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Jeanna Smialek is Interviewed about the Fed's Rate Cut; Sources Confirm ID of Shooter in Pennsylvania; Meta Unveils A.I.-Powered Glasses. Aired 9:30-10a ET

Aired September 18, 2025 - 09:30   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[09:30:00]

BRETT MCGURK, CNN GLOBAL AFFAIRS ANALYST: Are clear, it requires some security assurances for Ukraine. It requires economic pressure on Russia. It requires military support and supplies for Ukraine so they can withstand the assault. And ultimately land swaps around that line to control in eastern Ukraine. Those are the elements. They were discussed in the summit in Alaska last month. But, you know, that's why I think what the senators are doing here, and your interview was extraordinary, it's important. It's bipartisan. It can help bolster the diplomacy. And the bill should just pass as a bipartisan consensus. Let it pass.

KATE BOLDUAN, CNN ANCHOR: Yes. And seeing them sitting there shoulder to shoulder, I said that, it's just the image in and of itself is a statement today, and an important one. And you mentioned that Beijing summit. I've been thinking a lot about it. Seeing Russia, China, Ukraine -- sorry, Russia, China, North Korea standing shoulder to shoulder.

What that says about kind of the -- to be kind of -- the -- the -- the precipice we are on a kind of -- the change of world order that we could be looking at very soon.

MCGURK: Yes. Kate, look, if you look ahead -- first of all, 2026, I kind of see it now as a -- as a gating year to what kind of world we're going to live in because if you look ahead, you know, Xi Jinping has told his army, the People's Liberation Army, we know he has said, be ready for an invasion of the -- of Taiwan by 2027. That's the 100th anniversary of the PLA.

Now, I don't think he's going to launch that attack in 2027, but he's thinking about it. And -- and you want to make sure every day he wakes up, he thinks, maybe I shouldn't make this move. And what we do in Ukraine will matter. And I think if the west is standing together, if the cost for Russia continue to increase, that's going to affect the calculations of other leaders, like Xi Jinping, Kim Jong-un, the Iranians. It really does matter.

You hear this from our -- our allies in the -- in the Pacific region. That's what they say, Ukraine actually matters to what happens in the future out here. So, it's all interconnected. And having bipartisan support on these fundamental issues, fundamental issues of war and peace and our national security I think is so important. And that's why I think this is an encouraging step. I hope the White House can work with the Congress on it. And, you know, let the bill pass. It'll strengthen the White House's hand.

BOLDUAN: It's good to see you, Brett. Thank you so much for jumping on. Really appreciate it.

Ahead for us, we're watching opening bell on Wall Street as the markets reacting to the Fed's first rate cut in nine months. Where's this going to head today.

And wild video showing the explosive moment alleged arsonist light up a building.

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[09:36:49]

JOHN BERMAN, CNN ANCHOR: All right, the markets opened just moments ago. A little bit mixed. The Dow down a hair. The Nasdaq, S&P up. This after the Federal Reserve cut interest rates for the first time since December. The newly appointed fed governor, Steve Miran, President Trump's top economic adviser, was the only one on the board who dissented and called for a steeper cut.

With us now is Jeanna Smialek, author of "Limitless: The Federal Reserve Takes on a New Age of Crisis," now the Brussels bureau chief for "The New York Times."

Great to see you. Thanks so much for being with us.

First, just talk to us about this moment. You know, it's been nine months. The first time in a long time that there's been a rate cut. What does this tell us in general about what the Fed sees?

JEANNA SMIALEK, AUTHOR, "LIMITLESS: THE FEDERAL RESERVE TAKES ON A NEW AGE OF CRISIS": Yes. So, I think it really tells us that they are increasingly concerned about the state of the labor market. We've seen a real slowdown in hiring. I think that is something that they are particularly worried about. I think that they're worried that the impact of tariffs and uncertainty and the various sort of crosscurrents that we've been seeing play out in this economy could be pretty negative for the job market. And so, what we really saw them do here is sort of take out an insurance rate cut, take a move to sort of make sure that they're cushioning the economy against any potential fallout. And that's why they moved by just a little bit, but for the first time since December this week.

