Authored by Lance Roberts via RealInvestmentAdvice.com,

Powell’s “Fairly Highly Valued” Echo of Greenspan

Jerome Powell’s statement this past week, that U.S. stocks appear “fairly highly valued,” wasn’t as dramatic as Alan Greenspan’s 1996 “irrational exuberance” speech, but the market heard the echo. Both comments speak to a central tension in monetary policy: the Fed may not explicitly target asset prices, but valuations matter when they begin to feed back into financial stability. Investors often dismiss these warnings, citing years of Fed liquidity support and low interest rates. Greenspan’s caution came four years before the dot-com bubble burst. Powell’s remark comes when AI and momentum stocks dominate the indexes and speculative fervor shows itself in narrower leadership, IPO enthusiasm, and leverage in options markets.

As noted in the “Bull vs Bear Case,” high valuations remain a concern. Forward P/E for the S&P 500 sits at 22.5x earnings with trailing earnings at 25x. UBS notes that such readings are among the top 5% since 1985.

The timing also mattered. Powell’s comment landed after five straight months of equity gains and one of the longest stretches in history without a single 2% daily move in the S&P 500.

That calm, combined with deeply oversold bond volatility, created an environment of complacency where traders assumed the Fed would remain supportive no matter what. In that context, Powell’s words felt like a bucket of cold water. The Nasdaq quickly retreated from its highs, Nvidia gave back early-week gains, and Amazon broke below short-term support. Money flows began to weaken, showing investors quietly taking risk off the table.

But we shouldn’t miss the larger point. Powell’s “fairly highly valued” remark wasn’t about sparking panic but signaling that the Fed sees valuation risk building again. It reflects a subtle shift in the Fed’s communication strategy, where inflation moderates, but financial asset pricing has stretched relative to underlying growth. The Fed knows that inflated valuations make markets more fragile if growth disappoints or credit conditions tighten. Investors ignoring this are repeating the same complacency seen in the late 1990s.

Another layer to this is quarter-end rebalancing. As we approach the close of September, large institutional investors, pensions, endowments, and insurance companies must rebalance portfolios. After five months of equity outperformance, those flows will likely mean trimming equity weightings and redeploying into lagging sectors like bonds or international markets. In practical terms, that creates selling pressure in the sectors that have become most extended, namely mega-cap technology. This dynamic doesn’t mean the bull market is over, but it often produces short-term pullbacks that catch momentum traders off guard.

This mix of Fed caution, stretched sentiment, and mechanical portfolio rebalancing argues for more volatility in the days ahead. As always, investors should separate the short-term flows from the longer-term narrative. Greenspan’s “irrational exuberance” did not stop the bull market in its tracks; it accelerated afterward. Powell’s words may be similar, and something investors ignore until it is too late. However, they serve as a reminder that valuations are a poor timing tool but an excellent measure of future risk.

OUTLOOK: Neutral / Cautious – Powell’s statement won’t end the rally on its own, but it highlights the fragility of today’s market structure.

📈Technical Backdrop

Technically, markets remain extended relative to long-term averages, though early cracks show. As noted, money flows have shown some weakness, and with the S&P 500 closing Friday at ~6644, modestly below its recent peak, but still comfortably above its 50-day moving average at ~6460 and its 200-day moving average at ~6014. The trend remains intact, but the distance above moving averages suggests limited upside without consolidation. For perspective, a retracement to the 200-DMA would entail a 10% decline. However, a retracement to the running bull trend line near the April lows would encompass a 24% decline, and we would still be in a bull market.

Furthermore, breadth remains weak, with only about 49% of S&P components above their 20-day average and only 56% above their 50-day average. With markets consistently hitting new highs, the breadth should be much stronger. Negative divergences continue in momentum and relative strength oscillators (RSI, MACD), hinting at waning upside pressure.

Equal-weighted indexes lag cap-weighted peers, further underscoring the leadership concentration. Lastly, as measured by the VIX, volatility ticked up toward 15.29, which is still low historically but suggests that hedging demand is picking up.

Support and Resistance Levels:

• Support: 20-DMA ~6568; 50-DMA ~6459; 200-DMA ~6014.
• Resistance: Prior highs near 6666-6700.
• Volatility: VIX remains subdued but rising off the floor.

OUTLOOK: Neutral / Slightly Bearish – The uptrend is intact, but divergences and stretched conditions argue for caution. Quarter-end flows may push markets toward support zones before setting up a potential rebound into October.

🔑 Key Catalysts Next Week

The final week of September is busy with catalysts beyond rebalancing flows. Economic data will update the picture on consumers, housing, and employment. All of these matter for Powell’s balancing act between valuations and growth.

OUTLOOK: Elevated Volatility Risk. With Powell’s valuation comments still echoing and quarter-end rebalancing underway, even modest surprises in data could trigger sharper swings. Watch payrolls and consumer confidence for directional cues.

💰 Markets Detached From Economic Fundamentals

For much of 2025, the market has seemingly lost touch with the economic reality surrounding it. The S&P 500 continues to press new heights, driven primarily by a narrow group of mega-cap technology stocks tied to the artificial intelligence theme. Yet, the picture is far less rosy when we look at the economy.

