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Mortgage rates fall to 3-year low, offering relief for homebuyers

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Mortgage rates fall to 3-year low, offering relief for homebuyers

The average interest rate on a conventional mortgage in the U.S. dropped to 6.06%, the lowest level in more than three years, Freddie Mac said on Thursday. 

A recent dip in mortgage rates has spurred homebuying activity, with purchase applications on the rise and more owners acting to refinance their loans, according to the government-sponsored enterprise.

A year ago, the rate on a 30-year fixed-rate mortgage averaged 7.04%. The last time the rate on a typical mortgage was lower was Sept. 15, 2022, when it was at 6.02%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell this week, dropping to 5.38% from 5.46% last week. A year ago, that average rate was at 6.27%, Freddie Mac said.

Mortgage rates began ticking down in July in anticipation of a series of interest-rate cuts by the Federal Reserve, which began in September and continued last month. 

Although the central bank doesn’t set rates for home loans, trimming its benchmark rate often points to lower inflation or softer economic growth, spurring investors to buy U.S. government bonds. That can help lower yields on long-term U.S. Treasurys, which can result in lower mortgage rates.

Although mortgage rates are easing, homeownership remains beyond the means of many Americans. 

A January report from Attom, a provider of property data, found that median-priced homes are less affordable than usual in 99% of the 594 counties for which sufficient data were available. The national median home price has hovered around $365,000, which is a record high, the group noted. 

“Many Americans were priced out of buying a home in 2025, and affordability remains worse than historic norms in most markets,” Attom CEO Rob Barber said in a statement earlier this month. 

The cost of a typical home has climbed 54% of the past five years, while typical wages have risen 29%, the group also noted, citing federal labor data. 

Trump’s housing proposals

President Trump last week announced two measures aimed at promoting homeownership, proposing to bar institutional investors from buying homes and also directing the federal government to purchase $200 billion worth of mortgage bonds. 

Experts said the proposed ban could ease pressure on home prices, citing research showing that large investors can drive up home prices in communities where they invest. 

Ben Ayres, a senior economist at Nationwide Economics, has estimated that the government buying $200 billion in mortgage securities could reduce home loan rates by up to 0.35 percentage points, 

Home prices have also surged because of a dearth of affordable housing. The U.S. would need to build as many as 4 million additional homes beyond the normal pace of construction to address that shortage, according to Goldman Sachs.

Christy Bunce, president of mortgage lender New American Funding, told CBS News that more prospective buyers entering the market would drive up home prices.  “But I don’t think we are in a market where we’re going to see crazy appreciation,” she added.

Lower mortgage rates also present an opportunity for current homeowners to refinance their loans, Bunce added. 

“It’s a good time to refinance, because nobody has a crystal ball to figure out what rates are going to do in the future,” she told CBS News.

Erik Schmitt, a Chase Home Lending executive, said that homeowners “may be able to significantly reduce their monthly mortgage payment or shorten their loan term” as borrowing costs ease.

“That said, it’s important for homeowners to factor in closing costs, how much remains on their loan balance, and overall financial and life goals when considering whether to refinance,” he noted.

Edited by

Alain Sherter

The Associated Press

contributed to this report.

ACA enrollment ends today in most states, as tax credit compromise stalls in Congress

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ACA enrollment ends today in most states, as tax credit compromise stalls in Congress

As the window for Americans to enroll in an Affordable Care Act health plan closes in most states today, millions of Americans remain in limbo as Congress weighs whether to extend tax subsidies designed to lower the cost of Obamacare insurance. 

Congress has been locked in a showdown for months over the fate of the enhanced ACA premium tax credits, which expired on Dec. 31. The fight over the subsidies was central to the longest government shutdown in U.S. history, which dragged on for six weeks. 

The House approved a measure last week to extend the tax credits for three years after 17 Republicans joined Democrats in forcing a vote on the issue. Yet the extension faces an uphill climb in the Republican-controlled Senate, which previously rejected a separate plan to extend the credits for three years. 

A bipartisan group of lawmakers is working on a compromise that includes a two-year extension of the ACA subsidies, but GOP senators said Thursday that progress has stalled.

