The Wall Street Journal
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What’s News
WEDNESDAY, SEPTEMBER 17ｂ 2025
9/17/2025 4:58:00 PMShare This Episode
How America Fell in Love With Cocaine Again
アメリカはどうして再びコカインに夢中になったのか
P.M. Edition for Sept. 17. Cocaine use is rising in the U.S., in part because of an excess supply smuggled in by Mexican cartels. WSJ deputy editor for Latin America Santiago Pérez joins to discuss why, and how Trump administration policies may play a role. Plus, the Federal Reserve lowered interest rates by a quarter point today. We hear from WSJ investing columnist Spencer Jakab about how the central bank is shifting its priorities. And after poorer workers closed the gap with the rich in recent years, the gulf is now widening again. WSJ economics reporter Jeanne Whalen talks about what’s causing the growing rift. Alex Ossola hosts.
- fall in love with /fɔːl ɪn lʌv wɪð/ ～に夢中になる、熱中する
- cocaine /koʊˈkeɪn/ コカイン
- excess supply /ˈɛksɛs səˈplaɪ/ 供給過剰
- smuggle in /ˈsmʌɡəl ɪn/ 密輸入する
- cartel /kɑːrˈtɛl/ カルテル、特に麻薬組織
- Federal Reserve (Fed) /ˈfɛdərəl rɪˈzɜːrv/ 米連邦準備制度（FRB）
- lower interest rates /ˈloʊər ˈɪntrəst reɪts/ 金利を引き下げる
- quarter point /ˈkwɔrtər pɔɪnt/ 0.25ポイント（通常は金利の引き下げ幅を指す）
- shift priorities /ʃɪft praɪˈɔːrətiz/ 優先順位を変更する
- close the gap /kloʊz ðə ɡæp/ 格差を縮める
- widening gulf /ˈwaɪdənɪŋ ɡʌlf/ 広がりつつある溝、拡大する格差
- rift /rɪft/ 不和、分裂、格差・隔たり
Alex Ossola: What the Fed's decision to lower rates says about its shifting priorities, plus why the gap between the rich and the poor at the US is widening, again, and how America's war on Fentanyl created an opening for cocaine.
Santiago Perez: The Jalisco Cartel, they reached a deal with their former rivals of the Sinaloa Cartel, and that organization is now using the routes to move the cocaine from southern Mexico to the US southern border.
Alex Ossola: It's Wednesday, September 17th. I'm Alex Ossola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today.
The Federal Reserve has lowered interest rates by a quarter point. Its first cut in nine months. It also signaled that it would cut rates two more times this year. In his remarks to reporters Fed Chair Jerome Powell highlighted the tension for the Fed's dual mandate goals of maximum employment and stable prices, and he defended the central bank's pace of change.
Jerome Powell: Certainly now I feel like our policy has been doing the right thing so far this year. I think we were right to wait and see how tariffs and inflation and the labor market evolved. I think we're now reacting to the much lower level of job creation and other evidence of softening in the labor market and saying, "Well, those risks are maybe not fully balanced, but moving in the direction of balance now." And so that warrants a change in policy.
Alex Ossola: For more, I'm joined by WSJ investing columnist Spencer Jakab. Spencer, this is the first interest rate cut in 2025. What do you make of this?
Spencer Jakab: Well, the cut itself was exactly as expected and in terms of what to expect for the rest of the year, that's also very close to expectations. The likelihood, as expressed by the futures market got a little higher for two more cuts this year, but that was already more or less a done deal. There were other surprises, but that was not a surprise.
Alex Ossola: Powell mentioned this tension between the Fed's dual mandate of price stability and maximum employment. How do we see that balance developing?
Spencer Jakab: They had been somewhat vague about it since August. There's been suggestions that they're concerned about the labor market, and so they were going to tolerate more inflation and he kind of explicitly said it. And so the ambiguity is starting to fade away. They'll allow inflation to be a bit higher for a bit longer in order to nip any weakness in the economy and in the labor market in the bud.
Alex Ossola: Before this meeting, we had been talking on the show about how this was a bit of a strange one, in part because this was the first meeting of new Fed Governor Stephen Miran. Did we see any dissent among the Fed's Board of Governors for this rate cut?
