Business Corpus

Best Buy names Jason Bonfig as new CEO, replacing Corie Barry in late OctoberThe leadership change comes as the company tries to rev up sales and capitalize on artificial intelligence-fueled innovation of laptops and mobile phones.{}

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 04:04:37 -0700

The leadership change comes as the company tries to rev up sales and capitalize on artificial intelligence-fueled innovation of laptops and mobile phones.https://www.cnbc.com/2026/04/22/best-buy-jason-bonfig-ceo-corie-barry.html

Florida launches criminal probe into whether chatbot aided suspect in deadly campus shootingFlorida's AG launched a criminal investigation into OpenAI, alleging ChatGPT advised the suspect in the deadly Florida State University mass shooting.

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 01:35:40 -0700

Florida Attorney General James Uthmeier has launched a criminal investigation into OpenAI over whether its ChatGPT artificial intelligence chatbot could bear legal responsibility in last year’s deadly mass shooting at Florida State University.

The probe follows a review of chat logs between the suspect, Phoenix Ikner, and ChatGPT after a April 17, 2025, attack that left two people dead and six others injured.

Uthmeier alleged the chatbot advised the gunman on what weapons and ammunition to use, as well as when and where to carry out the attack to encounter more people.

"If this were a person on the other end of the screen, we would be charging them with murder," Uthmeier said. "Just because this is a chatbot, an AI, does not mean that there is not criminal culpability. So, we’re going to look at who knew what, designed what or should have done more."

WAR DEPARTMENT TO PARTNER WITH OPENAI TO INTEGRATE CHATGPT INTO GENAI.MIL

State officials are examining whether OpenAI could be held liable under Florida law, which allows those who aid, abet or counsel a crime to be charged as principals.

The Office of Statewide Prosecution has subpoenaed OpenAI for internal policies, training materials and records related to how the company handles threats of violence and cooperates with law enforcement, according to the announcement.

OpenAI pushed back on the claims, saying its technology did not promote or enable the attack.

CHINESE HACKERS WEAPONIZE ANTHROPIC’S AI IN FIRST AUTONOMOUS CYBERATTACK TARGETING GLOBAL ORGANIZATIONS

"Last year’s mass shooting at Florida State University was a tragedy, but ChatGPT is not responsible for this terrible crime," OpenAI spokesperson Kate Waters said in a statement to Fox News. "After learning of the incident, we identified a ChatGPT account believed to be associated with the suspect and proactively shared this information with law enforcement."

She said OpenAI continues to cooperate with authorities and is working to strengthen ChatGPT’s safeguards to detect "harmful intent, limit misuse and respond appropriately when safety risks arise."

"In this case, ChatGPT provided factual responses to questions with information that could be found broadly across public sources on the internet, and it did not encourage or promote illegal or harmful activity," Waters said. "ChatGPT is a general-purpose tool used by hundreds of millions of people every day for legitimate purposes."

GOOGLE CEO CALLS FOR NATIONAL AI REGULATION TO COMPETE WITH CHINA MORE EFFECTIVELY

Florida Department of Law Enforcement Commissioner Mark Glass said the case highlights broader concerns about artificial intelligence.

"Artificial intelligence is built by man. Man is fallible. Man makes mistakes," Glass said.

Authorities have previously said Ikner, 20, opened fire on campus using weapons stolen from his parents’ home before being shot and wounded by responding officers.

He was later indicted on two counts of first-degree murder and seven counts of attempted first-degree murder with a firearm.

The case is now being cited by Florida officials as part of a broader push to crack down on crimes involving artificial intelligence, including legislation signed earlier this year increasing penalties for AI-generated child sexual abuse material.

https://www.foxbusiness.com/politics/florida-launches-criminal-probe-whether-chatbot-aided-suspect-deadly-campus-shooting

A beginner-friendly ETF portfolio that requires almost no maintenance and delivers long-term resultsFor a portfolio to count as being both good and easy, it needs to be anchored with a hearty helping of stock market-tracking index funds.

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 01:20:40 -0700

Most people who delay investing aren't doing so because they think putting their money into the markets is a bad idea. They're stuck in front of a confusing smorgasbord of options, afraid to pile the wrong things on their plate and at least a little afraid of looking like they don't know what they're doing (especially if it's true). Thus, analysis paralysis is often the default.

Have no fear. There's a quick and simple way to build a sensible portfolio by using a small handful of exchange-traded funds (ETFs). So, without further ado, let's get some clarity over what's going to go into this portfolio and how much of an allocation each ETF should get.

For a portfolio to count as being both good and easy, it needs to be anchored with a hearty helping of market-tracking index funds. That way, you'll get exposure to growth and quite a lot of diversification, which will help to insulate you from all sorts of risks.

COULD S&P 500 ETFS ALONE FUND YOUR ENTIRE RETIREMENT?

Therefore, 65% of the portfolio could be allocated to the Vanguard S&P 500 ETF, and 20% could be allocated to the iShares Core MSCI Total International Stock ETF.

The Vanguard ETF has an expense ratio of just 0.03% annually and tracks the performance of the biggest public companies listed in the U.S., whereas the iShares ETF has an annual expense ratio of 0.07% and tracks the performance of the biggest international companies, explicitly not including those in the U.S.

The point of having both of these in the portfolio is that you'll be diversified across business sectors and across geographies, which reduces the chance that problems in the U.S. or any other specific country will drag down your portfolio's performance as a whole.

Those two ETFs focus on stocks. A well-rounded and sufficiently diversified portfolio also needs some exposure to bonds to ensure that it has a fairly safe source of yield when times get tough, and to cryptocurrency, as it isn't represented well in any of the other ETFs.

GOLDMAN SACHS COMPLETES INNOVATOR CAPITAL ACQUISITION, LIFTING ETF ASSETS TO $90B

Thus, you could also allocate 10% of the portfolio to the Vanguard Total Bond Market ETF and 5% to the iShares Bitcoin Trust ETF.

In a nutshell, BND is crash insurance. It holds more than 17,000 U.S. investment-grade bonds for an annual expense ratio of just 0.03%. Its trailing-12-month yield is only 3.9%, but it isn't intended to be a major growth driver for your portfolio anyway.

The Bitcoin Trust position provides exposure to spot bitcoin as the name implies. The point of owning it is that it'll help you to benefit from the cryptocurrency's status as a scarce store of value, and it might help to guard your portfolio against inflation too. It'll cost you a bit more than the other ETFs, with an expense ratio of 0.25%, but the potential growth that it offers is worth the price.

This portfolio can hum along for years without any intervention from you. But there is one thing you can do to slightly boost its performance.

