Serve

• Emma Hayes, the celebrated manager, faced widespread ridicule after appearing on an ITV analysis set designed to look like a kitchen during England's victory over Croatia. • Critics argue the "sexist gimmick" undermines Hayes' expertise as an exemplary pundit and represents a significant missed opportunity for the broadcaster. • The controversy highlights a shift in World Cup coverage, with the BBC operating from Salford and former talisman Gary Lineker moving to Netflix for his "Rest is Football" podcast.

• The Federal Open Market Committee (FOMC) maintained the target federal funds interest rate in the 3.50%-3.75% range during its June 17 meeting. • This decision aligns with investor expectations as the Federal Reserve seeks to balance the containment of inflation with the need to support labor markets. • Fed policy is critical because it directly influences borrowing costs, savings returns, and general financial conditions across the U.S. economy.

• The European Central Bank raised its deposit facility rate to 2.25% on June 11, marking its first rate hike since 2023. • In contrast, the U.S. Federal Reserve is expected to maintain its federal funds rate between 3.50% and 3.75% during its June 16-17 meeting. • This divergence in monetary policy is driven by the U.S. AI boom, leading the Fed to adopt a less hawkish stance than the ECB.

• The Federal Reserve unanimously decided to keep interest rates steady at a range of 3.5% to 3.75% during its first meeting under new chair Kevin Warsh. • Despite the hold, the Open Markets Committee signaled a potential rate hike before the end of the year, citing that economic activity is currently expanding at a "solid pace." • US stock markets reacted negatively to the signal of future tightening, experiencing a drop on Wednesday afternoon.

• Federal Reserve Chair Kevin Warsh is expected to withhold his "dot plot" projection during the June 2026 meeting, while Bank of America reports at least three members may project further rate hikes for the year. • A rate cut is considered implausible due to rising inflation data, with May's wholesale producer prices (PPI) climbing 6.5% year-over-year and consumer prices (CPI) at 4.2%. • Economic uncertainty persists as G7 tariff discussions and fluctuating oil prices create a murky inflation outlook, despite a recent ceasefire providing some downward pressure.

US central bank makes decision in first meeting under new chair and Trump appointee Kevin WarshThe US Federal Reserve left interest rates unchanged for the fourth time this year after its first meeting under new chair, Kevin Warsh, a Donald Trump appointee who has taken over the central bank during a tumultuous time for the US economy.“Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East,” the Fed’s open market committee said in a short statement. “Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little.” Continue reading...

• The Socialists & Democrats have expressed support for the European Commission’s Tech Sovereignty Package, viewing it as an essential first step toward securing Europe's digital independence. • The group advocates for strategic investments in European-made semiconductors, AI alternatives, and the development of sovereign cloud capabilities via EU-based data centers. • This initiative aims to safeguard the "European model" by enhancing cybersecurity capacity and ensuring that digital infrastructure aligns with sustainability and fundamental rights.

Reserve Bank of Australia decision on Tuesday comes after three consecutive cash rate hikes this yearFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastThe Reserve Bank has left its official interest rate on hold at 4.35%, after economic activity slowed and unemployment hit a four-year high.The widely expected decision on Tuesday will bring little relief to mortgage holders, already strained by the RBA’s three consecutive rate hikes earlier in 2026. Continue reading...

• Taiwan's listed semiconductor and electronics companies reported robust revenue growth in May 2026, driven primarily by the AI supply chain. • Server makers and memory chip providers saw triple-digit gains, highlighting a structural reordering of the sector's top earners. • The data reveals a widening performance gap between companies benefiting from AI infrastructure and those tied to legacy consumer electronics.

Medications that target depression, anxiety and poor sleep could help treat pain without opioids’ addictive propertiesA range of other medications could serve as alternatives to powerful opioids for pain relief in emergency departments, according to a new study.The review paper examined non-opioid medications available in the emergency department at San Francisco general hospital and examined existing medical literature to figure out which ones might provide pain relief. Continue reading...

Former Trump lawyer, acting in the role since April, faces Senate confirmation after controversial DoJ movesSign up for the Breaking News US newsletter emailDonald Trump has nominated Todd Blanche to serve permanently as attorney general, lining up his former personal lawyer to be the country’s ⁠top ⁠law ⁠enforcement officer.The US president suggested earlier this week that Blanche, who was appointed on an acting basis in April after the president fired Pam Bondi, was set to receive the nod. “He’s a very talented guy,” Trump told a podcast. Continue reading...

• Fair Observer Monthly has released its May 2026 e-magazine, featuring a curated selection of 15 original articles focusing on global geopolitical and strategic shifts. • A primary focus of the issue is the evolving nature of great-power relations, specifically highlighting recent high-level diplomatic activity in China. • Expert David Mahon provides analysis on the significance of back-to-back visits to Beijing by US President Donald Trump and Russian President Vladimir Putin.

Bill Pulte, who does not have any national intelligence experience, is nicknamed ‘Little Trump’ among some Donald Trump’s decision to appoint Bill Pulte as the acting director of national intelligence has set off alarm bells in Washington, as a staunch Trump loyalist with little government experience who has shown an eagerness to retaliate against the president’s political rivals will now sit atop the US intelligence apparatus.Pulte, whose grandfather started PulteGroup, a major residential homebuilder, had no government experience before Trump appointed him to lead the Federal Housing Finance Agency (FHFA), an under-the-radar regulator that oversees the government lenders Fannie Mae and Freddie Mac. Shortly after arriving at the agency, he began to gut it, firing sizable chunks of the boards of both and appointing himself as chair. Pulte had no government experience before being appointed to the role and does not have national intelligence experience. Continue reading...

