President Donald Trump has overseen the White House swearing-in of the new Federal Reserve chair. Trump said Friday that he'd like Kevin Warsh’s help in stimulating the economy even as the president tried to emphasize that the nation’s central bank would remain independent. Trump has spent months criticizing Warsh’s predecessor, Jerome Powell, for being reluctant to cut interests rates. Warsh noted the Fed’s mandate “is to promote price stability and maximum employment" and he pledged that the central bank would pursue those aims with “independence and resolve.” It was unusual that the ceremony didn't take place at the Fed's headquarters.
U.S. stocks ticked higher following the latest reversal for oil prices. The S&P 500 rose 0.2% Thursday and inched closer to its all-time high set last week. The Dow Jones Industrial Average added 0.6%, and the Nasdaq composite climbed 0.1%. All three indexes erased early drops and gained strength after the price of a barrel of Brent dropped from $109 in the morning to settle below $103. Oil prices have swung with uncertainty about what will happen with the Iran war. The lower oil prices helped yields to ease in the bond market.
President Donald Trump has returned from his state visit to China to face a challenging U.S. economy. Consumer inflation rose to 3.8% annually in April, driven by the Iran war and tariffs. The Cleveland Federal Reserve estimates inflation could reach 4.2% in May. Trump's trip to China seems unlikely to help despite his claims of trade deals. Many U.S. voters are facing rising costs for essentials. Democrats criticize Trump for being indifferent to inflation concerns. Trump insists he's focused on growth and affordability, but inflation continues to affect businesses and interest rates. The November elections could be influenced by these economic pressures.
The Senate has confirmed Kevin Warsh as chairman of the Federal Reserve. The vote to confirm Warsh on Wednesday brings new leadership to the world’s most powerful central bank at a fraught moment for the global economy. Warsh’s nomination faced uncertainty after Republican Sen. Thom Tillis of North Carolina threatened to block it while the Justice Department investigated Fed Chair Jerome Powell. The Powell probe was dropped in April, allowing the Warsh confirmation to move forward. Warsh will take over as the Fed confronts stubborn inflation, deep divisions over interest rates and renewed scrutiny from President Donald Trump over its independence.
Republicans want voters to think of working-class tax cuts when they weigh the economy and the 2025 law that President Donald Trump calls his “big beautiful bill.” But Democrats point to inflation on everything from groceries and gas to health care and housing. They want voters to blame Trump's policies, including his war in Iran. Those dividing lines are at the center of North Carolina's U.S. Senate contest that has become a microcosm of the national fight. Democrat Roy Cooper, a former governor, is battling Republican Michael Whatley, a Trump ally and former Republican national chairman. The state has leaned Republican in Senate contests, but Democrats think they have a shot here and to win control of Congress in November.
A sudden halt for technology stocks put the brakes on Wall Street's record-setting run. The S&P 500 dipped 0.2% Tuesday from its all-time high set the day before. The Dow Jones Industrial Average added 0.1%, and the Nasdaq composite sank 0.7% from its own record. Stocks that had roared higher in the artificial-intelligence boom were some of the market's heaviest weights. The pullback began in Asia, where South Korea’s Kospi index tumbled 2.3% on worries that the government may redistribute windfall AI profits to its citizens. Oil prices meanwhile rose more than 3% as the war with Iran threatens to drag on.
Oil prices rose as the war with Iran threatens to drag on, but U.S. stocks nevertheless inched to more records. The price for a barrel of Brent crude oil climbed 2.9% to top $104 Monday after President Donald Trump said the U.S.-Iran ceasefire was on life support after he rejected Iran’s latest proposal to end their war. That keeps the two sides in limbo, one that has already driven the price of Brent up from roughly $70 before the war. But the S&P 500 added 0.2% to its record set Friday. The Dow rose 0.2%, and the Nasdaq composite gained 0.1% to its own record.
Bacon is displayed for sale at a grocery store Wednesday, April 29, 2026, in Chicago. (AP Photo/Erin Hooley)
Agriculture Secretary Brooke Rollins this week attributed a multimillion-person drop in the number of participants receiving food stamps through the Supplemental Nutrition Assistance Program to the tamping down of fraud and an improved economy. It is true that SNAP beneficiaries decreased by nearly 4.3 million from January 2025 to January 2026, according to preliminary government data released by the Agriculture Department. However, experts say fraud detection and economic upturns are not the primary reasons. Instead they say the key drivers are new requirements mandated by a massive tax and spending cut bill Republicans pushed through Congress last summer.
Business leaders told reporters in Springfield Tuesday that investments in childcare and early intervention services can help working parents.