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One World with Zain Asher

U.S. President and First Lady Visiting King & Queen, Prince & Princess of Wales; Pomp and Protests Greet Trump in UK; Trump and Royals Viewing Military Show at Windsor Castle; U.S. Federal Reserve Widely Expected to Cut Interest Rates; The Red Arrows Flying Over Windsor Castle; Trump Visiting Royal Family at Windsor Castle. Aired 11a-12p ET

Aired September 17, 2025 - 11:00   ET

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

[11:00:00]

(COMMERCIAL BREAK)

BIANNA GOLODRYGA, CNN HOST, ONE WORLD: Hello everyone. Live from New York. I'm Bianna Golodryga.

ZAIN ASHER, CNN HOST, ONE WORLD: And I'm Zain Asher. This is a very special edition of "One World". We've got the day's latest news in just a moment.

But first, I want to go straight now to our colleague Isa Soares, who is in Windsor right now, where, of course, the British Royal Family is hosting

President Donald Trump, and also Melania for a day of pomp, pageantry but also worth mentioning, there are also protests happening in London right

now, Isa.

ISA SOARES, CNN CORRESPONDENT: A lot of alliteration, ladies --

ASHER: I know the three Ps.

SOARES: -- okay, right? So do stay here for a much busier hour ahead. Great to see you both. The British Royal Family putting on, as both my colleagues

are saying, quite a show for President Donald Trump on a second State Visit to the UK. The U.S. President and First Lady are inside Windsor Castle

right now, along with King Charles and the Queen, as well as the Prince and the Princess of Wales.

A royal special collection of royal items depicting the shared history of the U.S. and the UK have been on display for the President, the First Lady,

and that speaks, of course, to that history they've had over many, many years as our Max Foster was telling us in the last hour. Earlier, Donald

Trump got a tour of the grounds around Windsor Castle, riding in a Royal Carriage along with King Charles. Have a look at this.

ASHER: Okay, this is --

SOARES: Oh no, I was hoping to show you that video, but not. But we'll get back to you. The two leaders also inspected their Kings Honor Guard before

heading inside for lunch with their families. But not everyone is celebrating Trump's visit. We've seen large protests happening in London

right now with complaints about everything from Trump's support of Israel to his treatment of immigrants.

Some protesters projected images in the last 24 hours of Trump and sex trafficker Jeffrey Epstein onto the walls of Windsor Castle, where we are.

UK authorities that were very quick to take down the projections and arrested are being told to four people accusing them of malicious

communications.

Let's get more on all of this. I'm joined now, but CNN Chief International Anchor Christiane Amanpour. And Christiane, it is very much a split screen,

isn't it, as we look at the protests, but also the pageantry, but the attention very much, and I think it will kick off in the next hour or so,

very much focused here, right?

CHRISTIANE AMANPOUR, CNN CHIEF INTERNATIONAL ANCHOR: Malicious communication, otherwise known as protests.

SOARES: Yes.

AMANPOUR: The problem here for Trump is that he has not been able to interface at all with the people because of the protests and obviously

security, but his very first trip here as for a state visit in Trump 1.0 he did see the people. There were people lining his route, not this time.

Look, they pulled out every stop. Nobody does pageantry better than the British. It's just a fact, and he loves it, and so they're doing this not

just as a personal favor, but the personal is the political when it comes to President Trump, so flattering him, giving him this amazing pomp and

circumstance, which actually is, is designed to get them the right political payback that they want.

Or the political interaction that they want and the deals that they want, whatever it is about, whether it's about trade, whether it's about all the

tariffs, whether it's about investment by American CEOs and the like in Britain. And already we've heard from tech --

SOARES: Nvidia.

AMANPOUR: -- AI, et cetera, chips, and all the rest of it, tens of billions of dollars' worth of investment. That's a good thing for a beleaguered

British economy. The other thing, of course, is, of course, the Transatlantic Alliance, and that's not just between Trump and Britain.

Right now, they stand the closest they always are.

But there's a big issue between Trump and the rest of the NATO alliance, who believes in supporting and defending Ukraine. The interesting thing is,

so does King Charles.

SOARES: Yeah.

AMANPOUR: King Charles was the one who put out the -- I don't know, the arms of empathy around President Zelenskyy, after he'd been completely

dissed in the White House a few months ago. He came to the UK, and he went to Sandringham to meet King Charles, who gave him a warm welcome and put

out a picture.

And then, you know, you remember, Zelenskyy had meetings with the Prime Minister, and the French President came over. This is still an issue.

SOARES: Yeah.

AMANPOUR: President Trump, while being fed up with President Putin, as he says publicly, has not yet actually punished Putin or done anything to push

back on Putin for Putin's now very dangerous escalation into NATO territory. NATO airspace has been violated over the last two weeks.