VANGUARD FUND STRIPS OUT CHINA IN EMERGING MARKETS INVESTMENT PLAY

Once a year, open your brokerage or retirement account and compare each fund's current weighting to its allocation target described above.

If any position has drifted by more than five percentage points from its target allocation, it's wise to sell a little of the winner and buy a little of the laggard. You're selling high and buying low, and that's the entire (mostly voluntary) maintenance obligation. Inside a tax-advantaged account like a Roth IRA or a 401(k), rebalancing triggers no tax consequences, and many brokerages can even automate the process for target-weight portfolios if that's something that interests you.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Start with whatever amount of capital you have on hand, add to your holdings in the proper proportions when you can, rebalance the portfolio once a year and let time in the market do the rest of the work. The longer you're willing to let this money grow, the better off you're likely to be.

Alex Carchidi has positions in Bitcoin and iShares Bitcoin Trust. The Motley Fool has positions in and recommends Bitcoin, Vanguard S&P 500 ETF, Vanguard Total Bond Market ETF, and iShares Bitcoin Trust. The Motley Fool has a disclosure policy.

https://www.foxbusiness.com/markets/a-beginner-friendly-etf-portfolio-that-requires-almost-no-maintenance-and-delivers-long-term-results

LARRY KUDLOW: No sock puppet — Kevin Warsh will bring a gust of fresh air to the Federal ReserveTrump’s nominee outlines his long-held views that the central bank’s remit has grown too far and too wide and must be curbed

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 01:20:39 -0700

President Trump’s Fed nominee Kevin Warsh appeared before the Senate Banking Committee today and passed with flying colors. It’s the best way I can put it. It may well be a new era for the Federal Reserve as Mr. Warsh outlined his long-held views that the central bank’s remit has grown too far and too wide and must be curbed.

That its balance sheet of assets and liabilities should similarly be downsized, that it was never meant to be an overbearing central planning economic agency. And that monetary policy independence is essential. Yet it must be earned. In his testimony, Mr. Warsh said "low inflation is the Fed’s plot armor, its vital protection against slings and arrows. So, when inflation surges — as it has done in recent years — grievous harm is done to our citizens, especially to the least well-off."

And finally, the Fed must stay in its lane. No politics. No diversity, equity, and inclusion, no climate change, no lobbying state legislatures, et cetera. Mr. Warsh challenged a number of hidebound Fed customs, such as forward guidance and constant chattering from reserve bank presidents. He indicated it’s time to look for new economic models.

Mr. Warsh is an optimistic growth guy who doesn’t believe low unemployment means higher inflation, but does believe in the growth power of tax cuts and deregulation. He also suggested that Federal Open Market Committee meetings could resemble a "family fight," saying "I tend to favor messier meetings than some where people don’t show up with rehearsed scripts." He added that "we can have a good family fight if the central bank has that good family fight, I think that they’re going to make better decisions. And if they happen to make mistakes, they’ll correct them sooner." He even challenged inflation indicators suggesting that median inflation rates or trimmed mean inflation rates, where you chop off the high and low outliers, might be better than the straight up consumer price index or personal consumption expenditures deflator.

At one point he mused out loud that it’s hard to make monetary policy without ever mentioning money. Asked about his forecast he suggested the broad contours of the economy are improving but we can do better, peak inflation has come down, but it can come lower, and interest rates are a better tool than the Central Bank balance sheet.

Mr. Warsh also defended his long-run view that rapid technology advances like AI are likely to enhance productivity, reduce business costs, inflation, and ultimately bring down interest rates.

Yet he made no formal interest rate predictions. And when insulted by the far-left Democratic senator, Elizabeth Warren, that he was somehow going to be Mr. Trump’s "sock puppet," whatever that means, he made it clear that in his interview with the president, Mr. Trump never once asked him to commit to a specific interest rate: "the president never once asked me to commit to any particular interest rate decision period, and nor would I ever agree to do so if he had. But he never did."

I’m not surprised. Ms. Warren was her usual pain in the neck, holding up the hearing with various gibberish about Mr. Warsh meeting ethics agreements and divesting his own portfolio, of course the Wall Street Journal’s editorial was right: the hearing was about the Fed’s balance sheet, not Mr. Warsh’s. Even Senator Thom Tillis stood up for Mr. Warsh and said he was in complete compliance with ethics arrangements and asset sales. As I have said, Mr. Warsh passed with flying colors. And he’ll bring a much-needed gust of fresh air to the central bank. Now let’s get him over the finish line as fast as possible.

https://www.foxbusiness.com/politics/larry-kudlow-no-sock-puppet-kevin-warsh-bring-gust-fresh-air-federal-reserve

Papa John's box message telling customers to tip delivery drivers sparks fierce tipping culture debate onlinePapa John's customers were outraged over a box message about tipping delivery drivers as Americans increasingly say tipping culture is out of control.

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 01:05:41 -0700

A message encouraging Papa John's customers to tip their delivery drivers has enraged social media users, as frustration over America's expanding "tipping culture" continues to ferment.

TikTok user @sydneeee___ posted a video last week showing a box from the pizza chain that stated: "DELIVERY FEE IS NOT A TIP. Please reward your driver for outstanding service."

The message left some fuming, sparking a debate over the purpose of delivery fees and whether corporations should be responsible for paying their workers livable wages.

Users labeled the message "tone-deaf," arguing the company is shifting the financial responsibility of employee compensation to the consumer.

DOMINO'S PIZZA DEBUTS STUFFED CRUST IN EFFORT TO BOOST SALES

"Companies telling us to tip their workers knowing they won’t pay them is crazy lol," one user commented.

Another questioned the logic of the charge, asking, "So wtf are we paying a delivery fee for?"

A third user noted, "If a delivery fee is not a tip... then why is there a delivery fee being paid to the business? It should be paid to the driver."

One commenter pointed out the executive pay scale, writing, "Papa Johns CEO makes $8.44M annually btw."

Rather than serving as a lighthearted reminder to reward good service, some users argued the message creates unnecessary friction between the customer and the delivery person.

KFC BRINGS BACK A TASTE OF NOSTALGIA WITH FAN-FAVORITE ITEM

This backlash comes as more Americans express exhaustion with tipping practices creeping into industries that traditionally never requested them. Customers now frequently face "tip screens" for mundane tasks or at self-service kiosks, leading to awkward social scenarios.

A WalletHub survey released in March found that nearly nine in 10 Americans believe the country's tipping culture is "out of control." Similarly, a recent Popmenu report found that 77% of consumers agree the practice has gone too far, with two-thirds of respondents admitting they only tip out of guilt.

