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Monthly Archives: September 2026

Tamara News  /  Blog  /  2026  /  September
17 Sep 2026
A courtroom gavel, representing the DOJ LinkedIn subpoena fight over journalist records

DOJ LinkedIn Subpoena for Reporter’s Records Goes Public

Categories Tech, World

A DOJ LinkedIn subpoena seeking a journalist’s interactions on the platform has come into public view after months of sealed litigation, surfacing during a federal court argument in Virginia. The Justice Department is seeking details of approximately 1,900 LinkedIn interactions involving six users, in connection with an unspecified national security leak investigation.

The request was granted in June by a judge in the Eastern District of Virginia. Attached to it was a non-disclosure order barring LinkedIn from telling the affected users that their records had been demanded — which is why nobody knew until now.

The shape of the demand

Two features distinguish this from a routine records request. The first is breadth: 1,900 interactions across six accounts is a wide net for an investigation into a single leak. An attorney for LinkedIn argued in court that the order is overly broad, and breadth is the hinge on which most third-party subpoena fights turn.

The second is secrecy. A non-disclosure order means the people whose records are sought cannot object, because they do not know. The platform becomes the only party in a position to push back, which puts the burden of defending a journalist’s source protection on a corporation with no obligation to carry it. Editor and Publisher set out the sequence in its account of the case.

An unusual coalition

Google, Apple, Meta and X have all backed LinkedIn’s position, joined by the American Civil Liberties Union and the Reporters Committee for Freedom of the Press. Competitors rarely align on litigation; they have done so here because the precedent applies to all of them equally. If a sealed order can compel one platform to hand over communications metadata without notifying users, it can compel any of them.

The Nieman Journalism Lab summary of the dispute notes that a panel of the Richmond-based Fourth Circuit Court of Appeals described the stakes in unusually stark terms: a search for balance between life-and-death national security interests and the First Amendment protections that let reporters keep sources confidential, particularly when investigators go to third parties to get them.

Why the third-party route is the whole argument

Subpoenaing a journalist directly is legally fraught and politically visible. Subpoenaing the company that holds the journalist’s messages is neither. The records exist because a platform stored them, and the platform — not the journalist — decides whether to fight.

That asymmetry is the structural issue the case exposes. It is the same dynamic, in a different register, as the data-retention questions raised by the incidents in our roundup of the largest breaches of 2026: information that users did not consciously choose to preserve becomes available to whoever can compel the holder.

The wider regulatory current

Platforms are being pulled in two directions at once. Compliance regimes require them to retain and produce data; privacy and speech protections require them to resist. Europe’s approach, traced in our explainer on the EU AI Act’s high-risk deadline, puts obligations on the systems themselves. The pressure to control machine access to content, covered in our piece on Cloudflare’s crawler blocking, is another face of the same contest over who gets to read what.

What this means for people who use the platform

The practical takeaway is not that LinkedIn is uniquely exposed. It is that professional networking platforms hold a category of data most users never think of as sensitive: who contacted whom, when, and how often. Contact graphs and message metadata do not require message content to be revealing. For a leak investigation, knowing which six accounts interacted is frequently the whole objective.

Journalists and their sources have long understood this about phone records. The same logic applies to any platform that timestamps an interaction, and users generally have no way to know whether their records have been demanded when a non-disclosure order is attached.

What comes next in the case

The Fourth Circuit panel now has to decide whether the order stands, is narrowed, or is set aside. Any of those outcomes sets a reference point for how far a sealed subpoena to a platform can reach in a leak investigation. The non-disclosure element is the part most likely to draw scrutiny on appeal, because it removes the affected party from the proceeding entirely. Whether the underlying leak investigation is ever described publicly is a separate question, and in cases of this kind the answer is usually no.

Understanding the case

What is the DOJ LinkedIn subpoena seeking?

Prosecutors are seeking details of roughly 1,900 LinkedIn interactions involving six users, in connection with an unspecified national security leak investigation.

Why did this only become public now?

A judge in the Eastern District of Virginia granted the request in June and attached a non-disclosure order preventing LinkedIn from telling the affected users. The dispute surfaced during a federal court argument in Virginia.

Which companies are supporting LinkedIn?

Google, Apple, Meta and X have backed LinkedIn’s position, alongside the American Civil Liberties Union and the Reporters Committee for Freedom of the Press.

What is LinkedIn’s legal argument?

An attorney for LinkedIn argued that the order is overly broad — that is, that it sweeps in far more communication than any specific leak investigation could justify.

What is the constitutional question?

A panel of the Richmond-based Fourth Circuit framed it as balancing the government’s national security interests against First Amendment protections that allow reporters to keep sources confidential, particularly when investigators seek those sources from third-party platforms.

Does this affect people outside the United States?

