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Roanoke airport reopens runway

SUMMARY:

Last week, Roanoke-Blacksburg Regional Airport reopened a runway that had been closed since September after a regional commuter jet overshot it and ended up being stopped by the airport’s safety system infrastructure.

The issued an incident statement about ERJ145 flight 4339, operating as , that landed long at the Roanoke airport on Sept. 24 around 10 p.m. In it, the agency credits the EMAS with the jet being “safely stopped.”

The plane was stopped by the airport’s engineered material arresting system (EMAS), a bed of customized cement material at the end of a landing strip designed to crush under the weight of an aircraft that has overrun the runway, providing a controlled deceleration.

Representatives from Runway Safe, the Swedish company that manufactured the EMAS, visited the Roanoke airport following the incident and removed damaged EMAS blocks from the end of Runway 16-34, according to Alexa Briehl, an airport spokesperson.

It will likely take months for the system’s replacement blocks to arrive and be installed, she stated.

Runway 16-34, one of two at the airport, reopened on Oct. 6 at 3:15 p.m., according to Briehl.

That day, the FAA posted a Notice to Airmen — an announcement containing information essential for flight operation personnel — noting that the EMAS on Runway 16-34 in Roanoke is now “nonstandard.”

Until the EMAS blocks are replaced, pilots, airlines and air traffic controllers will decide whether jets use Runway 16-34, Briehl stated. She noted that she has seen aircraft using the runway since it reopened.

Between April and May 2024, the Roanoke-Blacksburg Regional Airport had its current EMAS installed. It replaced a previous EMAS, which was installed in 2004 and rehabilitated in 2012, according to the airport.

For the most recent installation, Branch Builds — a construction unit of the Roanoke-based — planned and coordinated the installation of 4,708 of Runway Safe’s EMAS blocks. Branch worked with Boland’s North, a New York-based specialty contractor, on the project.

“We had, I think, 57 days to do it, and we worked around the clock,” Scott Webber, a Branch project manager, recalled.

Webber learned about the rough landing in Roanoke from a news report at about 11:30 p.m. the night of the incident. He quickly texted his co-workers, including Travis Cooper, another project manager who’d worked on the installation. Both men were awed that they contributed to a project that kept the plane’s 53 passengers safe.

“Everything worked perfect on it, and nobody got hurt,” Cooper said.

Workday more than triples Northern Virginia space

Global back-office cloud company recently signed a lease to occupy 51,204 square feet at Town Center, representing a significant of its presence in .

The company will relocate employees from its current 15,000-square-foot Tysons office to the new space in early spring 2026. According to a Nov. 10 announcement, Workday expects to create more than 200 in the Washington, D.C., region.

The move reflects Workday’s “ongoing investment in supporting a growing government customer base in the region and fostering a collaborative, connected and community-focused environment for employees,” a spokesperson said via email.

Financial terms of the lease were not provided, and the company did not answer questions about the expansion’s cost and how many employees are currently based in Reston.

Boston-based developer and property manager BXP, which owns and is leasing the space to Workday, said the new lease spans the entire eighth and ninth floors of 1818 Library St. The office portion of Reston Town Center is now 98% leased.

Headquartered in Pleasanton, California, Workday provides financial management, human resources and artificial intelligence cloud-based software services to more than 11,000 organizations worldwide, including over 65% of Fortune 500 companies. It has more than 19,500 employees worldwide. In fiscal year 2025, the company earned $8.45 billion in revenue, up 16% from FY 2024.

“Workday’s new lease underscores the region’s continued growth and the unmitigated appeal of Reston Town Center, a unique destination that fosters a dynamic environment for office and retail clients,” said Erin Cotter, BXP’s vice president of leasing for the Washington, D.C., region, in a statement. “We are pleased that the opportunity — the only multifloor block remaining at Reston Town Center — aligned with Workday’s timing and we are excited to welcome them to the building.”

The said the expansion “signals strong demand for high-quality, mixed-use environments in Fairfax County’s Dulles Tech Corridor.”

