FT News Briefing Trump faces backlash on immigration crackdown after shooting
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Jan 26, 2026 
Claire Jones, U.S. economics editor at the Financial Times, outlines contenders for the next Federal Reserve chair and market reactions. James Fontanella-Kahn, U.S. finance editor, explains the US plan to invest in rare earths and why Beijing matters for supply chains. They also discuss the political fallout from federal immigration enforcement and related policy tensions.
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Backlash After Second Fatal Shooting
- Federal agents killed a second protester, sparking nationwide protests and bipartisan alarm.
- The shooting intensified scrutiny of Trump's immigration enforcement and raised shutdown threats from Senate Democrats.
Fed Race: Market Favourite Faces Institutional Limits
- Rick Rieder surged as a betting-market favourite to lead the Federal Reserve after a reportedly good interview with Trump.
- Any new chair would still face a divided FOMC, limiting unilateral big interest-rate cuts.
Chair Choices Versus FOMC Reality
- Kevin Warsh and Christopher Waller remain top contenders but differ in political reception and perceived willingness to cut rates.
- The Fed chair is influential but is only one of 12 FOMC voters, constraining bold policy shifts.