Yes, Gross Domestic Product (GDP) for Q2 rose at a 3.8% annualized pace, following a −0.5% contraction in Q1. At first glance, that looks encouraging, but the details show the rebound was less the result of robust growth and more the product of weaker imports and temporary consumer strength. Business investment remains sluggish, exports are under pressure, and inventories are being run down. None of those points leads to sustainable economic momentum.

Corporate profits are also beginning to crack. After a brief rebound in late 2024, profits fell by 3.3% in Q1 2025, suggesting that cost pressures, tariffs, and slower demand are weighing on margins. While profits as a share of national income remain historically high, that strength is not broad-based and may be overstated by accounting adjustments. In short, the earnings picture is not consistent with the multiples the markets are paying. Furthermore, the current detachment of corporate net profit margins from economic growth is unusual, given the historic correlation (80%) between the two.

Valuations are stretched to extremes. The Buffett Indicator, the ratio of total market cap to GDP, sits above 217%, exceeding even the dot-com bubble’s peak near 150%.

Forward P/Es on the S&P 500 remain north of 22x, well above the long-term average of about 16x, and the Cyclically Adjusted P/E Ratio (CAPE) is near 40x earnings.

The forward earnings yield of 3.9% is below the 10-year Treasury yield of 4.4%, meaning investors are being paid less to take on more risk. Historically, that compression of the equity risk premium has preceded periods of weak equity returns. On Monday, we made such a point in the “Bull vs. Bear Case.“

“The prospective equity risk premium (based on expected returns) is negative, and the ERP indicator from the Shiller data continues to track around 20-year lows. All the warning signs are there, and we need to be paying closer attention to opportunities in bonds and risks in stocks, with the next logical step for asset allocators being a switch to underweight stocks and overweight bonds.“ – Thomas Callum

Meanwhile, the yield curve remains flat to inverted, with the Cleveland Fed’s model putting recession odds at 25–30% over the next year. History tells us that every recession since the 1960s has followed similar curve dynamics. However, this “time is different,” given the ongoing knock-off effects of the massive liquidity injections following the pandemic, which keep the markets detached from economic growth. How long that will continue is up for debate.

The critical point is that investors ignore the signals, which doesn’t make them less real. In short, the market has priced in perfection, and its detachment from the underlying economy tells a story of fragility. Historically, that detachment rarely ends well.

The Forces Keeping the Market Elevated

Even though the market is detached from weak fundamentals, investors can remarkably ignore bad news. However, several forces explain why the market is detached, which should give investors some pause.

The first force is monetary policy, or more accurately, expectations of monetary policy. Even after aggressive rate hikes, the markets never ceased pricing in the belief that the Federal Reserve would, and now will, cut rates. The recent moderation in inflation data, particularly core readings, fueled the perception that the Fed can ease without reigniting price pressures. Furthermore, bullish investors are emboldened by “sticky inflation” as it is a sign the economy is still growing, supporting forward earnings expectations. Inflation falling too quickly would suggest a potential recession and slowing earnings, bringing valuations into focus.

Crucially, for investors, lower expected rates reduce discount rates, which investors use to justify paying higher multiples for equities.

Second, the narrative power of technology cannot be overstated. Artificial intelligence, cloud computing, and data infrastructure have created a gravity well for capital flows. Investors will pay extraordinary valuations for any company associated with these themes, regardless of near-term profitability. As with past bubbles, from railroads in the 1800s to the internet in the 1990s, narratives can cause markets to detach from fundamentals far longer than logic would suggest. But that is the current force of momentum trade in the markets.

Third, liquidity and passive flows are decisive in keeping the markets detached. Trillions of dollars are tied up in index funds, which allocate capital based on market capitalization. The top ten stocks outperform, attracting more flows and increasing prices. This self-reinforcing loop makes markets appear firmer than they really are, but in reality, the breadth has been weak, meaning most stocks aren’t participating in the rally, but the indices still surge because of outsized gains in a few names. We recently made a point of looking at the performance difference between the market-cap and equal-weighted indices.

Finally, global capital views the U.S. as the “least dirty shirt.” With geopolitical risks abroad, weaker growth in Europe and China, and volatility in emerging markets, foreign investors see U.S. equities as the most liquid and safest option, even at elevated valuations. This demand provides ongoing support even as fundamentals deteriorate. Furthermore, global central bank support is increasing with rate cuts:

“Eighty percent of global central banks have eased rates in the past six months, and 76% of OECD economies’ leading indicators are now in expansion or recovery. Liquidity is abundant, growth momentum is improving, and investors are being pushed further out the risk curve”.- Goldman Sachs

Together, these forces create a market environment where perception trumps reality. Investors are betting the Fed has their back, technology will change everything, and liquidity will remain plentiful.

But history reminds us that narratives eventually give way to fundamentals.

The Risks Investors Should Watch

When markets detach from fundamentals, the risks are magnified. However, this is when investor sentiment becomes more bullish, and those risks are dismissed. This is also when investors should be especially attuned to potential catalysts that could shatter the illusion of stability. More importantly, the market’s technical composite also registers some of its highest readings, reflecting investor sentiment and market momentum chase. Elevated readings historically always precede corrective market actions.

