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Federal Reserve Cuts Interest Rates for the Third Time; Italian Cuisine Gets UNESCO Intangible Cultural Heritage Status. Aired 3-3:45a ET

Aired December 11, 2025 - 03:00   ET

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

[03:00:00]

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ROSEMARY CHURCH, CNN ANCHOR: Hello and welcome to our viewers joining us from all around the world. I'm Rosemary Church. Just ahead here on "CNN Newsroom."

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DONALD TRUMP, U.S. PRESIDENT: We've just seized a tanker on the coast of Venezuela.

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CHURCH: The United States stoking tensions with Venezuela after taking control of an oil vessel off its Caribbean coast.

And following months in hiding, Venezuelan opposition leader Maria Corina Machado greets supporters in Norway after missing the Nobel Award ceremony.

Plus, the U.S. Federal Reserve has cut interest rates for the third straight time. But hear why the Fed chair says it's likely the last cut we'll see for a while.

Then later, Italy has a delicious reason to celebrate. Its cuisine just became the world's first to be awarded UNESCO status.

UNKNOWN (voice-over): Live from Atlanta, this is "CNN Newsroom" with Rosemary Church.

CHURCH: Thanks for joining us.

New information is emerging about that Venezuelan oil tanker seized by the United States. Satellite imagery reviewed by CNN shows the ship had been hiding its true whereabouts. Its transponder put it at a location off the Guyana coast last month when it was actually docked at a Venezuelan oil terminal.

Analysts say oil tankers sometimes spoof their location in an effort to conceal illegal activities. Guyana's maritime authorities says the vessel had also been sailing under a false Guyana flag. Meanwhile, Venezuela is condemning the capture, calling it an act of

international piracy, and vowed to launch an international appeal.

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DIOSDADO CABELLO, VENEZUELAN MINISTER OF INTERIOR RELATIONS, JU.S.TICE, AND PEACE (through translator): There it is. We've been saying it for a long time. Whether it's Tren de Aragua, whether it's drug trafficking, that's all nonsense.

What they really want is to steal our oil, steal our gold, and steal it. They want to steal our gas, our water. They want to steal it because they don't want to pay for it.

And why don't they pay? Because they're thieves.

(END VIDEO CLIP)

CHURCH: The U.S. Attorney General says the tanker was being used to transport sanctioned oil between Venezuela and Iran that was being used to support terror groups. A senior U.S. official says the ship was seized in international waters, adding that there were no casualties and that more seizures are possible in the coming weeks.

President Trump also addressed the incident.

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TRUMP: As you probably know, we've just seized a tanker on the coast of Venezuela, a large tanker, very large. Largest one ever seized, actually.

And other things are happening, so you'll be seeing that later, and you'll be talking about that later with some other people. It was seized for a very good reason.

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CHURCH: CNN's Kristen Holmes has further reaction from the White House.

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KRISTEN HOLMES, CNN SR. WHITE HOUSE CORRESPONDENT: President Trump announcing that the U.S. had seized an oil tanker off the coast of Venezuela, offering very few details. We have now seen the video released by the Attorney General, Pam Bondi, of this seizure. We were told by a U.S. official that this was done by the Coast Guard with assistance by the Navy and that this boat was carrying Venezuelan crude oil.

Now, the same U.S. official says the boat was headed for Cuba, eventually going to land in Asia. We should note that most of Venezuelan oil ends up getting sold to China, but unclear right now if that's where this was eventually heading. But there are still going to be a lot of questions. This comes as President Trump has ramped up his pressure campaign on

Nicolas Maduro. The two leaders spoke roughly two weeks ago. I was told at that time by a White House official that President Trump had issued somewhat of an ultimatum.

Unclear if this was part of that. Up until now, all we've seen is those strikes on boats generally off the coast of Venezuela, these alleged narco-terrorism boats, these strikes that we've heard so much about. President Trump, he has threatened strikes on land, but so far that's all that has been is just those threats.

And this is clearly, the seizure is clearly a vast or a major escalation in this pressure campaign as we see President Trump and his administration trying to essentially remove Maduro from office.

Kristen Holmes, the White House.

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CHURCH: President Volodymyr Zelenskyy is expected to join a virtual meeting of Ukraine's allies today to discuss how to move forward with peace talks. Ukraine delivered an updated version of the U.S. drafted peace plan to the Trump administration on Wednesday. The new details were hammered out during Ukraine's talks with European allies earlier this week.

CNN's Melissa Bell has details.