Reston Town Center is an urban development located in Northern Virginia that is home to more than 5 million square feet of workplaces, 50 retailers, over 30 restaurants, outdoor recreation spaces and seasonal events programming.

Former Shenandoah University president dies at 80

Retired President James A. “Jim” Davis, a former state delegate who led the institution through a period of significant growth from 1982 to 2008, died Tuesday, Oct. 7, at age 80.

Davis served as the university’s 15th president, joining when the school was known as Shenandoah College and Conservatory. Under his , the institution achieved university status, and it was renamed Shenandoah University in 1991.

During Davis’s tenure, enrollment grew from 874 to about 3,300 students, while its endowment expanded from $500,000 to more than $50 million. The university’s campus footprint also nearly tripled under his leadership — from 45 to 123 acres, with more than 20 new buildings added. Shenandoah also broadened its academic offerings, launching dozens of new undergraduate, master’s and doctoral programs.

“Jim was an extraordinary and transformative leader whose vision and dedication changed countless student lives, built a strong Shenandoah, and lifted up Winchester,” said SU’s current president, , in a statement. “He inspired students and faculty to dream bigger, challenged them to learn and teach with integrity, and he built a community where felt valued.”

Davis was a mentor to Fitzsimmons, she said, adding that she was “deeply fortunate” to work with him. She said the university owes much to Davis and those who worked with him in the 1980s and 1990s. “Their collective vision and work literally saved Shenandoah,” Fitzsimmons said, “and transformed it into a financially stable and academically diverse university.”

The university also credits Davis for growing its athletic department from one full-time employee to 20  and adding 11 intercollegiate sports. Shenandoah’s Shentel Stadium — the home facility for the Hornets’ football, men’s and women’s soccer and men’s lacrosse programs — opened in 2001.

Upon his retirement in 2008, Davis was given the honorary title of president emeritus. Davis Hall on the university’s main campus is named after him. He and his wife recently returned to Shenandoah this fall to celebrate the university’s 150th anniversary.

Before he came to Shenandoah, Davis was a history professor, academic dean and senior vice president at Ferrum College. He also served for a few years as a Democrat in the Virginia House of Delegates.

He had an associate’s degree from Ferrum College, a bachelor’s degree in history from Randolph-Macon College, a master’s degree in history from Virginia Tech and a doctorate in college administration from Florida State University.

Davis is survived by his wife, Janet, and their three children. A memorial service will take place on Shenandoah University’s main campus in Winchester at 2 p.m. Sunday, Nov. 16.

BDO USA, P.C.

Ronnie Johnson has joined BDO USA as a Tax Principal in the firm’s Norfolk office. With over 19 years’ experience in tax advisory and compliance, Ronnie specializes in S corporations, partnerships and high-net-worth individuals. His industry experience includes professional services, real estate and construction, retail and government contracting.

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Trump threatens new China tariffs over rare earth limits

Summary

  • Trump threatens new after limits rare earth exports
  • President says no reason to meet during Asia trip
  • Rare earth restrictions raise concerns for U.S. tech, defense sectors
  • Analysts warn tensions could end tariff truce and unsettle markets

WASHINGTON (AP) — President said Friday that “there seems to be no reason” to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea and threatened additional tariffs after China restricted exports of  needed for American industry.

The Republican president suggested that he was looking at a “massive increase” of import taxes on Chinese products in response to Xi’s moves. It’s possible that this could amount to either posturing by the United States for eventual negotiations or a retaliatory step that could foster new fears about the stability of the .

“One of the Policies that we are calculating at this moment is a massive increase of Tariffs on Chinese products coming into the United States of America,” Trump posted on his Truth Social platform. “There are many other countermeasures that are, likewise, under serious consideration.”

The United States and China have been jostling for advantage in trade talks, after the import taxes announced earlier this year triggered a between the world’s two largest economies. Both nations agreed to ratchet down tariffs after negotiations in Switzerland and the United Kingdom, yet tensions remain as China has continued to restrict America’s access to the difficult-to-mine rare earths needed for a wide array of U.S. technologies.