FOX Business has reached out to Papa John's for comment.

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The viral video arrives at a difficult time for the pizza giant, which recently announced plans to close 300 underperforming restaurants across the U.S.

Papa John's Chief Financial Officer Ravi Thanawala described these "doomed" locations as being primarily franchise-owned, more than a decade old and generating less than $600,000 in annual unit volume (AUV).

https://www.foxbusiness.com/lifestyle/papa-johns-box-message-telling-customers-tip-delivery-drivers-sparks-fierce-tipping-culture-debate-online

States secure $23M from Roblox, mandate stricter protections for young users: 'The right thing to do'Gaming platform Roblox will pay over $23 million and implement sweeping safety changes after investigations into child safety failures by two states.

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 01:05:41 -0700

Roblox has agreed to sweeping platform overhauls and more than $23 million in combined settlements with the states of Alabama and West Virginia following investigations into the gaming platform's child safety failures.

The settlements, both announced by the states' attorneys general on Tuesday, mandate strict new safeguards designed to protect minors from online predators and inappropriate content.

Alabama Attorney General Steve Marshall, who secured a $12.2 million settlement that ensures 100% of the funds will stay in the state, told FOX Business the negotiations had a twofold purpose of implementing structural changes to the platform to increase child safety and parental controls and securing monetary resources to enhance School Resource Officer (SRO) programs throughout Alabama.

"If you're a platform online that is directing your efforts toward children as consumers, then that platform has a responsibility to ensure the safety of those young people," Marshall said. "Whether they believe they were legally responsible or not, it's simply the right thing to do."

ROBLOX CEO SAYS CHILD SAFETY IS INDUSTRY-WIDE ISSUE, PLANS TOOLS TO KEEP BAD ACTORS OFF PLATFORM

He added that the focus was less about long-term harm and more about looking into the future.

"The ability to obtain significant changes within the platform as a result of these settlement agreements not only enhances the safety of young people using the platform, but I think (it) creates a framework for similarly situated companies," Marshall said.

"I think it's a template for other states around the country to do something similar."

ROBLOX CEO INSISTS PLATFORM IS SAFE FOR CHILDREN DESPITE LAWSUITS OVER ONLINE PREDATORS

The agreement also grants parents expanded controls, allowing them to restrict "Robux" in-game currency transfers from adults who are not trusted connections.

West Virginia Attorney General JB McCuskey similarly announced an $11.08 million settlement with the gaming giant on Tuesday, noting that his state's investigation found Roblox's previous safety designs exposed young users to grooming, sexual predators and violent content.

McCuskey said West Virginia is heavily reinvesting its settlement payout into dedicated state safety efforts, including $2.4 million over six years to hire a West Virginia-based internet safety specialist to coordinate with local law enforcement, according to a news release.

The state will also spend $1.5 million on a three-year public safety campaign and $500,000 on safety education workshops for parents and children.

LOUISIANA SUES ONLINE GAMING PLATFORM ROBLOX FOR ALLEGEDLY ENABLING CHILD PREDATORS

Despite the multimillion-dollar payouts and state investigations, Roblox CEO Dave Baszucki defended the platform earlier this month during an exclusive interview with "Fox & Friends'" co-host Ainsley Earhardt.

Rejecting accusations that the platform is a playground for pedophiles, Baszucki framed the recent overhauls as a continuation of Roblox's proactive commitment to setting a "global gold standard" for digital safety.

He emphasized that Roblox builds in safety features "by default" ahead of legal requirements, strictly prohibits image sharing and filters all chat communications.

"Roblox is proud to have worked collaboratively with Attorney General McCuskey to reach this agreement, which builds on our ongoing mission to establish the gold standard for digital safety," Roblox Chief Safety Officer Matt Kaufman wrote in a statement to FOX Business.

"This resolution — including our support for parent educational workshops and a dedicated law enforcement liaison — serves as an important blueprint for how the technology industry and regulators can work together proactively to help protect the next generation.

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"We have no finish line when it comes to safety," Kaufman added. "We will continue to invest heavily in our people, processes and technology to protect our community."

McCuskey's office did not immediately respond to FOX Business' request for comment.

https://www.foxbusiness.com/entertainment/states-secure-23m-from-roblox-mandate-stricter-protections-young-users-the-right-thing-do

GOP senator will block Warsh nomination until 'bogus' Powell probe endsSen. Thom Tillis says he’ll block Kevin Warsh’s Federal Reserve chairman nomination unless DOJ drops probe into Chair Jerome Powell.

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 00:50:46 -0700

Sen. Thom Tillis, R-N.C., said Tuesday he will continue to block Kevin Warsh’s confirmation to lead the Federal Reserve after a heated hearing, arguing the process cannot move forward amid an ongoing Justice Department investigation involving Fed Chair Jerome Powell.

"At the end of the day, there's only one thing that solves this problem, and it's getting rid of the bogus investigation that started without the president's knowledge and has created this situation," Tillis told FOX Business outside the hearing room.

"If we want to get Mr. Warsh confirmed, we need to drop the investigation," Tillis added, saying it could be done in "five minutes" and urging the DOJ to act.

THE ONE LINE IN WARSH’S TESTIMONY SIGNALING A BREAK FROM THE FED’S STATUS QUO

Tillis, who met with Warsh in March, praised the former Fed governor’s credentials and signaled support during the hearing.

"You have extraordinary credentials – they're impeccable. The problem I have is where we are right now," Tillis said, pointing to the Justice Department probe involving Powell.

On Jan. 11, Powell confirmed that the DOJ had opened a criminal investigation into his congressional testimony related to the renovation of the Federal Reserve’s two historic buildings on Washington, D.C.’s National Mall.

Powell called the probe "unprecedented" in a video statement and framed it as part of what he described as ongoing threats from President Donald Trump against the central bank. His public response – after days of private consultations with advisors – marked a sharp departure from his typically measured approach.

The investigation marks one of the most challenging stretches of Powell’s eight-year tenure leading the Fed.

FEDERAL RESERVE CHAIR POWELL UNDER CRIMINAL INVESTIGATION OVER HQ RENOVATION

The renovation of the Federal Reserve's two main office buildings in Washington’s Foggy Bottom neighborhood is estimated to cost $2.5 billion and is being funded by the central bank itself, not by taxpayers.

The Fed is self-financing and does not rely on congressional appropriations to cover its operating expenses, which include employee salaries, facilities maintenance and the current renovation. Its primary income comes from interest earned on government securities and fees charged to financial institutions.

In June 2025, Powell told members of the Senate Banking Committee, "There’s no new marble. There are no special elevators. They’re old elevators that have been there. There are no new water features. There are no beehives, and there’s no roof garden terraces."

