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Isa Soares Tonight

Israel Approves Housing Units in West Bank; Australia's Social Media Ban; Powell Takes Questions After Fed Lowers Interest Rates; Italy's New UNESCO Recognition. U.S. Federal Reserve Makes Decision on Interest Rates; Miami Mayor-Elect Eileen Higgins Becomes First Democrat to Win in Nearly 30 Years; Ukraine Works to Finalize Peace Plan with U.S. and Europe. Aired 2- 3p ET

Aired December 10, 2025 - 14:00   ET

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

[14:00:00]

ISA SOARES, HOST, ISA SOARES TONIGHT: Hello, and a very warm welcome, everyone, I'm Isa Soares coming to you live from London. And tonight, we

are beginning with breaking news. The Federal Reserve is announcing a decision on U.S. interest rates right now. Richard Quest joins me now with

more. Richard, good to see you. Stock markets, I think are pricing in at 25 basis-point cut. What are you seeing?

RICHARD QUEST, CNN BUSINESS EDITOR-AT-LARGE: All I can tell you, they've just been announced, it always comes within seconds of the top of the hour.

And they have cut by a quarter basis -- sorry, a quarter of a point. So, the new Fed funds rate is 3.5 to 3.75. It is a target range. It is the

third cut in a row, September, October, and now the December meeting.

Forgive me for just leaning over to get the statement. Here we go. I've got the statement for you now, just bear with me while I actually read the

whole -- the whole thing. The committee judges that the Reserve's balances -- decisions regarding monetary implementation. The board of governors

voted unanimously to lower the rate paid on Reserve balances to 3.65 percent, effective December the 11th.

The effort -- and we'll get into the detail of it. But yes, the Fed has now cut rates by a quarter point, largely as expected. The third rate cut in a

row. And now, Isa, we're going to be waiting to see if they wait to see what happens next.

SOARES: Yes, and with this, of course, as we hear from Fed Chair Jerome Powell in less than what? Twenty nine minutes or so, we're also expecting

Richard, from what I understand, to hear him talk about the 2026 outlook, right? What should we be looking out for in less than half an hour or so,

Richard?

QUEST: What we're going to look for is basically what I'm going to read to you now. Uncertainty about the economic outlook remains elevated. The

committee is attentive to both sides of the mandate. That's full employment and price stability. And this is a key point. And judges the downside risks

to employment rose in recent months.

Now, they're basically saying that when you have a balancing act between inflation and unemployment, unemployment now is the driving force. Full

employment is what they are aiming for. And what this tells us is they don't have a huge amount of really good data because of the government

shutdown and all that took place there.

They are somewhat cloudy, not quite in the dark because there are other surveys, but the view is clearly that unemployment is now the risk. The

labor market is the risk. And so, they'll probably wait and see until they get better data on how that's going to play out.

SOARES: And of course, Richard, it's context for our viewers, I believe this will be -- this meeting will be Fed Chair Jerome Powell's last right

before then President Trump picks his successor. Any -- what are you hearing about who could be next? Are you hearing any possible names?

QUEST: Yes, there's a whole host of people who could be named the number -- the name everyone is talking about is Kevin Hassett; who is the chief

economic adviser at the moment. And he seems to be the man to beat. However, there is a concern that he is too much in the President's camp,

and if he were to be appointed as chair of the Fed, then he would be too willing to do the President's bidding in lowering interest rates.

I think that might be overstating it a bit much. The man is a senior economist of great experience and repute, but certainly the shift forward

now is going to be not so much just on whether they cut next or whatever. It's who they nominate, who takes over from Jerome Powell, and that will

give us a good indication of whether we're going to have many more cuts in the future.

I'm just looking to see just if you do look at the way, because what laws they're going to get is the famous dot plot --

SOARES: Oh, yes --

QUEST: Wait a minute, yes, here we go. This is the I was looking for -- sorry. The dissents voting against the action was Stephen Miran -- well,

Kelce Priest(ph) who preferred to raise it to lower it by half a percentage point?

[14:05:00]

And Austan Goolsbee and Jeffrey Schmid, who preferred no change to the target rate at this meeting. I'm glad I did take the time for that, because

this shows a split. This shows that the FOMC is absolutely split between those who would have done nothing, those who moved along with the Fed chair

and Stephen Miran on his own, who would have done half a percentage point. This is not a comfortable Fed or place for the position for the Central

Bank to be in.

SOARES: And remind me if I'm wrong, the last time you and I spoke with another Fed decision, there was also a split, was there not? From what I

can remember. I think we were both discussing this --

QUEST: Yes --

SOARES: And this and this point, I think it's important, given, of course, what we've heard, what we've been hearing in the last 24 hours, in fact,

Richard, from President Trump in particular yesterday in Pennsylvania, I'm not sure whether you heard --

QUEST: Right --

SOARES: An interview --

QUEST: I did --

SOARES: He did -- he talked -- he gave the economy a plus-plus, I think, and saying -- talking about affordability, saying it's like -- I'm going to

quote him here. "It's like Bonnie and Clyde preaching about public safety". Where are we on prices? Because prices don't seem to be going down. And I

was looking at some of the consumer confidence that's at record lows too. Speak --

QUEST: Yes --

SOARES: To that, Richard.

