1. IRAN LATEST: Trump announced this morning that he’s canceling any meetings with Iranian officials until their lethal crackdown on mass protests ends. “HELP IS ON ITS WAY,” Trump wrote. On the ground in Iran, the scope of the tragedy now appears significantly greater than before, as both a U.S.-based human rights group and an Iranian official said the death toll stands at about 2,000 after two weeks. And it could be much, much worse: Two sources, including one from inside Iran, told CBS’ Tucker Reals and colleagues that they think 12,000 to 20,000 people have been killed. FYI: Special envoy Steve Witkoff met with Reza Pahlavi, Iran’s former crown prince, this weekend, Axios’ Barak Ravid scooped. 2. INFLATION NATION: The latest Consumer Price Index report showed that inflation was 2.7 percent year over year in December, holding steady at the same rate as November. On a monthly level, inflation picked up from 0.1 percent to 0.3 percent. Core inflation, excluding food and fuels, rose 0.2 percent monthly, a cooler pace than expected, per Bloomberg. The upshot: This is overall a relatively soft inflation report that indicates Americans could be getting some muted relief — and Trump a little more breathing room as his administration grapples with addressing affordability concerns, POLITICO’s Sam Sutton reports. At the same time, the latest data shows that costs for electricity, gas, restaurant meals and some groceries are up significantly from a year ago, part of the sticker shock that has frustrated many voters. Pre-speech reading: In recent weeks, White House officials have scrambled to find ways to address housing costs, weighing various “actions that aim to increase housing construction, reduce some mortgage fees, ease taxes on home sales, and permit families to tap college and retirement funds for down payments,” NYT’s Tony Romm reports. But aides have also bumped up against the reality that many of these ideas would be complicated or require Congress. And some in the administration aren’t sold on going all in here, saying this is “a blue-state problem.” Fed up: The inflation data is crucial, of course, for policymakers at the Fed, where a campaign to protect Chair Jerome Powell from a federal criminal investigation has now gone global. In an unprecedented move, central bankers from around the world issued a statement standing in “full solidarity” with Powell against efforts to undermine Fed independence, per the WSJ. On Wall Street, Jamie Dimon and other banking leaders became the latest figures to warn against “anything that chips away” at that independence, per POLITICO’s Sam Sutton and Aiden Reiter. Trump, meanwhile, is doubling down. “He either is incompetent, or he is crooked,” he said of Powell to reporters this morning. 3. RETIREMENT ROUNDUP: Rep. Neal Dunn (R-Fla.) announced he won’t run for reelection, the latest House Republican to head for the exits, per the Tallahassee Democrat’s Jim Rosica and James Call. The conservative urological surgeon will retire after five terms in Congress, opening up a solidly Republican seat in the Panhandle that includes Tallahassee and Panama City. 4. IMMIGRATION FILES: DHS is ending Temporary Protected Status for Somalis, making a few thousand who live in the U.S. vulnerable to deportation come March 17, Fox News’ Preston Mizell scooped. Secretary Kristi Noem said the designation was always meant to be temporary and that the situation in Somalia has sufficiently improved for their return. The change also comes as the Trump administration targets the Somali American community in Minnesota and Trump has expressed open bigotry against the group. More fallout in Minnesota: Three federal prosecutors in the state, including the No. 2 at the U.S. attorney’s office, resigned yesterday after the investigation into the ICE killing of Renee Good focused on probing Good’s widow rather than looking more into the agent, Jonathan Ross, NYT’s Ernesto Londoño reports. Trump’s latest threat: “FEAR NOT, GREAT PEOPLE OF MINNESOTA,” Trump posted on Truth Social today, “THE DAY OF RECKONING & RETRIBUTION IS COMING!” Inside the crackdown: “We Found More Than 40 Cases of Immigration Agents Using Banned Chokeholds and Other Moves That Can Cut Off Breathing,” by ProPublica’s Nicole Foy and McKenzie Funk: “We showed former police and immigration officials videos of incidents. They said agents are out of control. One said it’s ‘the kind of action which should get you fired.’ … There is a federal ban on chokeholds and similar tactics. But there is no sign of punishment for officers who’ve used them.” DHS’ Tricia McLaughlin responded that agents have “followed their training to use the least amount of force necessary.” Top talker: In Slate, Laura Jedeed raises new concerns about ICE’s hiring standards in their rapid expansion and recruitment push. She got hired as a deportation officer after submitting an application with minimal effort and missing paperwork, despite her obvious public presence as an anti-ICE journalist. 5. HEADING FOR A STANDOFF: “Clintons defy subpoena to testify in Epstein investigation, risking being held in contempt,” by POLITICO’s Hailey Fuchs: “Bill and Hillary Clinton have officially refused to testify in the House Oversight and Government Reform Committee’s investigation into convicted sex offender Jeffrey Epstein — defying subpoenas and risking being held in contempt of Congress.” In a letter to Oversight Chair James Comer (R-Ky.), the Clintons wrote, “Every person has to decide when they have seen or had enough and are ready to fight for this country, its principles and its people, no matter the consequences. For us, now is that time.” Comer told reporters a vote to hold Bill Clinton in contempt of Congress would be scheduled to take place during next week’s committee markup. 6. ON THE HILL: Neither Senate Majority Leader John Thune nor Speaker Mike Johnson sounded enthused about Trump’s new push to cap credit card interest rates, a policy most supported by Democrats, POLITICO’s Jordain Carney reports. Meanwhile, the expected release date for text of a bipartisan framework on extending Obamacare subsidies has been pushed back to late January, POLITICO’s Benjamin Guggenheim reports. 7. TRAIL MIX: The DNC has launched its largest-ever voter registration push, beginning with a seven-figure campaign in battleground districts in Arizona and Nevada, per The Nevada Independent’s Mini Racker. The “When We Count” initiative, which centers on a fellowship to train people in how to register new voters, is particularly focused on reaching young, non-college-educated Americans and people of color. Cash dash: North Carolina Democrat Roy Cooper raked in $9.5 million in the fourth quarter for his Senate campaign, nearly doubling Republican Michael Whatley’s total, The Hill’s Caroline Vakil reports. … Rep. Andy Barr (R-Ky.) raised $1.4 million for his Senate campaign, the N.Y. Post’s Josh Christenson scooped. Competitor Nate Morris pulled in $2 million, though the majority of that was self-funded. … Sen. Mark Warner (D-Va.) said he raised $2.9 million in Q4 for his reelection bid and ended the year with a record $13.4 million in the bank. 8. A NEW HAVANA SYNDROME TWIST: “Pentagon bought device through undercover operation some investigators suspect is linked to Havana Syndrome,” by CNN’s Katie Bo Lillis and colleagues: “The Defense Department has spent more than a year testing a device purchased in an undercover operation that some investigators think could be the cause of a series of mysterious ailments impacting US spies, diplomats and troops … A division of the Department of Homeland Security, Homeland Security Investigations, purchased the device for millions of dollars in the waning days of the Biden administration, using funding provided by the Defense Department … Officials paid ‘eight figures’ … “The device is still being studied and there is ongoing debate — and in some quarters of government, skepticism — over its link to the roughly dozens of anomalous health incidents … The device acquired by HSI produces pulsed radio waves … Although the device is not entirely Russian in origin, it contains Russian components … The device could fit in a backpack.” 9. CLIMATE FILES: “U.S. Emissions Jumped in 2025 as Coal Power Rebounded,” by NYT’s Brad Plumer: “America’s greenhouse gas emissions increased by 2.4 percent in 2025 after two years of decline … The [Rhodium Group] researchers identified two main reasons for the uptick. U.S. electricity demand grew at an unusually fast pace, driven in part by an expansion of power-hungry data centers for artificial intelligence. To meet that demand, electric utilities burned about 13 percent more coal … At the same time, colder winter temperatures led many buildings and homes to burn more natural gas and fuel oil … Mr. Trump’s policies would take time to have an effect and they mostly weren’t responsible for last year’s rise.”
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