NEW YORK (AP) — Clarke Schmidt walked off the mound after getting through his seventh hitless inning and exchanged a glance with New York Yankees manager Aaron Boone in the dugout.
That was it for Schmidt. Done for the day.
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New York Yankees pitcher Clarke Schmidt throws during the seventh inning of a baseball game against the Baltimore Orioles, Saturday, June 21, 2025, in New York. (AP Photo/Noah K. Murray)
New York Yankees catcher J.C. Escarra and pitcher Clarke Schmidt chat during the seventh inning of a baseball game against the Baltimore Orioles, Saturday, June 21, 2025, in New York. (AP Photo/Noah K. Murray)
New York Yankees pitcher Clarke Schmidt reacts as he heads to the dugout in the seventh inning of a baseball game against the Baltimore Orioles, Saturday, June 21, 2025, in New York. (AP Photo/Noah K. Murray)
New York Yankees pitcher Clarke Schmidt (36) throws during the first inning of a baseball game against the Baltimore Orioles, Saturday, June 21, 2025, in New York. (AP Photo/Noah K. Murray)
New York Yankees pitcher Clarke Schmidt (36) throws during the first inning of a baseball game against the Baltimore Orioles, Saturday, June 21, 2025, in New York. (AP Photo/Noah K. Murray)
While the right-hander was disappointed, he certainly understood Boone's decision to take him out of the game even with a no-hitter going. Schmidt was pulled after tying a career high with 103 pitches, and the Yankees lost a no-hit bid Saturday against the Baltimore Orioles when Gary Sánchez singled to start the eighth off JT Brubaker.
“It’s more him like looking at me like, this is it for you right here,” Schmidt said after the 9-0 win. “There’s a little bit of a back-and-forth where you’re having a conference, some dialogue, but you can tell with the look in his eyes it’s, ‘You’re at (103). We’re not driving you to 130 today.’”
“You’re going to power through pitch limits, or within reason,” Boone said. “Today was not that day for Clarke.”
Schmidt threw 27 pitches in the first inning, when he issued consecutive walks to Jordan Westburg and Gunnar Henderson. Schmidt stranded a runner in the fourth after hitting Ryan O’Hearn with a pitch.
He breezed through a nine-pitch fifth and needed eight pitches to get through the sixth.
“I knew he was struggling a little bit, even in the fifth, in the sixth and when he came through in that seventh and I was kind of down there waiting,” Boone said. “I knew he was done.”
Schmidt threw 21 pitches in the seventh as Brubaker warmed up. The starter ended his outing by retiring Colton Cowser on a flyball to center field.
“Unbelievable,” Brubaker said of Schmidt. “He absolutely dominated with every single pitch he had in the arsenal and went right after their hitters and that can go show you what attacking hitters can do and it can put you in a really good spot.”
It was the fifth time a Yankees pitcher threw at least seven hitless innings but did not finish a no-hitter. The previous instance was Oct. 3, 2022, at Texas when Luis Severino was pulled after seven innings and Josh Jung singled in the eighth off Miguel Castro.
Brubaker threw two strikes to Sánchez, but the former Yankees catcher hit a clean single to left field one pitch after first base umpire Jansen Visconti said he checked his swing. After the hit, some in the crowd of 46,142 lightly booed.
“Everybody in the stadium knows the situation,” Brubaker said. “I’m not ignoring it. Anytime I toe the rubber, I don’t want to give up a hit. At the end that’s always the goal. It happened to be that there was the no-hitter going.”
Brubaker finished New York's second one-hitter this season by retiring Dylan Carlson. It was the Yankees' 73rd one-hitter and sixth since the start of the 2022 season.
Schmidt threw first-pitch strikes to 16 of 24 hitters, struck out five and walked two. He ended the game with a streak of 25 1/3 scoreless innings, the third-longest by a Yankees pitcher since 1961. Only Gerrit Cole (25 2/3 innings in 2023) and Catfish Hunter (26 innings in 1975) had longer shutout streaks during that span.
New York has thrown 13 no-hitters. The most recent came on June 28, 2023, in Oakland when Domingo Germán threw the Yankees’ fourth perfect game — most of any major league team.
The Orioles have been no-hit 15 times. Baltimore was last held hitless on Aug. 12, 2015, in Seattle by Hisashi Iwakuma.
This story corrects the number of no-hitters the Yankees have thrown.
New York Yankees pitcher Clarke Schmidt throws during the seventh inning of a baseball game against the Baltimore Orioles, Saturday, June 21, 2025, in New York. (AP Photo/Noah K. Murray)
New York Yankees catcher J.C. Escarra and pitcher Clarke Schmidt chat during the seventh inning of a baseball game against the Baltimore Orioles, Saturday, June 21, 2025, in New York. (AP Photo/Noah K. Murray)
New York Yankees pitcher Clarke Schmidt reacts as he heads to the dugout in the seventh inning of a baseball game against the Baltimore Orioles, Saturday, June 21, 2025, in New York. (AP Photo/Noah K. Murray)
New York Yankees pitcher Clarke Schmidt (36) throws during the first inning of a baseball game against the Baltimore Orioles, Saturday, June 21, 2025, in New York. (AP Photo/Noah K. Murray)
New York Yankees pitcher Clarke Schmidt (36) throws during the first inning of a baseball game against the Baltimore Orioles, Saturday, June 21, 2025, in New York. (AP Photo/Noah K. Murray)
NEW YORK (AP) — Reviving a campaign pledge, President Donald Trump wants a one-year, 10% cap on credit card interest rates, a move that could save Americans tens of billions of dollars but drew immediate opposition from an industry that has been in his corner.