QUEST: OK, so, where we are with prices is that they're not going up by as fast. All right, so, it's not -- they're never going to come down. Forget

that. I mean, maybe the odd item is going to come down. You're not talking about falling prices. God forbid. That's deflation.

And we're not even at disinflation, which means neither going up nor going -- no going down. We are still in an inflationary environment where it's

rising by more than 50 percent more. So, the Fed's target is 2 percent, though, it's going over by over 3 percent. So, it's clearly elevated, and

it is a serious risk, and the Fed's credibility is on the line because of it.

And I think that's why you have Austan Goolsbee and Jeffrey Schmid saying, let's not do anything at all this meeting. It's too uncertain. And that's -

- so, on the one hand, you've got members of the committee do nothing, inflation is still a worry, we don't know what's happening. You've got the

bulk of them who are saying, no, let's buy a bit of insurance because of the job market.

And you've got Stephen Miran, who says half a point, the ceiling is falling. The buildings is on fire. I think this is a very risky position

for the Fed to be in, and it certainly does not give confidence for direction in the future.

SOARES: Indeed, and we're expected to hear from Jerome Powell in less than 20 minutes. Thank you very much, Richard, Richard Quest will be back much

later about two hours right here on CNN --

QUEST: Thank you --

SOARES: Speaking of business news, President Trump this hour is hosting a round table talk at the White House just a day, of course, after Richard

and I were discussing that scorching speech on the economy. The U.S. President said again, concerns about affordability are a hoax. He said,

fabricated by Democrats.

He blamed Joe Biden for higher prices, saying he inherited, quote, "total mess when he took office". However, since January, unemployment is higher

and job creation is lower in the United States. Concerns, of course, are over as Richard and I were talking about consumer confidence also at record

lows.

And Republicans could be paying for that at the polls. In Miami, Democrat Eileen Higgins is set to be the new mayor, breaking a nearly three-decade

streak for Republicans in the city. I want to bring in our senior White House reporter Kevin Liptak. So, Kevin, I'm not sure whether you heard my

discussion there with Richard Quest.

Of course, that Fed decision, a split within the Fed, as we heard there. But I wonder, Americans up and down the country, how are they receiving

those comments by the President, many of whom, of course, want to see just that, right? Affordability, when they voted for him.

KEVIN LIPTAK, CNN SENIOR WHITE HOUSE REPORTER: Yes, and I think the concern that you hear, at least, among the President's allies in Washington, is

that he could be making the very same mistake that his predecessor, Joe Biden, made in trying to convince Americans that the economy is actually

better than they think it is.

You know, Biden tried that with his Bidenomics plan, and it did not go particularly well. And so, when you talk to Republicans, look, they

acknowledge that there's little expectation that President Trump is suddenly going to open up this new empathetic streak when it comes to the

economy.

But they certainly would like to hear him talk more about the ways he's trying to bring some of these prices down, and talk more about some of the

concerns that Americans are feeling. The speech was very much not that. You know, he talked about how Joe Biden was to blame for virtually all of the

economic anxiety in the country.

He kept insisting that inflation was coming down at new lows. You know, inflation is right now at about 3 percent, which is where it was when he

came into office.

[14:10:00]

And he kept talking about the concept of affordability as a hoax, as a con job, as a way to damage him politically. And so, the speech was really kind

of billed as a way for him to road test his economic message going forward. His advisors do say that he'll be out in the country a lot more next year

than he was this year.

You know, this rally was the first time in months, you know, I think it was back in April that you'd have to go to find another similar event that the

President held. But there are concerns. And you hear that sort of quietly among his advisors and his allies, and they do fear that now, as he's

getting closer to that one year mark in office, that his argument that this is all Joe Biden's fault is just going to get thinner and thinner.

SOARES: Kevin Liptak for us there at the White House. Thank you very much, Kevin. Now to Ukraine. There appears to be a delay in Ukraine sending out

its updated peace plan to end the war with Russia. Ukrainian President Volodymyr Zelenskyy said Tuesday, if you remember, he would be sending the

plan to the U.S. today.

But now says his negotiators are still hashing out the details with American and European officials. Mr. Zelenskyy says it will be sent to the

U.S. in the near future. Sources tell CNN, U.S. President Donald Trump spoke today with the leaders of France, Germany and the U.K. about how to

move the peace process forward. Germany's Chancellor praised Ukraine's leader for working hard on a solution, and said Europe will have a major

say in all of this.