Trump did not formally cancel the meeting with Xi, so much as indicating that it might not happen as part of a trip at the end of the month in Asia. The trip was scheduled to include a stop in Malaysia, which is hosting the Association of Southeast Asian Nations summit; a stop in Japan; and a visit to South Korea, where he was slated to meet with Xi ahead of the Asia-Pacific Economic Cooperation summit.

“I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so,” Trump posted.

Trump’s threat shattered a monthslong calm on , and the S&P 500 tumbled 2.7% on worries about the rising tensions between the world’s largest economies. It was the market’s worst day since April.

China’s new restrictions

On Thursday, the Chinese government restricted access to the rare earths ahead of the scheduled Trump-Xi meeting. Beijing would require foreign companies to get special approval for shipping the metallic elements abroad. It also announced permitting requirements on exports of technologies used in the mining, smelting and recycling of rare earths, adding that any export requests for products used in military goods would be rejected.

Trump said that China is “becoming very hostile” and that it’s holding the world “captive” by restricting access to the metals and magnets used in electronics, computer chips, lasers, jet engines and other technologies.

“I have not spoken to President Xi because there was no reason to do so,” Trump posted. “This was a real surprise, not only to me, but to all the Leaders of the Free World.”

The Chinese Embassy in Washington did not immediately respond to an Associated Press request for comment.

Sun Yun, director of the China program at the Stimson Center, said Beijing reacted to U.S. sanctions of Chinese companies this week and the upcoming port fees targeting China-related vessels but said there’s room for deescalation to keep the leaders’ meeting alive. “It is a disproportional reaction,” Sun said. “Beijing feels that deescalation will have to be mutual as well. There is room for maneuver, especially on the implementation.”

The U.S. president said the move on rare earths was “especially inappropriate” given the announcement of a ceasefire between Israel and Hamas in Gaza so that the remaining hostages from Hamas’ Oct. 7, 2023, attack can be released. He raised the possibility without evidence that China was trying to steal the moment from him for his role in the ceasefire, saying on social media, “I wonder if that timing was coincidental?”

There is already a backlog of export license applications from Beijing’s previous round of export controls on rare earth elements, and the latest announcements “add further complexity to the global of rare earth elements,” the European Union Chamber of Commerce in China said in a statement.

Gracelin Baskaran, director of the Critical Minerals Security Program at the Center for Strategic and International Studies in Washington, D.C., said China signaled it is open to negotiations, but it also holds leverage because to dominates the market for rare earths with 70% of the mining and 93% of the production of permanent magnets made from them that are crucial to high-tech products and the military.

“These restrictions undermine our ability to develop our industrial base at a time when we need to. And then second, it’s a powerful negotiating tool,” she said. And these restrictions can hurt efforts to strengthen the U.S. military in the midst of global tensions because rare earths are needed.

Trump’s trade war

The outbreak of a tariff-fueled trade war between the U.S. and China initially caused the world economy to shudder over the possibility of global commerce collapsing. Trump imposed tariffs totaling 145% on Chinese goods, with China responding with import taxes of 125% on American products.

The taxes were so high as to effectively be a blockade on trade between the countries. That led to negotiations that reduced the tariff charged by the U.S. government to 30% and the rate imposed by China to 10% so that further talks could take place. But differences continue over America’s access to rare earths from China, U.S. restrictions on China’s ability to import advanced computer chips, sales of American-grown soybeans and a series of tit-for-tat port fees being levied by both countries starting on Tuesday.

Just what Trump’s threat meant was open to interpretation, as it could simply be an attempt to gain some leverage under the belief that China has overplayed its hand or an ominous sign of trade tensions leading to a potentially destructive increase in tariff rates.

Nebraska Republican Rep. Don Bacon said “China has not been a fair-trade partner for years,” but the Trump administration should have anticipated China’s restrictions on rare earths and refusal to buy American soybeans in response to the tariffs.