Potentially. LinkedIn operates globally, and a US court order to a US-headquartered platform can reach records of interactions involving users in other jurisdictions.

17 Sep 2026
Rows of data centre servers, the cost base behind OpenAI funding talks in 2026

OpenAI Funding Talks Point to a Valuation Above $1.2trn

Categories Business, Tech

OpenAI funding talks are under way with large investors over a new private financing that could value the company at more than $1.2 trillion, and possibly closer to $1.5 trillion. The discussions are described as early stage. Separately, chief executive Sam Altman has said the company will not go public in 2026.

Two things are being reported here, and they pull in the same direction: a very large amount of capital, raised in a way that keeps the company out of public markets.

The numbers, and how firmly to hold them

A range of $1.2 trillion to $1.5 trillion is wide, and the width is the point. Early-stage discussions produce figures that reflect what the most optimistic participant is willing to discuss, not what gets signed. Rounds at this scale routinely reprice between first conversation and close, and some do not close.

What can be stated plainly is that the talks are happening and that the figures under discussion are far above the company’s last marked valuation. The detail appeared in reporting on the week’s technology news.

Altman rules out a 2026 listing

Speaking to Fortune, Altman said OpenAI will not go public this year, describing the current moment as ill-advised for a listing. He cited safety considerations and said the company still has work to do.

It is worth noting where the interest lies. A company raising privately has reason to present private markets as the sensible venue, and a chief executive fielding IPO questions has reason to close them down rather than fuel speculation. That does not make the statement untrue; it does mean it should be read as a position rather than a neutral assessment.

Why private capital keeps winning here

The practical advantages are straightforward. No quarterly earnings cycle. No obligation to disclose compute contracts, model economics or customer concentration. No public share price to discipline a spending plan measured in gigawatts rather than quarters.

The constraint is that private capital at this scale is concentrated among a small number of sovereign funds, crossover investors and strategic partners — which is how arrangements like the one we covered in our report on the SoftBank loan to OpenAI come about. Concentration cuts both ways: it is fast, and it makes the company answerable to a short list of people rather than a market.

What the money buys

The cost base in frontier AI is compute. Financings of this size are, in practice, infrastructure financings — data centre capacity, power, and access to chips whose supply is shaped as much by export policy as by manufacturing. That policy environment has been shifting, as set out in our coverage of the chip export legislation debate.

The governance side is moving too. Our report on Microsoft’s AI code of conduct traces how the largest players are codifying commitments that, for a listed company, would eventually become disclosure obligations.

The circularity problem

There is a structural feature of AI financing that deserves naming. Large sums raised from investors who also supply chips, cloud capacity or distribution create arrangements in which a portion of the capital returns to the investor as revenue. That is not improper, and it is common in capital-intensive industries, but it does complicate the question of what a valuation reflects.

When a supplier invests in a customer who then spends the investment with the supplier, both companies book activity that a purely external observer would count once. Analysts have been raising this about AI infrastructure deals generally, and it is a reasonable thing to hold in mind when a private valuation moves by hundreds of billions without a public market testing it.

Altman’s own position on a listing, reported by Fortune, keeps that test at a distance for at least another year. The company gains flexibility; outside observers lose the one mechanism that would price these questions continuously and in public.

What would confirm this

Three markers would turn reporting into fact: named lead investors, a stated round size rather than a valuation range, and any regulatory filing triggered by the transaction. Until at least one appears, the honest description is that serious investors are discussing serious numbers, and that OpenAI would prefer to stay private while they do.

Questions about the reported round

What valuation is OpenAI discussing?

Reports describe early talks with large investors over a private financing round that could value the company at more than $1.2 trillion, and possibly as high as roughly $1.5 trillion.

Is OpenAI going public?

Not this year. Sam Altman told Fortune the company will not list in 2026, calling the current moment ill-advised, citing safety considerations and saying the company still has work to do.

Why raise privately instead of listing?

A private round avoids public reporting obligations, quarterly earnings pressure and the disclosure a listing requires, while still supplying capital. For a company spending heavily on compute, that combination is attractive.

How does this compare with previous OpenAI funding?

It would be a substantial step up. The company has raised repeatedly through private markets and debt, including the SoftBank arrangement reported earlier this year.

Are the talks confirmed as a deal?

No. The reporting describes early-stage discussions. Valuations floated at that stage frequently move before terms are signed, and rounds sometimes do not close at all.

What would the money be for?

OpenAI’s cost base is dominated by compute. Large financings in this sector are generally read as funding for data centre capacity and chip access rather than headcount.

17 Sep 2026
Trading screens showing bond prices as the 10-year Treasury yield passed 5%

10-Year Treasury Yield Tops 5% for First Time Since 2007

Categories Business

The 10-year Treasury yield closed at roughly 5.01% on 16 September 2026, its highest level since 2007. The move came after the Federal Reserve raised its benchmark rate and signalled that at least one more increase was likely before the end of the year. Bonds sold off through the afternoon; the benchmark had traded as low as 4.94% earlier in the session.