BERMAN: So, you literally wrote the book on the Fed, which has had to deal with its share of economic crises in the past, world crises. It's in the middle of something very different right now, which is, I don't know if I'd call it a crisis, but I would call it a moment of political pressure, that they -- I don't know if they've ever felt before. And how would you access how they're navigating it?

SMIALEK: Yes. Interestingly, actually, a lot of my book is about political crises and what the -- how the Fed navigates those and what they could potentially mean for the Federal Reserve, the central bank, as powerful as America's central bank.

I think what we're seeing in this instance is -- is sort of a real wariness out of the Fed. They're being very cautious in how they navigate this. I mean Jay Powell, the Fed chair, get asked repeatedly about all of the -- the various political challenges that the Fed is facing during the press conference yesterday. And he very carefully dodged those questions. He tried hard not to answer them. And to the extent that he did answer them, try to keep it on as neutral footing as possible. And so I think they are very cautious approach to this. I think they are really emphasizing that the Trump appointees are just one -- you know, in this case, just one member on a 19 person committee. And so, I think they're really trying to emphasize that the Fed still has a lot of protections and a lot of ability to remain independent in this very challenging era for them. But, you know, this -- this is not like anything they've really faced before. So, I think it is, to some degree, uncharted water.

BERMAN: A little bit uncharted here. Also, look, it's been a long time since the Fed has to deal -- the pandemic aside, since what could be a downturn in employment, but we'll see. We'll have to see over the next few months.

Jeanna Smialek, always great to speak with you. Thanks so much for coming on this morning.

Three officers killed. We're getting new details about the deadly shootout.

[09:40:02]

And the winners, they were promised payouts for life. Now they're wondering, where's the money? Publishers Clearing House declares bankruptcy.

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BOLDUAN: We have breaking news at this hour. Law enforcement sources have now confirmed to CNN the identity of the shooter who killed three police officers and wounded two others just yesterday in a rural community in southern Pennsylvania. The details on how this played out, truly troubling.

Let's get right to CNN's Gabe Cohen, who is near the crime scene.

Gabe, tell us more about what you're hearing here.

[09:45:03]

GABE COHEN, CNN CORRESPONDENT: Yes, Kate, as you mentioned, as more details are coming out this morning, it is clear this is not just a tragedy, but it is extremely disturbing. We have just learned the identity of the alleged shooter in this case, 24-year-old Matthew Ruth, accused of ambushing that group of police officers right here along this rural road in York County, Pennsylvania. He killed three of those officers, wounded two others, putting them in the hospital.

And overnight we learned much more about how this happened. Ruth, accused of being the ex-boyfriend of a woman who lived inside this house, who reported to police just a couple days ago that she had seen him essentially lurking, stalking the home inside a nearby cornfield. She reported it to police. They issued a restraining order and an arrest warrant.

And on Wednesday, when they went to follow up, officers arrived here at the scene, and they say that Ruth, then dressed in camouflage, emerged from this nearby cornfield and opened fire on those officers.

As you mentioned, we don't know at this point, was he waiting for police or was he potentially waiting for the family who was inside, who lived inside this home? Either way, such a tragic day for the community here in York County.

Governor Josh Shapiro, from the Commonwealth of Pennsylvania, spoke about it yesterday.

(BEGIN VIDEO CLIP)

GOV. JOSH SHAPIRO (D-PA): This kind of violence isn't OK. We need to do better as a society. We need to help the people who think that picking up a gun, picking up a weapon is the answer to resolving disputes.

(END VIDEO CLIP)

COHEN: And last night a powerful moment here in this community as residents lined the streets for a procession for those fallen officers, their bodies transported through the community where they served.

We still do not know the identities of those three officers who lost their lives here yesterday. We're hoping to get more information in the hours ahead.

BOLDUAN: It goes without saying, a very small community completely shattered and shook this morning.

Gabe, thank you so much for being there. Much more to come on that.

We're also following other breaking news. Any moment now we are waiting to hear from President Trump as he's wrapping up his trip to the U.K., and many questions that he will definitely face.

And Meta says its new A.I. glasses will stop you from looking down at your phone. Good luck with that. Instead, they will let you look up at your phone. A glimpse inside the tech that lets you see text messages and photos through a lens instead of a screen.