(BEGIN VIDEO CLIP)

FRIEDRICH MERZ, CHANCELLOR, GERMANY (through translator): Ukraine needs strong security guarantees from its partners in the U.S. and NATO. And

anything that affects us Europeans requires our consent. European security interests must be safeguarded, and that is for us to decide.

(END VIDEO CLIP)

SOARES: Our Melissa Bell has more, she's tracking all the details for us from Paris. Melissa, do we have a sense at this -- at this stage? What is

in President Zelenskyy's plan and why the response he has been delayed?

MELISSA BELL, CNN INTERNATIONAL CORRESPONDENT: We don't know much about the delay, simply that we understand it will be in the near future. What we are

beginning to get is an idea of what's going to be sent back to the United States and the Russians. This revised Ukrainian plan, which has taken up,

we understand, the 28-point peace plan that had been put to it by the United States and transformed it into a 20-point plan.

We also understand, from what President Zelenskyy has been saying these last couple of days after his meetings with European leaders, that on the

question of the Donbas, you'll remember that, that 28 plan had initially suggested that Russia should take control of even territory that it hadn't

conquered, Isa.

What we hear from President Zelenskyy is a very firm idea that he is not in any position to hand over any territory to Russia, either legally, he says,

or constitutionally or even morally. So, what we imagine is that the plan that will be sent back shortly, we understand, will revise that question of

territory that is not in Russian hands being handed to Russia.

About the rest of it, we know for the time being, very little simply that President Zelenskyy has said that the sensitive parts of the plan are that

question of the eastern Donbas, and of course, the question of Zaporizhzhia and what happens to its energy supply and to its future. So, we await to

hear more about what heads back and mostly, Isa, of course, what the reaction to that is.

SOARES: Yes --

BELL: We've heard President Trump express his frustration earlier this week. What will they say when they get this peace plan back? And more

specifically, will Moscow budge on it? This has seen really President Zelenskyy surrounded by European allies these last few days to really try

and forcefully push back on the idea that any kind of peace would be imposed on Ukraine. That was not acceptable in terms of its territorial

integrity as it stands along the frontlines now. Isa.

SOARES: Yes, as we've seen a show of unity by Europe as they stand alongside, of course, President Zelenskyy, and he is under pressure, right,

Melissa, we've seen that pressure and the frustration from the U.S. side, because there's another element in this, and the element here, the hurdle

of elections. Zelenskyy said that Ukraine could be ready for elections in the next 60 to 90 days, I believe, he said, if there will be -- security

could be guaranteed, right?

How do you even -- how would that even be possible? Because holding elections, of course, during wartime and then the risk of Russian

influence, as we have seen in previous elections, Melissa.

BELL: This question of elections has come up regularly over the course of the last couple of years. The issue, of course, is martial law. The issue

is also, as President Zelenskyy pointed out, the fact that its army continues to receive missiles from the Russian side, and that in that

context, it's very difficult to see how elections could be held without even mentioning, Isa, of course, the question of Russian influence and

interference that we'd seen in previous Ukrainian polls.

[14:15:00]

So, the question -- his answer really to that, the fact that he said elections could be held between 60 and 90 days, an answer really directed

to President Trump, who in that interview with "Politico" earlier this week had pointed out or suggested that one of the reasons President Zelenskyy

was dragging his feet when it came to peace was that he wanted to cling on to power.

So, I think this is a direct response to that. He's more than happy for elections to be held, he said within that time frame, simply, if the

security of those elections can be assured. Isa.

SOARES: Yes, looking for concessions out of Ukraine, the very little in terms of concessions out of Russia. Melissa Bell, good to see you, Melissa,

as always, thank you. And still to come tonight, it could be her first public appearance after more than a year in hiding from the Maduro

government. Intrigue is building as Venezuelan opposition leader and Nobel laureate Maria Corina Machado is expected to arrive in Norway soon.

We'll have the very latest from Oslo and from Caracas next. And then later this hour, Australia's new social media ban for minors is now in its second

day. We'll take a look at the impact it might have on other countries. Both of those stories after this very short break.

(COMMERCIAL BREAK)

SOARES: From activism in hiding to the Nobel Peace Prize in Oslo, intrigue is growing as Venezuelan opposition leader Maria Corina Machado is expected

to arrive in Oslo soon after missing today's award ceremony, defying a decade long travel ban. The Nobel institute noted that Machado, who has

been in hiding for more than a year, was safe but that her journey involved, quote, "extreme danger".

Her daughter, you can see there, received the award on her behalf, celebrating her mother's courage.

(BEGIN VIDEO CLIP)

ANA CORINA SOSA, DAUGHTER OF MARIA CORINA MACHADO: And as I await that moment to hug her, to kiss her, to embrace her after two years, I think of

the other daughters and sons who do not get to see their mothers today. This is what drives her, what drives all of us. She wants to live in a free

Venezuela, and she will never give up on that purpose. That is why we all know -- and I know that she will be back in Venezuela very soon.