Separately, President Trump on Thursday announced a health care proposal that the White House said would “send money directly to the American people, lower health insurance premiums and cut kickbacks that raise insurance premiums.”

In the meantime, the clock is ticking for Americans to make decisions about their coverage. The deadline to sign up for health insurance through the ACA marketplace is Jan. 15 for most states. However, 10 states are offering an extended enrollment window to give residents extra time to select a plan. 

States with extended ACA enrollment deadlines, according to healthinsurance.org:

  • California: Jan. 31
  • Connecticut: Jan.  31
  • District of Columbia: Jan.  31
  • Massachusetts: Jan. 23
  • Illinois: Jan. 31
  • New Jersey: Jan. 31
  • New York: Jan. 31
  • Pennsylvania: Jan. 31
  • Rhode Island: Jan. 31
  • Virginia: Jan. 30

For those yet to enroll in an ACA plan, the higher costs are sure to be a consideration. Nonprofit health group KFF previously estimated that, barring action by Congress, Obamacare premiums could more than double this year for the more than 20 million Americans who previously received the tax credits.

“The end of open enrollment in many states and the most recent enrollment numbers confirm what people across the country are already feeling: We are in a health care affordability crisis,” said Michelle Sternthal, interim senior director of policy and strategy at Community Catalyst, a health care advocacy group. “When Congress failed to extend the enhanced premium tax credits, premiums spiked overnight.”

Some people are dumping their ACA coverage due to steeper costs. Florida resident Stacy Kanas, 59, told CBS News that her family is dropping its ACA plan after learning that their premiums would spike.

“That is why we’re not choosing to be covered at this time,” she said. “It’s cost-prohibitive.”

ACA premiums for “silver” plans, the second lowest-cost Obamacare coverage, have jumped nearly 22% in 2026, according to a recent analysis by the Urban Institute. By comparison, the nonpartisan think tank projected that health insurance costs for employer-sponsored plans would rise by no more than 7% this year.

Data from the Centers for Medicare and Medicaid Services shows 22.8 million people had enrolled in ACA marketplace plans as of Jan. 12, down 1.4 million from the number of Americans who had enrolled in Obamacare, as the health plans are known, a year ago.

Can Congress extend the credits after open enrollment ends?

Technically, there is no deadline for Congress to extend the ACA tax credits, leaving the door open for a congressional remedy, experts have noted. 

“The ACA premium subsidies are refundable tax credits, which are calculated on an annual basis,” Larry Levitt, executive vice president for health policy at KFF, said in a December blog post, “So, an extension could happen even after the deadline to sign up for coverage and be made retroactive to January 1.”

If the credits are preserved, Levitt said state and federal ACA marketplaces would update their systems, and open enrollment would be extended to give people more time to sort through plan options. However, if a resolution comes later in the year, it could make matters more difficult, Levitt said.

“Any changes to the ACA tax credits mid-year would complicate the logistics and slow down the reopening of enrollment and the premium relief,” he said in a post.

Edited by

Alain Sherter


Early peanut exposure in babies tied to sharp drop in food allergy diagnoses

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Early peanut exposure in babies tied to sharp drop in food allergy diagnoses

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Historically, parents were advised to avoid feeding peanuts to babies for the first few years of life, but emerging research has confirmed that introducing them sooner — as early as infancy — could help stave off food allergies.

A 2025 study led by the Children’s Hospital of Philadelphia analyzed medical records from dozens of pediatric practices across the U.S., finding that early introduction of peanuts resulted in a 27% decrease in peanut allergy diagnoses among children and a 38% decrease in overall food allergies.

The latest research also found that eggs had surpassed peanuts as the most common food allergen in the children studied. Beyond peanuts, other common food allergens include milk, egg and wheat.

POPULAR DAILY SNACK FOUND TO BOOST BRAIN BLOOD FLOW IN OLDER ADULTS, NEW STUDY SHOWS

The new research — published in Pediatrics, the journal of the American Academy of Pediatrics, in October 2025 — focused on a two-year period after new guidance was issued by the National Institute of Allergy and Infectious Diseases, which first advised parents to introduce peanuts earlier. 

