Fed

Ruling blocks detentions at three federal courthouses except in rare cases amid protests over tacticsA federal judge in New York has banned US Immigration and Customs Enforcement (ICE) agents from arresting immigrants in or around three federal courthouses in lower Manhattan, where vigorous confrontations have played out since the start of Donald Trump’s second presidency.Under an order issued on Monday by P Kevin Castel, a US district judge, federal agents are no longer allowed to make arrests of immigrants except under exceptional circumstances at the sites where hearings are held before immigration judges. Continue reading...

• Dow Jones’ business-news feed surfaced multiple fresh U.S.-relevant market stories within the past hour, including a piece on “The Most Brutal Car Market Is Spreading to the Rest of the World” and a report that Elon Musk lost his case against OpenAI after jury deliberation. • Other prominently listed items include coverage of home prices and rates, with Kathie Lee Gifford seeking $100 million for her Connecticut waterfront home and Home Depot earnings due as mortgage rates hit a year-plus high. • The feed also flagged a bond-market warning for the Federal Reserve to act on inflation and potential rate hikes, underscoring how investors are still focused on policy direction and borrowing costs.

The president’s ultimate goal is to push the Fed – among other independent US institutions – to bend to his willJerome Powell, who stepped down this week as chair of the Federal Reserve, had his hits and misses. The Fed was late to react as prices started rising when the Covid pandemic abated, but they eventually acted forcefully and achieved the most rare of feats: a “soft landing”, curbing inflation without sparking a recession or damaging employment.Strangely, given the chaotic era of pandemic and tariffs that coincided with Powell’s time as chair, monetary policy may not define his legacy. Powell’s most lasting accomplishment will most likely be his outspoken efforts to defend the independence of the Fed from an assault by the imperial presidency of Donald Trump. Continue reading...

• The Senate confirmed Kevin Warsh as Federal Reserve chair nominee, resolving a weeks-long standoff over Republican demands for a probe into outgoing Fed Chair Jerome Powell's conduct. • Warsh's confirmation represents a significant shift in Federal Reserve leadership as the administration prioritizes new economic policy direction amid ongoing inflation concerns. • The confirmation eliminates a major partisan bottleneck that had delayed central banking leadership decisions during a period of elevated business costs and consumer price pressures.

• A federal judge granted final approval to a $303 million class-action lawsuit settlement against the NCAA for former volunteer coaches. • The payout addresses compensation issues for volunteer coaches in Big 12 Conference programs and beyond. • This resolution provides financial relief to affected coaches and underscores ongoing legal pressures on the NCAA amid evolving college sports economics.

Warsh will serve four-year term as chair, taking over amid rising inflation and pressure from Trump to lower ratesThe US Senate confirmed Kevin Warsh as chair of the Federal Reserve, one of the most powerful roles in the federal government that holds enormous sway over the economy.The 54-45 Senate vote on Wednesday was split along party lines, with the exception of Democratic senator John Fetterman from Pennsylvania, who joined the Republican majority. Warsh was confirmed for a four-year term as chair and a 14-year appointment on the Fed’s rate-setting board. Continue reading...

• A federal appeals court ruling overturned a district judge’s injunction, allowing the administration to withhold certain grants previously directed for restoration. • Decision impacts funding for multiple programs, affecting states and nonprofits reliant on federal support. • Ruling reinforces executive authority on spending, potentially setting precedent for future policy disputes.