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MELISSA BELL, CNN SR. INTERNATIONAL CORRESPONDENT: Another meeting of the Coalition of the Willing is to be organized here in Paris on Thursday as European allies try and shore up their support to President Zelenskyy. He himself has been speaking fairly positively of the potential for progress as the negotiations over a possible peace plan continue. That 20-point peace plan now revised by the Ukrainians, we understand from the Ukrainian President.

Even now, there are three documents being discussed. One looking at the security guarantees, that will be at the heart of Thursday's meeting here in Paris. There is another document looking at the question of the reconstruction of Ukraine once peace has been achieved that we understand the subject of negotiations on Wednesday between Ukrainians and Americans.

The third, of course, and perhaps most important, the 20-point peace plan.

President Zelenskyy really speaking with a fair amount of optimism this Wednesday about the potential for peace. Suggesting that there could be, he says, a breakthrough on that front even this week.

Meanwhile, of course, on the ground, the fighting continues with very little change despite what President Trump had to tell politicos on Monday, suggesting that it was time for President Zelenskyy to give more away and accept certainly a peace given that he was losing on the ground.

CNN has been speaking to specialists both from the United States and Europe. There is no change, they say, to their estimates of what's happening on the ground. Slow progress being made by Russia specifically around Pokrovsk in the east of the country but no suggestion that they are in any position to make any breakthrough soon, say, U.S. and European officials.

What appears to be happening on the diplomatic front, some progress but a great deal of fear by Ukraine and Europeans that they might be forced by the United States and Russia into some sort of peace deal that would be acceptable to neither.

Melissa Bell, CNN, Paris.

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CHURCH: The Israeli government has approved the construction of nearly 800 new housing units in the occupied West Bank. Israel's finance minister calls the move the continuation of a clear strategic process. But the Palestinian Authority says it undermines the peace process and efforts for Palestinian statehood.

Meanwhile, Israel has reopened the critical Allenby crossing between the West Bank and Jordan. It's been closed since September and is a major route for bringing food, tents and other aid into Gaza.

The winner of this year's Nobel Peace Prize has appeared briefly in Oslo, Norway after a daring escape from Venezuela.

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Pro-democracy opposition leader Maria Corina Machado emerged from the balcony of her hotel as supporters cheered and sang the Venezuelan national anthem. She's under a travel ban and has been living mostly in hiding since last year. Machado's daughter accepted the Peace Prize earlier on her behalf.

The Nobel laureate has just arrived at Parliament in the Norwegian capital. She is expected to address the media soon and we will of course bring that to you live.

Well back in Caracas, the Venezuelan President was asked about Machado's award but didn't give a direct answer. Take a listen.

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REPORTER (through translator): Do you not care about the other prize, the one in Oslo?

NICOLAS MADURO, VENEZUELAN PRESIDENT (through translator): What matters to us is the life of the people. Health, work, housing, the prosperity of our homeland, the new economy. I want us to be concerned as President with the truth of the people, with the issues of the people and not want to govern the world.

Nobody can pretend to govern the world. We simply believe in diplomacy, in dialogue and in respect.

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CHURCH: Still to come, the U.S. Federal Reserve announces its third straight interest rate cut but hear why President Trump says it's still not good enough.

Plus, two days into Australia's first of its kind ban on social media for children under 16 and reactions are divided including from teens the law aims to protect. That story and more just ahead.

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CHURCH: Welcome back everyone.

The U.S. Federal Reserve is hoping to boost a weakening job market with a quarter point cut in interest rates. But Fed Chair Jerome Powell says this might be the last reduction for the next few months. The cut could mean lower rates for things like car loans and credit cards.

President Trump says it didn't go far enough. He wanted a half point cut.

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TRUMP: I think we can do much better than traditional numbers and you see that. You see that with what we're doing. We're leading in everything.

And now, and remember this, as far as prices are concerned and they talk about affordability, I inherited the worst inflation in the history of our country.

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CHURCH: A quick fact check.

Inflation under President Biden peaked during COVID in 2022 at 9.1 percent, nowhere near the all-time record of nearly 24 percent set in 1920. And by the time Trump's second term began, inflation had come down to 3 percent.

[03:15:09]

Well more now from CNN's Phil Mattingly in Washington.

(BEGIN VIDEOTAPE) PHIL MATTINGLY, CNN CHIEF U.S. DOMESTIC CORRESPONDENT: Well for the third time in as many meetings, the most powerful Central Bank in the world is cutting rates, a quarter point cut from the Federal Reserve was announced in its December meeting, last meeting of the year, third meeting in a row of a quarter point cut and may be the last one for a while. At least that's how it was framed by Federal Reserve Chair Jay Powell, who made very clear that at the current moment, they don't see or forecast the necessity of another cut until they get more data. Why?

