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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
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
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
Inmates in Venezuela's western Barinas prison staged a protest over alleged abuse
The move by speaker El Malick Ndiaye clears the way for sacked premier Ousmane Sonko to run for head of parliament
Iran has sent the US a new 14-point proposal to end the war
The student-led movement, which began after the Novi Sad disaster in November 2024, is pushing for early elections