(END VIDEO CLIP)

SOARES: Well, many of Venezuelans, however, can't help, but feel anxious about her departure. It's unclear if she'll be able to return after the

Maduro government warned she'd be a fugitive if she left Venezuela.

[14:20:00]

Let's get more on this, I'm joined now by CNN's Pau Mosquera, who is live for us in Oslo, and Stefano Pozzebon, as you can see there, is following

reactions from Caracas. Let me start first, Pau, with you. We heard some incredibly moving words from Ana Carina Sosa; Maria Corina Machado's

daughter, who she says she hasn't seen in two years, her mother in two years.

Any ideas, Pau, when Maria Corina Machado is expecting to arrive? What is the sense you're getting there?

PAU MOSQUERA, CNN CORRESPONDENT: We don't have a specific time, Isa, but we know it should happen over the next few hours. And I'm saying so because

over the morning, the Nobel Institute shared an audio of a phone call that has been realized between her and the President of the Norwegian Committee

for the Nobel, where she was saying that, was about to get on a plane to get here to Oslo, to the Norwegian capital.

So, most of the people that are still gathered here around the hotel where she is supposed to arrive, they are expecting it to happen over the next

hours. But now, getting to the point of the ceremony, as you just said, it has been very emotional, and not just for her daughter, for Ana Corina, but

for the dozens of Venezuelans that have been watching it live from the outside.

Because the authorities, they actually have put a scenario stage and a big screen, so, they allowed everyone to enjoy the ceremony live, to follow

every single second of this important event. And all the people attending from outside, you could see them, the faces that were paying attention to

every word and even screaming or clapping every time that it was mentioned, for example, that Edmundo Gonzalez was one among the ones in the audience

there inside of the City Hall of Oslo, that is the place where the ceremony has taken place.

And right now, even the thermometer here in Oslo is having no mercy on all the people in the streets because it's getting very cold. There are still

some people around this grand hotel downtown Oslo, which is the place where normally the winner stays when comes to the city to be awarded the prize.

And they're waiting to, well, check if they can get a glimpse of Maria Corina, if they can see live her arrival, but as we said, we don't know the

exact time of this possible arrival. Isa.

SOARES: Yes, what a moment that will be, Pau, when she embraces her daughter after all this time. Do stay with us, Pau, let me go to Stefano in

Caracas. And Stefano, I think it's important to put it into context for people, I know you are -- I think you're at a Maduro-led protest, we'll get

to that in just a moment.

But just add some context here to what Pau is saying, because while the exit came, of course, from Mara Corina Machado with risks, the entry in

Venezuela will be potentially even riskier, right? Because the presence inside the country carries more weight than outside. Give us a sense of the

risks and what the reaction has ''been on the ground, if there's been any at all.

STEFANO POZZEBON, CNN CONTRIBUTOR: Well, there has been a reaction, Isa, that reaction has been so far a total -- an inch of frankly, unflinching

from the Maduro government. Yes, you correctly said we are at a pro-Maduro rally, which you can see, pointing out dozens of members of the military,

dozens of members of the police, dozens of members of the militia.

And this is a government that really doesn't want people to know that somebody here in Venezuela won the Nobel Peace Prize here. So, that Maria

Corina Machado is just the second Venezuelan in history to win a Nobel Prize. Of course, the first one to win it for peace, and yet no television

channel or radio station in this country was allowed to carry updates or carry parts of the speeches from her daughter.

If Maria Corina would decide to come back here in Venezuela, which she has told us, for example, many times in the past that she intends to do because

she says her strength and the strength of her struggle are dependent on link with the people. Well, that will be, of course, a major risk for her.

She faces multiple charges from a judiciary system that is anywhere not independent, by the way, and where the government really seems in adamant

in not allowing any inch. Because once again, it's important to point out this is just the second time a Venezuelan wins a Nobel, regardless of the

political standard, there should be a party, there should be a celebration for the entire nation.

And yet, we're here in Caracas, and we know that the only way that most -- were allowed to follow the speech, to follow those updates was using VPNs,

because most Venezuelan media were not allowed to carry. And most media were -- are blocked here in Venezuela, for example. Isa.

SOARES: And I can hear you, but I'm just about to make you -- because I think the person next to you is being much louder as you would expect. But

let me put this to you, and hopefully, I'll be able to hear you, Stefano.

[14:25:00]

Give us a sense of the mood, of course, so, we are seeing tensions continue to rise with the United States. What has been the rhetoric so far from

Nicolas Maduro?

POZZEBON: Well, the rhetoric is, of course, a total denial, saying that the White House is concocting a plan to trigger a regime change, a regime

collapse here in Venezuela, and Maduro calling his forces, the people that are walking next to me, for example, are members of a military academy.

You can see them from the white shirt that they are wearing, and now they want to show you, this is the images that we are all waiting. We want it to

be seen here in Caracas with dozens of members of the militia marching here, and once again in a crowd, in a show of force of the government

saying that they're not ready to give up power anytime soon. Isa?