FROM MORTGAGES TO CAR LOANS: HOW AFFORDABILITY RISES AND FALLS WITH THE FED

Powell also told lawmakers that no one "wants to do a major renovation of a historic building during their term in office."

"We decided to take it on because, honestly, when I was the administrative governor, before I became chair, I came to understand how badly the Eccles Building really needed a serious renovation," Powell said, adding the building is "not really safe" and not waterproof.

He also said the cost overruns are due, in part, to unexpected construction challenges and the nation's inflation rate.

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The project is expected to be completed in the fall of 2027, and Washington-based employees are slated to begin working in the building in March 2028.

Warsh, who was tapped by Trump in January to succeed Powell, is poised to take the helm of the world’s most powerful central bank at a turbulent moment for the Federal Reserve.

Aside from the probe involving Powell, the Supreme Court is weighing limits on the Fed’s independence and rising cost-of-living pressures are testing Trump’s economic agenda.

In short, the stakes for the next chair are intensifying.

https://www.foxbusiness.com/politics/gop-senator-block-warsh-nomination-until-bogus-powell-probe-ends

Trump says he wants 'somebody' to buy Spirit Airlines, opposes United-American mergerPresident Donald Trump says he wants someone to buy Spirit Airlines as the low-cost carrier battles bankruptcy and rising fuel costs threaten its recovery plan.

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 00:50:45 -0700

President Donald Trump on Tuesday said he wants to see someone purchase Spirit Airlines, with the low-cost carrier facing headwinds as it looks to exit bankruptcy.

Trump was interviewed on CNBC's "Squawk Box" and said, "I don't mind mergers" and suggested that could help resolve the issues Spirit faces.

"You know, Spirit's in trouble, and I'd love somebody to buy Spirit. It's 14,000 jobs, and maybe the federal government should help that one out," the president said.

He also drew a distinction between a merger involving Spirit and the reports of a possible merger between United Airlines and American Airlines, saying those companies are "doing very well. I don't like having them merge."

RISING FUEL COSTS THREATEN SPIRIT AIRLINES' BANKRUPTCY EXIT PLAN: REPORTS

Transportation Secretary Sean Duffy spoke Tuesday at an event on reforms to the nation's Air Traffic Control system and acknowledged the president's comments, adding he will look into the matter.

"The president says take a look. And he is my boss. And, so, we will take a look," Duffy said.

Spirit Airlines filed for its second bankruptcy in August 2025 amid mounting losses and dwindling cash reserves. The low-cost carrier first filed for Chapter 11 bankruptcy protection in November 2024 after unsuccessful merger talks with JetBlue and Frontier.

SPIRIT AIRLINES REACHES DEAL TO EXIT BANKRUPTCY PROCEEDINGS BY EARLY SUMMER

In late February, Spirit announced a deal that would allow it to exit bankruptcy proceedings by early summer after reaching an agreement with lenders.

The airline told a bankruptcy court the deal would allow it to emerge as a leaner carrier, focusing on routes and time periods with the strongest demand as well as cutting some of its high-cost aircraft leases and improving the utilization of its remaining fleet.

It also planned to expand premium seating options and enhance its loyalty programs to drive repeat business and preserve its low-fare positioning.

AMERICAN AIRLINES JOINS WAVE OF CARRIERS HIKING CHECKED BAG FEES AS JET FUEL PRICES SKYROCKET

That plan has been threatened by a recent surge in fuel prices driven by the Iran war because Spirit's low-cost structure is more vulnerable to surging fuel costs as it has less flexibility to raise fares due to the risk of declining demand.

The Wall Street Journal and Bloomberg reported that some of Spirit's creditors have explored the potential liquidation of Spirit due to the situation. Creditors have also raised concerns about the viability of the restructuring plan if fuel prices remain elevated.

The report noted that JPMorgan analysts estimate that higher fuel prices could add about $360 million to Spirit's expenses this year, exceeding the $337 million in cash it reported at the end of last year.

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The company said in court filings it expects fuel price volatility to ease in the coming months, with conditions potentially stabilizing later this spring.

FOX Business reached out to the White House and the Department of Transportation.

FOX Business' Bradford Betz and Reuters contributed to this report.

https://www.foxbusiness.com/economy/trump-says-he-wants-somebody-buy-spirit-airlines-opposes-united-american-merger

United Airlines slashes 2026 forecast as fuel costs surgeThe carrier's first-quarter earnings topped Wall Street's expectations.{}

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 00:49:36 -0700

The carrier's first-quarter earnings topped Wall Street's expectations.https://www.cnbc.com/2026/04/21/united-airlines-ual-q1-2026-earnings.html

Amazon launches GLP-1 weight loss program, promising 'fast, convenient' accessThrough Amazon Pharmacy, patients will be able to access medications including Novo Nordisk's Wegovy as well as newer oral GLP-1 options.{}

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 00:49:36 -0700

Through Amazon Pharmacy, patients will be able to access medications including Novo Nordisk's Wegovy as well as newer oral GLP-1 options.https://www.cnbc.com/2026/04/21/amazon-glp-1-weight-loss-program.html

‘We gotta eat’: Philly butcher on rising beef prices as customers adjust spending habitsThe Justice Department has launched a criminal investigation into surging beef prices as the U.S. cattle herd remains at historically low levels.

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 00:35:40 -0700

Rising beef prices are drawing renewed scrutiny as federal investigators examine whether market dynamics or potential misconduct, are driving costs higher for American consumers.

FOX Business’ Jeff Flock joined FOX Business’ Stuart Varney on "Varney & Co." to report on a new Justice Department criminal investigation tied to the surge in beef prices as households continue to feel the strain at grocery stores.

Government data shows ground beef prices have surged, with the Consumer Price Index putting a pound at $6.86 in March, up from $4.64 in 2021, an increase of roughly 50%. Prices are also about $1 higher than a year ago. Steak has climbed as well, reaching about $12.73 per pound.

These concerns have reached Washington. President Donald Trump, in November, called for action on rising prices and industry practices in a post on Truth Social.

"Action must be taken immediately to protect consumers, combat illegal monopolies, and ensure these corporations are not criminally profiting at the expense of the American People," he said.

At Lombardi’s Prime Meats in Philadelphia, butcher Rob Passio said customers are adjusting their spending habits as prices rise.

"It is what it is. We gotta eat… Maybe they're saving on other aspects… Maybe they are not going out to dinner as much. Maybe they're… saving on their utilities," Passio said.