How analysts see moves by US and China

Wendy Cutler, senior vice president of the Asia Society Policy Institute, said Trump’s post shows the fragility of the détente between the two countries and it’s unclear whether the two sides are willing to de-escalate to save the bilateral meeting.

Cole McFaul, a research fellow at Georgetown University’s Center for Security and Emerging Technology, said that Trump appeared in his post to be readying for talks on the possibility that China had overplayed its hand. By contrast, China sees itself as having come out ahead when the two countries have engaged in talks.

“From Beijing’s point of view, they’re in a moment where they’re feeling a lot of confidence about their ability to handle the Trump administration,” McFaul said. “Their impression is they’ve come to the negotiating table and extracted key concessions.”

Craig Singleton, senior director of the China program at the Foundation for Defense of Democracies, a think tank, said Trump’s post could “mark the beginning of the end of the tariff truce” that had lowered the tax rates charged by both countries.

It’s still unclear how Trump intends to follow through on his threats and how China plans to respond.

“But the risk is clear: Mutually assured disruption between the two sides is no longer a metaphor,” Singleton said. “Both sides are reaching for their economic weapons at the same time, and neither seems willing to back down.”

UPDATES: with closing change for on Wall Street EDITS: adds comment that the trump-xi meeting is likely to be saved.

United Bank hires Charlottesville market president

Stuart Macfarlane is United ‘s new .

The Fairfax-based bank announced Macfarlane’s role in late September. As market president, he will oversee commercial and retail production and represent the bank in civic affairs and with professional organizations. The bank’s Charlottesville market has four branches and covers Albemarle, Augusta, Greene and surrounding counties.

“Having both grown up in Charlottesville, my wife and I always knew this was the community in which we wished to raise our children, and I am fortunate to have this opportunity with ,” Macfarlane said in a statement. “What drew me to United was the unique opportunity to build on its strong foundation and well-established brand in the Charlottesville market.”

Macfarlane has 14 years of experience. He joined United Bank from Rocky Mount, North Carolina-based First Carolina Bank, where he was the director of commercial real estate banking.

Before that, he was a relationship manager for First Republic Bank in Jackson, Wyoming, where he focused on commercial real estate and high-end residential development. Macfarlane also held roles with Rocky Mountain Bank in Wyoming and Bank of America in Charlotte, North Carolina.

Macfarlane succeeds Robert Wood, who served as both the valley regional president and Charlottesville market president and remains regional president.

“Stuart’s extensive banking experience, paired with his connection to Charlottesville and his commitment to serving the local community, made him the ideal candidate to lead this team and grow United’s presence in the market,” Wood said in a statement.

Macfarlane holds a bachelor’s degree in business administration with a concentration in finance from Elon University and an MBA from the University of Virginia’s Darden School of Business.

Founded in 1839, United Bank is a subsidiary of , which became public in 1987 and has dual headquarters in Charleston, West Virginia, and Washington, D.C. United Bankshares had approximately $32.78 billion in consolidated assets and $26.33 billion in total deposits as of June 30. The bank has more than 240 locations across Virginia, West Virginia, Maryland, North Carolina, South Carolina, Georgia, Ohio, Pennsylvania and Washington, D.C.

Henrico medical supplies provider to lay off 73 employees

Henrico County-based medical supplies provider will lay off 73 employees, including more than 50 in Virginia, on Dec. 10 due to a restructuring of some company functions.

Founded in 1996, the company sells insurance-covered medical items — such as diabetes testing, continuous glucose monitors, incontinence products and wound care supplies. These are delivered directly to the patient’s home.

Home Care Delivered notified the state of the on Monday, in compliance with the (WARN) Act. In the letter, Home Care Delivered Chief Financial Officer James Jarrett said the layoffs are permanent. The letter says the employees work remotely and report to the company’s headquarters at 11013 W. Broad St. in . Of these employees, 53 work in Virginia, while the rest work out of state.

