.75%. Markets closed higher on the news (S&P 500 +0.7%, Dow +1.1%, Nasdaq +0.3%).
The decision was unusually split, with the Federal Open Market Committee voting 9-3 for the board's third rate cut this year. Two members voted against the reduction, citing stubborn inflation. A third sought a larger, half-point cut amid concerns of a slowing jobs market (see graphs). The board signaled rates would likely remain unchanged for the coming months.
The announcement comes as President Donald Trump began holding interviews for the next Federal Reserve chair, slated to replace Jerome Powell when his leadership post ends in May (his term as a governor extends to 2028). National Economic Council Director Kevin Hassett is believed to be the frontrunner among five candidates up for consideration.
See everything we've learned researching the Federal Reserve here. |
An ancient lake has reemerged in California's Death Valley National Park following record rainfall this year.
Between 128,000 and 186,000 years ago, meltwater from ice covering the Sierra Nevada fed rivers that emptied into Badwater Basin, North America’s lowest point at 282 feet below sea level. The steady flow sustained Lake Manly, nearly 100 miles long and roughly 600 feet deep. The lake disappeared as Death Valley evolved into the driest place in North America, with some areas receiving under two inches of rain annually. This year, however, the park received 2.41 inches between September and November, marking its wettest autumn on record and triggering the temporary return of a shorter, shallower Lake Manly.
Above-average rainfall periodically brings Lake Manly back, including in 2023 when Hurricane Hilary dumped 2.2 inches of rain on a single August day, allowing visitors to kayak (w/photos). The steadier pace of this year’s rainfall could lead to a wildflower superbloom, last seen in 2016 (watch video). |
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Sports, Entertainment, & Culture |
> Beyoncé will return to Met Gala (May 4) after 10-year absence, serving as co-chair alongside Venus Williams, Nicole Kidman, and Anna Wintour (More) | Charli XCX appears in three films debuting at Sundance Film Festival (Jan. 22-Feb. 1); see full lineup (More) |
> Las Vegas Aces' A’ja Wilson named AP Female Athlete of the Year after winning unprecedented fourth WNBA MVP award and Time's Athlete of the Year title (More) |
University of Michigan fires head football coach Sherrone Moore after finding evidence of an inappropriate relationship with a staff member (More) |
> Sophie Kinsella, bestselling author of "Shopaholic" series, dies at 55 following brain cancer diagnosis (More) | Jubilant Sykes, a Grammy-nominated opera singer, dies of stab wounds at 71; his son is in custody for suspected homicide (More) |
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The King of Cash Back Has Arrived |
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> Amazon to invest over $35B in India's AI and cloud infrastructure by 2030, building on nearly $40B already invested in the country; news comes one day after Microsoft announced a similar $17.5B investment in India over four years (More) |
> Psychiatric geneticists find 14 major psychiatric disorders fall into five categories with distinct genetic profiles, offering an explanation for why some disorders often occur together and supporting a biology-based diagnostic approach (More) |
> Archaeologists determine humans learned to make fires 350,000 years earlier than previously thought, following a four-year analysis of 400,000-year-old heat-damaged tools found in eastern England (More) |
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> Oracle shares fall over 11% in after-hours trading after the database software maker reports 14% year-over-year revenue growth in the quarter that ended Nov. 30, missing projected 15% growth (More) |
> Oil companies offer roughly $300M for Gulf of Mexico (Gulf of America) drilling rights in the first of 30 planned offshore lease sales and the first such sale since 2023 (More) |
> Swiss officials say US tariff cut from 39% to 15% will apply retroactively to Nov. 14, the day the countries reached a preliminary deal that ties US duty reductions to a $200B Swiss investment in the US by the end of 2028 (More) |
🫴 What we learned about tipping: Where did it come from, and why is it expected? Today's 1440 Business & Finance newsletter explores the cultural practice of gratuity (sign up by 8:30 am ET). Join 280,000+ business enthusiasts here! |
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> US military seizes an oil tanker off the coast of Venezuela after President Donald Trump calls on President Nicolás Maduro to step down; Trump suggests strikes on Venezuelan territory could begin "very soon" (More) |
> House votes 312-112 to pass $900B bill funding the Defense Department and national security programs (More) | Federal judge orders the Trump administration to end National Guard deployment in Los Angeles (More) |
> Daughter of Venezuelan opposition leader María Corina Machado accepts Nobel Peace Prize on her behalf (More) |
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> A Tax-Dodging Snail Empire
The Guardian | Jim Waterson. How a former shoe salesman turned outlaw built a multimillion-dollar tax scheme out of boxes of snails in empty London offices. (Read) |
> The Great Sperm Race
Knowable Magazine | Amber Dance. A comic-book-style visual explainer shows sperm on a high-stakes race, through raging currents and immune attacks, with only a few navigating the reproductive maze to reach the egg. (Read) |
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Clickbait: Christmas concert gets all shook up when Elvis arrives.
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Historybook: King Edward VIII abdicates throne to younger brother King George VI (1936); Germany and Italy declare war on the US (1941); John Kerry born (1943); Soul musician Sam Cooke dies (1964); Model Bettie Page dies (2008).
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