PEPSICO REVENUES SOAR AFTER SLASHING PRICES ON LAY’S, DORITOS AMID 'HOLISTIC' COMPANY TRANSFORMATION

Industry pressures extend beyond the checkout counter. Passio pointed to rising operational costs affecting businesses across the supply chain.

"Having two businesses, everything's high. Insurances went up, payrolls up, utilities are up. So could the meat packers at this time be like, you know what, we have to make some extra money. We have to raise the prices to cover these added expenses," he said.

The investigation comes as the U.S. cattle herd remains at historically low levels and drought conditions continue to impact key livestock regions, factors that have contributed to tighter supply and elevated prices.

https://www.foxbusiness.com/media/we-gotta-eat-philly-butcher-on-rising-beef-prices-customers-adjust-spending-habits

California accuses Amazon of pushing rivals to raise pricesCalifornia officials claim Amazon pressured vendors and retailers to increase prices, part of a broader antitrust case targeting alleged market manipulation.

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 00:35:39 -0700

California officials allege Amazon may have quietly driven up prices across the internet by pressuring retailers and brands not to undercut its listings, according to newly unsealed court evidence.

The allegations, revealed Monday as part of the state’s antitrust lawsuit, claim Amazon worked behind the scenes with companies like Levi Strauss and others to influence pricing at competitors, including Walmart, Home Depot and Chewy.

In one example cited by the state, Levi’s allegedly pushed Walmart to raise the price of khaki pants after Amazon raised concerns about a lower listing. In another, Amazon encouraged suppliers to coordinate price increases on products like pet treats – moves California says helped Amazon avoid having to match lower prices.

"As we are not a party to this litigation, we have no comment on the subject allegations," a Levi Strauss spokesperson said.

FOX Business reached out to Walmart, Home Depot and Chewy.

AMAZON DISRUPTING ITSELF, REBUILDING CUSTOMER SHOPPING EXPERIENCE AROUND AI FROM GROUND UP

State officials argue the conduct was not isolated, but part of a broader strategy used across product categories over several years. The filing outlines three alleged tactics: encouraging competitors to raise prices, temporarily breaking price matches, so higher prices stick, and in some cases removing lower-priced products from rival sites altogether.

In certain instances, vendors allegedly pulled products from competing retailers entirely – eliminating cheaper options before prices rose on Amazon and elsewhere.

The filing also claims Amazon enforced compliance by leveraging its market power, including threatening to suppress product listings, limit promotions or impose financial penalties on vendors that allowed lower prices on other platforms.

AMAZON ADDS SELLER SURCHARGE AS OIL SPIKE FROM IRAN TENSIONS DRIVES LOGISTICS COSTS HIGHER

Officials say vendors often had little choice but to comply, given Amazon’s scale and importance to their business.

"Amazon is illegally working to rake in profits by making sure consumers have nowhere else to turn to for lower prices," Attorney General Rob Bonta said in a statement.

Amazon denied the claims, saying its agreements with sellers are legal and help ensure competitive pricing and product availability. The company said it is "consistently identified as America’s lowest-priced online retailer" and called the lawsuit an attempt to distract from a weak case.

The filing also alleges Amazon discouraged employees from documenting sensitive pricing discussions in writing, instead encouraging the use of phone calls.

The case comes as Amazon’s scale continues to grow – the company recently surpassed Walmart in annual revenue – intensifying scrutiny over its influence on online pricing.

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California is seeking to block the alleged practices and recover profits, with a hearing scheduled for July and trial set for January 2027.

Reuters contributed to this report.

https://www.foxbusiness.com/retail/california-accuses-amazon-pushing-rivals-raise-prices

UPS and FedEx have begun filing for some tariff refundsUPS and FedEx have begun filing requests for some tariff refunds through the government's refund process, but those funds could take months to reach customers.{}

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 00:34:36 -0700

UPS and FedEx have begun filing requests for some tariff refunds through the government's refund process, but those funds could take months to reach customers.https://www.cnbc.com/2026/04/21/ups-fedex-tariff-refunds-ieepa.html

Michael and Susan Dell to donate $750 million to UT Austin to fund new medical campusThe donation will create a new hospital at the school where Michael Dell was once a premed student.{}

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 00:34:35 -0700

The donation will create a new hospital at the school where Michael Dell was once a premed student.https://www.cnbc.com/2026/04/21/michael-susan-dell-ut-austin-donation-medical-campus.html

Expert rips ‘irresponsible’ AI study over blackmail scenariosExperts debate Anthropic's AI safety study after models allegedly resorted to blackmail in constrained scenarios designed to test edge-case decision-making.

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 00:20:41 -0700

Concerns about artificial intelligence behaving unpredictably are gaining attention following a recent experiment involving leading AI models, though experts remain divided on what the findings actually demonstrate.

President's Council of Advisors on Science and Technology Co-Chair David Sacks joined FOX Business’ Maria Bartiromo on "Mornings with Maria" to address claims tied to an Anthropic study examining so-called "agentic misalignment."

ELON MUSK BACKS ‘UNIVERSAL HIGH INCOME’ TO COMBAT AI JOB LOSSES

The study, highlighted by Google Cloud Advisory Board Chair Betsy Atkins, tested how AI systems respond under pressure. According to Atkins, the models crossed established boundaries when placed in constrained scenarios.

"Every single one of them went outside of their credentials and permissions, burrowed into systems they were not authorized to get access to," Atkins said, claiming that in one case an AI system escalated to blackmail after identifying sensitive personal information.

ARTIFICIAL INTELLIGENCE HELPS UNLOCK GEOTHERMAL POTENTIAL

Anthropic’s research outlines that these behaviors occurred in simulated environments designed to test edge-case decision-making, where models were given specific instructions and constraints.

Sacks pointed to those conditions as central to understanding the results, noting the behavior did not emerge spontaneously.

"The people who… created that study had to iterate on the prompt over 200 times to get the AI model to do what they wanted, which was to achieve this headline-grabbing result of blackmailing the user," Sacks said.

ALLBIRDS DROPS SNEAKERS, REINVENTS ITSELF AS AN AI INFRASTRUCTURE COMPANY

He added that the setup placed the model in a scenario where "blackmail was really the only logical result," emphasizing that the system was responding to instructions rather than acting independently.

"The AI is not scheming… It’s engaging in a form of instruction... I think that that study was irresponsible and it was designed to create this," Sacks said.

Sacks also noted that similar behavior has not been observed outside controlled testing environments, saying "a year later, we actually have not seen any examples of this behavior in the wild."

The findings come as policymakers and industry leaders continue evaluating how to interpret AI safety research conducted under experimental conditions.