SOARES: Stefano Pozzebon for us there on the streets of Caracas in Venezuela. Thank you very much, Stefano, great to see you, and our thanks

to Pau Mosquera in Oslo as well. And still to come, tonight, the Israeli government prepares to be -- to reopen a border crossing. What this means

for the people of Gaza next.

And it's been one year since the fall of Bashar al-Assad in Syria. Next, our Clarissa Ward visits a haunting sight where some of Assad's atrocities

may lie buried.

(COMMERCIAL BREAK)

SOARES: Welcome back, everyone. 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, quote, "a clear strategic process". The order further strains efforts for Palestinian

statehood.

When it comes to spy international law, that considers, of course, Jewish settlements in the West Bank illegal. Elsewhere in the West Bank, the

Israeli government is expected to reopen a border crossing with Jordan. The Allenby Crossing is a major route for bringing food, tent, and other goods

destined for Gaza. It's been closed to shipment since September, when an eight-truck driver killed two Israeli military personnel. Israel said it

has tightened screening for drivers and truck cargo. Let's get more on this.

Jeremy Diamond joins me now from Tel Aviv. So, Jeremy, let's start, first of all, in the occupied West Bank and the approval of Jewish settlements of

those nearly 800 housing units, which is illegal under international law. What has the Netanyahu administration, what have they had to say on this

today?

JEREMY DIAMOND, CNN JERUSALEM CORRESPONDENT: Well, they are making quite clear that this is a continuation of a policy that has accelerated over the

course of this war for the last two years, and one that is not just aimed at, you know, piecemeal increasing the number of settlements in the West

Bank, but really doing so as a matter of strategic policy.

We have heard members of the Netanyahu government say, you know, what used to be the quiet part, but now saying it very much out loud, that these

expansions of settlements, whether it is the nearly 800 housing units that were just approved or the expansion or the creation of new settlements in

the West Bank, that all of it is very much aimed at trying to create a dead-end scenario for the existence of a Palestinian State.

And indeed, you know, around the world, these Israeli settlements in the West Bank are not only viewed as contrary to international law, a violation

of international law, but also viewed as a major impediment to a possible two-state solution, with these settlements increasingly blocking viable

pathways to creating some kind of a contiguous Palestinian state in the West Bank.

The finance minister, Bezalel Smotrich, is the one who is leading this approval process. He is, of course, a settler himself and one of the most

right-wing members of the Israeli government. He has increased the pace of construction of additional housing units in the West Bank since October

7th. We heard today as well from Peace Now, an anti-occupation advocacy group, which said that this is the latest indication that Israel is, quote,

"racing towards de facto annexation of the West Bank."

SOARES: Let's stay in the West Bank and focus on the Allenby Crossing, of course, that will provide -- hopefully provide some much-needed aid to come

in to Gaza. I understand Israel said it will reportedly reopen the crossing. It's been closed for two months. Give us a bit more detail on

that. Is that still going ahead?

DONALD TRUMP, U.S. PRESIDENT: Yes. Well, that is our understanding. This crossing was shut down back in September after a Jordanian humanitarian aid

truck driver killed two Israeli soldiers at that crossing. The Israeli authorities then shut down that crossing to all humanitarian aid that had

been flowing from Jordan through the West Bank and Israel and then onward into the Gaza Strip.

And so, since then, we've seen the resumption of people being able to cross back and forth at that Allenby Crossing, but not the movement of

humanitarian aid, which the Israeli authorities have said is now going to be reopened. And it's important to note that this comes at a time when

every humanitarian aid agency is saying that the need remains enormous in Gaza, despite the entry of much larger quantities of aid since this

ceasefire went into effect.

And it's also important to note that as we are seeing the kind of weather that we're experiencing right now in the Middle East, that the need is

especially dire on that front as well. There is a major storm that is now bearing down on Israel and the Gaza Strip that is posing an enormous risk

of flooding even here in Israel, where people are living in buildings and homes. I can tell you preparations have been underway to batter down for

that storm. But just imagine what that looks like in the Gaza Strip, where so many people are living in tents or in broken down buildings.

The U.N.'s Office of Humanitarian Affairs has estimated that some 850,000 people are currently in Gaza, sheltering in displacement sites that are

particularly vulnerable to flooding. And this ties into the aid picture, because aid officials have said that not enough shelter equipment has been

brought into the Gaza Strip.

According to OCHA, fewer than 50,000 tents have entered Gaza since this ceasefire went into effect and that there are 1.3 million people in Gaza

currently in need of serious shelter assistance in order to deal with these winter conditions. Isa.

[14:35:00]

SOARES: Yes. And as we look at these images, I think it's fair to say that we shouldn't even call them tents. They look very flimsy plastic. And as

you've been reporting on for us, really dire conditions. Jeremy, thank you very much indeed.