Furthermore, the most immediate risk is earnings. With valuations already stretched, companies have little room to miss expectations. If profit margins weaken under the weight of higher wages, tariffs, or slower demand, the market’s lofty multiples will quickly look unsustainable. Early guidance cuts by several large-cap names suggest that Wall Street’s optimism may be misplaced. This was a warning in Monday’s blog post:

“High valuations mean expectations are high and reflect investor sentiment. However, if earnings disappoint, then forward valuations (expectations) must be recalculated, and currently, the margin for error is slim at best. Notably, given that earnings are derived from actual economic activity, the current gap between the annual change in earnings and GDP is notable. The long historical correlation between the two suggests that a higher degree of risk to investors may be present more than realized.” – Bull vs Bear

While “sticky inflation” indicates economic activity, it can also pose another risk. While headline inflation has eased, core services, particularly shelter costs, remain sticky. If inflation proves more resilient than expected, the Fed may be forced to reduce rate cut expectations. Such a scenario would undermine the discount-rate assumptions that have fueled the current rally.

Policy and geopolitical risk should not be ignored. The OECD has warned that the full impact of U.S. tariffs on imports has yet to be felt. Profit margins could take a hit as those costs ripple through supply chains. Add in ongoing geopolitical flashpoints, from trade disputes with China to energy market volatility, and the stage is set for potential shocks that the market is not pricing in.

Sentiment itself is fragile. If investors believe in the soft-landing narrative, capital will flow into equities. But once sentiment shifts, the downside can be violent. It is not uncommon for markets to detach from fundamentals, as the “fear of missing out” rises; however, it also works in reverse when investors begin to develop the “fear of being caught holding the bag.” Given weak breadth and heavy concentration in a few mega-cap names, any reversal in those stocks could spark broader selling. As noted by Goldman Sachs:

“10 S&P stocks are responsible for nearly 2/3rds of the index’s gain this year (5 stocks nearly make up 50% of the move). Alternatively, about 40% of S&P stocks are still DOWN on the year … Even though the major indices are hitting new all-time highs, the percent of S&P members making new 1y highs is fairly close to the percent of S&P members making new 1y lows.”

While the markets are detached from fundamentals, the bulls remain in solid control. Retail inflows, corporate share buybacks, and professional managers’ underexposure continue to fuel lifting asset classes. Such is particularly true in Megacap technology names, where professionals seek exposure.

The bulls have compelling arguments about rate cuts, AI tailwinds, and liquidity, but many are already reflected in current prices.

However, the bears have significant threats, including overvaluation, inflation risk, and growth slips, but many only trigger under adverse surprises.

Your task is not to pick who “wins,” but to position so your assets survive (and ideally prosper) whatever comes.

On Saturday Ukrainian President Volodymyr Zelensky confirmed for the first time ever that Israel has supplied his country with a Patriot air defense system. He indicated it has already been operational for several weeks.

“The system has been installed,” Zelensky said while boasting that at least two more batteries from Israel are expected to arrive at some point in the fall.

It was a surprised announcement, given that for over three years of the Ukraine war, Israel has been persistent in resisting calls to send arms to Israel, given it is more concerned with keeping its delicate relations with Moscow positive. Until now it had only sent non-lethal and humanitarian aid.

Also, Russia has long maintained a military presence on the Mediterranean, along Syria’s coast. But times have changed, and Russia could be packing up its Syrian naval and air bases, given the December overthrow of its ally Assad and the Jolani regime being installed in Damascus. Moscow is suddenly left with less leverage in the region, and has pivoted to growing closer with Iran, which has supplied it with kamikaze drones used in Ukraine.

It likely rubbed Tel Aviv the wrong way seeing Russia deepen its economic, defense, and technological cooperation with Iran, so in light of all of this it has softened its resistance to arming Ukraine.

Back in June,  Israel’s ambassador to Ukraine Michael Brodsky was the first to let slip that Patriot systems would protect Ukrainian cities, which was a risk given it has angered Russia. Yet the Ukrainian government had never officially acknowledged this.

But to get US-supplied Patriots to Ukraine, there’s been some trickery and serious diplomatic maneuvering involved in order to make it appear all very ‘indirect’ – in part to prevent Israel from provoking too much wrath out of Moscow.

Back in May, the NY Times presented how the scheme would work:

A Patriot air-defense system that was based in Israel will be sent to Ukraine after it is refurbished, four current and former U.S. officials said in recent days, and Western allies are discussing the logistics of Germany or Greece giving another one.

The officials, speaking on the condition of anonymity because of the sensitivity of the discussions, declined to describe President Trump’s view of the decision to transfer more Patriot systems to Ukraine.

And Kyiv Post has newly acknowledged, “The deployment confirmed an intricate plan, first reported by US media in May, that involved Washington requesting that Israel return an older Patriot system for refurbishment before it was routed to Kyiv.“

Zelensky proposes new plan of defeating Russia: He tells EU to stop buying Russian oil and gas as part of “total sanctions” in order to create “hunger riots,” which would change Russia. Does he believe this himself? pic.twitter.com/Ga1lVBaPMb

— Ivan Katchanovski (@I_Katchanovski) September 27, 2025

Ukraine is seeking to establish a layered permanent defensive air shield based on advanced systems provided by the West. The Trump administration has largely put the brakes on simply donating arms directly, but wants Europe and allies to foot the bill and make the transfers.