Emerging research has confirmed that introducing peanuts as early as infancy could help stave off food allergies. (iStock)

That updated guidance was based on a landmark 2015 study — the Learning Early About Peanut Allergy (LEAP) trial — which found that for infants who had severe eczema or an egg allergy, exposing them to peanuts when they were between 4 and 11 months old could reduce peanut allergy risk by 81%.

EATING BLUEBERRIES EARLIER IN LIFE COULD EASE ALLERGIES, STRENGTHEN IMMUNITY, NEW STUDY FINDS

The guidelines were updated again in 2021, encouraging the introduction of peanut, egg and other major food allergens as early as 4 to 6 months for all children — including those without a history of prior reaction, according to health experts.

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“Everyone has been wondering whether these landmark public health interventions have had an impact on reducing rates of IgE-mediated food allergies in the United States,” said first author Stanislaw Gabryszewski, M.D., Ph.D., an attending physician in the Division of Allergy and Immunology at the Children’s Hospital of Philadelphia, in a statement.

Boy peanuts

A 2025 study led by the Children’s Hospital of Philadelphia found that early introduction of peanuts resulted in a 27% decrease in peanut allergy diagnoses among children and a 38% decrease in overall food allergies. (iStock)

“We now have data that suggest the effect of this landmark public health intervention is occurring.”

The latest findings “are supportive of efforts to increase education and advocacy related to early food introduction practices,” the study authors wrote.

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“If confirmed, these findings would represent a meaningful public health advance — affirming that clinical research, when coupled with clear guidelines and committed dissemination, can indeed shift the trajectory of childhood food allergy.”

Study limitations

The study only included data through early 2019 and did not consider the guidance released in 2021, which recommended early introduction of multiple allergens regardless of risk, the researchers acknowledged.

It also relied on allergy diagnoses from electronic health records, which may miss some cases. Also, the researchers did not capture individual feeding patterns.

A spoonful of peanut butter

Parents are encouraged to discuss any concerns with their pediatrician before introducing potential food allergens. (iStock)

Because the study was observational, it cannot prove cause and effect, but only association, the researchers noted. Other factors may influence the outcome.

CLICK HERE FOR MORE HEALTH STORIES

In some children, peanut allergy can trigger severe, life-threatening reactions, including difficulty breathing, swelling of the throat and a dangerous drop in blood pressure, according to Mayo Clinic. These reactions require immediate treatment with epinephrine, a life-saving allergy medication.

Not all parents may be comfortable with these revised guidelines, health experts say.

TEST YOURSELF WITH OUR LATEST LIFESTYLE QUIZ

“Not everyone has followed those guidelines, but this is further evidence that this early introduction is effective at preventing food allergies,” Dr. Susan Schuval, chief of the Division of Pediatric Allergy and Immunology at Stony Brook Children’s Hospital in New York, previously told Fox News Digital.

Parents are encouraged to discuss any concerns with their pediatrician before introducing potential food allergens.

Amy McGorry contributed reporting.

Melissa Rudy is senior health editor and a member of the lifestyle team at Fox News Digital. Story tips can be sent to melissa.rudy@fox.com.

Video: The Sounds of Antarctica? Flying in the Cold? Your Questions, Answered

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Video: The Sounds of Antarctica? Flying in the Cold? Your Questions, Answered

