“Kevin Warsh’s wealth eclipses that of all recent Federal Reserve chairs, newly released financial disclosure forms show,” CNBC reports.
“Warsh is President Donald Trump’s nominee to succeed Federal Reserve Chair Jerome Powell. His financial filings show that Warsh has holdings of approximately $131 million to $209 million, plus hundreds of millions in additional assets held by his wife, Jane Lauder.”
CNBC: “Federal Reserve chair nominee Kevin Warsh has submitted required paperwork to the Senate.”
An expected nomination hearing for Federal Reserve chair candidate Kevin Warsh has been delayed, CNBC reports.
“Rep. Ritchie Torres (D-NY) on Wednesday called for a federal probe into suspicious trading activity in oil and equity futures markets just before President Donald Trump’s announcement of a five-day delay in attacks on Iran’s energy infrastructure in March,” CNBC reports.
The New York Times reports Iran has stopped efforts to negotiate with the U.S., but Axios reports the U.S. is still claiming progress in the ongoing negotiations.
“President Donald Trump’s latest deadline for Iran to agree to a deal is just hours away, and investors are once again finding themselves forced to prepare for a range of possible outcomes,” Bloomberg reports.
“But whether they’re buying more bonds, loading up on commodities or holding cash, they share a common view — weeks of volatility sparked by Trump’s shifting positions have left them frustrated and uncertain about the path forward.”
Wall Street Journal: “A federal judge denied the Justice Department’s request to reconsider his decision to quash a pair of subpoenas issued to the Federal Reserve, rejecting the government’s arguments in a sharply worded six-page opinion.”
Associated Press: “The White House sees the stock, energy and bond markets as a way to indirectly reach voters. Trump has staked his economic agenda on cheap prices at the pump, robust gains in 401(k) accounts and cheaper mortgage rates.”
“But that messaging appears to be wearing thin as the president’s various pronouncements have done little to change the reality that a large chunk of the world’s energy supplies is stranded by the conflict. Just 38% of U.S. adults approve of how he’s handling the economy and only 35% support him on Iran.”
A broker for Defense Secretary Pete Hegseth sought to make a large investment in major defense companies in the lead up to the Iran war, the Financial Times reports.
“Forget earnings reports or other corporate announcements, the stock market really has just two main catalysts this year: AI anxiety and President Trump,” Axios reports.
“It’s like a pinball machine where the flippers are Truth Social and Anthropic blog posts.”
“It’s tough for investors to play the machine without getting knocked about.”
Wall Street Journal: “Wall Street is trading like the worst pain from the war with Iran is yet to come.”
“For weeks, while missiles and drones flew around one of the world’s key energy producing regions, investors’ hopes for a quick resolution buffered stocks from steep declines. A selloff in bonds stayed in line with past conflicts. A run-up in crude futures appeared to lag far behind the scope of a disruption that could be the most severe oil shock in history.”
“But an intensifying rout in recent days pulled the S&P 500 down for a fifth straight week to its lowest levels since August and dragged the Dow Jones Industrial Average and Nasdaq composite into correction—off more than 10% from their recent highs.”
New York Times: “The S&P 500 is on course for its fifth straight week of losses and its worst weekly losing streak in roughly four years.”
“The Iran war is sending longer-term borrowing costs surging amid prospects for higher inflation, fewer Federal Reserve rate cuts and more federal borrowing,” Axios reports.
“Higher rates create new pressure for an already-faltering housing sector, make the U.S. government’s fiscal challenges worse and could weigh on business investment and consumers alike.”
“It contrasts with past geopolitical tumult, when money frequently flowed into Treasury securities as a safe haven.”
“The Federal Reserve’s Board of Governors urged a judge to reject prosecutors’ request that he reconsider his decision to quash subpoenas issued in a criminal investigation of Chair Jerome Powell,” CNBC reports.
“An epidemic of suspicious trading has emerged around President Trump’s most consequential decisions — each time, just minutes or hours before he rattles global markets,” Axios reports.
“As the Iran war sends prices soaring for ordinary Americans, a select few appear to be profiting in plain sight. It’s precisely the kind of alleged corruption Trump built his political career railing against.”
Washington Post: “A top deputy to U.S. Attorney Jeanine Pirro acknowledged in a closed-door hearing this month that the Justice Department did not have evidence of wrongdoing in its criminal investigation of the Federal Reserve over the cost of its building renovations.”
“The prosecutor’s admission, which has not been previously reported, undercuts President Donald Trump’s claim that ‘there is criminality’ in the $2.5 billion overhaul of the Fed’s headquarters overlooking the National Mall.”
CNBC: “At around 6:50 a.m. in New York, S&P 500 e-Mini futures trading on the CME recorded a sharp and isolated jump in volume, breaking from an otherwise subdued premarket backdrop. With thin liquidity typical of early trading hours, the sudden burst stood out as one of the largest volume moments of the session up to that point.”
“A similar pattern was observed in oil markets. West Texas Intermediate May futures also saw a noticeable pickup in trading activity at roughly the same time, with a distinct volume spike interrupting otherwise quiet conditions.”
Paul Krugman: “The story would be baffling, except that there’s an obvious explanation: Somebody close to Trump knew what he was about to do, and exploited that inside information to make huge, instant profits.”
Financial Times: “Jay Powell says that ‘independence and integrity are inseparable’ in the wake of another attack from Donald Trump on the Federal Reserve chair. ”
Taegan Goddard
Taegan Goddard is the founder of Political Wire -- which for more than two decades has been one of the nation's most influential political news sites.
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