Well, in part, that's because of the cross-cutting and some level divergent risks that the Federal Reserve is facing to its dual mandate, both full employment and stable prices. Inflation still stubbornly high, sitting around 3 percent; employment situation has gotten progressively worse over the course of the last several months, Powell said, even though it still remains around 4.4 percent.

Perhaps the biggest story of the entire meeting was not necessarily what was happening outside of what was in the statement itself, but the dynamics that served as the backdrop. Obviously, Jay Powell has been under tremendous political pressure for just about all of this year from President Trump. His replacement for when he is going to leave in May at the end of his term as chair is likely to be selected in the coming weeks.

That replacement at this point looks like it's going to be Kevin Hassett, who is the top economic advisor to President Trump, the President's top economist already on the Fed board. Stephen Myron, who was nominated to fill an open seat just a couple of months ago. Hassett was actually on T.V. just 30 minutes before the Fed decision was announced, something that in any past administration would have been a complete anathema, talking about the decision, giving his own ideas of what a decision should be.

Used to be verboten for any White House official to talk about the Fed at all. That obviously has changed. This is the new normal, and Hassett may be the new Fed chair if Trump eventually signs off and the Senate confirms him.

That also happening as three dissents, three Fed voters voted against the quarter point cut. One wanted to cut further. That would be Myron.

Two others wanted to stand firm, given the fact that inflation and the labor market were both diverging at the same exact time.

That's the first time in a number of years that there have been three dissents, more than at any point in the last several years. Underscoring that Powell doesn't just have political and pressure issues to deal with on the outside. He's also trying to navigate an increasingly tense, on some level, at least in their policy views, inside game with the voters on the FOMC.

How he navigates that in an economy that he made very clear, to use his words, there is no risk-free path. That is a huge, huge lift over the course of the coming months, but it's certainly one Powell says he believes he and the Fed will be able to accomplish. Phil Mattingly, CNN, Washington.

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CHURCH: Australia's social media ban for children under 16 is drawing strong reactions, both for and against the new law. Meta claims the ban will make teens and children less safe by isolating them from online communities and information.

There are also concerns that teens could use VPNs to bypass the restrictions or simply move to platforms not included in the ban. Officials say additional social media apps can be added to the ban list in the future.

The Premier of South Australia told CNN's Jake Tapper that the ban will improve children's lives. Take a listen.

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PETER MALINAUSKAS, SOUTH AUSTRALIA PREMIER: All we're saying is if you're under 16, if you're a 12-year-old, your mental abilities, your development of your brain isn't yet at a point to be able to handle the service. So they're going to get there eventually, but what's the harm in a 14-year-old not getting social media? I mean, what's the worst thing that's going to happen here?

I mean, kids start texting each other or calling each other instead or meeting up at an oval to play some sport or going to dance classes more actively, sitting around talking to their parents, playing with their brothers and sisters.

I mean, brothers and sisters in their own families are sitting around in their lounge room, all staring at a screen. Now they may not be. I mean, what's the worst possible outcome of that?

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CHURCH: CNN's Anna Cooban has more on the reaction to the law, including from those it's meant to protect.

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ANNA COOBAN, CNN BUSINESS AND ECONOMICS REPORTER: Waking up to a new world.

REPORTER: What happens when you try to log in?

UNKNOWN: It says my account is banned and I can no longer log on or use the app at all.

COOBAN: Children under 16 in Australia are getting used to life without social media. The Australian Government says that's for their own good.

ANTHONY ALBANESE, AUSTRALIAN PRIME MINISTER: This is indeed a proud day to be Australian, because make no mistake, this reform will change lives.

[03:20:04]

COOBAN: And parents who have suffered tragic losses agree.

UNKNOWN: It means so much. You know, it's a very emotional day.

COOBAN: Matt O'Brien's daughter, Charlotte, died in September 2024, aged just 12. Her family say that she had been bullied online. O'Brien was at an event in Sydney to mark the new law.

MATT O'BRIEN, FATHER OF CHARLOTTE O'BRIEN: We're also incredibly proud. We're proud of Charlotte and the role that she's played.

COOBAN: And the Prime Minister says that this law is just the start. But

ALBANESE: I've been asked this morning in media interviews, what will success look like? Success is the fact that it's happening.

COOBAN: Back at Australian schools, young people understand the arguments for this law, even if they're worried that they might miss out.

UNKNOWN: It's a good way to reduce destruction, because with doom scrolling and everything, it reduces concentration and can just impact your schooling.

UNKNOWN: It's going to be definitely different, because some people find social media a way of like expressing themselves. They find it comforting sometimes.

UNKNOWN: I do wish it was a lower age, but that might be biased because I'm 15 years old.