Trump was not clear in his social media post Friday night whether a cap might take effect through executive action or legislation, though one Republican senator said he had spoken with the president and would work on a bill with his “full support.” Trump said he hoped it would be in place Jan. 20, one year after he took office.
Strong opposition is certain from Wall Street in addition to the credit card companies, which donated heavily to his 2024 campaign and have supported Trump's second-term agenda. Banks are making the argument that such a plan would most hurt poor people, at a time of economic concern, by curtailing or eliminating credit lines, driving them to high-cost alternatives like payday loans or pawnshops.
“We will no longer let the American Public be ripped off by Credit Card Companies that are charging Interest Rates of 20 to 30%,” Trump wrote on his Truth Social platform.
Researchers who studied Trump’s campaign pledge after it was first announced found that Americans would save roughly $100 billion in interest a year if credit card rates were capped at 10%. The same researchers found that while the credit card industry would take a major hit, it would still be profitable, although credit card rewards and other perks might be scaled back.
About 195 million people in the United States had credit cards in 2024 and were assessed $160 billion in interest charges, the Consumer Financial Protection Bureau says. Americans are now carrying more credit card debt than ever, to the tune of about $1.23 trillion, according to figures from the New York Federal Reserve for the third quarter last year.
Further, Americans are paying, on average, between 19.65% and 21.5% in interest on credit cards according to the Federal Reserve and other industry tracking sources. That has come down in the past year as the central bank lowered benchmark rates, but is near the highs since federal regulators started tracking credit card rates in the mid-1990s. That’s significantly higher than a decade ago, when the average credit card interest rate was roughly 12%.
The Republican administration has proved particularly friendly until now to the credit card industry.
Capital One got little resistance from the White House when it finalized its purchase and merger with Discover Financial in early 2025, a deal that created the nation’s largest credit card company. The Consumer Financial Protection Bureau, which is largely tasked with going after credit card companies for alleged wrongdoing, has been largely nonfunctional since Trump took office.
In a joint statement, the banking industry was opposed to Trump's proposal.
“If enacted, this cap would only drive consumers toward less regulated, more costly alternatives," the American Bankers Association and allied groups said.
Bank lobbyists have long argued that lowering interest rates on their credit card products would require the banks to lend less to high-risk borrowers. When Congress enacted a cap on the fee that stores pay large banks when customers use a debit card, banks responded by removing all rewards and perks from those cards. Debit card rewards only recently have trickled back into consumers' hands. For example, United Airlines now has a debit card that gives miles with purchases.
The U.S. already places interest rate caps on some financial products and for some demographics. The Military Lending Act makes it illegal to charge active-duty service members more than 36% for any financial product. The national regulator for credit unions has capped interest rates on credit union credit cards at 18%.
Credit card companies earn three streams of revenue from their products: fees charged to merchants, fees charged to customers and the interest charged on balances. The argument from some researchers and left-leaning policymakers is that the banks earn enough revenue from merchants to keep them profitable if interest rates were capped.
"A 10% credit card interest cap would save Americans $100 billion a year without causing massive account closures, as banks claim. That’s because the few large banks that dominate the credit card market are making absolutely massive profits on customers at all income levels," said Brian Shearer, director of competition and regulatory policy at the Vanderbilt Policy Accelerator, who wrote the research on the industry's impact of Trump's proposal last year.
There are some historic examples that interest rate caps do cut off the less creditworthy to financial products because banks are not able to price risk correctly. Arkansas has a strictly enforced interest rate cap of 17% and evidence points to the poor and less creditworthy being cut out of consumer credit markets in the state. Shearer's research showed that an interest rate cap of 10% would likely result in banks lending less to those with credit scores below 600.
The White House did not respond to questions about how the president seeks to cap the rate or whether he has spoken with credit card companies about the idea.
Sen. Roger Marshall, R-Kan., who said he talked with Trump on Friday night, said the effort is meant to “lower costs for American families and to reign in greedy credit card companies who have been ripping off hardworking Americans for too long."
Legislation in both the House and the Senate would do what Trump is seeking.
Sens. Bernie Sanders, I-Vt., and Josh Hawley, R-Mo., released a plan in February that would immediately cap interest rates at 10% for five years, hoping to use Trump’s campaign promise to build momentum for their measure.
Hours before Trump's post, Sanders said that the president, rather than working to cap interest rates, had taken steps to deregulate big banks that allowed them to charge much higher credit card fees.
Reps. Alexandria Ocasio-Cortez, D-N.Y., and Anna Paulina Luna, R-Fla., have proposed similar legislation. Ocasio-Cortez is a frequent political target of Trump, while Luna is a close ally of the president.
Seung Min Kim reported from West Palm Beach, Fla.
President Donald Trump arrives on Air Force One at Palm Beach International Airport, Friday, Jan. 9, 2025, in West Palm Beach, Fla. (AP Photo/Julia Demaree Nikhinson)
FILE - Visa and Mastercard credit cards are shown in Buffalo Grove, Ill., Feb. 8, 2024. (AP Photo/Nam Y. Huh, File)
