Serve

• The Observer has released its 2026 A.I. Power Index, a report analyzing the shifting dynamics of influence and capital flow within the artificial intelligence sector. • The index moves beyond traditional metrics like funding and scale to identify the specific "leverage points" that are currently reshaping the industry. • This analysis matters as it highlights a transition in how power is wielded, suggesting that control is moving away from conventional channels toward new, strategic actors.

• The Federal Reserve Board of Governors has established five new task forces dedicated to analyzing and improving the conduct of monetary policy. • Key focus areas include refining policy communications during uncertainty, evaluating the costs and benefits of the current balance sheet regime, and enhancing the timeliness of economic data. • These initiatives matter as they aim to strengthen the quality of real economic signals and institutional frameworks that inform critical policy judgments.

• Federal Reserve Chair Kevin Warsh testified at his first congressional hearing on Tuesday, advocating for a "sea change" in the central bank's economic strategy. • Warsh detailed plans to overhaul the Federal Reserve's current approach to managing inflation and broader economic stability. • This shift signals a potential departure from previous monetary policies, aiming to modernize how the Fed responds to evolving financial pressures.

• Federal Reserve Chairman Kevin Warsh is conducting a comprehensive review of the central bank's interest rate policy and balance sheet management. • The review specifically focuses on the "ample-reserves" regime and the Fed's current bond holdings to determine if adjustments are necessary. • Warsh noted that a complete return to pre-crisis policies is unlikely, signaling a permanent shift in how the Fed manages its financial tools.

• Federal Reserve Chairman Warsh appeared before the U.S. House Committee on Financial Services to deliver the semiannual Monetary Policy Report. • The testimony serves as a formal requirement under the Federal Reserve Act, ensuring transparency between the central bank and Congress. • This appearance allows the Federal Reserve to outline its current economic outlook and justify its strategic decisions regarding interest rates and monetary stability.

President says appointing Darline Graham Nordone would be ‘fabulous tribute’ to Republican who died on SaturdayGraham’s death triggers a scramble to replace him – what happens next?Sign up for the Breaking News US newsletter emailDonald Trump recommended that Lindsey Graham’s sister be named as the senator’s temporary replacement after his death on Saturday.Trump posted on social media that the South Carolina governor, Henry McMaster, should appoint Darline Graham Nordone to fulfill the rest of Graham’s term, which expires in January. Continue reading...

• Hostilities have resurfaced between the United States and Iran, undermining recent diplomatic efforts and mediation attempts to stabilize the region. • Fresh military actions have pushed the Middle East toward the brink of a wider conflict, reversing cautious signs of diplomatic momentum. • This escalation is viewed as a critical threat to global peace and international economic stability beyond the immediate regional impact.

• Suspected Chinese spies have been infiltrating major US and Canadian universities since May by exploiting vulnerabilities in Roundcube mailservers. • Proofpoint threat researchers estimate that a few dozen targets were affected, specifically targeting data from physics and engineering professors and administrators. • The attacks highlight a targeted effort to steal sensitive academic and technical research from high-value institutions in North America.

• The Federal Reserve released the official minutes from the Federal Open Market Committee (FOMC) meeting conducted on June 16–17, 2026. • These documents provide a detailed record of the discussions and deliberations held by the central bank's policymakers regarding the U.S. monetary system. • The release is critical for investors and economists as it offers insight into the Fed's current stance on inflation, interest rates, and economic stability.

Lorenzo Salgado Araujo was killed by agent in Texas while on his way to work, and family found out from news reportsThe family of a Mexican immigrant who was fatally shot by a federal immigration agent on Tuesday in Texas called for an independent investigation into his killing, as questions swirl around federal officials’ claims and lack of transparency.“He did not deserve to die,” said Ronaldo Salgado, the son of Lorenzo Salgado Araujo, during a press conference led by the League of United Latin American Citizens (LULAC) on Wednesday in Houston, Texas. Continue reading...