[11:05:00]

And they cannot count right now, apparently, on the United States to do something to punish Putin because the only thing that's going to get

Putin's attention, as every analyst has said since this full-scale intervention is a punch in the nose metaphorically, stop him, make it

count. There are sanctions that have been prepared, a raft of them in the United States Senate impose them. That is what Trump's allies are calling

for.

SOARES: And there are other -- now that you're on foreign policy, Gaza's we've seen some of the protests on, you know what? We've seen some of the

large protests when Nic Robertson is in Central London, protests over Gaza. The UK, on the brink of recognizing Palestine, right?

And the UNGA I think so, expected to happen next week. Also, question of free speech, Epstein, looming large, both sides not wanting to get

involved. But this is going to creep up in the next 24 hours certainly, I think.

AMANPOUR: I think it will look today, of course, is the day for the pomp and the circumstance. Yes, you have the protesters on the street because

they can't get anywhere near him here. That's why he's not there et cetera, et cetera.

But tomorrow is going to be, presumably, the -- you know, the business end of this trip where he speaks policy with Prime Minister Starmer, going to

Britain's version of Camp David IE the Prime Minister's Official Country Residence Chequers, it's known as, and they're designed to have a press

conference afterwards.

I think it's going to be interesting, because there are hugely interesting, not interesting, important issues that they have to discuss and then report

back. But then the other thing is, does Trump want to stand next to Prime Minister Starmer with the whole Epstein thing having traveled across the

Atlantic?

SOARES: Yeah.

AMANPOUR: You know, Prime Minister Starmer has questions to answer to the British press and the British people over how come he did not know.

SOARES: When did he know --

AMANPOUR: -- all of that and then he fired his UK Ambassador, but that's going to dog him in any press conference. I mean, Trump is trying to put

that away from him.

SOARES: Yeah.

AMANPOUR: He's pretty much dodged a lot of that issue in the United States, and he doesn't want this to come up again. So that's going to be

interesting.

SOARES: I suppose the UK Government will know this. And I'm sure the Royal Family clearly knows this. The how -- you know this president is so

transactional, right? They know exactly how he works. I wonder how effective then Christiane you think this soft power will be?

Do you think that the King Charles, who, of course, two men are very different from each other? Do you think that King Charles will broach the

subject of like you mentioned, of Ukraine or even climate change, or, do you think you leave that to one side and focus simply on, you know,

pageantry today and giving him the attention?

AMANPOUR: Look, it's hard to say, I wish we were, you know, flies on a wall inside clearly, the King is not going to breach his own constitutional

protocol and have some kind of -- you know political -- you know down and dirty with the President of the United States. As they're sitting at

dinner, as they're doing all of this kind of thing.

SOARES: Yeah.

AMANPOUR: I would think that he might talk about areas of common interest and importance, but most particularly areas of interest and importance to

the United Kingdom, which would be important to tell your most special relationship ally about and hope to be able to influence them in certain

directions. I'm sure it's going to be done if it's done in a very conversational manner.

Look, the fact is, I have not met President Trump, but you can speak to anybody, including his political opponents, who say, when you talk to

President Trump, and you are with him, personally, he's a completely different person who appears in public and on social media. I mean, and

then he flips back again to being that person.

SOARES: Yeah.

AMANPOUR: But he is known to -- you know have conversations that many people say, wow. You know, that was fun. That was interesting.

SOARES: Interesting.

AMANPOUR: He's funny, all of that kind of stuff. But what about the -- when the rubber hits the road and the politics and the policies are necessary,

like climate, like defending Europe against a Russian invasion of Europe and consistently now escalating into Europe.

And it's not just the airspace, it's also political elections and this and that Trump, as the Mayor of London, Sadiq Khan, who's been Trump's Benoit

from the beginning of 1.0 has written an op-ed today calling Trump and accusing him of fanning the fire flames of political division.

So, you know, this is all real. What they can achieve personally will be interesting and it will be important. Hopefully there's something that will

rub off, you know.

SOARES: For now, it's going to be hoping that the pomp and the pageantry really have some influence over this president. Christiane, thank you very

much indeed. I want to hand back to Zain Asher and Bianna Golodryga in New York.

We'll have much more, of course, throughout the hour, expected to see some incredible music being played out in the next what half an hour or so more

of that pageantry that Christiane was talking about that hopefully possibly could influence President Trump.

ASHER: Yes, as well as the fly past with red arrow.

GOLODRYGA: Zain is very excited.

SOARES: Let's see. That's still going ahead. The red arrow is still going ahead. You can always count on them.

ASHER: -- despite the British weather. All right, Isa Soares, live for us. Thank you. See you soon.