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Via The Cradle

Iran has recalled its ambassadors from Germany, France, and the UK for consultations, state media reported on Saturday, after the three European states triggered the UN mechanism to reinstate sanctions.

The Foreign Ministry said the decision was taken in response to the “irresponsible action” of the European trio in reviving UN Security Council resolutions that had been repealed under the 2015 Joint Comprehensive Plan of Action (JCPOA). 

The sanctions, scheduled to take effect at midnight, will impose restrictions on Iran’s banking, shipping, arms purchases and nuclear cooperation.

Iranian President Masoud Pezeshkian told reporters that Washington and its allies were seeking to topple the Islamic Republic under the guise of the nuclear dispute.

“If the goal had been to resolve concerns on the nuclear program, we could easily do that,” he said, stressing that Iran “will never pursue nuclear weapons.“

He revealed that the US had demanded Tehran hand over its stockpile of enriched uranium in return for only a three-month reprieve from sanctions. France, he said, had proposed a similar scheme but for just one month. 

“Why would we put ourselves in such a trap and have a noose around our neck each month?” Pezeshkian asked, calling the offer “unacceptable”. He also accused Washington of pressuring the Europeans to block any compromise.

Iranian Foreign Minister Abbas Araghchi told the UN Security Council that the snapback move was “null and void” and warned it set a “”angerous precedent.” He said if international commitments can be broken “at will,” no country could rely on global agreements. 

“If unlawful measures are enforced by power instead of law, the Security Council risks losing credibility and authority,” he added.

The sanctions follow the failure of a draft resolution introduced by Russia and China that sought to delay their revival for six months.

Authored by Tom Ozimek via The Epoch Times (emphasis ours),

European defense ministers agreed on Sept. 26 to develop a “drone wall” along their borders with Russia and Ukraine to better detect, track, and intercept drones violating Europe’s airspace, a move driven by a recent surge in incursions and hybrid attacks.

“Russia is testing the EU and NATO, and our response must be firm, united and immediate,” European Union (EU) Defense Commissioner Andrius Kubilius said on Sept. 26 after chairing a virtual meeting of 10 countries on Europe’s eastern flank. Ukrainian and NATO officials also took part.

The EU official said the project could take a year to build and that envoys will soon draw up “a detailed conceptual and technical roadmap,” with top priority being the establishment of an effective detection system.

Kubilius added that Europe’s defense industry would be brought on board and that leaders are expected to examine funding in the coming weeks.

“Today’s meeting was a milestone–now we focus on delivery,” he said.

The drone wall initiative follows multiple incidents in recent weeks involving incursions into NATO territory by unmanned aerial vehicles. NATO jets scrambled on Sept. 10 to shoot down Russian drones that entered Polish airspace, while airports in Denmark were temporarily shut this week due to nearby drone flights.

“The hybrid war is ongoing and all countries in the European Union will experience it,” Polish Defense Minister Wladyslaw Kosiniak-Kamysz told reporters in Warsaw after the drone wall talks.

“The threat from the Russian Federation is serious. We must respond to it in a very radical manner.”

Danish Prime Minister Mette Frederiksen said in a social media post that the drone incidents in her country reflected a new reality facing Europe, in which hybrid attacks were fiercer and more frequent.

“At the moment, we are witnessing a disturbing shift. Russian airspace violations. Unwanted drone activity in several European countries,” Frederiksen wrote on X.

“Last night was an unmistakable reminder of the time we live in. That we need to protect our peace and security.”

Swedish Prime Minister Ulf Kristersson told broadcaster TV4 that Stockholm has offered Denmark an anti-drone system capable of shooting down drones.

European Commission President Ursula von der Leyen endorsed the plan earlier this month, saying in a 2025 State of the Union address that Europe “must heed the call of our Baltic friends and build a drone wall.”

“This is not an abstract ambition,” she said.

“It is the bedrock of credible defense. It should be a European capability developed together, deployed together, and sustained together that can respond in real-time. One that leaves no ambiguity as to our intentions. Europe will defend every inch of its territory.”

Von der Leyen said six billion euros would be earmarked for a drone alliance with Ukraine, which has used unmanned aerial vehicles to inflict major losses on Russian forces.

“Ukraine has the ingenuity,” she said. “What it needs now is scale.”

The plan will be discussed at an EU summit in Copenhagen next week and again in Brussels in October.

After Friday’s meeting on the drone wall, NATO military chiefs gathered in Riga, Latvia, on Saturday to discuss air defense and deterrence measures in the face of intensified Russian provocations.

“We meet at a historic moment. Russia’s brutal war aggression against Ukraine continues to rage. New technologies are transforming the very character of warfare, and the rules-based international order that has preserved our peace is under direct and deliberate challenge,” said Admiral Giuseppe Cavo Dragone, chair of the NATO Military Committee.