COOBAN: Australia's Prime Minister hopes the rest of the world will follow his example. But for children, success of the ban could be measured in simpler ways.

UNKNOWN: We deserve time with real people to learn body language, tone, empathy and all the social cues you can't get from a screen. We also deserve boredom too.

COOBAN: The rest of the world is now watching to see if this big idea becomes a success.

Anna Cooban, CNN, London.

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CHURCH: A landmark honor for Italian food. It is the first national cuisine to be recognized as cultural heritage by UNESCO. We'll explain what that means straight ahead.

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[03:25:00]

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CHURCH: Welcome back to "CNN Newsroom," I'm Rosemary Church. I want to check today's top stories for you.

Venezuela is slamming the U.S. for seizing one of its oil tankers, calling it an act of international piracy and accuse Washington of trying to plunder its resources. The U.S. Attorney General says the tanker was being used to move sanctioned oil between Venezuela and Iran.

Nobel Peace Prize winner Maria Corina Machado is expected to hold a news conference in less than an hour following her risky journey to Oslo. Venezuela's government had warned she would be considered a fugitive if she left the country. The opposition leader has been in hiding since last year, Machado's daughter accepted the award earlier on her behalf.

The former University of Michigan head football coach, Sharon Moore, was jailed on Wednesday night just hours after he was fired from the job. Police say officers responded to investigate an alleged assault and took a suspect into custody but did not release any other details. Moore's arrest comes after the school says he was fired over an inappropriate relationship with a staff member.

A new study is putting a focus on the impact A.I. Chatbots are having on young people's mental health. It found that nearly a third of American teens are interacting with the likes of ChatGPT and Google's Gemini on a daily basis. The findings by the Pew Research Center come after two major A.I. firms have faced lawsuits from families who allege their chatbots played a role in their teens' suicides or mental health issues.

CNN's Clare Duffy has more.

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CLARE DUFFY, CNN TECH REPORTER: Yes, this is important research because it sheds light on teen use of a technology that has raised really serious mental health concerns.

This is the first time Pew Research has surveyed teens on their general A.I. chatbot use. They talked to about 1500 teens from 13 to 17 from across the country and what they found is that more than half, 64 percent, have used an A.I. chatbot at least once. Around a third of U.S. teens, 28 percent, are using them daily and 16 percent say they use them several times a day to almost constantly.

The most popular chatbots probably also won't surprise you. ChatGPT is at the top of the list followed by Google's Gemini, Meta A.I., Copilot from Microsoft, and Character A.I., which of course we've talked about this year because the company has been sued by a number of families who claim that it contributed to their child's self-harm or suicide. Character A.I. has made a number of major changes to its platform since then, but I think this is an important reminder to parents to pay attention to what your kids are doing with these chatbots.

Many of these chatbots are pitched as tools to help kids with school and homework, which they certainly can do, but what we're seeing is that kids often form a habit and build deeper relationships with these tools and that's where things can go to a potentially harmful place. So important research here in terms of helping us understand the prevalence of these chatbots among teenagers. Back to you.

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CHURCH: Stunning new details about the audacious heist of the French crown jewels at the Louvre. A French Senate probe heard that the thieves escaped with just 30 seconds to spare. The head of the inquiry says that guards or police were less than a minute away from intercepting the jewel thieves.

The probe also found that only one of the two cameras covering the break-in point was working, and when the alarm did sound, investigators say police were sent to the wrong location. All four of the suspected break-in crew have been arrested, but the French crown jewels are yet to be found.

Well Pizza, pasta, prosecco and everything in between. Italian cuisine has now been designated an intangible cultural heritage. It is the first gastronomic style to be recognized by UNESCO, the U.N.'s cultural body.

CNN's Barbie Latza Nadeau explains what that means.

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BARBIE LATZA NADEAU, CNN REPORTER: We're here at a quintessential Roman Christmas market where you've got stalls of Italian food being sold all across this area. Now these are stalls of regional cuisine. This one particularly is from Sardinia and this is part of what the UNESCO World Heritage designation for intangible cultural heritage of the Italian cuisine is celebrating.

It's celebrating the traditions, the biodiversity of this country, the sustainability, the seasonability and the production and the tradition of Italian cuisine. Now this is something the Italian government has fought for the last three years trying to get this designation because they believe it will help in prohibiting people from producing fake Italian food.

We saw a couple of weeks ago at the European Parliament the sale of jars of prepared carbonara sauce. That was something that really raised the ire of officials here especially the (inaudible) ministry.

You know Italian cuisine has is something that is the recipes are handed down they're very much a no-waste recipe. It's simple food, it's elegant food, it's delicious food and the Italians are very proud of it and this designation will help protect it.