• A coalition of 11 environmental groups has formed a legal alliance to end bottom trawling in the European Union's protected marine areas. • The group argues that while strict nature laws exist, lax enforcement allows heavy nets to continue damaging seabeds within Natura 2000 sites. • Formal complaints have already been filed with the EU Commission against six nations: France, Germany, Italy, Denmark, the Netherlands, and Spain.

• The "Greater Israel" strategic architecture is reportedly expanding its influence across West Asia, encompassing territories in Egypt, Syria, Iraq, Saudi Arabia, and parts of Iran. • The analysis suggests that Gulf States, including the UAE, misjudged the nature of Western and U.S. support while focusing on their own internal developmental successes. • This shift follows the Islamabad Agreement signed in Switzerland, signaling a transition toward a new strategic framework in the region.

• Investors are awaiting the release of the US Federal Reserve's latest meeting minutes, marking the first such report under new chairman Kevin Warsh. • The minutes are expected to provide critical insights into the central bank's internal deliberations and its current stance on monetary policy. • Market participants are specifically searching for clues regarding the timing and likelihood of upcoming interest rate increases.

• Federal Reserve official Kevin Warsh has held interest rates steady at 3.5%-3.75%, signaling a period of stability for the financial markets. • Warsh's personal investments in cryptocurrency suggest a shift toward a more favorable Federal Reserve stance regarding Bitcoin and other digital assets. • While the Fed does not directly regulate crypto exchanges, its leadership heavily influences the risk tolerance of bank regulators, the Treasury, and Congress.

• Investors are focusing on the week of July 5th to July 13th, with a primary emphasis on China's June CPI and PPI data scheduled for release on July 9. • Market analysts are monitoring for a "K-shaped divergence" in prices and potential weaknesses in June's macro indicators, specifically regarding credit expansion and capital utilization. • Other critical global events include the release of the Federal Reserve meeting minutes and the U.S. stock market debut of SK Hynix.

• Global central banks are redefining reserve management strategies to prepare for a shifting financial system and a potential move away from U.S. dollar dominance. • The World Bank and central banks are increasingly integrating AI to accelerate document analysis and extract insights from unstructured data to improve policy decision-making. • AI-powered supervisory technologies are becoming critical for monitoring faster payment systems and digital financial services, especially within emerging economies.

• Meta is reportedly planning to sell its excess AI compute capacity, sparking concerns among investors that the AI market may be entering a bubble. • Despite these worries, server supply chain providers report that demand remains strong and cloud customers are not reducing their orders. • This divergence highlights a tension between market skepticism regarding AI monetization and the continued aggressive infrastructure spending by tech giants.

• The US Supreme Court issued a 6–3 ruling striking down an executive order by President Donald Trump that sought to restrict birthright citizenship. • The decision reaffirms the constitutional guarantee that nearly everyone born on US soil is automatically granted citizenship. • This ruling represents a significant legal setback for one of the Trump administration's primary immigration initiatives.

Newly-released congressional report says president hijacked United States’ 250th anniversary celebrations to serve ‘political ideology and pet projects’Hello and welcome to the US politics live blog.Donald Trump hijacked the United States’ 250th anniversary celebrations to serve “political ideology and pet projects”, a congressional report released today has revealed.I can’t, in my time here in Congress, remember anything even remotely like this: watching this trusted, venerable charity organisation, the National Parks Foundation, literally be hijacked for a craven political agenda that tries to steal the celebration of America’s 250th anniversary and turn it into something that’s all about Trump, advancing this very divisive agenda and even enriching Trump and those around him.The acting attorney general, Todd Blanche, said that federal prosecutors and law enforcement officers will focus on keeping pregnant non-citizens from giving birth in the US to acquire birthright citizenship. He did not mention that Donald Trump’s father was born in New York to a non-citizen mother who arrived six months pregnant.Trump batted down questions about the $1.2bn he earned from crypto businesses, according to his latest annual financial disclosures.Trump refused to renew the North American trade pact he once championed as his signature deal, opting instead to keep it alive on a short leash of annual reviews.The mayor of New York, Zohran Mamdani, plans to deliver what his office calls a “major address” on Friday to mark the 250th anniversary of the United States, “surrounded by recently naturalized citizens.”A federal ⁠judge blocked a proposed restriction on mail-in voting across the US, challenging a crackdown on elections ordered by Donald Trump.During a visit to a new museum dedicated to Theodore Roosevelt, Trump asked an AI rendition of the 26th president about the Panama canal. Trump then lied to supporters about the exchange. Continue reading...