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https://www.foxbusiness.com/media/expert-rips-irresponsible-ai-study-over-blackmail-scenerios

DOJ reportedly pursuing criminal antitrust probe of major meatpacking companiesThe DOJ is reportedly investigating four major beef companies in a criminal antitrust probe after Trump claimed meatpackers manipulated cattle prices.

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 00:20:40 -0700

The Justice Department is reportedly pursuing a criminal antitrust investigation of large meatpacking companies after President Donald Trump called for them to face a probe over the higher prices facing consumers.

The Wall Street Journal reported, citing sources familiar with the matter, that while the DOJ indicated it was investigating beef companies following the president's request, the criminal nature of the probe hasn't been disclosed previously.

Trump claimed in November that beef companies were manipulating the purchase price of cattle they bought from ranchers while raising prices on consumers. The report noted that criminal antitrust cases typically focus on allegations related to market collusion or price fixing.

The Journal reported that although Trump's comments placed blame on "majority foreign owned meatpackers," the investigation is looking at four major companies that sell beef in the U.S.

TRUMP TEAM PLEDGES TO DRIVE BEEF PRICES DOWN BY 2026 AS USDA CHIEF PUSHES BACK ON $10-PER-POUND WARNING

The report noted that Tyson Foods, Cargill, JBS and National Beef are the four leading companies operating in that portion of the U.S. market, with Tyson and Cargill both U.S.-headquartered firms, while JBS and National Beef are from Brazil.

Antitrust regulators have looked into the contracts used by beef companies to acquire cattle from ranchers which reference a pricing benchmark that some ranchers have claimed is manipulated, one of the Journal's sources told the outlet.

BEEF PRICES HIT RECORD HIGHS AS NATIONWIDE CATTLE INVENTORY DROPS TO LOWEST LEVEL IN 70 YEARS

Additionally, the Journal reported that leading beef processors were the subject of an investigation that began in Trump's first term and continued through Biden's term, but was closed by the Justice Department weeks before it launched its most recent probe on similar grounds.

Beef prices have surged over the last year amid strong demand from consumers while the U.S. cattle industry is facing a shortage with the cattle supply at its lowest level in over 70 years.

BEEF PRICES IN FOCUS AS TRUMP SIGNS ORDER AIMED AT CONSUMER RELIEF

Drought contributed to the decline in the cattle supply, as it impacted grasslands in states like Texas, Oklahoma, Kansas and parts of the Southeast that were used by cattle ranchers' herds. The loss of those foraging areas caused ranches to liquidate cows and shrink their herds.

Ranchers are also facing rising overhead costs, as items like feed, labor, fuel and equipment expenses have trended higher.

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The Bureau of Labor Statistics' data from the March release of the consumer price index (CPI) showed that beef and veal prices were up 12.1% over the last year. Within that category, ground beef prices are up 11% while prices for beef steaks have risen 15.2% over that period.

https://www.foxbusiness.com/economy/doj-reportedly-pursuing-criminal-antitrust-probe-major-meatpacking-companies

UnitedHealth tops quarterly estimates, hikes profit outlook as insurer manages high medical costsThe nation's largest private insurer expects 2026 adjusted earnings of more than $18.25 per share, up from a previous outlook of greater than $17.75 per share.{}

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 00:19:37 -0700

The nation's largest private insurer expects 2026 adjusted earnings of more than $18.25 per share, up from a previous outlook of greater than $17.75 per share.https://www.cnbc.com/2026/04/21/unitedhealth-group-unh-earnings-q1-2026.html

Trump says 'maybe' government should help struggling Spirit AirlinesTrump told CNBC's "Squawk Box": "I think I'd love somebody to buy Spirit, as an example."{}

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 00:19:36 -0700

Trump told CNBC's "Squawk Box": "I think I'd love somebody to buy Spirit, as an example."https://www.cnbc.com/2026/04/21/trump-spirit-airlines.html

From Dialogue to Delivery: The Pacific’s Climate Mobility Moment

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 00:17:26 -0700

From Dialogue to Delivery: The Pacific’s Climate Mobility Moment

BANGKOK, Thailand, April 22 (IPS) - Rising seas, intensifying storms, saltwater intrusion and shifting coastlines are the lived realities of Pacific communities today. Families are making difficult decisions about whether to stay, adapt or move.

Read the full story, “From Dialogue to Delivery: The Pacific’s Climate Mobility Moment”, on globalissues.org →

https://www.globalissues.org/news/2026/04/22/42834 {"url":"https://static.globalissues.org/ips/2026/04/A-teenage-girl-holding__-100x100.jpg"}

Global Shipping Reforms Cast Shadow Over Tanzania’s Fishing Communities

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 00:17:25 -0700

Global Shipping Reforms Cast Shadow Over Tanzania’s Fishing Communities

DAR ES SALAAM, Tanzania, April 21 (IPS) - At dawn, as the sun rises across the Indian Ocean, Venance Shayo perches on the edge of his boat, hauling in a net. The sea gently ripples under the breeze and the sound of revving engines.

Read the full story, “Global Shipping Reforms Cast Shadow Over Tanzania’s Fishing Communities”, on globalissues.org →

https://www.globalissues.org/news/2026/04/21/42833 {"url":"https://static.globalissues.org/ips/2026/04/DSN4899-100x100.jpg"}

Costco plans major growth push, targeting 30 new locations annuallyCostco is betting big on domestic and global expansion, planning 30 new warehouses per year to ease overcrowded stores and bring bulk savings to more shoppers.

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 00:05:42 -0700

Costco is betting big on a massive global expansion strategy, aiming to open 30 new warehouses annually over the next decade.

Driven by a combined goal to fix overcrowded stores and record-breaking demand, the retail giant is moving into new territories like Port St. Lucie, Florida, while eyeing a 50-50 split between U.S. and international growth. For the American consumer, this could mean shorter lines, better parking and more access to bulk savings as the company tackles "overburdened" locations.

"We tend to look five to 10 years out in terms of our real estate plans, and we would still see a really good roadmap for 30-plus warehouses a year, which is the goal that we have at least achieving 30 new warehouses a year. The goal that we set for ourselves," Costco CFO Gary Millerchip said during the company’s second-quarter earnings call.

COSTCO SAYS YOUR NEXT CHECKOUT COULD TAKE UNDER 10 SECONDS THANKS TO NEW AUTOMATED PAY SYSTEMS

"If we want to get into some of these inner cities, you're not going to find 25 acres available for us to go into. So how can we infill in some of these very strong markets, like Los Angeles, New York, different places, with a unique model for Costco that is going to allow us to continue to expand?" CEO Ron Vachris said.