Spencer Jakab: We did and we didn't. And yeah, you're absolutely right in calling it a strange meeting, that's the understatement of the year, because it is probably the strangest Fed meeting ever. You had two people at the meeting, one who up until last night, the newest member's boss was trying to have fired, Lisa Cook, unsuccessfully so far, and Powell had abuse heaped on him. So yeah, it was a very, very strange Fed meeting. We did and didn't have dissent in the sense that the vote was 11 to one, which does not show much dissent. But the dissenter very likely was Stephen Miran, who sat just less than 48 hours on the Board and simultaneously works the President. And you've had the President himself calling for 300 basis points in cuts. And so that leaves a question mark there in terms of once the Fed might be over time, more politicized, what they're going to do, how aggressive they're going to be in order to further the President's goals or further political goals explicitly, which the Fed is not supposed to do.
- understatement of the year /ˌʌndərˈsteɪtmənt əv ðə jɪr/ 「控えめどころか大げさに言ってもよいくらい」直訳「今年最大の控えめ表現」
- abuse heaped on (someone) /əˈbjuːs hiːpt ɑn/ ～に罵声・中傷が浴びせられる
- dissent /dɪˈsɛnt/ 異議、反対意見
- 11 to 1 vote /ɪˈlɛvən tə wʌn voʊt/ 11対1の投票
- sat … on the Board /sæt … ɑn ðə bɔːrd/ （理事会に）着任した
- basis points /ˈbeɪsɪs pɔɪnts/ ベーシスポイント（金融の単位。100bp＝1％）
- politicized /pəˈlɪtəˌsaɪzd/ 政治化された、政治的影響を受けた
- further (goals) /ˈfɜːrðər/ （目標を）推進する、前進させる
- explicitly /ɪkˈsplɪsɪtli/ 明示的に、公然と
Alex Ossola: We were saying on yesterday's show that investors would be looking at how many more rate cuts are expected to come this year, will they be satisfied by this?
Spencer Jakab: In terms of the near term outlook, there's nothing to upset people. They were thinking the three cuts were very likely, three cuts are just a little bit more likely, in terms of very distant cuts, I'm talking about the end of 2026. But the market needs to digest this. There are expectations there that the political pressure will grow and the politicization of the Fed will succeed. And so that leaves a big question mark for let's say 2027 and beyond. Stock investors who are very short-term focused, they're basically happy. In terms of bond investors who are longer term focused, a few things to think about.
Alex Ossola: That was WSJ investing columnist Spencer Jakab. Thank you, Spencer.
Spencer Jakab: Thank you.
Alex Ossola: The Fed's decision to cut interest rates, left markets feeling pretty meh. Major US indexes ended the day mixed. The Dow was up about 0.6% while the S&P 500 and the Nasdaq were down about 0.1% and 0.3% respectively. The lukewarm reaction is actually what many investors and analysts expected, given how much stocks and bonds had already rallied heading into this week's Fed meeting.
- left markets feeling pretty meh /lɛft ˈmɑːrkəts ˈfiːlɪŋ ˈprɪti mɛ/ 市場の反応は「いまいち」「微妙」だった（meh＝無感動・つまらない感じを表すスラング）
- lukewarm reaction /ˌluːkˈwɔːrm riˈækʃən/ 生ぬるい反応、冷淡な反応
Shares of ticket marketplace StubHub dropped more than 6% in their New York Stock Exchange debut today, making the firm's first trading day, a rare laggard in a red-hot summer for IPOs. The company's shares rose as high as nearly $28 before falling to close at $22. StubHub priced its initial public offering yesterday at $23.50 a share.
- laggard/ˈlæɡərd/
出遅れ、伸び悩むもの（ここでは「IPO好調の流れに乗り切れない銘柄」）
Coming up, the two speed economy is back in the US. That's after the break.
There are two economies in the US right now, and they're moving in different directions. The divided fortunes of rich and poor in the US may sound like an old story. Yet in recent years, workers on the low end of the spectrum began modestly narrowing the gap as acute labor shortages enabled them to switch jobs and bargain harder for better wages. Data from the Bank of America showed that wages for the bottom third of US earners grew at a faster rate than for the top third. Now though, since the start of the year, the gulf is widening. For more, I'm joined now by WSJ economics reporter, Jeanne Whalen. Jean, who is doing well and who's doing not so well?