Now, daily travel and roads in the occupied West Bank for work, school, or even medical emergencies can prove to be a frustrating experience. Our

producer, Zeena Saifi, did the drive and file this digital video report.

(BEGIN VIDEOTAPE)

ZEENA SAIFI, CNN PRODUCER: It's 9:00 a.m. here in the occupied West Bank. This journey that we're about to take should, in theory, only take 10

minutes.

SAIFI (voice-over): For Palestinians living here, trips around the occupied West Bank rarely take 10 minutes. And that's because of this, a

complex web of Israeli checkpoints that make up more than 800 movement obstacles, according to figures from the U.N. earlier this year, which

includes what is known as flying checkpoints or road gates that temporarily block access for Palestinians.

To make these grueling journeys, Palestinians rely on community telegram and WhatsApp groups to stay updated on traffic. But students are still late

to school, adults late to work, and ill patients who need urgent care sometimes don't make it to hospital in time. Their lives, they say, have

become a nightmare.

SAIFI: We finally made it through after three hours. And really, it depends on the day, the time of day to know just how long this journey will

take. And Palestinians say that, effectively, time is blocked in the West Bank, and their mobility is completely controlled.

(END VIDEOTAPE)

SOARES: Our thanks to Zeena. You can watch all our digital video reports at cnn.com. We'll be right back.

(COMMERCIAL BREAK)

SOARES: Well, officials in Australia are hailing the world's first ban on social media for minors that is now in effect. The new law prohibits

children under the age of 16 from accessing 10 platforms. That includes TikTok. YouTube, Snapchat, and X. The prime minister says the ban aims to

protect teens from potential harm.

And the country's e-safety commissioner says the ban ensures young people will have time to learn the tools needed to actually handle social media.

Here's Julie Inman Grant speaking earlier to CNN.

(BEGIN VIDEO CLIP)'

JULIE INMAN GRANT, AUSTRALIA'S SAFETY COMMISSIONER: We're reframing this really as a social media delay. There are exclusions for certain messaging

apps and online gaming apps. Because when Parliament deliberated, they didn't want to be cutting off young people's digital lifelines or their

ways of communicating, connecting, and creating, but wanted to keep them away and give them a reprieve from the persuasive and pervasive design

features that are designed to keep us all hooked.

(END VIDEOTAPE)

[14:40:00]

SOARES: Let's get more on this from Anna Cooban. So, Anna, just first of all, give us a sense of what the reaction has been against, you know, from

young people, of course, who've been told they can no longer use these apps.

ANNA COOBAN, CNN BUSINESS AND ECONOMICS REPORTER: Well, many of them are really unhappy, Isa, and you can imagine why. I mean, this is the primary

mode of communication for many young people. It's also how they access their media. It's how they understand what's happening in the world. But

instead of me talking for them, this is what they had to say on the issue.

(BEGIN VIDEO CLIP)

UNIDENTIFIED FEMALE: It's just kind of like pointless. Like, it's just like, we're just going to create like new ways to get on these platforms.

So, like, what's the point?

UNIDENTIFIED FEMALE: I kind of see where they're coming from. But also, I think if you can get a job at 14, if you can take care of someone's kid,

like do babysitting and stuff, I think you should be able to, like, be able to have social media and have the government, like, trust you on it.

(END VIDEO CLIP)

COOBAN: So, there are two teenagers in Australia who have actually tried to sue to block this ban, and they're saying that this really infringes on

their freedom of expression, that this is something that prevents them from really participating in Australian democracy, from them having a voice.

And of course, if we look at where this may be introduced elsewhere, obviously, legislators are very interested in this around the world, there

will be some freedom of speech issues that people will surely bring up.

SOARES: Give us a sense of what other countries, I mean, I'm all for this. I've got two young boys. I'm all for this. But what other countries are

actually considering this at this point?

COOBAN: Well, you're very much within, you know, a lot of people are feeling very, very similarly, a lot of parents, a lot of legislators. So,

Denmark, Malaysia, they are trying to introduce or are planning to introduce these bans for teenagers next year or, you know, in the near

future. But then also in the U.S., you've got this patchwork of laws, Nebraska, Texas, Louisiana, they are trying to introduce more of these

restrictions.

SOARES: Thank you very much, Anna. I appreciated. As you were talking, I was being told that the Fed Chair, Jerome Powell, is speaking. Let's listen

in.

JEROME POWELL, CHAIR, U.S. FEDERAL RESERVE: Actually, some of that is due to the shutdown. So, you can take two-tenths out of 2026 and put it in

2025. So, it would really be 1.9 and 2.1. But overall, yes, you know, for a few reasons, fiscal policy is going to be supportive. And as I mentioned,

A.I. spending will continue, the consumer continues to spend. So, it looks like the baseline would be solid growth next year.

UNIDENTIFIED FEMALE: Steve.

