• The Federal Reserve voted to leave the benchmark federal funds rate unchanged at 3.5% to 3.75% on Wednesday, citing concerns about inflation rising amid the war in Iran.
• This marks the continuation of the Fed's pause in rate adjustments following three successive 25-basis-point cuts in September, October, and December 2025.
• Fed Chairman Jerome Powell is scheduled to hold a press conference at 2:30 p.m. ET to discuss the decision, marking what could be his final interest-rate announcement as Federal Reserve chair.
A Senate committee is poised to advance Trump’s pick as doubts linger over the Fed’s independence and Powell’s futureUS politics live – latest updatesSign up for the Breaking News US newsletter emailKevin Warsh, Donald Trump’s pick to lead the Federal Reserve, is set to clear a key procedural hurdle on Wednesday, opening the way for him to succeed Jerome Powell in coming weeks amid the White House’s unprecedented efforts to exert control over the world’s most powerful central bank.The Senate banking committee is set to vote at 10am EDT (1400 GMT) to advance Warsh’s nomination to the full Republican-controlled Senate. All 13 Republicans on the panel are expected to support Warsh after Thom Tillis, a North Carolina senator, dropped his opposition following the Department of Justice’s decision on Friday to end a criminal investigation into Powell that Tillis viewed as a threat to the Fed’s political independence. Continue reading...
• The Department of Justice dropped its criminal investigation into Federal Reserve Chair Powell regarding the agency's building expenditures, marking a significant development in federal oversight.
• The decision came amid broader discussions on Capitol Hill about federal accountability, with both Republican and Democratic representatives weighing in on the implications.
• The outcome reflects shifting priorities in federal investigations and debates over Fed governance and spending practices.
• The Department of Justice has dropped its investigation into Federal Reserve Chair Jerome Powell, marking a significant policy shift.
• The decision comes amid Trump's emergency economic orders, potentially easing tensions over Fed independence.
• This move is viewed as stabilizing financial markets but criticized by conservatives seeking accountability on monetary policy.
Former Scottish Labour leader says she understands that expressing respect for author caused ‘worry, anger and upset’The incoming chair of the LGBTQ+ charity Stonewall, says she is “truly sorry” after she expressed “huge respect” for JK Rowling in an interview with the Guardian.Kezia Dugdale, the former leader of Scottish Labour, said she understood that her words had caused “worry, anger and upset and I am truly sorry about that”. Continue reading...
Kevin Warsh, Trump’s ‘central casting’, has a long road ahead of convincing board members to lower interest ratesDonald Trump’s fate is to be frustrated by monetary policy.Even assuming he gets his way and Kevin Warsh succeeds Jerome Powell as chair of the Federal Reserve next month, it is unlikely that the president will finally gain control of the Fed. Continue reading...
• Kevin Warsh, President Trump's nominee for Federal Reserve Chair, testifies in his first Senate Banking Committee hearing at 1400 GMT on April 21, 2026, facing questions on Fed independence amid Trump's pressure to cut rates.
• Warsh advocates reducing the Fed's balance sheet, conflicting with recent resumption of regular Treasury purchases in December 2025.
• The hearing addresses hot topics like Fed autonomy and potential rate cuts, with USD firming after Monday's rally rejection.
The hearing marks a key hurdle Kevin Warsh must overcome in order to succeed Jerome Powell when his term ends on 15 MayHello and welcome to the US politics live blog.President Donald Trump’s choice to lead the Federal Reserve will commit to protecting central bank independence on interest rates at a crucial confirmation hearing later today.Lori Chavez-DeRemer, Donald Trump’s labor secretary, resigned from her role with the administration. She said it was “an honor and a privilege to serve” to serve and that she would take on a job in the private sector. The departure came after she became entangled in a string of political and personal controversies. Democrats celebrated, writing “this administration is imploding”.Chuck Schumer, the Senate minority leader, called for Kash Patel’s immediate resignation following a report from the Atlantic detailing the FBI director’s alleged excessive drinking and absences. Patel has sued the magazine for defamation with his attorneys calling the article a “sweeping, malicious, and defamatory hit piece”.Donald Trump signed memorandums related to coal supply chains, natural gas and grid infrastructure on Monday. The president invoked the Defense Production Act in the energy-related memos, writing that increasing energy production is “essential to United States national defense”.The crowded field of Democratic candidates in the California’s governor’s race appears to be narrowing as Betty Yee — a former state controller— announced Monday she planned to end her campaign. Meanwhile, the California Democratic party chair Rusty Hicks continued to urge candidates trailing in the polls to exit the race. Continue reading...
• President Donald Trump is backing Kevin Warsh as his preferred candidate for Federal Reserve chair, intensifying pressure on current Fed Chair Jerome Powell amid ongoing policy disagreements.
• Republican Senator Kevin Cramer discussed the timeline for the CLARITY Act and Trump's strategy to reshape Federal Reserve leadership during an appearance on 'Mornings with Maria.'
Democratic lawmakers urged Republican leaders to postpone the confirmation hearing of Kevin WarshSign up for the Breaking News US email to get newsletter alerts in your inboxDemocrats have moved to stall Donald Trump’s effort to exert greater control over the US Federal Reserve, condemning the president’s “absurd” bid to install a new leader of the central bank while it is targeted with criminal investigations.Democratic lawmakers on the Senate banking committee urged its Republican leadership on Thursday to postpone the planned confirmation hearing for Kevin Warsh, the financial executive and former Fed governor Trump has nominated to replace Jerome Powell as Fed chair. Continue reading...
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