Global markets and policymakers were met with a wave of significant developments on Tuesday, spanning politics, economics, healthcare, and technology.
US President Donald Trump delivered a combative speech at the United Nations General Assembly, Federal Reserve Chair Jerome Powell warned of two-sided risks in the economy, Eli Lilly unveiled a $6.5 billion investment in Texas manufacturing, and OpenAI joined Oracle in planning a major data hub expansion in the state.
Trump attacks the United Nations in General Assembly speech
President Donald Trump delivered a sharp critique of the United Nations during his annual address to the General Assembly on Tuesday, accusing the global body of failing to support US foreign policy efforts and wasting resources on migration.
Trump described the UN as offering “nothing but empty words,” arguing it has been ineffective in resolving conflicts.
He claimed credit for ending seven wars without UN assistance, adding pointedly that his only experience with the institution was “a bad escalator and a bad teleprompter.”
The president accused the UN of financing illegal migration, calling its aid programs a threat to national sovereignty.
“The UN is supposed to stop invasions, not create them, and not finance them,” he said.
Trump also reiterated his administration’s position that mass migration undermines domestic stability and borders.
On foreign policy, Trump noted that NATO countries should shoot down Russian aircraft if they enter their airspace, though he said US assistance would depend on circumstances.
He also met Ukrainian President Volodymyr Zelensky and suggested he would provide an update on his discussions with Russian President Vladimir Putin “in about a month.”
Powell Warns of Two-Sided Economic Risks
Federal Reserve Chair Jerome Powell addressed the Greater Providence Chamber of Commerce in Rhode Island on Tuesday, emphasizing the challenges policymakers face in balancing inflation and employment risks.
“Near-term risks to inflation are tilted to the upside and risks to employment to the downside — a challenging situation,” Powell said, underscoring that there is “no risk-free path.”
The remarks followed the Fed’s first rate cut of 2025 last week, which lowered the federal funds rate to a range of 4%–4.25%.
Powell described the move as a “risk-management cut” to address signs of labor market weakness.
He noted that both supply and demand for workers have slowed, partly due to tighter immigration policies under Trump’s administration.
This dynamic, Powell said, has contributed to a softer labor market backdrop.
Still, he cautioned that inflationary pressures tied to tariffs remain a concern, highlighting the difficult policy environment ahead.
Eli Lilly to invest $6.5 Billion in Houston facility
Eli Lilly and Company announced plans to build a $6.5 billion pharmaceutical manufacturing facility at Generation Park in Houston, Texas.
The site will be the second of four new US facilities the company intends to announce this year.
The plant will produce synthetic active pharmaceutical ingredients (APIs) for small molecule medicines across various therapeutic areas, including orforglipron, Lilly’s first oral GLP-1 receptor agonist.
The facility is expected to be operational within five years.
The project will generate 4,000 construction jobs and create 615 permanent high-wage roles once completed, according to the company’s statement.
OpenAI and Oracle expand footprint in Abilene, Texas
OpenAI and Oracle are planning a major expansion in Abilene, Texas, according to a report from The Information on Tuesday.
The initiative, expected to be announced by OpenAI CEO Sam Altman and Oracle co-CEO Clay Magouryk, builds on Oracle’s existing data hub operations in the region.
OpenAI is preparing to invest heavily over the next decade by leasing large amounts of computing resources from Oracle facilities.
The move comes a day after Nvidia revealed plans to invest up to $100 billion to help OpenAI establish new data infrastructure.
The expansion highlights growing momentum in artificial intelligence infrastructure development in Texas, reinforcing the state’s position as a hub for both biopharma and tech investment.
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