Where the curve moved

The repricing was not confined to the long end. The 2-year note yield rose more than 7 basis points to about 4.738%, erasing an earlier decline, according to CNBC’s account of the session. Short-dated yields move most directly with policy expectations, so a jump there reflects the market accepting the Committee’s projection of further tightening rather than fading it.

The benchmark 10-year finished up about 2 basis points on the day at 5.016%. The headline number matters less than the threshold it crossed. Five per cent has been a psychological marker for two decades, and the last sustained visit was before the 2008 financial crisis.

The dollar’s best session in three months

Currency markets followed the yield. The Bloomberg Dollar Spot Index rose 0.5%, its largest single-day advance since 17 June 2026, which was the date of Chair Kevin Warsh’s first meeting in the role. Bloomberg attributed the gain to the prospect of continued tightening rather than the hike itself.

Metals moved the other way. Gold and silver both fell sharply on the session, extending a slide we covered when gold reached a six-week low. Higher real yields raise the opportunity cost of holding an asset that pays no income.

Why a 5% handle changes calculations

The 10-year is a reference rate far beyond the Treasury market. It anchors long-term mortgage pricing in several economies, sets the discount rate analysts apply to future corporate earnings, and shapes what governments pay to roll over debt. A great deal of debt issued between 2020 and 2022 was priced against yields closer to 1-2%. Refinancing that stock at 5% is a materially different exercise.

For equities, the arithmetic is blunt: a higher risk-free rate lowers the present value of distant cash flows, which weighs hardest on the longest-duration growth names. That tension runs straight into the earnings calendar we outlined in our preview of the big tech earnings week.

The policy backdrop

The Fed’s decision itself, including the unanimous vote and the projections showing 16 of 18 officials expecting another hike, is set out in our report on the September rate decision. Analysts at FXStreet described the hike as expected and the message as more hawkish — a reading consistent with a bond market that sold off on the guidance rather than the action.

The spillover beyond US markets

A US 10-year at 5% resets the global pricing floor. Sovereign borrowers who issue in dollars compete for the same capital as the Treasury, and when the risk-free benchmark rises, everything priced as a spread above it rises with it. That arithmetic falls hardest on emerging-market issuers, whose spreads tend to widen at the same moment the base rate climbs.

Currency effects compound it. A stronger dollar raises the local-currency cost of servicing dollar debt for any borrower earning revenue in something else. Importers of dollar-priced commodities face the same squeeze from the other direction.

There is also a portfolio effect that is easy to overlook. When a US government bond yields 5%, the case for holding riskier assets to reach a target return weakens considerably. Capital that flowed toward higher-yielding markets during the low-rate decade has a reason to come home, and flows of that kind tend to move faster than the fundamentals that supposedly drive them.

What to watch next

Whether 5% holds is the open question. A yield that touches a level and retreats tells you about positioning; one that settles there tells you about expectations. The next inflation release and the Treasury’s forthcoming auction sizes will both feed into that. So will any sign that the two officials who see rates staying put are gaining company. For now, the curve is priced for a Fed that is not finished.

Common questions about the move

How high did the 10-year Treasury yield go?

The 10-year Treasury yield closed at about 5.01% on 16 September 2026, its highest level since 2007. It had traded as low as 4.94% earlier in the session before the Fed decision.

Why do Treasury yields rise when the Fed raises rates?

A higher policy rate raises the return on holding cash, so investors demand more yield to hold longer-dated bonds instead. Expectations of further hikes push that repricing further out along the curve.

What happened to the 2-year yield?

The 2-year Treasury note yield rose more than 7 basis points to about 4.738%, erasing an earlier decline. Short-dated yields track policy expectations most directly.

How did the dollar react?

The Bloomberg Dollar Spot Index rose 0.5%, its biggest single-day gain since 17 June 2026. Higher yields on dollar assets tend to draw capital toward the currency.

What does a 5% 10-year yield mean for borrowers?

The 10-year is a reference point for long-term borrowing costs, including mortgages in several markets and corporate debt issuance. A sustained 5% level raises the cost of refinancing debt taken on when yields were far lower.

Is 5% unusual by historical standards?

Not historically, but it is unusual recently. The last time the 10-year sat at this level was 2007, before the financial crisis ushered in more than a decade of exceptionally low yields.

17 Sep 2026
Federal Reserve headquarters in Washington, the institution behind the September 2026 Fed rate hike

Fed Rate Hike Lifts Benchmark to 3.75%-4% in Policy Turn

Categories Business

The Federal Reserve delivered a Fed rate hike on 16 September 2026, lifting the target range for the federal funds rate by a quarter of a percentage point to 3.75%-4.00%. The Federal Open Market Committee voted unanimously, 12-0. It is the first increase since 2023, and it reverses the direction policy had been travelling for most of the past two years.