Latvia’s Chief of Defence Maj. Gen. Kaspars Pudāns said that Russia’s aggression extends beyond Ukraine and is “part of a broader campaign against our continent” that is calculated to sow division, weaken NATO’s cohesion, and undermine institutional confidence in European nations.

U.S. President Donald Trump said last week that Ukraine should go on the offensive against Russia and reclaim all occupied territories. Trump said Russia’s weakening economy, shortages at home, and growing public discontent could help tip the balance in Ukraine’s favor.

“This is the time for Ukraine to act,” Trump wrote in a post on Truth Social, stating that he wishes both countries well and that the United States will continue to supply weapons to NATO “for NATO to do what they want with them.”

The Associated Press and Reuters contributed to this report.

Chinese communist-style digital tracking is coming to the UK with a new “right to work” scheme in the form of a universal ID called the “Brit Card”.  British Prime Minister Keir Starmer, facing unprecedented backlash from native born citizens for his open border policies and two-tier justice system protecting migrants from prosecution, is attempting to exploit public anger to gain support for an Orwellian surveillance rollout.

The government says the mandatory ID, based on the UK One Login system, will help to stop “illegal” immigrants from crossing the channel by denying them access to work.  The UK One system was introduced in 2023 and is built on biometric tracking; similar programs have been attempted for two decades in the UK but they have been consistently thwarted by public pressure. 

The problem with the immigration claim is that it is a clearly baseless con. 

Take note that Starmer distinguishes “illegal migrants” as the targets of the ID, but most immigrants coming to the UK are allowed in legally, aided by numerous subsidized programs and asylum policies.  Starmer’s choice of words is very deliberate and highly disingenuous.  

NOW – Starmer to require all UK adults to own government-issued digital ID, allegedly to “stop the boats.”pic.twitter.com/K8KiZijv0I

— Disclose.tv (@disclosetv) September 25, 2025

The growing protests in Britain complain about illegal and legal migration; the government has simply made most migrants legal with limited vetting.  At no point has Starmer said he will end asylum policies or take real precautions to stop physical entry.   In other words, the flow of migrants will continue and a digital ID would do nothing to stop the majority of them.  The ID also would not solve the problem of the millions of third world migrants already allowed into the country. 

To put this in perspective, nearly 1 million migrants entered the UK in 2024 alone (net migration is around 500,000 per year on average) – Only 40,000 of those migrants came by boat or were designated as “illegal”.  The Brit Card is a fake out, a lie to placate the nationalist movement in the UK while simultaneously introducing more government power.

BREAKING 🚨 UK government makes Digital IDs mandatory: ‘You will not be able to work in the United Kingdom if you do not have a digital ID, it’s as simple as that.’ pic.twitter.com/xGEJDJ2bMC

— Insider Paper (@TheInsiderPaper) September 26, 2025

EU nations like France already have similar ID programs, but these rules have made no positive impact on immigration controls.  

Just as the purpose of the Brexit vote (to stop mass migrations from Europe) was ignored, the status of migrants will be ignored under a digital ID.  In fact, there is nothing to stop the British government from simply handing out Brit Cards to any migrants they wish, much like they have been handing drivers licenses to migrants. 

Starmer also argues that the ID will prevent migrants from getting work on the “black market”, which makes little sense given that the black market is designed specifically to bypass government restrictions.  If it can be controlled, it’s not a black market. 

The leftist/globalist governments of the UK are scrambling to prevent a full blown rebellion in the face of rising populist anger.  A digital “right to work” ID can just as easily be used as a weapon against native citizens; say the wrong thing or go to a protest and you might have your Brit Card revoked, making it nearly impossible to make a living. 

The ID will primarily exist as an app downloaded to personal cell phones (much like the QR app used by the Chinese CCP to track citizens during the pandemic).  Combined with the multi-layer tracking abilities of cell phones, a digital ID presents a dangerous tool for tyranny.  

For now, the ID is only supposed to be used for employment and for social services, but the biometric tracking has endless possibilities for control.  It could eventually be required for surfing the internet, buying food at the grocery store, using mass transportation, etc.  With biometric data in hand, governments can track every movement a person makes, every purchase, every social media post, every personal interaction. 

Most people will also recognize the hypocrisy of Starmer introducing digital tracking, punishing the citizenry for a problem he and other leftist officials (some posing as conservatives) created.  These political elites have no intention of stopping mass immigration; the digital ID is only useful in controlling native Brits who fight back.   

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Via The Libertarian Institute 

Ukrainian President Volodymyr Zelensky met with Syrian leader Ahmed al-Sharaa on the sidelines of the UN General Assembly in New York City and agreed to restore diplomatic ties between Kiev and Damascus. The Ukrainian military aided al-Sharaa’s forces as they overran the Syrian government last year. 

“Zelensky held a meeting with President of Syria Ahmed Hussein al-Sharaa,” a statement from the Ukrainian President’s office released on Wednesday explained.

“The Head of State noted that Ukraine welcomes the restoration of relations with Syria and is ready to support the Syrian people on their path to stability,” the statement continued.

Sharaa, formerly Abu Mohammad al-Jolani, fought with al-Qaeda in Iraq against the US. He went on to found Syria’s al-Qaeda affiliate. While Jolani publicly split with it, he remained tied to jihadist groups. 