- two economies /tuː ɪˈkɑːnəmiz/ （比喩的に）二つの経済状況（裕福層と貧困層）
- moving in different directions /ˈmuːvɪŋ ɪn ˈdɪfrənt dəˈrɛkʃənz/ 異なる方向に進んでいる
- divided fortunes /dɪˈvaɪdɪd ˈfɔːrtʃənz/ 分かれた運命、明暗の分かれた状況
- low end of the spectrum /loʊ ɛnd əv ðə ˈspɛktrəm/ スペクトルの下端、つまり低所得層
- bargain harder for better wages /ˈbɑːrɡən ˈhɑːrdər fɔːr ˈbɛtər ˈweɪʤɪz/ より高い賃金を求めて強気で交渉する
Jeanne Whalen: The people doing well are generally wealthier and older Americans. They are people who have higher incomes, people who have long owned homes and have savings in their 401(k) or other stock portfolios that have really risen a lot in value. The people not doing well tend to be younger, the lower wage workers, so younger Americans, low income workers. Black workers have had a big jump in unemployment over the last year. So some of those groups really are in the unlucky bucket at the moment.
Alex Ossola: What is fueling this divergence?
Jeanne Whalen: One of the big things fueling the divergence is the fall off in wage growth for low income workers. So really during the pandemic we had this acute labor shortage, so workers at the low end of the spectrum were really in high demand, and now their wages are taking up much, much more slowly than for wealthy Americans. Whether you are a home owner or not is a huge factor. So that divergence in homeownership has really also widened the gap between rich and poor. Wealthier people are now sitting on homes that are 50% more valuable, whereas people on the lower end of the income range and young people feel further away from homeownership than ever.
Alex Ossola: So this split between the rich and the poor is happening. Where are we seeing the economy being affected by this?
Jeanne Whalen: Well, we're seeing it in the housing market. We're seeing a lot of home sales far above levels where they were five years ago. We're seeing still brisk purchases of things like high-end sneakers and other types of luxury apparel. So wealthier folks still feel quite emboldened to spend, whereas lower income people are really cutting back.
Alex Ossola: That was WSJ economics reporter, Jeanne Whalen. Thank you, Jeanne.
Jeanne Whalen: Thank you.
Alex Ossola: America loves cocaine again. The drug sold in the US is cheaper and as pure as ever for retail buyers. And according to the drug testing company, Millennium Health, consumption in the Western US has increased 154% since 2019 and is up 19% in the eastern part of the country during the same period. Santiago Perez is The Wall Street Journal's deputy editor for Latin America, and joins me now. Santiago, what is behind this rise in cocaine use in the US?
Santiago Perez: What we're seeing now is record cocaine output in Colombia. And as a result, you see increased shipments across the Pacific corridor from Colombia to Ecuador. And then you have speedboats essentially smuggling tons of cocaine to Mexico's southern Pacific Coast. And now the Jalisco Cartel, they reached a deal with their former rivals of the Sinaloa Cartel, and that organization is now using the routes to move the cocaine from southern Mexico to the US southern border. And what you're seeing also is a drop in prices because of these excess supply.
Alex Ossola: Have US government policies affected the situation at all?
Santiago Perez: Well, you have two elements. On one hand, the Trump Administration has focused more on fentanyl smuggling, and so has Mexico. And most of the attention has centered on the Sinaloa Cartel in Northwestern Mexico. Then on the other hand, what's happening inside the US is that because of a focus on mass deportations, our understanding is that a lot of federal agents and federal law enforcement in general has been required to focus on detaining illegal migrants. So that's affecting federal investigations and drug enforcement.
Alex Ossola: That was WSJ, deputy editor for Latin America, Santiago Pérez. Thank you, Santiago.
Santiago Perez: Thank you.
Alex Ossola: And that's What's News for this Wednesday afternoon. Today's show is produced by PRBNMA and Rodney Davis with supervising producer Michael Kosmides. I'm Alex Ossola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ: Sep 18 2025
Executives at xAI Clashed With Musk Advisers Before Departing
Some who left say they were concerned about the artificial intelligence company’s financial projections.