"We're not only expanding buildings, we're relocating and we're also upgrading the insides of a lot of our older warehouses too," Vachris added. "So we continue to put the money back into the company to drive top-line sales and grow our business globally."

One of the more notable upcoming expansions is in Port St. Lucie, where years of speculation and endless message board requests have officially resulted in a deal for a brand-new 170,000-square-foot Costco warehouse and gas station, with the city selling the land for the site at $6 million.

While roughly half of the expansion will remain focused on the U.S. market to meet soaring demand, the long-term vision is aggressive for store expansions abroad in countries such as Spain.

"We’re expecting around half, maybe slightly over half, to be in the U.S., and then just around half to slightly under a half to be in the rest of the markets that we operate in. So think of that being Canada, Mexico, Europe, Asia, Australia," Millerchip said.

With many Costco locations exceeding $300 million to $400 million in annual sales — as noted by former CFO Ron Galanti — the wholesaler is intentionally building new stores near existing high-traffic ones to redirect sales and improve the member experience.

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And to move faster, Costco is no longer just building from the ground up, but also refurbishing old structures, including former home improvement stores and international grocers.

"We tend to focus on being our own toughest competitor or finding ways of how can we lower prices and continue to deliver more value," Millerchip added. "So generally speaking, there's nothing I would call out that we see an impact to our membership base when we're competing against different operators in each market."

READ MORE FROM FOX BUSINESS

https://www.foxbusiness.com/retail/costco-plans-major-growth-push-targeting-30-new-locations-annually

How the Federal Reserve shapes your wallet – and why it matters right nowHigh interest rates are squeezing Americans. Here’s how the Fed shapes your wallet and why Kevin Warsh’s hearing before the Senate matters now.

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 00:05:41 -0700

When it comes to what Americans can afford, no institution looms larger than the Federal Reserve.

The nation’s central bank doesn’t set the price of groceries, cars or homes directly. But it does influence how expensive it is to borrow money – and that can make a significant difference in what families pay each month.

Right now, borrowing is costly. High interest rates mean larger monthly payments on mortgages, car loans and credit cards, even if the price of a home or vehicle hasn’t changed.

For many Americans, that is why life can still feel unaffordable even as inflation has cooled. Prices may not be rising as quickly, but financing big purchases remains expensive.

TRUMP’S FED PICK DISCLOSES $131M FORTUNE AS NOMINATION FACES HEADWINDS

That strain is especially visible in the housing and auto markets, two of the biggest expenses for most households. A home or car may cost about the same as it did a year ago, but the loan attached to it can add hundreds of dollars to the monthly bill. In many cases, consumers are paying more not because the asset itself has become pricier, but because borrowing has.

That backdrop has become a political liability for President Donald Trump, who campaigned on restoring affordability and easing household financial strain but now faces growing voter skepticism over whether that relief is materializing ahead of the midterm election cycle.

The issue is set to take center stage Tuesday, when Kevin Warsh, Trump’s nominee to lead the Fed, faces a Senate confirmation hearing.

Adding to the uncertainty, Sen. Thom Tillis, R-N.C., has signaled he may not support Warsh’s nomination in committee unless the Justice Department drops its investigation into Chairman Jerome Powell.

TRUMP VS THE FEDERAL RESERVE: HOW THE CLASH REACHED UNCHARTED TERRITORY

Warsh’s potential ascent would come at a turbulent time for the institution. The pressure is coming from multiple fronts: the Justice Department is conducting a criminal probe involving Powell, the Supreme Court is weighing limits on the Fed’s independence and rising costs are testing Trump’s affordability pledge – intensifying the stakes for the next chair.

Taken together, what began as tension over interest-rate policy has since broadened into a wider confrontation, marking one of the most challenging stretches of Powell’s tenure leading the Fed.

Trump has repeatedly pushed for lower interest rates, blaming Powell for not cutting more aggressively even as he continues to tout a strong economy. Powell is set to complete his term next month after eight years at the helm of the central bank.

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If Trump was already eager for a rate cut, tensions with Iran may further complicate the picture. Rising oil prices have revived inflation concerns, potentially giving Fed officials another reason to remain cautious.

If the conflict with Iran drags on and energy costs stay elevated, it could cloud the outlook for future cuts – potentially limiting how quickly Warsh could move to lower interest rates and prolonging the stretch of high borrowing costs that has kept pressure on household budgets.

https://www.foxbusiness.com/politics/how-federal-reserve-shapes-your-wallet-and-why-matters-right-now

Trump’s Apocalyptic Rhetoric Echoes Nuclear Annihilation

noreply@blogger.com (Unknown) — Wed, 22 Apr 2026 00:02:40 -0700

Trump’s Apocalyptic Rhetoric Echoes Nuclear Annihilation

NEW YORK, April 21 (IPS) - It is hard to exaggerate the dire implications of Trump’s April 7 post on Truth Social, stating that a civilization will die tonight, never to be brought back again,” if no deal is reached with Iran. Such a damning statement implies that he would use ‘weapons of mass destruction,’ i.e., nuclear, to execute his threat.

Read the full story, “Trump’s Apocalyptic Rhetoric Echoes Nuclear Annihilation”, on globalissues.org →

https://www.globalissues.org/news/2026/04/21/42823 {"url":"https://static.globalissues.org/ips/2026/04/Injured-civilians_45-100x100.jpg"}

How does Fed chair nominee Kevin Warsh view the central bank's inflation goal?Fed chair nominee Kevin Warsh is set to testify before the Senate Banking Committee and has previously signaled support for a range-based approach to inflation targets.

noreply@blogger.com (Unknown) — Tue, 21 Apr 2026 03:37:32 -0700

Kevin Warsh is set to testify on Tuesday about his nomination to be chairman of the Federal Reserve, with senators likely to press him on his views of the Fed's 2% inflation target given the persistent price pressures affecting the U.S. economy since the pandemic.

The 56-year-old Warsh, who served as a Fed governor from 2006 to 2011, will testify before the Senate Banking Committee as senators weigh his nomination to succeed current Fed Chair Jerome Powell, whose term leading the central bank is due to expire in May.

Warsh offered an overview of how he views the price stability component of the Fed's dual mandate in a written copy of his opening statement, which FOX Business viewed in advance of his testimony.

In his prepared remarks, Warsh says that he supports the Federal Reserve's dual mandate of promoting price stability as well as full employment, though he didn't specifically discuss the Fed's policy target of keeping inflation at 2% over the long-run.

THE ONE LINE IN WARSH'S TESTIMONY SIGNALING A BREAK FROM THE FED'S STATUS QUO

"First, Congress tasked the Fed with the mission to ensure price stability, without excuse or equivocation, argument or anguish. Inflation is a choice, and the Fed must take responsibility for it," Warsh wrote.