[11:10:00]

All right, international condemnation of Israel's ground offensive in Gaza city is growing. Canada calls it, quote, horrific, while Spain's King

issued rare public comments decrying the unspeakable suffering in Gaza as well.

GOLODRYGA: But Israel is moving ahead with its ground incursion into Gaza City. Israel's military is now providing a rough time frame, saying the

operation is expected to last months. Tens of thousands of Palestinians are fleeing Gaza City after massive aerial bombardments.

A medical charity official says indiscriminate bombings are wiping out entire neighborhoods. Meantime, Prime Minister Benjamin Netanyahu is

brushing off the facing mounting criticism, both at home and abroad.

(BEGIN VIDEO CLIP)

BENJAMIN NETANYAHU, ISRAELI PRIME MINISTER: And if there is one lesson we've learned from this war, it is that we want to be in a situation where

we are not restricted. Israel must defend itself with its own forces and its own weapons. That's why we aim for security independence.

(END VIDEO CLIP)

GOLODRYGA: Netanyahu says he'll meet Donald Trump at the White House later this month. This will be his fourth visit since the beginning of Trump's

second term. CNN's Jeremy Diamond joins us now from Tel Aviv.

And Jeremy President Donald Trump still seems to be supporting Prime Minister Netanyahu here in this renewed offensive, now into Gaza City, but

more and more condemnation from countries around the world, including Israel's allies, the EU saying that they may bring forward sanctions

against Israel.

But that pressure coming internally as well. There had been some very passionate pleas overnight, again from hostage family members, just tell us

what the scene is there now.

JEREMY DIAMOND, CNN JERUSALEM CORRESPONDENT: Yeah, this is an extraordinary moment that is taking place in Israel and in Gaza right now, both in terms

of the scenes that we are seeing in Gaza from intensified aerial bombardments Israeli troops getting ready to go into the heart of Gaza

City.

But then also as you raise the divisions in Israeli society that are really coming to the fore, once again, at a moment when these hostage families are

fearing that, as one mother of a hostage in Gaza said that the Israeli Prime Minister has just condemned her son to die, and that is the very real

fear among many of these hostage families, some of whom have seen the video of an Israeli hostage above ground in Gaza City.

We know that there are believed to be numerous hostages that have been held in Gaza City, and so that is a big fear for those families, and why they

are calling for this offensive to be called off and for the war to end and a deal instead to be struck. But that seems very much not in the picture at

the moment.

Instead, the Israeli military announcing this invasion yesterday of Gaza City, and something that they say will take months. We have seen over the

last 48 hours as they've carried out strikes on more than 150 targets, according to the Israeli military, 37 people have been killed in Gaza City

since midnight, just today, according to local hospitals.

And we've also seen the mass displacement of Palestinians from Gaza City, about 350,000 of whom have already fled, according to the Israeli military,

many of them heading for that Mawasi area, that coastal area in Southern and Central Gaza, where which is already just completely overcrowded,

lacking proper resources for the people who are now arriving in droves.

And the Israeli military is seeking to get the hundreds of thousands of others who are still in Gaza City to leave that city. Now they've actually

opened a new temporary route going from the central part of Gaza City, instead of the coastal route that's been used so far. But we know, as we've

seen in the past, when these orders have been issued, those routes are far from guaranteed safety.

They have been struck before by the Israeli military. There has been gunfire along those routes as well. And then you have the issue of

Palestinians in Gaza City who either don't have the means to get out, they don't have the money to pay these exorbitant fees that are being charged

for taxis or trucks to be able to drive them out of the city.

And some of them are simply not well enough to be able to take on what is typically about a seven-hour journey to get to Southern Gaza from Gaza

City. So, this is really, quite a volatile situation, and one that is very, very likely, unfortunately, to continue to get worse as this offensive

escalates and as the humanitarian situation in Gaza continues to degrade.

SOARES: All right, Jeremy Diamond for us. Thank you so much.

ASHER: Thanks, Jeremy. All right, still to come here in "One World", we go back to Windsor for the latest pomp and ceremony of Donald Trump's second

state visit with King Charles. That's next.

(COMMERCIAL BREAK)

[11:15:00]

SOARES: Take you live pictures here of the grounds of Windsor Castle. This is actually the East lawn of Windsor Castle, where ceremony for the State

Visit of Donald Trump to the UK is just beginning. This is called the Beating Retreat. Some 200 British military musicians are about to perform.

There it is just for those wanting to know what it's about. It's in centuries old military tradition meant to mark the end of the day and the

lowering of flags at a military camp. A fly pass by the Red Arrows also planned, though, a joint flyover between the U.S. and the UK is being

canceled because, as you can see, there's clouds the weather.

What else can we expect? Max Foster, our Royal Correspondent, is with me now. Max, we're looking at his live pictures, President and the King just

arriving here for this beating retreat that it's apparently quite a spectacle.