“After a strategic review, Home Care Delivered restructured several back-office functions to align with industry best practices,” a company spokesperson said in a statement. “These positions are not customer-facing. These changes enhance our ability to deliver the quality care, compassionate service and reliable support to patients and providers.”

The spokesperson said Home Care Delivered will be maintaining its corporate headquarters, along with its eight other offices throughout the United States.

Home Care Delivered has approximately 300 employees companywide. The company did not answer whether it anticipates further workforce reductions.

According to the letter, a union does not represent the affected employees, and they do not have any bumping rights.

White House begins mass federal layoffs amid shutdown

Summary

  • confirms “substantial” federal worker
  • Education and health departments among agencies hit hardest
  • Move goes beyond typical furloughs during government shutdowns
  • Democrats argue firings may be illegal, vow not to back down

WASHINGTON (AP) — The White House budget office said Friday that mass firings of federal workers have started in an attempt to exert more pressure on Democratic lawmakers in the ongoing .

Russ Vought, the director of the , said on the social media site X that the “RIFs have begun,” referring to reduction-in-force plans aimed at reducing the size of the federal government.

A spokesperson for the budget office said the reductions are “substantial” but did not offer more immediate details.

The is among the agencies hit by new layoffs, a department spokesperson said Friday without providing more details. The department had about 4,100 employees when Trump took office in January, but its workforce was nearly halved amid mass layoffs in the Republican administration’s first months. At the start of the shutdown, it had about 2,500 employees.

Federal health workers were also being fired Friday, though a U.S. Department of Health and Human Services spokesman did not say how many or which agencies were being hit hardest. And an official for the American Federation of Government Employees, which is suing the Trump administration over the firings, said in a legal filing Friday that the Treasury Department is set to issue layoff notices to 1,300 employees.

Notices of firings have also taken place at the Cybersecurity and Infrastructure Security Agency, which leads federal efforts to reduce risk to the nation’s cyber and physical infrastructure, according to a person familiar with the actions who spoke anonymously because they were not authorized to discuss them.

The White House previewed that it would pursue the aggressive layoff tactic shortly before the government shutdown began on Oct. 1, telling all federal agencies to submit their reduction-in-force plans to the budget office for its review. It said reduction-in-force plans could apply for federal programs whose funding would lapse in a government shutdown, are otherwise not funded and are “not consistent with the President’s priorities.”

This goes far beyond what usually happens in a government shutdown, which is that federal workers are furloughed but restored to their once the shutdown ends.

Democrats have tried to call the administration’s bluff, arguing the firings could be illegal, and seemed bolstered by the fact the White House had yet to carry out the firings.

But President had said earlier this week that he would soon have more information about how many federal jobs would be eliminated.

“I’ll be able to tell you that in four or five days if this keeps going on,” he said Tuesday in the Oval Office as he met with Canada’s prime minister, Mark Carney. “If this keeps going on, it’ll be substantial, and a lot of those jobs will never come back.”

The AFGE, a labor union for federal employees, asked a federal judge Friday for a restraining order to halt the firings, calling the action an abuse of power designed to punish workers and pressure Congress.

“It is disgraceful that the Trump administration has used the government shutdown as an excuse to illegally fire thousands of workers who provide critical services to communities across the country,” said the president of the American Federation of Government Employees, Everett Kelley, in a statement.

Virginia Democratic lawmakers blasted the layoffs. In a tweet, called the firings “not an unfortunate byproduct of the government shutdown, but a deliberate choice. Republicans are intentionally holding federal workers hostage to force through their agenda driving up health care costs for millions.”

He and U.S. Sen. Tim Kaine issued a joint statement Friday: “Donald Trump and Russ Vought are once again showing us exactly who they are: reckless ideologues willing to inflict real pain on hardworking Americans to score political points. They have repeatedly treated federal employees not as partners in serving the American people, but as punching bags for their political agenda. Now, in the middle of a shutdown manufactured by Republicans — who control the House, the Senate and the White House — they’re doubling down by laying off federal workers, turning their own failure to govern into a direct attack on the people who keep this country running and jeopardizing vital government services.”