House Democratic subcommittee report outlines web of alleged corruption, wire fraud and pay-to-play schemesDonald Trump staged a hostile takeover of the US’s 250th anniversary celebration to enrich political allies, harvest voter data and promote Christian nationalist ideology, according to a congressional investigation released on Thursday.The interim report, “From Vanity to Insanity: How the White House Cheated the American People Out of Their 250th Birthday”, outlines a web of alleged corruption, wire fraud and pay-to-play schemes orchestrated through a shadow corporation embedded within the National Park Foundation (NPF). Continue reading...

• Samsung Electronics and SK Hynix announced on Monday a combined investment of 800 trillion won ($518 billion) to establish a new semiconductor hub in South Korea. • The facility will be located in the country's southwest region, an area that has historically lagged in economic development and lacks major industrial centers. • This massive investment aims to capitalize on the soaring global demand for computer chips driven by the rapid growth of artificial intelligence (AI).

Tournament’s serving machine can deliver balls in the style of anyone from John McEnroe to Elina SvitolinaCould you return Emma Raducanu’s 110mph serve, or receive a 145mph stroke from Andy Murray? What about Giovanni Mpetshi Perricard’s 153mph torpedo, which broke Wimbledon records last year?This year’s tournament attendees have had the opportunity to try their luck on the court, facing off against a robotic serving machine rather than their tennis heroes. Continue reading...

• The Supreme Court's conservative majority ruled that the president has the authority to fire officials who wield executive authority, regardless of whether they have fixed terms set by law. • This decision challenges the long-standing 1935 precedent that protected bipartisan boards of experts from being dismissed due to political disagreements. • While the ruling expands presidential power over various independent agencies and commissions, the Court specifically noted that the Federal Reserve remains an exception.

• The US Supreme Court ruled in favor of expanded executive power, allowing presidents to fire agency board members without cause. • Chief Justice John Roberts wrote for the conservative majority that previous protections against removal, specifically the 1935 Humphrey’s Executor ruling, contradict the Constitution's separation of powers. • The decision stems from a case involving Rebecca Slaughter, a former Federal Trade Commission member whom Donald Trump fired despite federal laws requiring a specific reason for dismissal.

• China ranks as the world leader in foreign exchange reserves for 2026, followed by Japan in second and Switzerland in third. • Other top-ranking nations include Taiwan (#4), India (#5), Saudi Arabia (#6), Hong Kong (#7), Russia (#8), South Korea (#9), and Singapore (#10). • These reserves are critical for maintaining currency stability and providing a financial buffer to protect national economies during global crises.

Thirsty England fans bought more than 8m pints on Saturday, with higher sales expected as the team progressesWorld Cup live – latest updatesEngland’s group stage matches in the World Cup have been a boon for UK pubs, which have poured 5.5m more pints of draught beer and cider than usual.Saturday’s clash against Panama was the biggest trading occasion of the tournament so far, with more than 8m pints served. Continue reading...

• Federal Reserve Chairman Kevin Warsh has initiated a leadership shift focused on streamlining the central bank's communications and operations. • Recent changes include a dramatically shorter policy statement that removes hedging boilerplate and replaces vague inflation goals with a definitive commitment to deliver price stability. • During his press conference, Warsh adopted a leaner approach, refusing to engage in speculative forecasting or pretend the bank has a "crystal ball."

• Federal Reserve Chair Kevin Warsh is addressing a complex economic narrative as U.S. inflation reaches a three-year high due to energy supply disruptions caused by the Iran war. • The Cleveland Fed's proprietary forecasting tool predicts a modest decline in overall prices for June, offering a glimmer of optimism for Wall Street. • Despite the projected dip, the situation remains precarious because a key inflationary indicator used by the central bank continues to stay stubbornly high.