Jolani seized power in Damascus last year after support from the US and its allies, including Ukraine. Kiev sent about 20 drone operators and 150 drones to Jolani to use against the forces loyal to Bashar al-Assad. 

President Zelensky: “Today, Ukraine and Syria signed a Joint Communiqué on the restoration of diplomatic relations. We welcome this important step and are ready to support the Syrian people on their path to stability.”

Today, Ukraine and Syria signed a Joint Communiqué on the restoration of diplomatic relations. We welcome this important step and are ready to support the Syrian people on their path to stability.

During our negotiations with President of Syria Ahmed al-Sharaa, we also discussed… pic.twitter.com/HBXsoaRob8

— Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) September 24, 2025

While attending the UN summit in New York City, Jolani met with President Donald Trump. He also attended the Concordia Summit, where he sat down with Ret. US Army Gen. David Petraeus. 

During a friendly conversation with Jolani, Petraeus explained that Jolani fought against US forces in the Iraq War and was imprisoned by the US soldiers.

It is a common occurance with actors. Your time in the spotlight fades as someone new appears on the scene and gains the attention and admiration of producers, directors and film executives. As Zelensky’s star fades, Al Jolani is stealing the show at the UN. pic.twitter.com/HNYMTYUCEr

— Alex Christoforou (@AXChristoforou) September 23, 2025

“Earlier this year, you met the president of the United States among many other world leaders. Please help us understand how you got from al-Qaeda in Iraq 20 years ago to where you are today, Syria’s head of state on stage in New York City,” the retired general said.

72 hours after Disney announced the Jimmy Kimmel would get his show back, Sinclair Broadcast Group and Nexstar Media said on Sept. 26 that they would resume airing “Jimmy Kimmel Live!” after initially refusing to do so. 

Sinclair, the nation’s largest ABC station operator, said in a statement that their earlier decision to preempt the show was independent of any government influence – and the decision was driven by a balance between free-speech concerns and community standards after Kimmel, a propagandist, told his audience that Charlie Kirk’s suspected assassin was right-wing, despite a mountain of evidence to the opposite.

Prosecutors say the suspect, Tyler Robinson, left anti-fascist messages at the scene, while officials in Utah – including Gov. Spencer Cox (R), have suggested a leftist ideology tied to the motive. 

“Free speech provides broadcasters with the right to exercise judgment as to the content on their local stations,” said Sinclair. “While we understand that not everyone will agree with our decisions about programming, it is simply inconsistent to champion free speech while demanding that broadcasters air specific content.”

Nexstar, meanwhile, said that it “remains committed to protecting the First Amendment,” while airing content that is “in the best interest of the communities we serve.”

In short, they’re not dying on this hill and viewer outrage has cooled down enough. 

Kirk was shot and killed on Sept. 10 while speaking at Utah Valley University (UVU) in Orem, Utah. 

As the Epoch Times notes further, Sinclair had pulled the show on Sept. 22, with a company executive calling Kimmel’s comments “inappropriate and deeply insensitive at a critical moment for our country.” The Walt Disney Company, which owns ABC, also briefly suspended production of the program, calling the remarks “ill-timed” and “insensitive.”

Later, Disney announced that “Jimmy Kimmel Live!” would be returning on Sept. 23, after “thoughtful conversations with Jimmy” about controversial comments. Still, Nexstar and Sinclair announced they would continue to preempt Kimmel’s show on the dozens of local ABC affiliates that they own.

Last week, Federal Communications Commission Chairman Brendan Carr said he believed Kimmel was trying to mislead the public with his statements and that ABC had an obligation to act, warning the network could face scrutiny if it did not.

“We can do this the easy way or the hard way,” Carr told podcaster Benny Johnson on Sept. 17. “These companies can find ways to take action on Kimmel, or there is going to be additional work for the FCC ahead.”

The comments drew accusations that the Trump administration was leaning on regulators to silence a critic. In response, White House press secretary Karoline Leavitt said on Sept. 20 that the suspension was solely ABC’s decision. “The decision to fire Jimmy Kimmel and to cancel his show came from executives at ABC,” she said on Fox News. While ABC never formally fired Kimmel, it announced his show would be suspended after the controversy.

Trump also weighed in while he was in the United Kingdom, telling reporters that Kimmel was suffering from “very bad ratings” and was “fired for a lack of talent” in combination with his remarks. In a post on Truth Social, Trump urged NBC to also remove late-night hosts Jimmy Fallon and Seth Meyers, saying their ratings were “horrible.”

Besides Kimmel, several others faced adverse employment actions after controversial comments about Kirk’s killing. MSNBC fired one of its contributors over comments he made immediately following the assassination.

The episode has widened into a cultural flashpoint and fueled debate over free speech. Fellow talk show hosts Stephen Colbert and Jon Stewart criticized the suspension as censorship, dozens of Hollywood celebrities signed a letter decrying Kimmel’s removal, while the American Civil Liberties Union called it a “grave threat to our First Amendment freedoms.”

Kimmel’s first show back drew over six million viewers, with the host addressing the controversy, saying, “It was never my intention to make light of the murder of a young man.”