- executives /ɪɡˈzɛkjətɪvz/ 幹部、経営陣
- clash with /klæʃ wɪð/ 衝突する、対立する
- adviser (advisor) /ədˈvaɪzər/ 顧問、助言者
- before departing /bɪˈfɔr dɪˈpɑrtɪŋ/ 退任する前に
- those who left /ðoʊz hu lɛft/ 去った人々、退任した人々
- be concerned about ~ /bi kənˈsɜrnd əˈbaʊt/ ～について懸念する
- artificial intelligence (AI) /ˌɑrtəˈfɪʃəl ɪnˈtɛlədʒəns/ 人工知能
- financial projections /faɪˈnænʃəl prəˈdʒɛkʃənz/ 財務見通し、収益予測
Disney Pulls Jimmy Kimmel’s Show After Kirk Remarks
The entertainment giant’s move follows FCC Chairman Brendan Carr’s criticism of the late-night host.
- pull (a show) /pʊl/ （放送を）打ち切る、中止する
- remarks /rɪˈmɑrks/ 発言、コメント
- entertainment giant /ˌɛntərˈteɪnmənt ˈʤaɪənt/ エンタメ業界の大手企業
- move /muv/ 動き、措置、決定
- follows /ˈfɑloʊz/ ～に続く、～を受けて
- FCC Chairman /ˌɛf si si ˈʧɛrmən/ FCC（連邦通信委員会）委員長
- late-night host /leɪt naɪt hoʊst/ 深夜番組の司会者
- criticism /ˈkrɪtɪˌsɪzəm/ 批判
Powell’s Last Stand: Balancing a Tricky Economy and Intense Political Pressure
The Fed chair is making a risky gambit, cutting rates even though the economy isn’t flashing red. He’s been here twice before
- last stand /læst stænd/ 最後の抵抗、最後の戦い
- balancing /ˈbælənsɪŋ/ （異なる要素の）バランスを取ること
- tricky economy /ˈtrɪki iˈkɑnəmi/ 扱いにくい、難しい経済状況
- intense political pressure /ɪnˈtɛns pəˈlɪtɪkəl ˈprɛʃər/ 強烈な政治的圧力
- Fed chair /fɛd ʧɛr/ FRB議長（Federal Reserve Chair）
- risky gambit /ˈrɪski ˈɡæmbɪt/ 危険な賭け、大胆な策
- cutting rates /ˈkʌtɪŋ reɪts/ 金利を引き下げること
- flashing red /ˈflæʃɪŋ rɛd/ 危険信号を示す（比喩的表現）
- He’s been here twice before /hiz bɪn hɪr twaɪs bɪˈfɔr/ 彼は過去にすでに2回同じ立場に立たされている（つまり今回で3回目）
Inside the Room Where CEOs Say What They Really Think of Trump’s Policies
America’s top executives are expressing worry about moves that many see as state capitalism and pressure on the Federal Reserve.
- inside the room /ˈɪnˌsaɪd ðə rum/ 部屋の内部で、内幕で
- where CEOs say what they really think /wɛr ˌsiː.iːˈoʊz seɪ wʌt ðeɪ ˈrɪəli θɪŋk/ CEOたちが本音を語る場所
- Trump’s policies /trʌmps ˈpɑləsiz/ トランプの政策
- America’s top executives /əˈmɛrɪkəz tɑp ɪɡˈzɛkjətɪvz/ アメリカのトップ経営者たち
- expressing worry /ɪkˈsprɛsɪŋ ˈwɜri/ 懸念を示す
- state capitalism /steɪt ˈkæpɪtəˌlɪzəm/ 国家資本主義（政府が企業活動に強く介入する体制）
- pressure on the Federal Reserve /ˈprɛʃər ɑn ðə ˈfɛdərəl rɪˈzɜrv/ FRBへの圧力
Democrats Defeat GOP Effort to Censure Ilhan Omar
Republican Nancy Mace had sought to punish the progressive lawmaker over reposting a video that disparaged Charlie Kirk.