20:04 Hi everyone we have made it to the Thwaites Glacier! 18:50 We’re here to answer some more of your questions. (19:10 Alt – Your questions keep rolling in and we’re here for it.) 18:54 This time we thought it might be fun to show you some of the answers. QUESTION 1: HELICOPTER FLYING 0:17:08:08 – 00:17:37:23 Okay. We are in the helicopter hangar of the Araron. ((To answer a question from Camille.)) Camille asks. I’m curious about the impact of the subzero air temps and their impact on the flying conditions for the helicopters. RAY: Camille, we have someone who could help answer that. This is Dan Adams, one of our helicopter pilots. So, Dan, what’s the impact of the cold? 00:16:01:09 – 00:16:22:18 DAN ADAMS So, believe it or not, the cold air that we get down here actually tends to help the performance of the helicopter. DAN: The low pressure systems we have here, particularly in this, weather we’ve been having, tends to create the opposite effect by decreasing the pressure. Low pressure systems, thinner air. 00:16:22:20 – 00:16:35:12 DAN: And that cooler air makes the pressure higher again. 00:16:35:14 – 00:16:39:18 RAY Yeah. Yeah. How cold has it been in the air so far? 00:16:39:20 – 00:16:58:15 DAN So flying around on a few thousand feet, we tend to find it’s around minus five. 00:16:59:03 – 00:17:03:09 those are degrees Celsius. 00:17:03:10 – 00:17:04:02 Correct. Yeah. 00:17:04:03 – 00:17:06:12 Sorry, Americans. QUESTION 3: ANTARCTIC SOUNDS 00:20:30:19 – 00:21:09:02 So, So many of you have asked about the sounds of Antarctica. 00:21:09:02 – 00:21:42:07 So, for instance, Henry Brandon asks, can you hear the ice breaking against the hull while underway? 00:23:03:15 – 00:23:49:03 RAY When the ship is breaking through sea ice, you can definitely hear it. It’s very loud against the hull here. On the lower decks, it can sound like being inside a washing machine. 23:45 So outside this porthole is a great view, but also a great soundscape. 00:24:55:03 – 00:25:26:21 Penguins do make a sound. They do squawk. Sort of much more loudly than you’d expect. When we’ve been close by with the penguins on the sea ice, they are a startlingly noisy presence. Sound up: Squawk! 22:10 Wendy Gibson asks what is sound like near the glaciers? 00:25:26:23 – 00:26:02:16 When we’ve been lucky enough to be near the glacier in the last few days, it’s been astonishingly calm. It is peaceful beyond imagining. The sea is as flat as class. The ice is drifting, but not chaotically. It is a remarkably calming place. When the weather is right. And it’s silent. 00:24:55:03 – 00:25:26:21 Penguins do make a sound. They do squawk. Sort of much more loudly than you’d expect. When we’ve been close by with the penguins on the sea ice, they are a startlingly noisy presence. Sound up: Squawk! QUESTION 4: SCIENTIFIC MEASUREMENTS 0:07 We’re out on the deck here on the Araon. To answer a question from Gary Auten. 11:09 Gary asks ‘specifically, what will the scientists be measuring? With what devices are they doing the measurements?’ 18:22 Well, we’re out here because At the bottom of this rack here, which the workers are setting up, is sort of the foundational device of a lot of oceanography. 33:14 It’s called a CTD. CTD stands for conductivity, temperature and depth. (alt Frankenbite: At the bottom of this rack here he workers are setting up//aCTD) 46:18 With conductivity, you can figure out the water salinity. The salinity and temperature are sort of what scientists study to understand what’s going on in the water 01:13 Thwaites is melting from below. It’s the water that’s melting plates. So scientists really need to figure out what’s going on with water at a CTD like this one is what they use. 1:52 CTD is still just the beginning. (((There’s a lot more instruments and a lot more different kinds of measurements happening on this expedition.)) 2:20 we’ll be covering much more of the science as the expedition continues. END

Teyana Taylor says she misread Leonardo DiCaprio Globes moment

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Teyana Taylor says she misread Leonardo DiCaprio Globes moment

Teyana Taylor says she misread Leonardo DiCaprio Globes moment

Teyana Taylor is clearing up confusion around Leonardo DiCaprio’s viral moment from the 2026 Golden Globe Awards.

During a recent appearance on The Tonight Show on Wednesday, January 14, the Golden Globe winning actress revealed that the Titanic star was not actually talking to her which she previously claimed in an earlier interview with Access Hollywood.

“Okay, so look, yesterday, I thought I broke the Da Vinci Code, right?” Teyanna said of the clip that went viral on the ceremony’s official TikTok page, in which she beleived Leonardo was talking to him.

Explaining the reason behind, Teyanna said she was excited over KPop Demon Hunters, a movie her daughters love as the film won Best Motion Picture (Animated) and Best Original Song at the Globes.

“So when I first seen it, I didn’t watch the whole thing. So I was like ‘Oh you’re talking about Kpop Demon Hunters, he’s talking about me.’ But then I watched it and they was doing the lip-read thing and I had to call Leo,” she said.

