Share to Facebook Share to Twitter Share to Linkedin The fight against inflation hit a snag Wednesday, as a new report found that prices rose faster than expected last month. The consumer price index rose 3% in January on an annual basis, a larger increase than economists predicted. One item contributed to much of that increase: eggs, which rose 15% from December to January as bird flu outbreaks continue. It’s the largest increase in egg prices in 10 years. The news led to stock and bond selloffs, with all three major indexes falling about 1% in early trading. The hotter-than-expected report also dashed investors’ hopes of further rate cuts. Photo by Andrew Harnik/Getty Images New York City officials alleged Wednesday that FEMA revoked $80 million in grants from the city’s accounts amid a feud with the Trump Administration over the city’s use of federal funds to house migrants. Elon Musk and FEMA’s acting administrator alleged $59 million in now-suspended FEMA funds were being used to house migrants in “luxury” hotels, but city officials pushed back, saying hotel fee payments were not made on luxury hotels. MORE: Attorney General Pam Bondi announced a lawsuit against New York state, Governor Kathy Hochul and two other state leaders over New York’s “green light law,” which allows all New Yorkers over 16 to apply for a driver license or learning permit regardless of their citizenship status. Japanese automakers Honda and Nissan announced on Thursday that they have ended discussions on a merger that would have created one of the largest automakers in the world. Despite calling off the merger, the companies said they still intend to collaborate under a strategic partnership “aimed at the era of intelligence and electrified vehicles,” which was first announced in March last year. This is a published version of the Forbes Daily newsletter, you can sign-up to get Forbes Daily in your inbox here. BUSINESS + FINANCE Photo by Joe Raedle/Getty Images Energy giant Chevron will lay off up to 20% of its more than 45,000 employees, the company confirmed to Forbes on Wednesday. Chevron joins a growing list of major firms making job cuts this year, though one report shows layoff announcements declined 40% last month compared to January 2024. Qualified job candidates can afford to be selective when choosing a new employer, and high on workers’ lists are factors like on-the-job training and a culture of productive collaboration and inclusion. To help find employers who meet that criteria, Forbes released its 10th anniversary editions of its America’s Best Large Employers 2025 and America’s Best Midsize Employers 2025 lists. WEALTH + ENTREPRENEURSHIP jamel toppin for forbes Junior Bridgeman, an NBA legend who spent 10 seasons with the Milwaukee Bucks, built a fast-food empire before selling most of his restaurants and using the proceeds to become a Coca-Cola distributor. Forbes now estimates he has a net worth of $1.4 billion, putting him in rare air as only three other NBA players have become billionaires—Michael Jordan, Magic Johnson and LeBron James. TECH + INNOVATION X, formerly known as Twitter, will pay $10 million to settle a lawsuit that was filed by President Donald Trump after his account was banned in 2021, according to the Wall Street Journal. The payout from the Elon Musk-led social media company follows a $25 million settlement from Meta last month to resolve a suit around Trump’s censorship claims, as his Facebook and Instagram accounts were also suspended following the January 6 Capitol attack. MONEY + POLITICS Tulsi Gabbard Copyright 2025 The Associated Press. All rights reserved. The Senate confirmed Tulsi Gabbard as Director of National Intelligence on Wednesday, voting largely along party lines despite some bipartisan skepticism about her foreign policy views. Senator Mitch McConnell (R-Ky.) cast the sole Republican vote against Gabbard, citing her “alarming lapses in judgement,” including previous controversial comments on the Russia-Ukraine war that many viewed as sympathetic toward Russia. The presidential seal has turned up on a golf marker at a fifth Trump golf course, potentially violating federal law that prohibits its use for commercial purposes. It’s the former president’s latest move to blur the line between public office and private business. President Donald Trump said in a social media post he had a “highly productive” call with Russian President Vladimir Putin about ending Russia’s war with Ukraine, the first known conversation between the two leaders since Trump took office. Defense Secretary Pete Hegseth said earlier Wednesday that negotiations to restore Ukraine’s borders to what they were before 2014 are “unrealistic,” and chasing that goal “will only prolong the war and cause more suffering.” TRAVEL + LIFESTYLE More than 4,400 flights were disrupted as of Wednesday afternoon as a major winter storm system was expected to dump snow and ice on a vast swath of the country. Major U.S. airlines are issuing travel waivers allowing passengers flying in or out of impacted airports to rebook without paying the fare difference. TRENDS + EXPLAINERS A suspected illegal immigrant is placed in the back of a U.S. Customs and Border Protection border patrol vehicle in 2006. Photo by David McNew/Getty Images The Department of Homeland Security has asked Treasury Secretary Scott Bessent to deputize IRS agents to help with immigration. Some in the agency fear that moving agents away from that work would decrease compliance and lower collections. The Institute on Taxation and Economic Policy, a nonpartisan think tank, claims that taking IRS agents off the complex tax collections cases for which they are trained would reduce the amount of tax the agency can collect—less enforcement means that more people flouting the law would evade detection. DAILY COVER STORY A Mad Scramble Inside The Pentagon Ahead Of DOGE's Arrival ILLUSTRATION BY EMILY SCHERER FOR FORBES; PHOTOS BY SEREGRAFF, SERIKBAIB/GETTY IMAGES TOPLINE DOGE is coming for the Department of Defense. After taking the knife to a growing roster of federal agencies and causing widespread panic at others, employees from Elon Musk‘s Department of Government Efficiency are set to arrive at the Pentagon in the coming days, a person briefed on the effort told Forbes. Charged with cutting $2 trillion from the federal budget, they could bring an unprecedented shakeup to America’s sprawling military and its near $1 trillion budget. For decades, legislators on both sides of the aisle have struggled to rein in wasteful defense spending with little success, as the Pentagon has been repeatedly embarrassed by reports of egregious overspending—millions in untracked inventory, failed audits, the infamous $10,000 toilet seats. In an interview before Sunday’s Super Bowl, President Donald Trump said he expected DOGE’s review of the military will find “hundreds of billions of dollars of fraud and abuse.” Now, even as Musk’s cost-cutting machine faces mounting court challenges and threats from Democrats, Defense Secretary Pete Hegseth is rolling out the welcome mat. “I’ve been in touch with Elon Musk, who’s a great patriot interested in advancing the America First agenda,” he said on Fox News Tuesday. “There are plenty of places we want the keen eye of DOGE, but we will do it in coordination.” Hegseth said he would focus on cuts to weapons acquisitions and procurement, climate programs and headcount at headquarters. DOGE staffers will be employed directly by the Defense Department to focus solely on executing its cost cutting mandate, a person with direct knowledge said. WHY IT MATTERS “The existing ecosystem of the prime contractors, and legacy cold war personalities, knew what was coming, and decided to ignore it,” said Chris Miller, the former acting Secretary of Defense and a co-author of Project 2025, the conservative blueprint for the Trump Administration. “And we are seeing the chicken come home to roost.” MORE Military Tech Investors Go Looking For A Trump Bump At Mar-a-Lago FACTS + COMMENTS The active ingredient in Ozempic and Wegovy could reduce alcohol cravings among those with alcohol use disorder, a new study suggests. Previous research has suggested that Novo Nordisk’s popular diabetes and weight loss drug could treat alcoholism: 30% : Reduction in drinks consumed among study participants who received the active ingredient semaglutide 30 grams: How many grams of alcohol participants on semaglutide drank during a final drinking session at the end of the experiment, compared to just under 60 grams of alcohol for those who received a placebo 28.9 million: The estimated number of people ages 12 and older who had alcohol use disorder in 2023, according to the National Institute on Alcohol Abuse and Alcoholism STRATEGY + SUCCESS Transitioning to a managerial role for the first time can be challenging, and it’s critical for organizations to support those moving into leadership positions. Many first-time managers try to do everything themselves, have a tendency toward micromanaging, and focus too much on looking good for their boss. Start by practicing self-reflection, focus on learning from people with different views than your own, and spend time figuring out how to motivate others. A tech giant recently released an app to create customizable party invitations and even share a playlist with guests. Which company is it? Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.