Sam Dorman and The Associated Press contributed to this report.

U.S. Transportation Secretary Sean Duffy announced an emergency crackdown on non-domiciled commercial driver’s licenses (CDLs) and learner’s permits (CLPs) after a nationwide audit confirmed what ZeroHedge readers have known for months: some sanctuary states have allowed illegal aliens behind the wheel of 80,000-pound big rigs, creating both a public safety crisis on highways and a national security threat.

This incident is horrific and beyond unacceptable. @USDOT & @FMCSA are prepared to take the necessary measures to crack down on non-citizen truck drivers and restore safety to our roadways.

Tune in tomorrow morning at 8:30 ET for a major announcement on non-domiciled CDLs. https://t.co/5nsDPTvCww

— Secretary Sean Duffy (@SecDuffy) September 25, 2025

Three months after the trucking advocacy group American Truckers United (ATU) delivered a letter to Duffy and posted it on ZeroHedge, recommending urgent federal action to ban non-domiciled CDLs to illegals, ATU has been proven right: illegal labor, exploiting Biden-Harris regime era loopholes, has transformed the nation’s highways into a giant mess. Just watch the video above… 

Vindicated https://t.co/nR9K9dln7A pic.twitter.com/qxk1uM31qk

— American Truckers 🚛🦅 (@atutruckers) September 27, 2025

🚨🚨MUST WATCH

Today we announced action to:

✅ Dramatically restrict which non-citizens are eligible for CDLs.

✅ Push states to pause the issuance of these licenses until they comply.

⬇️⬇️ https://t.co/KwbHROnkHJ

— Secretary Sean Duffy (@SecDuffy) September 26, 2025

Now, Duffy’s DoT issued a “new rule that closes dangerous loopholes, holds states accountable, and launches immediate enforcement action against California for gross negligence” in handing out non-domiciled CDLs to illegals “like candy.”

Summary of the new rule:

• Non-citizens are no longer eligible for non-domiciled CDLs unless they hold an employment-based visa.

• Mandatory immigration status checks via the federal SAVE system will be required.

• States must immediately revoke and reissue improperly issued CDLs that fail to meet new federal standards.

The ongoing nationwide audit by the Federal Motor Carrier Safety Administration (FMCSA) found that a series of horrific, fatal highway crashes were caused by illegals operating big rigs this year. 

“The audit has uncovered both a catastrophic pattern of states issuing licenses illegally to foreign drivers, as well as the fact that even if the current regulatory framework is followed, it can fail. The confluence of these two factors has created an imminent hazard on America’s roadways that must be fixed,” the DoT stated. 

“What our team has discovered should disturb and anger every American,” Duffy stated, adding, “Licenses to operate a massive, 80,000-pound truck are being issued to dangerous foreign drivers – often times illegally. This is a direct threat to the safety of every family on the road, and I won’t stand for it. Today’s actions will prevent unsafe foreign drivers from renewing their license and hold states accountable to immediately invalidate improperly issued licenses.”

DoT’s enforcement actions against California:

• California must pause issuance of non-domiciled CDLs.

• Identify and revoke all invalid licenses.

• Failure to comply within 30 days will result in withheld federal highway funds, starting at $160 million in year one and doubling in year two.

Other states:

• Colorado, Pennsylvania, South Dakota, Texas, and Washington were also cited for violations.

Duffy pointed out, “California’s reckless disregard is frankly disgusting and an affront to the millions of Americans who expect us to keep them safe.” 

ZeroHedge and ATU have been leading the charge this year with coverage on this public safety crisis, national security threat on highways that is a byproduct of failed globalists’ open border policies during the Biden-Harris regime years:

• Advocacy Group Calls For U.S. Probe On Non-English Speaking Migrant Truck Drivers After Deadly Austin Crash

• Biden Handed Out CDLs Like Candy… Now U.S. Highways Are A Public Safety & National Security Nightmare

• Rolling Risk: Unvetted Migrants Behind The Wheel Of Big Rigs Threaten U.S. Safety & Security

• From North America To Australia, Migrant Truckers Are Fueling A Highway Safety Crisis

• English Trucking Rule Takes Effect, Federal Probe Begins Of Sanctuary State Migrant CDL Pipeline

• Letter Urges Transportation Sec. Duffy To Ban Foreign CDLs Amid Series Of Highway Crashes

• Highway Mayhem: Trucker From Sanctuary State Illinois Arrested After Baltimore Shooting Spree

• Walmart, Amazon Truck Depots Display Multilingual Signs, Raising Alarms Over Migrant Drivers With No English

• Watch: American Truckers United Issues Dire Warning On ‘Unsafe’ Highways Amid Flood Of Migrant Drivers, Crashes

• Florida Highway Horror: Migrant Truck Driver Leaves 3 Americans Dead Amid CDL Crisis

• Illegal Alien Behind Fatal Florida Big Rig Crash; Sec. Duffy Signals Major Action On CDL Crisis

• “This Cannot Happen Again”: Sec. Duffy Readies Major Action Against Rogue States Amid Migrant CDL Crisis

• U.S. “Pauses Issuance Of Worker Visas For Truckers” To Address Illegal Alien CDL Crisis Killing Americans

. . . 