She added, “I was like, ‘You can’t be talking to me, were you talking to me?’ Because I already told people you was talking to me.”

Teyana joked that Leonardo had more than one conversation about the film that night. “So apparently he had two KPop Demon Hunter conversations that night, so KPop Demon Hunters was just in his mouth all night,” she said.

In a previous chat with Access Hollywood, Teyana said that she and Leonardo were “kekeing” about how her daughters Iman and Rue are fond of the movie.

A$AP Rocky reveals what encouraged him to date Rihanna

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A$AP Rocky reveals what encouraged him to date Rihanna

A$AP Rocky says his relationship with Rihanna began with a push from someone who saw the bigger picture long before he did: his mother.

In a New York Times podcast interview published on Thursday, Jan. 15, the rapper and actor reflected on how his mother consistently encouraged him to pursue a relationship with the global pop star, long before they officially became a couple. 

According to Rocky, her advice ultimately proved to be right. 

“A woman will change your whole life, especially if it’s a companion,” Rocky, 37, said during the conversation. 

He explained that being in a serious relationship gave him clarity he hadn’t had before. He added that partnerships can act as a grounding force. 

“Before I had my children, it was like being with my girl took a blindfold off,” he said. He added that a partner can often see people and situations more clearly than you can yourself. 

When co-host Joe Coscarelli pointed out that Rocky didn’t just end up with “any” woman, the artist was quick to agree. “I got with a very special woman,” he said.

Rocky also highlighted the personal parallels he shares with Rihanna, 37, describing their connection as both natural and deeply familiar. 

The two were born the same year, and Rocky noted that his father is from Rihanna’s home country of Barbados. “When I go back, I get to see both sides of my family,” he said, adding that the similarities between them still make them laugh.

Looking back, Rocky admitted that his mother repeatedly voiced her preference for Rihanna while he was dating other people. “She used to say, ‘I know you like this girl you’re with right now, but I want you with RiRi,’” he recalled, adding that at the time, he doubted Rihanna felt the same way.

He credits his mother’s intuition. “Mothers know best,” Rocky said. He added that the timing mattered just as much as the connection. “Any time before that, I don’t think I was ready. I don’t think she was either.”

Teyana Taylor, Leonardo DiCaprio Golden Globes drama sees new twist

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Teyana Taylor, Leonardo DiCaprio Golden Globes drama sees new twist

Teyana Taylor, Leonardo DiCaprio Golden Globes drama update

Teyana Taylor is clearing the air about Leonardo DiCaprio’s animated Golden Globes moment that took over social media, revealing that the viral clip didn’t quite unfold the way fans initially thought. 

The actress and singer addressed the buzz during her appearance on The Tonight Show on Wednesday, Jan. 14, where she continued celebrating her first-ever Golden Globe win.

The clip in question, shared on the ceremony’s official TikTok page, showed DiCaprio laughing and gesturing enthusiastically during the broadcast, leading many viewers to assume he was chatting with Taylor.

She admitted she initially thought the same. 

“Okay, so look, yesterday, I thought I broke the Da Vinci Code, right?” Taylor told Jimmy Fallon, referencing her earlier comments that suggested they were bonding over KPop Demon Hunters during the show.

Taylor explained that her excitement stemmed from the fact that her daughters, Iman “Junie” Tayla Shumpert Jr., 10, and Rue Rose Shumpert, 5, are huge fans of the Netflix animated film, which won Best Motion Picture (Animated) and Best Original Song that night. 

At first glance, she assumed DiCaprio was reacting to her. 

“So when I first seen it, I didn’t watch the whole thing. So I was like, ‘Oh you’re talking about Kpop Demon Hunters, he’s talking about me,’” she said.

But after watching the full clip, and seeing fans attempt to lip-read the exchange, Taylor realised she needed answers. 

She picked up the phone and called her longtime friend. 

“I was like, ‘You can’t be talking to me, were you talking to me?’ Because I already told people you was talking to me,” she admitted. 

According to Taylor, DiCaprio had apparently discussed KPop Demon Hunters more than once that night. 

“So apparently he had two KPop Demon Hunter conversations that night, so KPop Demon Hunters was just in his mouth all night,” she joked.

