Today's News You Need2Know

• Judge won’t ‘micromanage’ over AP

• Colossal squid seen in the wild for first time

• Can the IRS revoke Harvard’s tax-exempt status?

• Judge pauses plans for CPFB layoffs

• What’s behind the strange dollar sell-off?

Judge won’t ‘micromanage’ over AP

A federal judge has declined to take immediate enforcement action on his ruling directing the Trump administration to stop blocking the Associated Press from attending presidential media events. The dispute arose after the AP refused to adopt the term “Gulf of America” instead of “Gulf of Mexico.”

The AP claims the exclusion violates its First Amendment rights. Despite expressing concern over “malicious compliance” or potential noncompliance, McFadden said “I don’t intend to micromanage the White House” and emphasized the importance of giving the administration the benefit of the doubt for now.

The AP insists it’ll uphold its editorial guidelines, saying, “The body of water has been known for hundreds of years as the Gulf of Mexico.” In court Charles Tobin, AP’s lawyer, criticized the White House's new press policy, calling it “gamesmanship designed to diminish the outlet’s influence.” Meanwhile, Jane Lyons, representing the administration, argued it’s premature to view the new policy as problematic.

You can tell us what you think of the judge’s order in our daily poll below!

Colossal squid seen in the wild for first time

Scientists have filmed a colossal squid in its natural habitat for the first time, marking a historic milestone in marine biology. The juvenile squid, measuring 30 cm (1 ft) long, was recorded at a depth of 600 meters (1,968 ft) near the remote South Sandwich Islands in the South Atlantic Ocean during a 35-day expedition.

Hold on, it was only a foot long? That’s not exactly colossal, guys, is it? Like, not for an animal capable of reaching 7 meters in length and weighing up to half a ton. Now that’s colossal. Despite their size, little is known about their life cycle and global population. Previous encounters were limited to specimens retrieved from whale stomachs or dying adults caught by fishermen.

The research team, led by Dr. Michelle Taylor from the University of Essex, used a remotely operated vehicle to spot the squid. “It was beautiful and unusual,” Taylor told the BBC, noting the team initially struggled to identify the species. Dr. Kat Bolstad later verified the footage, stating, “It’s exciting to see the first in situ footage of a juvenile colossal and humbling to think that they have no idea humans exist.”

Not unless they’re down there reading the newspaper, doctor. Didn’t think of that, did ya?

From @cheddar

Post of the day: @ThatBloke_Jesus

Can the IRS revoke Harvard’s tax-exempt status?

President Donald Trump has suggested the IRS should revoke the status of colleges and universities “pushing political or ideological agendas.” In a social media post, Trump specifically targeted Harvard, questioning whether it should remain tax-exempt if it fails to meet what he described as the requirement of “acting in the public interest.”

Tax-exempt status allows non-profits to avoid certain taxes and offers donors tax deductions. However, legal experts argue that Trump's claims lack grounding in current nonprofit law. Genevieve Lakier, a First Amendment scholar, told the AP that universities have significant academic freedom to design their curricula without government interference. “That’s the irreducible core of academic freedom,” she explained, emphasizing that the government cannot revoke tax-exempt status as a form of punishment.

Phil Hackney, a law professor, believes it would be “exceedingly difficult” to challenge Harvard’s charitable status under current law. While Trump’s rhetoric raises political concerns, implementing changes to redefine charitable purposes — such as targeting diversity, equity, and inclusion programs — would face years of regulatory hurdles and contradict decades of precedent. Experts are skeptical such efforts would succeed.

Should you check your 401(k) today?

👎

Nope.

Judge pauses plans for CPFB layoffs

A federal judge temporarily halted plans for mass layoffs at the Consumer Financial Protection Bureau last week, an agency created to prevent fraud and abuses after the Great Recession.

President Donald Trump’s administration sought to reduce the CFPB’s workforce by nearly 90%, slashing staff from approximately 1,700 to around 200. U.S. District Judge Amy Berman Jackson intervened, stating she was “deeply concerned” the layoffs might violate her earlier order blocking the administration from dismantling the bureau. Jackson scheduled a hearing for April 28 to review testimonies.

The CFPB has been a frequent target of criticism from Trump advisors, including Elon Musk, who cited government inefficiency as justification for its downsizing. Mark Paoletta, the CFPB’s chief legal officer, declared that the agency’s oversight “pushed well beyond the limits of the law,” leading to plans for a more streamlined operation.

The agency has saved consumers almost $20 billion in relief since it was set up.

Quote of the Day: Genevieve Lakier

What’s behind the strange dollar sell-off?

Recent declines in the U.S. dollar have sparked concerns among economists, pointing to a potential loss of trust in the nation’s currency due to President Donald Trump’s tariff policies and erratic trade strategies.

Traditionally, the dollar’s dominance as a global reserve currency has provided significant advantages to the U.S., including low borrowing costs and economic leverage. However, University of California economist Barry Eichengreen warns: “Global trust and reliance on the dollar was built up over a half century or more, but it can be lost in the blink of an eye.” 👁️ 

Since mid-January, the dollar has fallen 9% against a basket of currencies, its lowest level in three years. That challenges expectations that tariffs would strengthen the currency by reducing demand for foreign goods. Economists are puzzled by this decline, with Deutsche Bank describing it as a “confidence crisis” in a recent note.

The weaker dollar risks higher prices for imports, increased interest rates for mortgages and car loans, and more expensive borrowing for the U.S. federal government amid ballooning debt. Economist Benn Steil told the AP: “At some point people are going to look seriously at alternatives to the dollar.” Such alternatives include China’s moves to promote yuan-based trade agreements and the potential rise of cryptocurrencies like Bitcoin. Eichengreen cautions, “This is the first step down a slippery slope where international confidence in the U.S. dollar is lost.”

#NotFinancialAdvice

Poll of the Day 1: Judge not less ye be judged

Poll of the Day 2: Squid size doesn’t matter

Poll of the Day 3: Fire ‘em all! Or fire alarm?

Poll of the Day 4: Switching to Bitcoin? Or…not?

Results from Friday’s poll: Rosé for the win!

We asked: Millenial women love…

You answered:

🟨🟨🟨🟨🟨⬜️ Pinot Grigio (160)

 🟨🟨🟨🟨⬜️⬜️ Sauvignon Blanc (125)

🟩🟩🟩🟩🟩🟩 Rosé (187)

472 Votes via @beehiiv polls

Don’t miss: new alternative investments show!

Our new Alternative Investments show is streaming wherever you watch Cheddar next Wednesday, April 23, at 8:30 p.m. EST:

In our first episode, dive into the thrilling world where nostalgia meets investment! Forget stocks and bonds — we're talking trading cards. Witness million-dollar deals, legendary collectibles, and the passionate community behind them. From vintage treasures to modern-day chases, discover why trading cards are the hottest alternative asset. #NotFinancialAdvice. Hear from experts, brokers, and even Tom Brady about this explosive market. Beware, it's not just about luck; it's about knowledge, strategy, and a dash of obsession. Get ready to unlock the secrets of the trading card craze, and see if you've got what it takes to play the game. (Hint: You probably haven’t, but those cards are niiiiiiice).