Happy Monday! Swiss cheese makers have begun introducing “perforation powder” into Emmental because today’s milk is too clean to naturally produce the characteristic holes.
So even the holes in Swiss cheese are fake now. Trust nothing.
Also, we’re kicking off the semifinal round of the Dispawtch Bracket this morning! Be sure to cast your votes by Wednesday at 4 p.m. ET.
Quick Hits: Today’s Top Stories
U.S. Rescues Crew After Iran-Downed jet
U.S. officials announced on Sunday that two U.S. crew members from an F-15E that was shot down by Iranian forces on Friday have been rescued. Both airmen parachuted after the strike; the pilot was retrieved on Friday, and the weapons systems officer was located on Saturday after an extensive search conducted by American special operations forces. An Israeli security official told Reuters that Israel aided the mission by providing intelligence to the American military. Iran’s elite Revolutionary Guard Corps claimed responsibility for bringing down the aircraft. Iran had previously launched a manhunt that offered a reward for the captured airman, but U.S. officials said on Sunday that, while the second crew member was still being sought, the CIA had circulated messaging inside Iran indicating he had already been rescued. The second crew member initially hid in a mountain crevice before ascending a 7,000-foot ridgeline, according to a senior U.S. military official cited by the New York Times on Sunday.
- Iranian forces claimed Friday to have struck two U.S. Black Hawk helicopters involved in the search, but a U.S. official confirmed that, despite injuries to some crew members, the aircraft remained operable and were later used to recover the first crew member.
- In a separate Friday incident, Iranian forces struck a U.S. A-10 aircraft, but the pilot managed to carry the plane into Kuwaiti airspace before ejecting, and was later found safe in another U.S. rescue operation the same day.
- Israel confirmed this morning that Majid Khademi, head of the IRGC’s Intelligence Organization and one of the three senior surviving officials in the Revolutionary Guard Corps, had been killed.
U.S. Job Numbers Dramatically Beat Expectations
The labor market added 178,000 nonfarm payroll jobs in March, per a Bureau of Labor Statistics report released on Friday, well above the Dow Jones forecast of 59,000. This marks a stark reversal from February, which had a job loss of about 92,000 (the BLS later revised this to a 133,000 loss). January’s gains were also revised upward by roughly 34,000, to 160,000. The BLS noted that health care led the gains with 76,000 new positions, while construction expanded by 26,000 and transportation and warehousing added 21,000. Federal government payrolls declined by 18,000, and they have fallen about 11.8 percent from their October 2024 peak. The finance and insurance sector likewise shed 16,000 jobs.
- The unemployment rate edged down to 4.3 percent, a 0.1 percentage-point drop from February.
- Average hourly earnings for nonfarm private workers rose 0.2 percent from February to March, reaching $37.38, yet were only 3.5 percent higher than March 2025—the smallest annual increase since May 2021.
Trump Issues Order to Pay DHS Employees Despite Shutdown
Trump signed a presidential memorandum on Friday directing the payment of Department of Homeland Security (DHS) personnel who are affected by the ongoing shutdown, declaring the situation an “emergency” that jeopardizes national security. He called the denial of pay to DHS workers “callous treatment” that must end to ensure America remains capable of addressing security threats and responding to emergencies. The memo instructed DHS Secretary Markwayne Mullin and White House Budget Director Russell Vought to utilize funds that have a reasonable link to DHS functions in order to provide full compensation and benefits, though it did not specify exact funding sources.
- Earlier, on March 27, Trump issued a similar memo mandating pay for Transportation Security Administration personnel during the shutdown.
Judge Keeps Federal Reserve Subpoenas Blocked
A federal district judge on Friday reaffirmed his prior decision blocking grand jury subpoenas tied to the Justice Department’s inquiry into the Federal Reserve and whether its chairman, Jerome Powell, lied about renovation costs in congressional testimony. In the ruling, Chief Judge James Boasberg wrote, “The Government’s arguments do not come close to convincing the Court that a different outcome is warranted.” The investigation, led by U.S. Attorney for Washington, D.C., Jeanine Pirro, had yielded subpoenas to the central bank’s board of governors, including Powell, which Boasberg had also blocked. Boasberg noted that the government’s core error was that Pirro’s team had “presented no evidence whatsoever of fraud.” A Pirro spokesperson announced plans to appeal, describing the ruling as the judiciary’s interference with access to the grand jury. For additional context on the DOJ’s actions against the Federal Reserve and Powell, see the January 14 issue of TMD.
- Sen. Thom Tillis of North Carolina, a member of the Senate Banking Committee, has repeatedly indicated he would oppose the confirmation of Fed chair nominee Kevin Warsh until this investigation is resolved.
- Last month, a top prosecutor for Pirro, George A. Massucco-LaTaif, told Boasberg that while there wasn’t evidence of criminal wrongdoing by Powell, the office possessed the authority to investigate the renovation project because the costs had exceeded the budget by $1.2 billion.