The situation sparked some playful jealousy on Taylor’s part. 

“Who else is you chewing your invisible gum with?” she teased, adding that DiCaprio didn’t even remember who he had been talking to at the table.

Despite the confusion, the moment only added to the buzz surrounding their film One Battle After Another, which picked up four Golden Globe wins, including Best Motion Picture (Musical or Comedy) and Taylor’s award for her role as Perfidia Beverly Hills. 

Both stars are now heading into the 2026 Actor Awards on March 1 with individual nominations, proving that even a misunderstood viral moment can end on a high note.

US to cut tariffs on Taiwanese goods after investment pledge

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US to cut tariffs on Taiwanese goods after investment pledge

Natalie Sherman,Business reporterand

Lily Jamali,North America Technology correspondent

Bloomberg via Getty Images Employees wearing cleanroom suits walk beneath Automated Material Handling Systems (AMHS) vehicle robots moving along tracks on the ceiling inside the GlobalFoundries semiconductor manufacturing facility in Malta, New York, U.S., on Tuesday, March 16, 2021. Bloomberg via Getty Images

The US has been pushing to build up its semiconductor industry

The US said it had agreed to cut the tariffs it charges on goods from Taiwan to 15%, in exchange for hundreds of billions of dollars in investment aimed at boosting domestic production of semiconductors.

The Commerce Department said the island’s semiconductor and technology enterprises had committed to “new, direct investments” worth at least $250bn (£187bn).

The deal also provides carve-outs from tariffs for Taiwanese semiconductor companies investing in the US.

Boosting US production of semiconductor chips, which are found in machines ranging from cars to smart phones, has been a priority for the US since shortages during the Covid-19 pandemic exposed supply chain risks.

In an interview on CNBC, Commerce Secretary Howard Lutnick said the agreement would help the US become “self-sufficient”.

“We’re going to bring it all over,” he said.

The US has devoted hundreds of billions of dollars in government subsidies to the semiconductor industry in recent years, helping to secure and expand investments from the likes of TSMC, the Taiwanese manufacturing giant that dominates the industry.

As part of its earnings update on Thursday, the company said it was accelerating its investments in the US, where it opened a plant in 2024.

The factory in Arizona, which now makes chips for Nvidia, Apple, AMD and other major American tech companies, was built with the help of $40bn in US government subsidies passed during the Biden administration.

Lutnick said the latest trade deal could lead the firm to expand and was also meant to further develop the supply chain, convincing smaller businesses to relocate to the US as well.

As well as the direct investments from companies, the Taiwanese government will provide $250bn in financing to support firms, according to the Commerce Department.

Taiwan, a self-governed island claimed by China, had been pushing to reach an agreement with the Trump administration over the duties faced by its exports entering the US, set at 20% last year.

But it has been wary of demands to transfer its expertise, seen by some as a safeguard against military action.

The new 15% tariff rate matches the rates the US currently charges on goods from key trade partners such as Japan, South Korea, and the European Union.

Those rates were agreed in deals stemming from tariffs Trump first announced last April, which he said were aimed at addressing imbalances in trade.

The Supreme Court is currently weighing a request from businesses and states in the US to strike down those duties, which they claim were imposed in an overreach of presidential power.

The Trump administration had previously threatened separate, wider tariffs on the semiconductor industry in the name of national security.

It has so far held off on that proposal, which met with widespread alarm by US firms dependent on imports, including from some firms in the sector.

The announcement comes as American chip manufacturer Intel, a TSMC rival, has struggled to gain traction making advanced chips designed for artificial intelligence.

In a surprise move last year, the US government took a 10% stake in Intel but the company is due to cut thousands more American positions in addition to those it has already slashed in recent years.

Overall, the semiconductor manufacturing sector shed more than 17,000 jobs last year, according to the latest data, despite government efforts to boost the industry.

Amazon threatens ‘drastic’ action after Saks bankruptcy, says $475M stake is now worthless

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Amazon threatens 'drastic' action after Saks bankruptcy, says $475M stake is now worthless

Amazon package and Saks Fifth Avenue bag.