UNIDENTIFIED MALE: Thank you, Mr. Chairman, for taking our questions here. The -- you had previously described rate cuts in terms of a risk management

framework. And kind of following up on what Howard was asking, is the risk management phase of rate cuts over here? And have you taken out sufficient

insurance, I guess, against potential weakness in terms of the data we might get next week when it come to appointment?

POWELL: So, we're going to get a great deal of data between now and the January meeting. And I'm sure we'll talk more about that. And that will --

the data that we get are going to factor into our thinking.

But yes, we have -- if you go back, we held our policy rated, you know, 5.4 percent for more than a year because inflation was high, very high, and

unemployment in the labor market was really solid at that point. So, what happened is over last summer, summer of '24, inflation came down, and the

labor market began to show real signs of weakness.

And so, we decided, as our framework tells us to do, that when the risks to the two goals become more equal, you should move from a stance that favors

really dealing with one of them, in that case, inflation, to a more balanced, more neutral setting. And so, we did that. We did some cutting.

And then we paused for a while to work our way through what was happening in the middle of the year. And then we resumed cuts in September. And we've

cut now three. We've now cut a total of 175 basis points.

And as I mentioned, you know, we feel like where we're positioned now puts -- we're well positioned to wait and see how the economy evolves from here.

UNIDENTIFIED MALE: If I could just follow up on the SEP. You have a whole lot of big increase in the growth numbers, but not a big decline in the

unemployment numbers. And is that an A.I. factor in there? What is going on through the dynamic of you get more growth, but you don't get a whole lot

of decline in unemployment? Thank you, sir.

POWELL: So, it is -- and the implication is obviously higher productivity. And some of that may be A.I. It just also, I think, productivity has just

been almost structurally higher for several years now.

[14:45:00]

So, if you start thinking of it as 2 percent per year, you can sustain higher growth without more job creation. Of course, higher productivity is

also what enables incomes to rise over long periods of time. So, it's basically a good thing. But that may be, that's certainly the implication.

SOARES: You have been listening there to Fed Chair Jerome Powell, who at the top of the hours, our breaking news at the top of this hour, announced,

of course, a rate cut to -- by a quarter point. This is the third reduction this year. He was talking there, he said, we feel that we are positioned to

the wait and see where the economy evolves from here.

But this, as we heard from Richard Quest at the top of the hour, seems to have been a pretty contentious Fed meeting. We've had three voting members

of the Fed's committee opposing the cut. So, policymakers cutting three times, but clearly not unanimous.

Clear to see where -- it's interesting to see where they will go next, where -- how they see the economy. We'll keep an ear out, of course, for

Jerome Powell. We're also keeping an eye on the numbers.

I'm going to ask Laura to bring them up, just so we can keep an eye on those numbers. Because, of course, what he says, not just about today's Fed

meeting, but also the outlook for 2026. This will be his last meeting as Fed Chair. Interesting to see who then takes over the helm. We'll stay

across the numbers and the Fed Chair.

After the break, UNESCO designates Italian cuisine as intangible cultural heritage. I go to a local pizzeria to find out the secrets of what not to

do when cooking Italian.

(BEGIN VIDEO CLIP)

ANDREA ASCIUTI, CHEF AND OWNER, 081 PIZZERIA: Thin pasta sauce, no. It's a big no. And --

SOARES: So, no thin carbonara?

ASCIUTI: No thin carbonara. And one more. Please wait for the water to boil before you put the pasta in the pan.

SOARES: Because people put it in cold water. That really gets you, right?

ASCIUTI: Yes, it does.

SOARES: That really annoys you?

ASCIUTI: It does annoy me a lot.

(END VIDEO CLIP)

(COMMERCIAL BREAK)

SOARES: Welcome back, everyone, from pizza margarita to a classic carbonara, a rich risotto, a scoop of gelato, and of course, the famous

tiramisu. The gastronomic delights of Italy just got even more Bellissima.

[14:50:00]

Its national cuisine has become the first ever gastronomic style to be recognized by UNESCO. The announcement comes after a three-year campaign to

officially recognize the country's traditional way of growing, harvesting, preparing, as well as serving food. The status will protect the cuisine

from knockoffs, as well as limitations.

So, I headed out to 081 Pizzeria here in London, where Chef Andrea Asciuti's authentic creations were named the top 50 pizzas in Europe for

2024. As you'll see, he showed me pizza and good Italian ingredients aren't just food, they are a way of life.

(BEGIN VIDEOTAPE)

(MUSIC PLAYING)

SOARES: As an Italian, what does this recognition mean?

ANDREA ASCIUTI, CHEF AND OWNER, 081 PIZZERIA: This recognition means a lot. We -- In Italy, our culture is 90 percent is about food. So, to be

recognized worldwide about the passion and the love and the effort that we put in the kitchen, it means a lot.

SOARES: So, that, what's that?