MAX FOSTER, CNN ROYAL CORRESPONDENT: It is. You'll see it every year in June to mark the King's birthday, or the monarch's birthday. This is the

first time it's been done for a visiting head of state at a state visit. So, another one of those moments where they can point to this being

entirely unprecedented.

And you have a huge array of different military bands, crucially joined by the United States Army, Old Guard, Fife and Drum Corps.

SOARES: I was just checking --

FOSTER: -- U.S. elements.

SOARES: -- whether we've got any sound on this, because the crucial to this is the sound. Let's check if we've got it. We just came in here. Stay with

us, because this is, of course, supposed to be military, 200 military musicians. We're expecting to see mass bands, I think, from Royal Marines

to Scots Guard. Speak to what we're likely to see now here Max, because it will end, of course, with the Red Arrows at the end of this.

FOSTER: Yes. They were hoping to do, as you say, these U.S. and UK fighter jets, who train together all the time, are going to do a flyover, which

never has been done before, but the weather, as you can see, typically British, but they're going to sit under that sort of cover if it rains, and

they're going to watch this.

They'll start off with a fanfare, then you'll have a series of different pieces of music, and it'll start recognizing them. Yankee Doodle will be

played, for example. Then some more sort of -- you know traditional British military tunes, and you'll have bagpipes, of course. Have you noticed the

bagpipes Isa today?

SOARES: Not at all. I don't know how I possibly could have missed them.

FOSTER: They're always part of it, but there's been more this time because of the President's Scottish Ancestry,

SOARES: And they're just beautiful, quite honestly, beautiful to listen to.

[11:20:00]

And also, you, for those viewers who are just joining us, we are waiting, of course, to see this beating retreat. 200 military musicians performing a

rendition of Beating Retreat. Let's have a listen.

For those of you that are just joining us, a very warm welcome. You are watching the Beating Retreat. This is roughly 200 or so military musicians

playing on the East Lawn of Windsor Castle, there for President Trump, the First Lady, joined there by the King and the Queen.

And this is a military spectacle, a ceremony, as we were saying earlier, that originated in the early years, kind of organized warfare. And Max was

telling us, this normally takes place in June, Max, I think we'd normally see it for the horses' guard parade, right for the King?

FOSTER: Yeah, the King's birthday there. So, it's a big -- you know, national event. So, we're seeing it for the second time this year, which is

pretty extraordinary, really. And everything has been thought about here. I've been speaking to some of these members of the military, and -- you

know, it takes them so long --

SOARES: How long have --

FOSTER: -- polish their shoes and get there. Yeah, the practicing away from that, but just preparing the outfits. But we've been listening to Eagle

Squadron, and that commemorates U.S. pilots who flew in the Royal Air Force during the Second World War. Everything here is about strengthening the

relationship, showing the ties, really emphasizing the bond between these two countries.

And speaking to the long-term relationship, rather than the current political tensions or whatever. And I know that you're a great fan of

golden friendship as well, Isa, which is a classic American March. Why are they playing that, Isa?

SOARES: Well, thank you for bringing it to attention our viewers would have noticed in the last hour --

(CROSSTALK)

FOSTER: Waiting --

SOARES: -- Classic American March, of course, and apparently, it's a favor of the First Lady.

FOSTER: Yes.

SOARES: I understand it's often played for her at the White House. And again, all the songs that we are listening to, the bands, of course, that

we're playing. It's -- it speaks to that historic relationship between the UK and U.S., which is what we saw, of course, in the Green Room earlier

today?

FOSTER: Yes. So, you know, it hasn't always been a great relationship. Let's go back a few 100 years to the 1600s and you know, British

Colonialism of America is still a hugely sensitive issue, but rather than brushing it under the carpet, I mean, if I can speak frankly, the Queen

didn't like Queen Elizabeth never liked talking about colonialism and the past, because her great success was rebuilding British Monarchy after the

Empire.

So, she didn't like to speak about the negative side to it. But Charles has actually taken a slightly different route, which is to confront it. So, he

actually got out early paperwork showing how Britain colonized parts of America and was eventually defeated crucially as well.

[11:25:00]

So, adding that paperwork as well, maps of that happening, for example, and images of that happening. So, showing that there is a complicated history.

But from that complexity comes the strongest bond the UK, would argue, in global diplomacy, because certainly, America is our strongest ally, and our

institutions are so interconnected.

They'd be very difficult to tear apart away from security agreements that - - you know the way the intelligence services cooperate. But we're seeing today American military interwoven with British military, and they actually

rehearse and chain all the time.

SOARES: Yeah, and it's absolutely you can see the wind is starting to pick up here, press but belonging Trump, still -- First Lady, still holding on

to that hat.