Getty Images

Amazon wants a federal judge to reject Saks Global’s bankruptcy financing plan, writing in court papers the beleaguered department store “burned through hundreds of millions of dollars in less than a year” and failed to hold up their agreement. 

When Saks acquired Neiman Marcus for $2.7 billion in December 2024, Amazon invested $475 million into the venture on the grounds the retailer would start selling its products on Amazon’s website and the tech company would offer technology and logistics expertise.

“That equity investment is now presumptively worthless,” Amazon’s attorneys wrote in a Wednesday filing, hours after Saks filed for Chapter 11 bankruptcy protection. “Saks continuously failed to meet its budgets, burned through hundreds of millions of dollars in less than a year, and ran up additional hundreds of millions of dollars in unpaid invoices owed to its retail partners.”

As part of the deal, Saks launched a branded “Saks at Amazon” storefront on the e-commerce company’s website featuring a range of luxury fashion and beauty items. It also agreed to pay a referral fee for Saks-branded goods sold on the platform, guaranteeing at least $900 million in payments to Amazon over eight years. 

In its filing, Amazon argued that Saks’ bankruptcy financing plan harms the company, and other creditors, because it saddles parts of the Saks corporation with new debt that it previously didn’t have. It also pushes Amazon further down the pecking order in terms of repayment, which reduces the amount it could potentially be repaid during the proceedings, the e-commerce company said in the filings. 

Amazon wrote that it “hopes” Saks will resolve its concerns, but if it doesn’t, it may “seek more drastic remedies” including the appointment of an examiner or a trustee. 

During a hearing Wednesday in U.S. Bankruptcy Court in Houston, Judge Alfredo Perez allowed Saks to start tapping into $1.75 billion in new bankruptcy financing after the company argued it would face immediate liquidation without it. He has yet to issue a ruling on Amazon’s request. 

Saks’ acquisition of Neiman Marcus brought a slew of new investors, including names from the technology industry. For Amazon, the deal guaranteed Saks’ presence on its sprawling webstore, where the company has sought to attract bigger brands and grow its luxury selection, in particular.

The Saks deal also raised the possibility that Amazon could deepen its investment in the department store chain. Amazon has been determined to have a bigger presence in physical retail and it’s experimented with several concepts over the years, scrapping some along the way.

The company has also struck similar investment agreements in the past. In 2022, Amazon took a 2% stake in Grubhub in exchange for the food delivery company adding perks for Prime members. Amazon expanded its stake in the company to up to 18% in 2024.

Amazon and Saks both declined to comment beyond what they stated in filings.

Software giant Salesforce also became a minority shareholder in Saks during its acquisition of Neiman Marcus, but it took a smaller stake than Amazon did. It’s unclear if it also plans to object to the bankruptcy plan. 

Correction: An earlier headline on this article incorrectly quoted the Amazon filing.

Trump threatens military action over Minnesota protests

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Trump threatens military action over Minnesota protests

People gather for a protest against deportation flights at King County International Airport, which is used by US Immigration and Customs Enforcement (ICE), in Seattle, Washington, US, January 15, 2026. — Reuters 
  • Trump issues threat after ICE officer shot Venezuelan man.
  • Says he may deploy military force in Minnesota.
  • Minnesota leaders say ICE actions are ‘disgusting and intolerable.

WASHINGTON: US President Donald Trump threatened on Thursday to invoke the Insurrection Act to deploy military forces in Minnesota after days of angry protests over a surge in immigration agents on the streets of Minneapolis.

Confrontations between residents and federal officers have become increasingly tense after an Immigration and Customs Enforcement agent fatally shot a US citizen, Renee Good, in a car eight days ago in Minneapolis, and the protests have spread to other cities. Trump’s latest threat came a few hours after an immigration officer shot a Venezuelan man who the government said was fleeing after agents tried to stop his vehicle in Minneapolis. The man was wounded in the leg.

“If the corrupt politicians of Minnesota don’t obey the law and stop the professional agitators and insurrectionists from attacking the Patriots of ICE, who are only trying to do their job, I will institute the INSURRECTION ACT,” Trump wrote on social media.

Trump, a Republican, has for weeks derided the state’s Democratic leaders and called people of Somali origin there “garbage” who should be “thrown out” of the country.