US president says head of Federal Housing Finance Agency will serve as acting director days after Gabbard exits roleDonald Trump has tapped a close ally to serve as the country’s top intelligence official, days after Tulsi Gabbard announced her exit from the role.The US president said that Bill Pulte, head of the Federal Housing Finance Agency (FHFA), and heir to a home construction company fortune, will serve as acting director of national intelligence. Continue reading...

Powell says central bank has been facing ‘stress test’ under Trump, as supreme court weighs decision on Fed governor that president tried to fireSign up for the Breaking News US newsletter emailJerome Powell, the former chair of the Federal Reserve, has warned that a single act of political interference in monetary policy could permanently destroy public trust in the central bank.As Donald Trump’s administration continues to test the Fed’s longstanding independence, Powell said in a speech on Sunday night that the institution was in the midst of a “stress test”. Continue reading...

• Fed Vice Chair for Supervision Michelle Bowman said on May 29 that inflation progress “appears to have stalled,” with total PCE inflation at 3.8% in April and core PCE at 3.3%. • She said the U.S. economy has remained resilient, but noted the labor market is vulnerable to shocks and that growth has slowed since last summer. • The remarks matter because they reinforce the debate inside the Fed over how long to keep rates restrictive while inflation remains above the 2% target.

• Global investment banks are abandoning expectations for a Federal Reserve rate cut this year, signaling a hawkish shift in U.S. monetary policy. • A strengthening U.S. dollar is siphoning critical capital away from Asian markets, threatening their ability to fund development, manage bond yields, and support equities. • This trend mirrors previous instabilities, such as the 1997 Asian financial crisis and the 2013 "taper tantrum," where surging dollar values destabilized regional currencies.

• Federal Reserve Vice Chair Philip N. Jefferson said in a May 27 speech that recent U.S. growth has been solid, but he expects a more modest pace ahead. • Jefferson placed the U.S. economy in a global context, pointing to recent international developments while focusing his remarks on domestic conditions and the outlook for growth. • The comments matter because signals from senior Fed officials can influence expectations for interest rates, bond yields, and equity-market pricing.

• Federal Reserve Governor Lisa D. Cook said in a May 27 speech that rapid advances in large language models and agentic AI systems are introducing new ways to detect, exploit, and create vulnerabilities in financial systems. • Cook argued that experimentation with AI must be matched by “strong governance and risk management,” framing AI adoption as both an opportunity and a security challenge for banks and regulators. • The remarks matter because they come from a senior U.S. policymaker focused on how AI could affect the economy, financial stability, and institutional risk controls.

• Governments and enterprises in Southeast Asia, Africa, and Latin America are increasingly adopting low-cost Chinese AI servers over US-dominated alternatives. • This shift is driven by severe budget constraints and a strategic desire to avoid over-dependence on a single global superpower. • The trend signifies a major reshaping of the global AI infrastructure map, challenging the market dominance of US tech ecosystems in emerging economies.

• Warner Bros. Discovery (WBD) is launching its most comprehensive viewing experience for Roland-Garros, offering coverage across HBO Max, TNT Sports, and Eurosport. • Fans will have access to 900 matches, providing an extensive look at the tournament through live coverage and dedicated sports platforms. • This initiative leverages WBD's diverse portfolio, including Max and discovery+, to maximize reach and accessibility for tennis enthusiasts.

• Pakistan increased its diplomatic efforts on Thursday to accelerate peace negotiations between the United States and Iran. • The push comes as Tehran maintains a rigid stance regarding the nuclear issue and the U.S. faces internal political instability. • President Trump is dealing with domestic pressure and declining approval ratings ahead of November's midterm elections, largely driven by rising fuel prices.

Exclusive: 3,500 social homes could switch to private sector after companies run by Heylo Housing group go into administrationMore than £52m in public money earmarked for social housing is at risk after the partial collapse of one of the England’s fastest-growing housing providers.Two of the investment companies run by the Heylo Housing group, which is backed by the asset managers Blackrock, have gone into administration leaving the government regulator scrambling to find a rescue deal to protect taxpayers’ money and prevent 3,500 social homes switching to the private sector. Continue reading...

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...

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...

• The Federal Reserve Board issued its Financial Stability Report for May 2026 on May 8, assessing risks amid solid economic growth and market highs. • Report highlights stress from rising oil prices, geopolitical strains, and narrow equity leadership concentrated in AI-driven tech sectors. • Fed signaled no imminent rate cuts after holding steady in late April, citing insufficient inflation progress with core PCE easing but headline above 3.5%.

Warsh would succeed outgoing Fed chair Jerome Powell as Trump continues his push to influence the US central bankSign up for the Breaking News US newsletter email The US Senate is expected to confirm Kevin Warsh this week as chair of the Federal Reserve, as Donald Trump continues his campaign to influence the world’s most important central bank.The Fed’s influence over the economy spans from the job market to mortgage rates, and its every move is carefully scrutinized by investors on Wall Street. Warsh’s confirmation comes at a turbulent time for the central bank, which has fallen under intense scrutiny from Trump for not lowering interest rates. Continue reading...

• The FOMC announced on May 10, 2026, that it is leaving the federal funds rate unchanged at 5.25-5.50%, aligning with market expectations amid ongoing inflation monitoring. • Fed Chair Jerome Powell is scheduled to hold a press conference at 2:30pm ET to discuss the decision and economic outlook. • This marks the latest in a series of steady rate holds, reflecting a cautious approach to balancing growth and price stability in the US economy.