The Committee framed the move as unfinished business rather than a new emergency. “Inflation remains elevated,” it said in its statement, adding that the action “will support a timelier return to the Committee’s 2 percent goal.”

The decision in numbers

The target range moves from 3.50%-3.75% to 3.75%-4.00%. The implementation note published by the Federal Reserve Board sets out the corresponding adjustments to the administered rates that keep the effective funds rate inside that band.

What separates this from a routine quarter-point step is the direction. Markets had spent two years pricing a path that trended down. A unanimous vote to go the other way removes the argument that the Committee is split on whether the inflation problem has been solved.

What Kevin Warsh said

In his opening statement at the post-meeting press conference, Chair Kevin Warsh said inflation had remained too high for too long, and that recent readings had not shown a meaningful improvement in the underlying trend. That is a deliberately narrow claim: not that inflation is accelerating, but that the disinflation many had assumed was continuing has not shown up in the data with enough consistency to act on.

It was Warsh’s second meeting as chair; his first was in June 2026. Reporting from CNBC’s coverage of the decision characterised the accompanying message as more hawkish than the hike itself.

The projections matter more than the hike

The quarter point was widely expected. The Committee’s updated projections were not fully priced. Sixteen of eighteen policymakers now anticipate at least one further quarter-point increase before the end of 2026. Only two see the rate staying where it is. Officials’ year-end projections sit between roughly 4.1% and 4.4%.

A single hike can be read as insurance. A hike plus a near-unanimous expectation of another is a forecast that the Committee thinks the level of rates, not just the direction, was wrong.

How this sits against other central banks

The Fed is not moving in isolation. The European Central Bank has already been navigating its own turn, covered in our report on the ECB’s interest rate decision this year. Where the two diverge is in the starting point and in how much slack each economy still has.

Rate-sensitive assets responded immediately, including the moves in metals set out in our note on gold’s slide to a six-week low. Bank research desks have been revising their year-end paths accordingly, as tracked in our summary of one major bank’s 2026 forecast.

What it means away from the trading floor

For households, the transmission is slow but not subtle. Variable-rate borrowing reprices first, followed by new fixed-rate lending as banks reset their offers. Savers see the benefit sooner than borrowers see the cost, because deposit rates can move within days while most existing loans reprice on a schedule.

For companies, the question is refinancing. Debt raised during the low-rate years matures on a calendar that does not care about the policy cycle, and each maturity now rolls into a materially higher coupon. Businesses with staggered maturities absorb that gradually; those with concentrated refinancing dates do not.

For governments outside the United States, a higher federal funds rate tightens conditions without any domestic decision being taken. Dollar borrowing costs rise, currencies managed against the dollar come under pressure, and central banks face a choice between defending the exchange rate and supporting domestic demand.

What follows from here

Three things are worth watching. The first is the next inflation print, because the Committee has now tied itself explicitly to the underlying trend rather than headline readings. The second is whether the two dissenting projections become a bloc; unanimity on a decision does not mean unanimity on the path. The third is the transmission lag. A rate that has moved once after two years of the opposite signal takes time to filter into credit conditions, and the Committee has said it will judge by what the data shows rather than by a pre-set schedule.

The Fed’s next scheduled opportunity to act falls before year-end. On its own projections, most of the Committee expects to use it.

Questions readers are asking

How much did the Federal Reserve raise rates in September 2026?

The Federal Open Market Committee raised the target range for the federal funds rate by 25 basis points, to 3.75%-4.00%, at its meeting on 16 September 2026. The vote was unanimous at 12-0.

When did the Fed last raise interest rates before this?

The last increase before September 2026 was in 2023. Every move in between was either a cut or a hold, which is why this decision is being described as a turn rather than a continuation.

Why did the Fed hike instead of holding?

The Committee said inflation remains elevated and that the action would support a timelier return to its 2% goal. Chair Kevin Warsh said recent readings had not shown meaningful improvement in the underlying trend.

Is another rate increase expected in 2026?

The Committee’s own projections show 16 of 18 policymakers expecting at least one more quarter-point increase before the end of 2026. Only two saw rates staying where they are.

Where do Fed officials think rates end the year?

Year-end 2026 projections from officials cluster between 4.1% and 4.4%, which implies at least one more quarter-point step from the new 3.75%-4.00% range.

Does a Fed hike affect borrowers outside the United States?

Indirectly, yes. The federal funds rate anchors dollar funding costs worldwide, so dollar-denominated debt, trade finance and currencies managed against the dollar all tend to move when the Fed shifts direction.

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