- Democrats defeat /ˈdɛməˌkræts dɪˈfit/ 民主党が打ち破る、阻止する
- GOP effort /ˌdʒiː.oʊˈpiː ˈɛfərt/ 共和党の取り組み（GOP = Grand Old Party、共和党の別名）
- censure /ˈsɛnʃər/ 議会での正式な「非難決議」
日本語の「検閲」ではなく「非難決議」の意味。議会用語。 - Ilhan Omar /ˈɪlhɑːn ˈoʊmɑr/ 民主党所属の下院議員（進歩派）
- Republican Nancy Mace /rɪˈpʌblɪkən ˈnænsi meɪs/ 共和党のナンシー・メイス議員
- sought to punish /sɔt tə ˈpʌnɪʃ/ 処罰しようとした（seek to の過去形）
- progressive lawmaker /prəˈɡrɛsɪv ˈlɔˌmeɪkər/ 進歩派の議員
- reposting a video /ˌriːˈpoʊstɪŋ ə ˈvɪdioʊ/ 動画を再投稿すること
- disparaged /dɪˈspærɪʤd/ けなした、過小評価した、侮辱した
- Charlie Kirk /ˈʧɑrli kɜrk/ 保守系論客、Turning Point USA 創設者
Pentagon Lawyers Raise Concerns Over Trump’s Strikes on Alleged Drug Boats
Defense officials worry about the legal implications for military personnel involved in the operation.
- Pentagon lawyers /ˈpɛntəˌɡɑn ˈlɔjərz/ 国防総省の法律顧問
- raise concerns /reɪz kənˈsɜrnz/ 懸念を表明する
- Trump’s strikes /trʌmps straɪks/ トランプ氏の攻撃
- alleged /əˈlɛʤd/ 疑わしい、〜とされる（法的に「容疑のある」ニュアンス）
- drug boats /drʌɡ boʊts/ 麻薬船（麻薬を運ぶとされる船）
- defense officials /dɪˈfɛns əˈfɪʃəlz/ 国防当局者
- legal implications /ˈliːɡəl ˌɪmpləˈkeɪʃənz/ 法的な影響、法的帰結
->「法律的に正当かどうか不透明な軍事行動」 - military personnel /ˈmɪləˌtɛri ˌpɜrsəˈnɛl/ 軍関係者、軍人
- involved in the operation /ɪnˈvɑlvd ɪn ði ˌɑpəˈreɪʃən/ 作戦に関与した
Banks Race to Prove They’re Not Biased Against Conservatives
An evangelical’s experience helped power a political fight against “debanking.” Banks cite financial risk and regulatory pressure for account closures.
- Banks race to /bæŋks reɪs tu/ 銀行が急いで〜する、必死に〜しようとする
- prove /pruv/ 証明する
- biased against /ˈbaɪəst əˈɡɛnst/ 〜に偏見を持つ
- conservatives /kənˈsɜrvətɪvz/ 保守派（の人々）
- evangelical /ˌiːvænˈʤɛlɪkəl/ 福音派（キリスト教の一派）、福音派信者
- experience /ɪkˈspɪriəns/ 経験、体験
- helped power /hɛlpt ˈpaʊər/ （運動などを）後押しした、推進力となった
- political fight /pəˈlɪtɪkəl faɪt/ 政治的闘い
- debanking /diːˈbæŋkɪŋ/ 口座閉鎖（銀行サービスから排除すること）
- cite /saɪt/ （理由として）挙げる、引用する
- financial risk /faɪˈnænʃəl rɪsk/ 金融リスク
- regulatory pressure /ˈrɛɡjəˌlɛtɔri ˈprɛʃər/ 規制当局からの圧力
- account closures /əˈkaʊnt ˈkloʊʒərz/ 口座閉鎖
Why Trump Privately Fumes About Netanyahu but Gives Him Free Rein
The president’s frustration boiled over last week hours after Israel attacked Hamas negotiators in Qatar, an operation that threatened to derail fragile peace talks.