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[09:51:58] BOLDUAN: So, new video we have of the moment police officers help a driver whose car caught on fire, just look at this, in Virginia. They initially believed that two people were trapped. But after putting out the flames, they only found one person. But, I mean, still, near the car. That -- that driver not seriously hurt, thank God.

And also, more video in this morning of a building up in flames. Two people who started the fire, watch this, the images show the suspects arrived, smashed the glass door early Tuesday before using an accelerant to start the blaze. That's according to Canadian police. Fortunately, no one was in the building at the time and injuries reported. There's clearly more to that story.

And remember the Publishers Clearing House, the sweepstakes that promised payouts for life? The balloons, the guy, the giant check at your door. We knew it was like an ad that defined my childhood. Now the company that brought their assets -- that bought their assets say -- says all the people that won and were counting on those checks, they will not be getting them anymore. And those winners say that they were not warned that the checks would stop coming.

(BEGIN VIDEO CLIP)

JOHN WYLLIE, PUBLISHERS CLEARING HOUSE WINNER: You know, I -- I thought, why didn't they -- somebody at least give me a heads up. Hey, we're going out of business, you know? Something. But, no, it's like, somebody just cut the chord and I'm falling.

(END VIDEO CLIP)

BOLDUAN: That man right there says he is now concerned that this could lead to him losing his home. The company had been in business for nearly 60 years. In a statement, the new owners acknowledged the disappointment, but did not say if it would help past winners.

John.

BERMAN: Yes, acknowledging the disappointment, that helps.

BOLDUAN: Yes.

BERMAN: All right, new this morning, Meta has released its new A.I.- powered smart glasses with new promises about what they can do.

CNN's Clare Duffy is with us. She tried them on. You know, are you a different person now?

CLARE DUFFY, CNN TECH REPORTER: I don't know if I'm a different person, but it is pretty amazing, the way that this technology has progressed. Some people may remember back in 2013 when Google tried to do this with Google Glass, and it really flopped. And so, this new Meta technology is pretty amazing.

This announcement came at its Connect event yesterday, where it announced a slew of new A.I.-powered smart glasses. But the biggest announcement was the new Meta Ray-Ban displays. So, with previous versions of Meta Ray-Bans, you could only talk to them and receive audio responses. But with these new displays, there's actually a tiny display on the inside of the right lens that lets you get visual feedback too. And it comes with what's called a neural wristband, so you can navigate that display with tiny hand gestures, like tapping or scrolling, so that you don't have to say, "hey, Meta" out loud to get it to do something.

And this lets you do all kinds of things that you would normally do on your phone, like reading and responding to text messages, taking photos and videos, scrolling Instagram reels. There's a navigation feature that shows where you are on a map while you're walking. There's also live captioning and translation. And then you can talk to Meta A.I., ask it questions about your surroundings. And there will be a little visual box that pops up with information in addition to that audio response.

[09:55:04]

Now, these glasses do cost $799, so a lot more expensive than regular glasses or Meta's other A.I. smart glasses. But Meta is hoping that this is going to get people to spend less time looking down at their phones, more time engaging with the world, while also engaging with it's A.I. technology and looking at your online life.

Now, I do think it could be a bit weird for people to get used to this, seeing something in your field of vision while you're talking to the people around you. And the people around you can't see what's on the display, or even if the display is on. So, if you're talking to someone who's wearing these, you might not know if they're also watching Instagram reels or looking at their text messages at the same time.

So, I think that could take some getting used to for people. But it is pretty amazing the way that this A.I. technology has made it possible to have this tiny screen in such a small glasses frame.

BERMAN: Look, it sounds incredibly cool. They're making such a big deal out of not looking at your phones, but that means that you're always looking though everything. Yes.

BOLDUAN: But, like, how is that not -- you're also still going to walk into oncoming traffic the same way when you're starring at your texts in your sunglasses.

BERMAN: That's right. I'm watching "Star Wars" right now.

BOLDUAN: You look so handsome.

BERMAN: You look like Luke Skywalker.

BOLDUAN: So handsome.

OK, run, Clare. We always do this to you.

Thank you so much.

Thanks so much for joining us.

BERMAN: "THE SITUATION ROOM" up next.

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