"Low inflation is the Fed's plot armor, its vital protection against slings and arrows," he said.

"So, when inflation surges – as it has done in recent years – grievous harm is done to our citizens, especially to the least well-off. They lose purchasing power. Their standard of living falls. They may also lose faith in our system of economic governance, raising doubts whether monetary policy independence is all it's cracked up to be," Warsh wrote.

TRUMP'S FED PICK DISCLOSES $131M FORTUNE AS NOMINATION FACES HEADWINDS

Warsh discussed his view of monetary policy goals in a 2023 hearing before the British House of Lords' Economic Affairs Committee and said that he views price stability as an imperative, but is skeptical of the ability to measure inflation precisely, and so he prefers a range-based inflation target.

"Price stability is the North Star. Without stable prices, it is almost impossible to have full employment. It is also almost impossible to have economies that are growing at their full potential. When prices are volatile… it is difficult for households and businesses to make the prudent decisions that they might like," he explained.

"Frankly, we would not know the difference whether inflation was running at 1.7%, 2.0% or 2.3% in the United States or in the United Kingdom because we do not measure it that precisely," Warsh said. "Economics is not physics – at least not yet."

FED OFFICIAL SAYS INTEREST RATE HIKE POSSIBLE AS GAS PRICES, INFLATION REMAIN ELEVATED

Warsh said that he tends to "prefer ranges versus point estimates, in part because of measurement error and in part because I think broad price stability can never be that precise."

He added that, in general, he thinks viewing inflation that precisely "led many of the central banks to overly stimulate economies a few years ago," and led to decisions that contributed to inflation running well above target.

"I broadly favor ranges. Price stability, in the numerical definition, will change in the times. The structures in the global economy are changing even as we speak. It strikes me that agreeing on some permanent basis to 2.0% is asking for trouble," Warsh said.

Inflation peaked in the U.S. at 9.1% in June 2022 and is currently around 3%, having risen over the last year due to tariffs and the recent impact of the recent energy shock caused by the Iran war.

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The Fed's preferred inflation gauge, the personal consumption expenditures (PCE) index, was 2.8% in February on an annual basis. Data from March is due at the end of next week.

Another popular inflation gauge, the consumer price index (CPI), showed inflation jumped to 3.3% in March after a 2.4% reading in February due to the impact of the war on energy markets.

https://www.foxbusiness.com/economy/how-does-fed-chair-nominee-kevin-warsh-view-central-banks-inflation-goal

Who is Kevin Warsh, Trump's pick to succeed Jerome Powell as Fed chair?President Donald Trump nominated former Federal Reserve Governor Kevin Warsh at the end of January to become chairman of the central bank.

noreply@blogger.com (Unknown) — Tue, 21 Apr 2026 02:17:28 -0700

As President Donald Trump's nominee to lead the Federal Reserve, Kevin Warsh is stepping back into the spotlight – and in the hot seat – as he faces lawmakers Tuesday in a high-stakes confirmation hearing that could shape the future of U.S. monetary policy.

Trump announced Warsh to succeed Jerome Powell at the Fed in January, ending months of speculation over who he'd pick to head the world's most powerful central bank. Powell is set to complete his term as chairman in May.

TRUMP NOMINATES KEVIN WARSH TO SUCCEED JEROME POWELL AS FEDERAL RESERVE CHAIR

"I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best," Trump wrote on Truth Social. "On top of everything else, he is 'central casting,' and he will never let you down. Congratulations Kevin!"

Here’s what to know about Warsh and his path to the Fed’s top job:

Warsh, born in 1970, earned a bachelor's degree in public policy from Stanford University and later earned a law degree from Harvard University. Like Powell, Warsh does not have a formal economics degree (Powell earned a bachelor's degree in politics from Princeton University and a law degree from Georgetown).

Warsh spent time working in the private sector at Morgan Stanley before joining President George W. Bush’s administration in 2002, burnishing his credentials in Republican policy circles until Bush nominated him to the Fed's Board of Governors in 2006. At age 35, he became the youngest Fed governor in history.

Since leaving the Fed in 2011, Warsh has served as a Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution and a visiting scholar at Stanford's Graduate School of Business. He also serves on the board of UPS and is a trustee of the Group of Thirty and the Panel of Economic Advisers of the Congressional Budget Office.

In 2017, he was considered by Trump to replace Janet Yellen as Fed chair. The president instead chose Powell as her successor. Warsh was also in the running to serve as treasury secretary last fall before Trump nominated hedge fund manager Scott Bessent.

TRUMP VS THE FEDERAL RESERVE: HOW THE CLASH REACHED UNCHARTED TERRITORY

FROM MORTGAGES TO CAR LOANS: HOW AFFORDABILITY RISES AND FALLS WITH THE FED

Perhaps no finalist for Fed Chairman was as critical of Powell as Warsh. He has advocated for wholesale changes to the Fed’s approach to policy, calling the central bank’s economic models outdated and opaque while railing against the build-up of its balance sheet.

Despite generating a reputation as one of the Fed’s foremost inflation "hawks" during his stint on the Board of Governors, Warsh had said as recently as last fall that the Fed has room to ease borrowing costs.

"Prices can be lower," Warsh told Fox News’ "Special Report" in October, "but it’s going to require regime change at the Fed."

Though he has echoed Trump’s calls for Powell to lower interest rates throughout his candidacy for the central bank’s top job, Warsh has been notably less specific about what his preferred path for monetary policy would be. Members of the Senate Banking Committee are likely to press Warsh on those views during his confirmation hearing before the panel.

As the Fed wrestles with how to set rates and adapt to Trump’s tariffs, Warsh – once a critic of protectionist trade policies – said last summer that tariffs would not cause lasting inflation.

Following last spring's tariff announcements, inflation trended higher over the course of the year and remains closer to 3% than the Fed's 2% target, though policymakers anticipate it trending closer to target over the course of 2026 barring further tariff announcements. Elevated inflation along with a slowing labor market has complicated the outlook for rate cuts and that dynamic may persist late into this year.

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Still, any notion that Warsh would adopt a dovish approach to handling policy would stand in contrast to his record at the Fed, where he was critical of the central bank's plan to continue buying Treasury bonds while keeping interest rates low for an extended period of time as the job market languished during the 2008 housing crisis.

Warsh’s ties to Wall Street, which reportedly remain strong today, allowed him to serve as the Fed’s chief liaison to the banking sector during that period.

https://www.foxbusiness.com/economy/who-kevin-warsh-trumps-pick-succeed-jerome-powell-fed-chair