Ukraine Makes Middle East Deals
Ukrainian President Volodymyr Zelensky said on Sunday that he secured an agreement to deepen security cooperation between Ukraine and Syria after meeting with Syrian leader Ahmed al-Sharaa in Damascus. Zelensky wrote on X that he and al-Sharaa agreed to “bring greater security and more opportunities for development to our societies,” adding that there is evident mutual interest in sharing military and security know-how. Zelensky also noted the prospect of exporting food products to Syria, highlighting the country’s ongoing energy and infrastructure challenges. In a separate X post, Zelensky said he and al-Sharaa also engaged in trilateral discussions with Turkish Foreign Minister Hakan Fidan to address defense and security in the Middle East amid the Iran conflict, along with energy, infrastructure cooperation, and food security. On Friday, Zelensky spoke with Egyptian President Abdel Fattah El-Sisi, who indicated that Egypt would stop purchasing Russian grain from Russian-occupied Ukrainian territory and would increase purchases of Ukrainian grain instead.
- According to the Treasury Department, the U.S. on Friday removed sanctions on former Russian finance minister Mikhail Zadornov, though U.S. officials told Reuters this did not signify a broader reversal on sanctions toward Russia; Zadornov was delisted after successfully petitioning the government, following the standard process.
- A Russian drone attack on Saturday morning struck a market in Nikopol, a city in southern Ukraine near the front lines, killing five civilians and injuring 19 others.
It was Wednesday morning, riding in “The Beast” on the short ride from the White House to the Supreme Court, when President Donald Trump informed Attorney General Pam Bondi that she was being dismissed. She would accompany the president during the birthright citizenship arguments and accompany him to the White House that evening for his primetime Iran-war speech, but she understood her time in office was ending. According to the Wall Street Journal, Bondi asked Trump if she could remain until the summer, but the president declined. The week prior, she had a so-called “heated confrontation” with the president at the White House, and CNN reported that she was privately asking associates whether he intended to remove her.
The news leaked to the press, and Trump confirmed it on Truth Social the following day. “We love Pam, and she will be transitioning to a much needed and important new job in the private sector,” he wrote. Bondi then posted her own statement, saying she would “over the next month” transition her duties to Deputy Attorney General Todd Blanche, and that she was “eternally grateful for the trust that President Trump placed in me to Make America Safe Again.”
Bondi is now the second Cabinet official to be dismissed from the administration in recent weeks—succeeding former Homeland Security Secretary Kristi Noem—and the third attorney general that Trump has dismissed during his two terms. But what were the grounds for her dismissal? And what qualities will the president seek in her replacement?
Today’s Must-Read
In Other News
Today in America
- The Trump administration released its budget request for fiscal year 2027, including a record-high $1.5 trillion for the Defense Department while cutting nondefense spending by 10 percent.
- A new report from the Department of Homeland Security found a large Immigration and Customs Enforcement detention facility in El Paso, Texas, had 49 “deficiencies” relative to official standards, including issues related to the use of force, restraints, and medical care provision.
- A federal district judge issued a preliminary injunction temporarily blocking the Trump administration from collecting admissions data from public universities in 17 states.
- Trump signed another executive order altering college sports, covering student-athlete transfers and eligibility, and restricting name, image, and likeness (NIL) collectives that enabled pay-for-play arrangements for certain college players.
- Louisiana officials arrested and charged a 57-year-old man who, while driving under the influence, crashed into a Broussard festival, injuring 18 people.
Around the World
- A Chinese anti-graft watchdog is examining Politburo member Ma Xingrui for “serious violation of law and discipline,” though no specific accusations are laid out. Ma is the third Politburo member under investigation in the past six months.
- In response to a measles outbreak in Bangladesh that has claimed 17 lives, the government has launched an emergency vaccination drive to immunize children across the country.
- The United States reached an agreement with the Democratic Republic of Congo to deport third-country nationals to the Central African nation beginning in April, with the U.S. bearing the full cost of the arrangement.
- Cambodia’s parliament passed new measures to tighten controls on illegal scam operations, prescribing two to five years in prison and fines up to $125,000 for those convicted of participating in online fraud schemes.
On the Money
- The Commodity Futures Trading Commission sued Arizona, Connecticut, and Illinois for enforcing state-level anti-gambling laws against prediction markets, arguing this was unconstitutional and invalid.
- A U.S.-based satellite imagery firm, Planet Labs, announced it would withhold new images of “designated Areas of Interest” in Iran after a request from the U.S. government.
- France announced a program offering small loans up to 50,000 euros at 3.8 percent interest to French-based small businesses that spend at least 5 percent of their revenue on fuel.
- Gambia’s Energy Ministry unveiled new subsidies to ease motor fuel and diesel costs amid recent price spikes.
- The Super Mario Galaxy Movie topped the weekend box office with $130.9 million, while the sci-fi adventure Project Hail Mary finished a distant second with $30.7 million.
Worth Your Time
- “Iran Is Ending the Dream of Remote-Controlled War.” (New York Times)
- Suzanne Maloney warns of the risk that the Iran conflict could trigger “the third Islamic Republic.” (Foreign Affairs)
- Veronique de Rugy analyzes the World Bank’s shift from market-friendly approaches to industrial policy. (Reason)
- Nate Silver investigates the content and engagement that drive traffic on social platforms. (Silver Bulletin)
- Quico Toro on why the tenure of Chile’s new president, José Antonio Kast, is unlikely to irrevocably tilt the country’s institutions to the right. (Persuasion)
- Roland Fryer suggests GLP-1 weight-loss drugs might not substantially boost demand for healthier foods. (Wall Street Journal)
Presented Without Comment
NBC: Polymarket Apologizes for Allowing Bets on Fate of U.S. Pilots Downed in Iran
Also Presented Without Comment
Hong Kong Free Press: Streaming Channel for Pets Launched in China