Barbie Latza Nadeau, CNN, Rome.

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CHURCH: Katie Parla knows all about Italian food. She is a New York Times best-selling author, journalist and educator in Italian gastronomic cuisine and she joins me live from Rome. Great to have you with us.

KATIE PARLA, AUTHOR AND EDUCATOR IN ITALIAN GASTRONOMIC CULTURE: Bonjourno.

CHURCH: Bonjourno.

So what was your initial reaction when you heard the news that Italian cuisine was being recognized by UNESCO and what could this mean for Italian brands and tourism do you think?

PARLA: Everything that promotes Italy is fantastic for Italian brands and tourism and I think we can all agree the made in Italy slogan moves packages, sells food regardless of the sort of origin of the product or not.

And so Barbie's initial take which I just listened to which evokes the difficulty that the Italian government has with preventing fraud is a certainly a fraught topic, and so I think as long as the UNESCO World Heritage recognition comes in tandem with consumer understanding that Italy is a powerful brand itself and people need to be a little bit more thoughtful about whether things are actually coming from Italy or not like we just need to be respected consumers.

CHURCH: So why Italy, do you think, considering you have said yourself that Italian cuisine is actually a very modern invention of infused flavors and ingredients from many other countries and cultures, so why did UNESCO specifically recognize Italian cuisine over all others? I mean the French might be saying why not us?

PARLA: Oh boy things across the border are spicy for sure. You know when I was reading through the UNESCO charter and you know it speaks about the intangible importance of this cultural heritage and Italian cuisine is all about seasonality and conviviality.

My first thought went to like what are they saying in Paris right now and if anyone has ever shared a meal with a Filipino family or a Thai family I think a lot of the images that the Italian cuisine evokes can be found across borders. And so I think the fact that the Italian cuisine has been recognized is going to pave the way for many other cuisines to be recognized as well.

For sure we have generational knowledge passed down but we also have to be aware that Italian cuisine and my Italian American family is going to be furious when I say this is pretty new and the things that we consider classic and traditional may be only 40, 50 or 60 years old.

CHURCH: Right, yes, I mean that's interesting isn't it and of course at UNESCO. I mean there's this sense that it needs protecting and from what you've said that there seems to be a valid reason doesn't it?

[03:35:03]

PARLA: Yes. I mean anyone who's ever shopped for olive oil or tomatoes is likely aware of the incredible amount of fraud in those industries which are flagship products for Italian cuisine. And something that I hope that the UNESCO acknowledgement will start a conversation about is artisanal food production which is in the very first line of the charter and we need to be cognizant that only about 20 percent of Italian food production is artisanal and the other 80 percent is industrial.

And so if UNESCO's acknowledgement can promote awareness of just how at risk artisanal food production is then I think it's a good start.

CHURCH: Okay so Katie, what are the most typical Italian meals that stand out to you and which Italian dishes should we all try to cook or order in the days ahead to celebrate this UNESCO status along with all our Italian friends?

PARLA: Well I mean I'm certainly a partisan on this topic. I've written a book -- many books about Rome and so I think everybody should be cooking braised oxtail to celebrate the UNESCO acknowledgement.

So I thought you thought I was going to say carbonara. I know I'm always resisting people's expectations, but you know the Italian traditions well the ones that are very famous in Italy now and abroad are the ones that have great marketing carbonara coming of course to the fore. We have a tradition of brothy soups and braised meat dishes that authenticity is a loaded word but are perhaps more authentic in Italian cuisine and I encourage everyone to fire up their Dutch ovens and start cooking soups and braises.

CHURCH: Lots of options there. Katie Parla in Rome, many thanks and I really appreciate you chatting with us on this topic and congratulations to Italy. Grazi. Thank you.

All right, we'll take a short break now we'll be back in just a moment.

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[03:40:00]

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CHURCH: Welcome back everyone.

A brown-haired poodle is back home after being taken from its owner in San Mateo in California. Police say a masked man approached a woman who was walking this little fella on Monday and snatched the pooch away, the suspect then took off in a car but officers and pull him over. 33-year-old David Frankhauser was arrested on suspicion of second-degree robbery, police called the episode a targeted incident involving known parties. The U.S. Powerball jackpot has risen to an estimated $1 billion after

nobody won the grand prize in Wednesday night's drawing. It's been growing steadily since September when two winning tickets split the last jackpot, almost $1.8 billion, the second largest in Powerball history. The next drawing will be held on Saturday.

I want to thank you so much for your company, I'm Rosemary Church. Have yourselves a wonderful day. World Sport is coming up next.

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