, a Democrat who represents part of , added, “This is a disaster for Virginia, intentionally inflicted by President Trump and his Republican allies. These firings are also already being fought in court,” he wrote in a statement Friday. “This president is killing jobs at a disastrous rate, while forcing the continuation of a government shutdown that would end if he simply agreed to prevent skyrocketing health care price increases. Instead of doing that, however, Trump and Vought are illegally firing more workers, hurting essential services for the American people, and damaging our economy in Virginia and across the country.”

Meanwhile, the halls of the Capitol were quiet on Friday, the 10th day of the shutdown, with both the House and the Senate out of Washington and both sides digging in for a protracted shutdown fight. Senate Republicans have tried repeatedly to cajole Democratic holdouts to vote for a stopgap bill to reopen the government, but Democrats have refused as they hold out for a firm commitment to extend health care benefits.

Some Republicans on Capitol Hill have suggested that Vought’s threats of mass layoffs have been unhelpful to bipartisan talks on the funding standoff.

The top Democrat on the Senate Appropriations Committee, Sen. Patty Murray of Washington, said in a statement that the “shutdown does not give Trump or Vought new, special powers” to layoff workers.

“This is nothing new, and no one should be intimidated by these crooks,” she added.

The top Senate Democrat, New York Sen. Chuck Schumer, said the blame for the layoffs rested with Trump.

“Let’s be blunt: nobody’s forcing Trump and Vought to do this,” Schumer said. “They don’t have to do it; they want to. They’re callously choosing to hurt people—the workers who protect our country, inspect our food, respond when disasters strike. This is deliberate chaos.”

Still, there was no sign that the top Democratic and Republican Senate leaders were even talking about a way to solve the impasse. Instead, Senate Majority Leader John Thune continued to try to peel away centrist Democrats who may be willing to cross party lines as the shutdown pain dragged on.

“It’s time for them to get a backbone,” Thune, a South Dakota Republican, said during a news conference.

The Partnership for Public Service, a nonpartisan organization that tracks federal service, says that more than 200,000 civil servants have left since the start of this administration in January due to earlier firings, retirements and deferred resignation offers.

“These unnecessary and misguided reductions in force will further hollow out our federal government, rob it of critical expertise and hobble its capacity to effectively serve the public,” said the organization’s president and CEO, Max Stier.

___

AP Education Writer Collin Binkley and AP writers Kevin Freking and Mike Stobbe contributed to this report.

Wall Street drops to worst day since April after Trump tariff threats

Summary

  • Trump threatens “massive” increase in on Chinese imports
  • drops 2.7% , falls 3.6%, Dow down 878 points
  • sink as Israel-Hamas ceasefire eases supply worries
  • Fed rate cuts and inflation concerns weigh on economic outlook

 

NEW YORK (AP) — A monthslong calm on shattered Friday, and U.S. stocks tumbled after President  threatened to crank tariffs much higher on .

The S&P 500 sank 2.7% in its worst day since April. The Industrial Average dropped 878 points, or 1.9%, and the Nasdaq composite fell 3.6%.

Stocks had been heading for a slight gain in the morning, until Trump took to his social media platform and said he’s considering “a massive increase of tariffs” on Chinese imports. He’s upset at restrictions China has placed on exports of its rare earths, which are materials that are critical for the manufacturing of everything from consumer electronics to jet engines.

“We have been contacted by other Countries who are extremely angry at this great Trade hostility, which came out of nowhere,” Trump wrote on Truth Social. He also said “now there seems to be no reason” to meet with China’s leader, , after earlier agreeing to do so as part of an upcoming trip to South Korea.

The ratchet higher in tensions between the world’s largest economies led to widespread drops across Wall Street, with roughly six out of every seven stocks within the S&P 500 falling. Nearly everything weakened, from Big Tech companies like Nvidia and Apple to stocks of smaller companies looking to get past uncertainty about tariffs and trade.