- fume about /fjum əˈbaʊt/ （怒りで）ぷんぷんする、激怒する
- privately /ˈpraɪvətli/ 内密に、非公開で、個人的に
- give (someone) free rein /ɡɪv fri reɪn/ （人に）自由裁量を与える、やりたいようにさせる
- frustration boiled over /frʌˈstreɪʃən bɔɪld ˈoʊvər/ 不満・苛立ちが爆発する
- hours after /ˈaʊərz ˈæftər/ ～の数時間後に
- Israel attacked /ˈɪzrɪəl əˈtækt/ イスラエルが攻撃した
- Hamas negotiators /hɑːˈmɑːs nəˈɡoʊʃiˌeɪtərz/ ハマスの交渉担当者
- Qatar /kəˈtɑr/ カタール
- operation /ˌɑːpəˈreɪʃən/ 作戦、行動
- threatened to derail /ˈθrɛtənd tə dɪˈreɪl/ 脱線させかねない、頓挫させる恐れがある
- fragile peace talks /ˈfræʤəl pis tɔks/ 壊れやすい（不安定な）和平交渉
In Gaza City, Israel Looks for a Way to Kill Hamas but Not Its Hostages
The risk is that the Israeli military can’t do both, and security services say they are moving troops into Gaza City cautiously because of the danger.
- Gaza City /ˈɡɑːzə ˈsɪti/ ガザ市（パレスチナ自治区ガザの主要都市）
- looks for a way /lʊks fər ə weɪ/ 方法を探す、模索する
- kill Hamas /kɪl hɑːˈmɑːs/ ハマスを殺害・排除する
- hostages /ˈhɑstɪʤɪz/ 人質
- the risk is that /ðə rɪsk ɪz ðæt/ 危険は〜ということだ
- can’t do both /kænt duː boʊθ/ 両方を同時に行うことはできない
- security services /sɪˈkjʊrɪti ˈsɜrvɪsɪz/ 治安当局、情報機関
- move troops /muv truːps/ 部隊を移動させる、投入する
- cautiously /ˈkɔʃəsli/ 慎重に
- because of the danger /bɪˈkəz əv ðə ˈdeɪnʤər/ 危険のために
How Britain’s Keir Starmer Became Europe’s Soft-Spoken Trump Whisperer
The U.K. prime minister’s surprising rapport with the U.S. president offers a model other European leaders hope to emulate.
- Britain’s Keir Starmer /ˈbrɪtənz kɪər ˈstɑrmər/ 英国のキール・スターマー（労働党党首・首相）
- soft-spoken /ˌsɔft ˈspoʊkən/ 物静かな、穏やかに話す
- Trump whisperer /trʌmp ˈwɪspərər/ トランプをうまく扱う人、トランプの意向を巧みに引き出す人
- U.K. prime minister /ˌjuːˈkeɪ ˈpraɪm ˈmɪnɪstər/ イギリス首相
- surprising rapport /sərˈpraɪzɪŋ ræˈpɔr/ 意外な良好な関係、信頼関係
- offers a model /ˈɔfərz ə ˈmɑdəl/ 模範を示す、手本となる
- other European leaders hope to emulate /ˈʌðər ˌjʊrəˈpiən ˈlidərz hoʊp tə ˈɛmjuˌleɪt/ 他のヨーロッパの指導者たちが真似したいと考えている
A Politician’s Secret Power: He’ll Say Anything for $95
Britain’s Nigel Farage has surged in polls partly by selling short, sometimes inappropriate video greetings he probably doesn’t understand.
- politician’s secret power /ˌpɑlɪˈtɪʃənz ˈsikrət ˈpaʊər/ 政治家の秘密の力
- he’ll say anything for $95 /hiːl seɪ ˈɛniˌθɪŋ fər naɪnˈtiː faɪv/ 95ドルのためなら何でも言う
- Nigel Farage /ˈnaɪdʒəl ˈfæraʒ/ ナイジェル・ファラージ（英国の政治家）
- surged in polls /sɜrdʒd ɪn poʊlz/ 世論調査で急上昇した
- partly by /ˈpɑrtli baɪ/ 一部は〜によって
- selling short /ˈsɛlɪŋ ʃɔrt/ （ここでは）短く手軽な形で販売する、短時間提供する
- inappropriate /ˌɪnəˈproʊpriət/ 不適切な
- video greetings /ˈvɪdioʊ ˈɡriːtɪŋz/ ビデオでの挨拶（メッセージ）
- probably doesn’t understand /ˈprɑbəbli dʌzənt ˌʌndərˈstænd/ おそらく理解していない