He has already sent nearly 3,000 federal officers into the Minneapolis area, who have carried guns through the city’s icy streets, wearing military-style camouflage gear and masks that hide their faces.

They have been met day and night by loud, often angry protests by residents, some blowing whistles or banging tambourines. On Wednesday night, crowds of nearby residents gathered near the area where the Venezuelan man was shot. Some shouted in protest, and federal officers ignited flash-bang grenades and released clouds of tear gas.

Later, after most of the residents had been dispersed, a small group vandalised a car they believed belonged to the federal officers, one person daubing it with red graffiti saying: “Hang Kristi Noem,” in reference to the Homeland Security secretary who oversees ICE.

Since the surge began, agents have arrested both immigrants and protesters, at times smashing windows and pulling people from their cars, and have been shouted at for stopping Black and Latino US citizens to demand identification.

‘Disgusting and intolerable’

The US Department of Homeland Security, which is overseeing Trump’s immigration crackdown, identified the man its officer shot as Julio Cesar Sosa-Celis. He had been allowed into the US by the administration of Trump’s predecessor, Joe Biden, in 2022 through the government’s humanitarian parole programme. The Trump administration has since revoked the parole granted to Venezuelans and others admitted under Biden.

In its statement, DHS called him a convicted criminal under Minnesota law after being caught driving without a licence and giving a false name to a police officer. Court records of those cases reviewed by Reuters show he was only convicted of “petty misdemeanours”, which Minnesota state law says do “not constitute a crime”, and for which the maximum punishment is a $300 fine.

According to the DHS account, federal officers tried to stop Sosa-Celis in his vehicle. He fled the scene in his vehicle, crashed into a parked car, and then ran away on foot, the DHS said.

One officer caught him and while the two were “in a struggle on the ground”, two other Venezuelan men came out of a nearby apartment and “attacked the law enforcement officer with a snow shovel and broom handle”, the statement said.

Sosa-Celis got loose and began hitting the officer with “a shovel or a broomstick”, and so the officer “fired defensive shots to defend his life”, the DHS statement said.

Reuters was not able to verify the account given by DHS. The men fled into the apartment and all three were arrested after officers went in, DHS said. Sosa-Celis and the officer were recovering in hospital from injuries, according to the department and city officials.

The Trump administration and Minnesota leaders have each blamed the other for stoking anger and violence.

In a late-night press conference, Mayor Jacob Frey called the ICE surge an invasion and said he had seen “conduct from ICE that is disgusting and is intolerable”.

“We cannot be at a place right now in America where we have two governmental entities that are literally fighting one another,” Frey said, calling for peace.

Trump supporters divided over immigration enforcement

The Insurrection Act of 1807 is a law allowing the president to deploy the military or federalise soldiers in a state’s National Guard to quell rebellion, an exception to laws that prohibit soldiers being used in civil or criminal law enforcement.

It has been used 30 times in US history, according to New York University’s Brennan Centre for Justice. The Supreme Court has ruled that the president alone can determine if the act’s conditions have been met.

Trump has already taken the unusual step of federalising National Guard soldiers to help with immigration law enforcement in Democrat-run cities over the objections of state governors, including in Los Angeles last year, which a judge ruled in December was unconstitutional.

Trump’s aggressive moves in Minnesota have divided his supporters: 59% of Republicans favoured a policy prioritising arrests by immigration officers even if people get hurt, while 39% said officers should focus on not harming people even if it means fewer arrests, according to a Reuters/Ipsos survey released on Thursday.

If Trump sends soldiers to Minnesota, he would almost certainly face legal challenges by the state. The Minnesota attorney general’s office has already sued the Trump administration this week, saying ICE agents were engaged in a “pattern of unlawful, violent conduct”, including racial profiling and forced entry into residents’ homes without warrants. The American Civil Liberties Union also filed a similar lawsuit against the Trump administration on Thursday.

At a brief hearing on Wednesday, Minnesota asked US District Judge Kate Menendez to issue a temporary order restraining the ICE surge.

Menendez ordered the Trump administration to respond by Monday, saying she would rule after that, calling the issues raised by Minnesota’s lawsuit “enormously important”.

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