FOSTER: Yes.

SOARES: -- picking up very windy. But we have seen some foot tapping clearly enjoying the music. It is flawless choreography, as it has been,

pretty much throughout the day Max. I just want to listen in just for a few more seconds. Just have a listen.

If you're just joining us, you are watching a truly fascinating Beating Retreat as well. It's well known here. Military musicians performing

rendition of Beating Retreat. This is happening in the East lawn of Windsor Castle, watched, of course, by spectators there, the more important ones,

of course, that you are seeing on your screen, the U.S. President, the First Lady, of course. But we also saw Prime Minister, Starmer.

FOSTER: Yes, and Mrs. Starmer --

SOARES: -- Mrs. Starmer there. Of course, we are expected to see the Red Arrows at the end of this retreat, and then, of course, crucially, at the

end of the evening, the most important one for I'm sure many of them, which is, of course, the state banquet.

FOSTER: Yes, they have to get sort of sorted out after being blustered in the winds.

SOARES: Well, Melania doesn't have to worry. She's got a hat, so that's fine.

FOSTER: Yes, I think actually, to speak to that. I think the British press have been -- you know, raving about her outfits?

SOARES: Good, raving, good.

FOSTER: Yes.

SOARES: Yeah, not --

FOSTER: -- them --

SOARES: At the hat.

FOSTER: Well, that generally the outfits, you know, she arrived in a Burberry Coach.

SOARES: She's very, I think I'm not a stylist, but, you know, I feel that that's the sort of hat I was aware if I didn't want anyone to see my

reaction.

FOSTER: Slightly -- in this twosome.

SOARES: I don't know.

FOSTER: -- going into fashion --

SOARES: -- very, very short jacket. Look the banquet is what many would be to see.

FOSTER: Yes.

SOARES: We don't have an idea yet Max, as we listen to the music of what you will be attending, do we have a sense of how many people from the U.S.?

FOSTER: No. That's very much under wraps, but half and half. But guess this gets split in half. So essentially, the U.S. Ambassador to the UK will

decide who's going on the U.S. list, and when they -- you know, all we can really go on. And when they do have events, they tend to invite business

leaders, but also famous -- you know, Hollywood stars.

You know, there's lots of them that call the UK home or have homes here. So, I think we'll see some really big names there. And it is the ultimate

sort of char a moment, really a state banquet. So, people will be pouring over what Camilla's wearing, whether or not she's wearing anything from the

Royal Collection, what Queen Elizabeth might have worn. Same for the Princess of Wales and Melania Trump, she would have had to spend, you know,

months really planning what's she is going to wear.

SOARES: Yeah, I think that was something that Alayna Treene was saying --

FOSTER: Yeah.

SOARES: -- White House Correspondent said something that the Melania Trump especially has been thinking --

FOSTER: Yeah.

SOARES: -- long and hard about exactly what she'll be wearing. Do you know who these are?

FOSTER: So, this is the American contingent coming in here. They've been integrated into it, and they're wearing these traditional outfits, which is

speaking to what you were talking about earlier that history of independence from the United Kingdom. But -- you know celebrating how we

develop that relationship out of what was a ruined relationship, and that's actually -- you know the really negative side of post revolution.

It was actually the United Kingdom that wouldn't communicate effectively with the United States for decades off the back of it, when you would have

thought it was anxiety, would have been more on the other side than the anger.

[11:30:00]

SOARES: But what we have seen throughout the day Max, and you can speak to that because you've been poring over these images, is exactly that, the

emphasizing the bond of that relationship --

FOSTER: Yes.

SOARES: -- how long it has been? How important that bond is? How important that relationship is?

FOSTER: How old it is?

SOARES: How old it is, before, of course, we see in the next 24 hours, kind of more foreign policy today is about re-emphasizing that.

FOSTER: Yeah, and there's been no mention from the Trump team. The White House seem of anything to do with politics, because they don't want it to

overshadow these images.

SOARES: Yeah, and it's -- let's just listen a bit longer to these images. Very windy, as you can see. Let's have a quick listen in.

FOSTER: I think it is nice.

SOARES: -- from drums corps. You're listening there, watching the U.S. Army, Old Guard fight from drums corps, playing right there. Absolutely

beautiful, speaking as Max was saying to the relationship, is the Beating Retreat ceremony. The relationship the relevant, of course, to the historic

relation between the UK and the U.S.

And the end of this, we will see the Red Arrows, of course, in full action. We won't see the joint fly past. But I understand, because of the great

British weather. As you can see, it is windy, very cloudy, but we'll still see the Red Arrows. So, Bianna and Zain very much, the pageantry that the

U.S. President saw will love bigger and better, with plenty of goals, as he no doubt, loves.

