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Moscow calls upcoming 'systematic strikes' on Ukrainian capital a response to Kyiv's recent attack in Luhansk
The Warsh era begins with soaring inflation, a Middle East energy shock bleeding into other parts of the economy and colleagues skeptical that rate cuts should come anytime soon. Add on top: Kevin Warsh faces more political pressure to deliver lower rates than any other Federal Reserve chair in recent memory. Why it matters: The 17th Fed chair, sworn in Friday at the White House, inherits a set of economic conditions that make it difficult to justify cutting rates. Despite President Trump's unprecedented pressure on Warsh's predecessor, Jerome Powell, to cut rates, the president struck a different tone on Friday."Honestly, I really mean this: I want Kevin to be totally independent and just do a great job. Don't look at me, don't look at anybody. Just do your own thing and do a great job," Trump said at Warsh's swearing-in ceremony. What they're saying: "Our mandate at the Fed is to promote price stability and maximum employment," Warsh said. "When we pursue those aims with wisdom and clarity, independence and resolve, inflation can be lower, growth stronger, real take-home pay higher, and America can be more prosperous, and no less important, America's place in the world more secure.""To fulfill this mission," he added, "I will lead a reform-oriented Federal Reserve, learning from past successes and mistakes, both escaping static frameworks and models, and upholding clear standards of integrity and performance." The intrigue: Not long before Warsh was officially sworn into the post, Fed governor Christopher Waller gave a notable speech that cemented his hawkish pivot. Just months ago, he was a leading advocate for rate cuts to boost what he saw as a souring labor market. Waller's speech, aptly titled "Policy Risks Have Changed," suggests his view has flipped.Waller said it might be appropriate to strip the Fed's policy statement of its "easing bias" language, aligning with a group of Fed presidents who dissented last month over the inclusion of such a signal. Zoom i
All eyes will be on the Republican Senate runoff between the incumbent John Cornyn and Attorney General Ken Paxton. But Tuesday’s runoffs in Texas will feature other key contests
CAIRO/GAZA, May 25 (Reuters) - An Israeli airstrike on a tent in the southern Gaza Strip on Monday killed two people including a six-year-old girl and wounded 17 other people, including children, Palestinian health officials said. Medics said the Israeli airstrike on a tent encampment of displaced families in the Mawasi area of Khan Younis, in the south of the enclave, had killed six-year-old MennatallahAbu Libda and a 31-year-old woman, Hanan Mahmoud. The attack was carried out by two helicopters, witnesses said
GDP grows 6 percent year-on-year in first quarter as AI boom outweighs rising energy costs
ANKARA, May 24 (Reuters) - Turkish riot police fired tear gas and broke through the gates of the main opposition party's headquarters to evict its ousted leadership on Sunday, a Reuters witness said. An appeals court on Thursday ousted Republican People's Party (CHP) leader Ozgur Ozel, annulling the results of the CHP congress where he was elected in 2023, citing irregularities. The court reinstated in his place former CHP chairman Kemal Kilicdaroglu, who lost to President Tayyip Erdogan in a national election that year
As the Chancellor prepares her Budget, attention is turning not just to how she could raise more tax - but how she might cut spending. Where does the government actually spend its money? Why is it so difficult to reduce that spending in practice? And what would it take to genuinely pare back the size of the state? Helen Miller is joined by IFS colleagues Ben Zaranko and Tom Waters to unpack the realities behind public spending. They look at how the government’s budget is divided across welfare, public services, and investment; how pressures such as an ageing population, defence commitments and struggling services constrain choices; and whether efficiencies or productivity gains could ever plug the gap. Become a member: https://ifs.org.uk/individual-membership Find out more: https://ifs.org.uk/podcasts-explainers-and-calculators/podcasts Hosted on Acast. See acast.com/privacy for more information
The Pentagon’s rush to rearm its Mideast forces makes it less ready to confront potential adversaries like Russia and China, administration and congressional officials say
Officials have warned that the tank contains a "highly volatile" substance that could lead to an explosion
Shehbaz Sharif congratulates US president on his peace efforts after Trump claims strait of Hormuz will be opened as part of deal
A powerful bomb has exploded near a railway track as a train carrying passengers passed through the southwestern Pakistani city of Quetta, wounding more than two dozen people, officials said