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By Mike Allen · Jun 25, 2025

Good Wednesday afternoon. Today's newsletter, edited by Sam Baker, is 474 words, a 2-min. read. Thanks to Sheryl Miller for copy editing.
 
 
1 big thing: Wall Street "terrified" of Mamdani
 
Photo illustration of a collage featuring Eric Adams, Andrew Cuomo, Brad Lander and Zohran Mamdani over a photo of a line of New York voters.

Photo illustration: Brendan Lynch/Axios. Photos: John Lamparski and Alex Kent/Getty Images, Selcuk Acar/Anadolu via Getty Images and Christian Monterrosa/Bloomberg via Getty Images
 

Wall Street is in a state of panic following Zohran Mamdani's victory in New York City's mayoral primary, Axios' Madison Mills reports.

  • Mamdani, a Democratic socialist, campaigned on a message that New York has gotten too expensive. He has proposed free child care, free rides on city buses, a freeze on rent increases for certain apartments and higher taxes on the wealthy.