ASHER: -- formal diplomacy. I mean, we're seeing all the pomp and pageantry, all the theatrics of a full state visit. One of the reasons why

it's so rare for the Brits to actually put on a state visit. They only do them twice a year, is because it puts -- it takes so much effort Bianna, so

much effort, to actually put all this together and so much preparation and rehearsing, but there we have it. No doubt, President Trump is certainly

enjoying it.

GOLODRYGA: Well, as he said, this is the first time there have been two state visits from a U.S. President. So, he is reveling it, no doubt. And

Zain here as well, British Scholar in House, taking pride in this pomp and circumstance in a way that only the UK can deliver. We'll be right back.

(COMMERCIAL BREAK)

[11:35:00]

GOLODRYGA: All right, don't worry. We're going to go back to Windsor Castle in just a moment. But first, we're keeping a close eye on Wall Street.

Here's how the Main Indices are faring thus far, the DOW just basically flat up slightly, the S&P and NASDAQ down ever so slightly as well. All of

this as investors are watching for that all important Fed decision coming later this afternoon.

ASHER: Yeah, the U.S. Federal Reserve is expected to announce its first interest rate cut since December. Central Bank has wrapped their two-day

policy meeting later today, recent weakness in the U.S. labor market is a key reason why the Fed is likely to lower borrowing costs. Inflation has

also risen in recent months as well.

GOLODRYGA: This is unlike any other Fed meeting we've covered, overshadowing the meeting the Trump Administration continuing to pile

pressure on the politically independent Central Bank.

ASHER: Art Hogan, Chief Market Strategist at B. Riley Financial, joins us live now. Art always good to see you. It has been a while just in terms of

some of the sort of -- some of the sort of factors that are weighing this time on the Fed's decision. I mean, obviously the labor market is one of

them, but also inflation has to be as well.

When it comes to inflation, it's not where the Fed wants it to be. Just in terms of the 2 percent target, you've also got tariffs that obviously could

push prices higher in the U.S. So, the Fed has to strike this delicate balance of trying to sort of heat up the U.S. economy and but not overheat

it, especially when it comes to prices rising too quickly.

ART HOGAN, CHIEF MARKET STRATEGIST, B. RILEY FINANCIAL: Yeah, that's such a great way to frame this up. And I will tell you. The Fed has two mandates.

Right now, they're both in tension with each other. We're seeing the labor market weakness continue since the July Jobs Report, and that has continued

to deteriorate.

We're at a place now where, as opposed to creating 75,000 jobs a month, which was the average last year, we're creating about 30,000 jobs a month,

which is pushing unemployment up. And that's the mandate the Fed is more concerned with defending right now, because the inflation, the stickiness,

inflation, is really coming from core goods, and core goods are pushing up prices because of tariffs.

Now monetary policy really wouldn't be able to do anything effective on tariff pricing being a one-time incident. So, I think the Fed has been

pretty clear that once they know the rules of the road on trade and tariffs and can model that out, they'll likely see this as a one-time increase in

price and not try to defend that inflation target, even though they're 1 percent away from it right now and try to defend the full employment

target, which seems to be the appropriate thing to do.

GOLODRYGA: Art, if the tension over the dueling mandates wasn't enough, there's obviously a lot of tension I would imagine in that room. You've got

Governor Lisa Cook, who had to literally go to court to be able to be there today, the president trying to resist that every which way he could.

And also, there Stephen Moran, White House Economic Adviser, who's still, by the way, technically, in that role, just took a temporary leave, now

sworn in by a judge, not by Jay Powell, as is typical. Just walk us through the dynamics and how unusual that is. And specifically, how are you and

Wall Street as observers, going to be following the decision coming out?

HOGAN: Yeah, that's such a great way to frame that up as well. And I think that one of the things to think about, first and foremost is it's a

committee, so no individual member is really going to have any more sway than anyone else, agnostic to how they feel about inflation. That was true

at the July meeting, when we had two dissenters that really wanted to cut rates at that meeting.

And now we'll likely have dissenters on both sides, depending on what the Fed does. Now, if the Fed cuts by 25 basis points, those same two

dissenters, and perhaps this new third entrant that was signed in yesterday, may well dissent wanting to go faster and opt for that 50-basis

point cut.

[11:40:00]

I think at the end of the day, it's important to remember that this is a room full of economists that debate the economy rigorously and sincerely,

and the rest of the drama on the outside and from the outside looking in really doesn't have any impact whatsoever. And I also think the difference

between 25 and 50 basis points when there's another meeting in a month, doesn't -- that won't really make a big difference in the marketplace

either.

I think that the fact that we're likely going to see a 25-basis point cut at the next five meetings, including today, October and December, in the

first two meetings of next year, will likely get us to a place where we're much closer to the neutral rate than we are right now. And I think that's

much more important. It's really the path and not the point in time.