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The Food and Drug Administration on Sept. 25 approved a new therapy for advanced breast cancer, based on data from a phase 3 clinical trial.

Regulators said in a statement that they approved imlunestrant, also known as Inluriyo, from Eli Lilly.

The therapy, an estrogen receptor antagonist, is cleared for adults who have advanced or metastatic breast cancer with estrogen receptor-1 mutations.

Metastatic breast cancer, also called Stage IV breast cancer, occurs when the disease has spread beyond the breast and nearby lymph nodes to other parts of the body, most commonly the bones, lungs, liver, or brain.

Some breast cancers develop estrogen receptor-1 mutations, which make estrogen receptors overly active. These receptors normally help regulate cell growth, but when mutated, they can drive cancer progression.

Inluriyo is designed to target these overactive receptors by binding to the estrogen receptor, blocking its activity, and breaking it down to help slow the spread of the disease.

A phase 3 randomized, open-label trial with 874 patients that compared imlunestrant to a different investigational regimen, found that participants who received the therapy were more likely to survive and not have any cancer progression.

Among participants with estrogen receptor-1 mutation, median progression-free survival was 5.5 months in the therapy arm, compared to 3.8 months in the other arm, according to results posted to clinicaltrials.gov.

“We are deeply grateful to the patients, investigators, Lilly team members and clinical care teams who made this advancement possible. This therapy has the potential to make the treatment journey more manageable for those living with breast cancer,” Jacob Van Naarden, executive vice president and president of Lilly Oncology, said in a statement.

“With its demonstrated efficacy, tolerability profile and oral administration, this therapy provides a meaningful alternative treatment option for this patient population,” added Dr. Komal Jhaveri, clinical director of early drug development at Memorial Sloan Kettering Cancer Center, and the principal investigator of the trial, in a statement released by the company.

Adverse events among imlunestrant participants included abdominal pain and cardiac arrest. The label for the drug warns that it can cause fetal harm when taken by pregnant women, based on findings in animal studies and the drug’s mechanism of action.

The therapy is expected to be available in the United States in the next few weeks, with a list price of $22,500 per 28 days for the 400 milligram dose, according to the company. The therapy is recommended once a day, across two tablets of 200 milligrams each.

Reuters contributed to this report.

A specialized Russian intelligence ship and research vessel called the Yantar has been raising alarm among Western officials as media reports claim it is stalking waters off northern Europe.

An investigation by the Financial Times says the vessel is equipped with sophisticated surveillance equipment, and has been engaged in suspicious activity while being tracked in waters near Ireland and other strategic locations. For example, it has been observed directly above undersea cables connecting Ireland and the UK.

Intelligence officials believe that the Yantar’s purpose is to collect data and potentially lay the groundwork for sabotage operations, based on satellite radar data and interviews with current and former NATO naval officers.

It also is said to have lingered over critical undersea cables between Norway and the Svalbard archipelago, which is an Arctic region of growing strategic interest to Moscow.

The FT concludes that the ship began targeting European infrastructure for intelligence data collection starting in autumn 2023, and that its been engaged ina 13-month surveillance operation.

The report has flagged that its Irish Sea operations have been especially troubling, given this region is widely viewed as a vulnerable point in NATO’s defense network.

One senior NATO commander interviewed said that Yantar is “the tool Russia is using to somehow . . . keep us awake” as “she’s following cable lines and pipelines, making stops. We are monitoring her very closely.”

The report comes at a moment that European officials are mostly taken up with establishing an Eastern European defense shield, or ‘drone wall’ which would protect EU and NATO territory from Russian aircraft incursions. But apparently the seaborne threat could be the most significant one, as FT writes:

The reporting also sheds new light on the secretive military unit that oversees the ship’s activities — Russia’s directorate of deep-sea research, known as Glavnoye Upravlenie Glubokovodnikh Issledovanii or GUGI. Its operations are so classified that only a small group of highly trained Russian hydronauts are privy to them.

The majority of GUGI’s 50 vessels are submarines and smaller submersibles, some of which can reach depths of 6,000 metres, more than 10 times the depth of a conventional military submarine. But it also has surface vessels, such as Yantar, which are much cheaper to operate over long distances, and can be used as platforms for submersibles and divers.

Europe is concerned that a repeat of last year’s cutting of several Baltic Sea underwater telecoms cables could be imminent. Russia came under immediate suspicion of cutting key cables; however, there’s been contradictory reporting and evidence on whether these incidents were accidental or intentional sabotage.

Russia is preparing sabotage operations around the British Isles, threatening undersea internet cables

According to the Financial Times, the Russian intelligence vessel Yantar spent three months operating in European waters, mapping critical undersea cables.

The ship circled… pic.twitter.com/g4YdFKrAx3

— Visegrád 24 (@visegrad24) September 26, 2025

Hundreds of undersea cables span the globe, transmitting 98% of the world’s internet traffic and are seen as essential to the global economy. The overwhelming majority of them are owned and operated by private companies. There are frequent instances of damage, but these are often found to be through fishing vessels dredging floorbeds and other accidents.