The market may have been primed for a slide. U.S. stocks were already facing criticism that their prices had shot too high following the S&P 500’s nearly relentless 35% run from a low in April. The index, which dictates the movements for many 401(k) accounts, is still near its all-time high set earlier in the week.

Critics say the market looks too expensive after prices rose much faster than corporate profits. Worries are particularly high about companies in the artificial-intelligence industry, where pessimists see echoes of the 2000 dot-com bubble that imploded. For stocks to look less expensive, either their prices need to fall, or companies’ profits need to rise.

Levi Strauss dropped 12.6% for one of the market’s larger losses, even though it reported a stronger profit for the latest quarter than analysts expected.

Its forecast for profit over the full year was also within range of Wall Street’s estimates, but the jeans and clothing company could simply be facing the challenge of heightened expectations after a big run. Its stock price came into the day with a surge of nearly 42% for the year so far.

All told, the S&P 500 fell 182.60 points to 6,552.51. The Dow Jones Industrial Average dropped 878.82 to 45,479.60, and the Nasdaq composite sank 820.20 to 22,204.43.

Some of Friday’s strongest action was in the oil market, where the price of a barrel of benchmark U.S. crude sank 4.2% to $58.90.

It fell as a ceasefire between Israel and Hamas came into effect in Gaza. An end to the war could remove worries about disruptions to oil supplies, which had kept crude’s price higher than it otherwise would have been.

Losses accelerated following Trump’s tariff threat, which could gum up global trade and lead the economy to burn less fuel. Brent crude, the international standard, dropped 3.8% to $62.73 per barrel.

In the bond market, the yield on the 10-year Treasury sank to 4.05% from 4.14% late Thursday.

It had already been lower before Trump made his threats, as a report from the University of Michigan suggested that sentiment among U.S. consumers remains in the doldrums.

“Pocketbook issues like high prices and weakening job prospects remain at the forefront of consumers’ minds,” according to Joanne Hsu, director of the Surveys of Consumers. “At this time, consumers do not expect meaningful improvement in these factors.”

The job market has slowed so much that the Federal Reserve cut its main interest rate last month for the first time this year. Fed officials have penciled in more cuts through next year to give the economy additional breathing room. But Chair Jerome Powell has also said they may change course if inflation stays high. That’s because lower interest rates can push inflation even higher.

One potentially encouraging signal from the University of Michigan’s preliminary survey said consumers’ expectations for inflation in the coming year edged down to 4.6% from 4.7% the month before. While that’s still high, the direction of change could help the Fed and limit upward pressure on inflation.

In stock markets abroad, indexes fell across much of Europe and Asia.

Hong Kong’s Hang Seng fell 1.7%, and France’s CAC 40 dropped 1.5% for two of the bigger moves. But South Korea’s Kospi leaped 1.7% after trading reopened following a holiday.

UPDATES: with close of US trading

Unanet Achieves FedRAMP Ready Status

Unanet, the leading provider of project-based enterprise resource planning (ERP) and customer relationship management (CRM) solutions for the government contracting (GovCon) industry, announced today that it has achieved FedRAMP Ready Status for its GovCon ERP solution in the FedRAMP Marketplace to support increasing cybersecurity requirements such as the Cybersecurity Maturity Model Certification (CMMC). This achievement marks a critical step toward enabling government contractors to leverage Unanet’s industry-leading capabilities while meeting stringent federal requirements for protecting sensitive information.

“Unanet has been a trusted technology provider to GovCons for over 30 years, and we are continuing our record of achieving all federally required and suggested compliance certifications,” said Chris Crowder, Unanet Executive Vice President, GovCon. “In today’s dynamic federal environment, GovCons need to be able to support their agency customers with the most modern and secure technology that delivers actionable insights while still meeting the highest security and compliance standards. Unanet is with them every step of the way.”

Unanet’s GovCon solutions currently hold SOC2 Type II certification, and the company helps enable GovCons to become CMMC compliant today through its partner network. Several Unanet customers have already passed CMMC Level 2 Audits earlier this year.

More information available at https://trust.unanet.com/.

 


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