ASHER: Yeah, we'll take a look and see how equities react to the decision later on. All right, Art Hogan, live for us. Thank you so much. Appreciate

it. And coming up, we're going to be back at Windsor Castle, where President Trump is getting pampered, seeking the Royal treatment after the

break.

GOLODRYGA: He'll be paying close attention to the Fed too, though I bet.

ASHER: Definitely.

(COMMERCIAL BREAK)

SOARES: Back everyone looking at live images here from Windsor Castle. Soon, the skies above Windsor Castle are about to roar to life because the

famed Red Arrows are about to fly over the Castle. We're expecting to see, of course, a fly pass by F-35 fast jets from the rail of force and the U.S.

Air Force that has been canceled because, as you can see in the skies, the great British weather.

But we are going to see the Red Arrows, nine Hawk planes, I believe, and we'll see that once the Beating Retreat concludes, Max Foster is here with

me, and it's been incredible spectacle to listen to all the different bands, including U.S. bands taking part of this. Let's just listen.

There we go. And as we expected, right on time, in fact, here come the Red Arrows, the Royal Air Force Aerobic Team, which is of course, the public

face of the Royal Air Force Max, and this is something that the King --

FOSTER: Anymore --

SOARES: I mean, look at this.

[11:45:00]

FOSTER: So, yeah. So, these are Nine Hawk T1 Jets. The Red Arrows are the public face of the British military in the skies. Look at that.

SOARES: And there will be so I can hear them just above our heads. Wow. Wow. And this for President, who know if our camera shook, for a president

who loves things to be big and better this will certainly --

FOSTER: I know the -- could have been bigger. They wanted other fighter jets involved U.S. fighter jets, but the weather wasn't quite there. So

that's the end of the Beating Retreat and the public events of the day. The next time we'll see them, when they return inside, will be for the State

Banquet.

They've got plenty of time to get ready, but that was the -- you know the outdoor events and all the pomp and pageantry, and you know, a word for all

the British and American military they've been involved in this and literally rehearsing for months.

SOARES: And the rehearsing exactly. Do you have a sense before, of course, we see conclude the end of this, of how it's going so far, anything from

the Royal Family over how it's been so far?

FOSTER: I think very good-natured inside is what I've been hearing. Everything's been -- you know, there's lots of humor, and they are getting

on very well. This is Auld Lang Syne another British classic, old opponents' people.

But I think -- you know, in terms of the military operation, you've got to appreciate how large this was. It's completely unprecedented. And for the

military, it was really, really tough. And there'll be a huge sigh of relief. It went really, really well.

There'll be lots of elements for the King to point to, to say that this has never been done before, and to ingratiate the President of the United

States so he can feel he's created something historic here. And it's gone really well. And you know, you talk about the weather, it's a bit of a

joke, but actually, the weather's been on side, and all of this is much better.

SOARES: It is. And of course, this is truly unprecedented second state visit, but also unprecedented scale, right?

FOSTER: Yes.

SOARES: And the way this is being conducted, and if we -- if you love, the fanfare, the music, the pomp, smiling President Trump there and the First

Lady. You will see more of that later on, the State Banquet, I understand - -

FOSTER: Yes.

SOARES: -- placing it -- take place in St. George's Hall, and that will see state trumpeters of the Household Cavalry as well, and much more. Do we

have a sense of what to expect later on, Max as look ahead to the State Banquet?

FOSTER: The menu will be very complex, like everything else. It'll be mixing American and British culture together, no pressure on the chefs.

SOARES: How exactly is that going to work? Fish and chips and --

FOSTER: We'll find out. Yeah, Bourbon. Camilla say --

SOARES: -- mix --

FOSTER: -- looking really under the weather. She had to cancel events.

SOARES: It just wasn't she it was --

FOSTER: -- was kind of --

SOARES: -- cites, yeah.

FOSTER: -- sitting out in the cold. But she -- you know, what you see with the Queen is that she always turns up. She shows up. She's the tower of

support to the King. If there were any stressful moments, she brings in the humor and resolves it all. So, she's there. She's been supporting, and

we've seen the Prince and Princess of Wales as well, throwing everything at this. And there we see the members of the U.S. Administration --

SOARES: Marco Rubio as well. We did see Prime Minister Starmer.

FOSTER: America and the UK do have a long relationship. I think that the UK could not have thrown anything more at this.

SOARES: Yeah, and this is so crucial, of course, for that bond and that relationship, not just what we're seeing today in terms of rolling out the

red carpet, but also how that translates in terms of trade deals --

FOSTER: Yes.

SOARES: -- in terms of that relationship that we're likely to see that if in the next 24 hours are so.

FOSTER: Well, they were hoping -- we've had a trade deal announced.