ASCIUTI: That's the parmesan.

SOARES: Parmesano. Parmigiano.

ASCIUTI: A lot of basil.

SOARES: Oh, it smells so good. So, good, I love basil. You could never have too much cheese. That's just my opinion, right? What do you think?

ASCIUTI: I think, again, balance is important. Because you want to -- you don't want to overpower one ingredient to the other. So, there's a limit on

--

SOARES: OK. how about, you know, a bit of cheddar? You'd be like, no way. And you see his eyes. Your eyes actually rolled. No cheddar. None of that.

ASCIUTI: On a Neapolitan base, I'm a purist.

SOARES: Oh, my goodness, so very protective.

ASCIUTI: No cheddar, no pineapple, no chicken, no barbeque.

SOARES: No, but not on this one or any pizza? No pineapple?

ASCIUTI: No, on the Neapolitan.

SOARES: But all the others, you're OK with that?

ASCIUTI: All the others, I'm OK to experience, yes.

SOARES: OK. All right.

(MUSIC PLAYING)

SOARES: Oh, this looks good. This is really good. How do you think, Andrea, this recognition would be received at home in Italy? How do you

think people would take that?

ASCIUTI: I think most of the Italians would be proud. Food, as I said, is 90 percent of our days.

SOARES: Essential life, your life, right?

ASCIUTI: Central. I remember my mom asking me every day, oh, what do you want to have for lunch? What do you want to have for dinner? Constantly,

sometimes even obsession.

SOARES: Yes, I feel that that's what I ask my kids every day, running out of ideas. Was there a food when you were growing up, Italian food, that you

felt this is Italian, this speaks to me in terms of identity? And you can't say pizza?

ASCIUTI: Pasta.

SOARES: What kind of pasta?

ASCIUTI: Say pasta patate, it's a must in Napoli. It's one of our most traditional dish. And your chef is --

SOARES: Good. And I'm guessing not from a jar?

ASCIUTI: Not from a jar.

SOARES: All right. I'll let you do that. How long does that normally take, Andrea?

ASCIUTI: 90 seconds to two minutes. That's the way we like it.

SOARES: Let's do this. The question then, I'm sure people will want to know, is why do you think, Andrea, that Italy deserves it? Why not Spain?

Why not even my home country of Portugal? We've got good food too. Why -- respectfully.

ASCIUTI: I didn't say that. I'm very respectful of other kitchen. I'm just saying that Italy really deserves it because of the intensity and the

effort across the whole country we put into food.

SOARES: Look at that. The mozzarella is amazing.

ASCIUTI: My money, you know?

SOARES: It's very good, my dear.

(END VIDEOTAPE)

SOARES: And our thanks to Andrea and the team at 081 for this fantastic pizza. This is actually Parmigiana pizza. I'm not sure if you heard it.

MAX FOSTER, CNN ANCHOR: Looks amazing.

SOARES: It looks so good. It might be a bit colder than it was years ago. But there is something about Italian food. I'm not sure how you feel, Max.

There's simplicity to it, to the ingredients, right? It doesn't require hours and hours of cooking. Yes, it tastes so good.

FOSTER: I know, but is it going to be illegal to go to an Italian restaurant in London? Is that false branding?

SOARES: Right, yes, yes, yes.

FOSTER: You know, that's a big question. I just posted on it earlier. There's loads of interesting thoughts.

SOARES: Yes, you were -- what kind of comments would you get?

FOSTER: So, you know -- and the other thought is if you want real Italian food, go to Italy. But outside Italy, it's none of their business.

[14:55:00]

And there's someone in Croatia who made a comment saying, if you look at our dishes, they have influences from the whole region, the whole

Mediterranean region. And the beauty is you have had ideas that came from Italy, inspiring food here. So, could you argue pineapple on a pizza?

SOARES: No, no pineapple on pizza.

FOSTER: But isn't that a Hawaiian take on it, which is just how food spreads and ideas spread? You know, are they banned from having pizza, put

pineapple?

SOARES: If you like. If you put pineapple -- I don't think it should be banned. It's just not my cup of tea.

FOSTER: No, I just think it's -- and other cultures allow to evolve --

SOARES: Agree.

FOSTER: -- a dish from another country. And then perhaps they don't own that dish anymore.

SOARES: Do they deserve it? You've got 30 seconds. Do they deserve it? Does Italy deserve this cultural heritage, UNESCO?

FOSTER: It is the most popular food in the world. I think in the U.K., the most popular dish is lasagna.

SOARES: Yes, so good.

FOSTER: But not how they eat it in Italy.

SOARES: Not how they eat it in Italy. It's so much better in Italy. Max, take a slice. The team, very good night from you. Max Foster is up next

once he's finished his slice.

FOSTER: Kind of --

SOARES: Let's go. Yes. They are going hungry, although it hasn't even been cut yet.

(COMMERCIAL BREAK)

[15:00:00]

END