SOARES: Yeah.

FOSTER: -- the detail has to be flashed out, and they're hoping to get some of that nail before this visit Downing Street now, playing that down. So,

some is not going to get the big deal that he wanted to announce, but he will perhaps get something on Ukraine, something on tech deals and

investment into the EU.

SOARES: And we've seen some of that already today with Microsoft and Nvidia --

FOSTER: Yeah.

SOARES: -- announcing, I think was billion dollars of investment in terms of AI here in the UK.

FOSTER: Yes.

SOARES: -- that was something that would be incredibly well received. But this is a conversation I've had with Christiane as well. And while other

guests in the next 24 hours, what are we likely to see in terms of foreign policy be it Ukraine, be it Gaza, of course, UK

on the verge of recognizing Palestine.

FOSTER: So --

SOARES: Palestinian State --

FOSTER: -- this is a walkabout of sorts. You've got members of the military and their families getting a chance to speak to the King and to Donald

Trump. Now, walkabouts a big tradition on any sort of state event, any Royal event, really. And you know, they are not getting anywhere near

members of the public, so that you know they're giving a sense of this being public facing, it really hasn't been.

SOARES: And is that how much of that Max just explain to our viewers? How much is that for security reasons?

[11:50:00]

How much is that to shield the president --

(CROSSTALK)

FOSTER: I think officially, it's all about security.

SOARES: Some of the protest --

FOSTER: -- and U.S. side to be fair, has been very strict on security. I mean, I think the reality is it's also about if you want to make sure that

he has a great event and he's not embarrassed, and you know that there are going to be protests outside, the best thing to do is to avoid the public.

SOARES: Crowds.

FOSTER: But I think it's a shame, because these are public events. The King is there as a representative of the British public, and the public aren't,

literally aren't involved in this visit.

SOARES: Yeah. And we've seen how shielded he has been. And we've seen, just as he was making his way to the UK yesterday, I think you captured that on

social media for many of us, was that photo or video of him with of the president, with Jeffrey Epstein. This is sort of thing they will try --

they want to avoid at all costs.

FOSTER: Yeah. And I think what would be interesting is, when he's asked about that by British journalists tomorrow, which I'm sure he will be.

He'll be able to say, I don't know anything about it.

SOARES: Yeah? Well, that's because he's been shielded behind.

FOSTER: They are protecting him.

SOARES: Yeah, indeed. We'll stay across these images. You can see that the King cleaning up his hair. Very windy here. But what a performance there

has been, of course, by members, by the musicians, been among these Royal Family, pretty incredible to see pomp and pageantry that no doubt POTUS

will love. I want to take a short break. We're back after this.

(COMMERCIAL BREAK)

ASHER: All right, welcome back. I'm Zain Asher.

GOLODRYGA: And I'm Bianna Golodryga. We're joined by Isa Soares at Windsor Castle. After an amazing --

ASHER: -- so much pomp and pageantry Isa. We saw the Red Arrows that was obviously designed to dazzle and delight, but there has been a contrast.

And you and Max were just talking about this. This idea that you have ceremony on the one hand, but also quite a bit of public dissent on the

other hand.

Because a lot of people, particularly in London, just do not believe that this president is worthy of not just one state visit, but a second one as

well.

SOARES: Yeah, very much so. And it's a split screen, as you clearly outlined there. We have the pump, the pageantry, the rolling out of the red

carpet here at Windsor Castle, really heavy security. I haven't seen many protests, to be honest, anywhere near Windsor. And I walked all the way

from Eaton, which is not very far.

[11:55:00]

I have seen some MAGA hats, but if you saw the images that we've been showing in the last three hours, in particular with our Nic Robertson in

Central London, not the street, it paints a very different picture from the ones you're seeing on our screen. The pump, the pageantry we have seen,

people clearly very angry that the fact -- by the fact that the UK is rolling out unprecedented role visit to the U.S. President for the second

time.

The fact that this is bigger the better and better. And there are many placards you would have seen in the process in Central London, placards

relating to Gaza, the war in Gaza, relating also to the president's position or a relationship with Epstein, and it comes at a difficult time.

And over the weekend, we also saw really big protests and from the far right and big questions over free speech. So many similarities some of the

pressures we're seeing around the world, but I think that will focus very much in the next 24 hours, when we see the president potentially take

questions along with Keir Starmer, of course, tomorrow, and that will -- that when we -- the majority of the pressure. Back to you.

ASHER: Yeah. And that will see whether or not this visit has actually been a success? Tomorrow that is where the real meat is. Isa Soares live for us

there. Thank you so much.

GOLODRYGA: Isa, I'll see more of you in the next hour. Thank goodness for that. Meantime, stay with us. There's more "One World" after short break.

(COMMERCIAL BREAK)

END