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Trump Nominates Kevin Warsh to lead the US Federal Reserve
US President Donald Trump has announced Kevin Warsh as his choice to lead the US Federal Reserve when current chairman Jerome Powell’s four-year term comes to an end in May, a move that could usher in a new phase for American monetary policy amid heightened economic and political scrutiny.
Warsh, a former Federal Reserve governor, is no stranger to the institution or to speculation around its leadership. He previously served on the Fed’s board from 2006 to 2011 and was widely considered for the chairmanship during Trump’s first term in office. Known for his critical views of the central bank’s recent policy direction, Warsh is expected to favour a more accommodative stance, including support for lower interest rates in the near term.
The nomination comes at a sensitive moment for the Federal Reserve, as questions about its independence have intensified following Trump’s increasingly public criticism of Jerome Powell. The president has repeatedly expressed frustration that interest rates were not cut more aggressively, arguing that faster action would have better supported economic growth.
Those tensions deepened recently after federal prosecutors opened a criminal investigation into testimony Powell gave to the Senate concerning renovations to Federal Reserve buildings. The Department of Justice probe prompted a strong response from Powell, along with public messages of support from several former Fed chairs and prominent central bank leaders, underscoring the institutional significance of the moment.
Against this backdrop, Warsh’s re-emergence as a leading contender had been widely anticipated in recent weeks, as speculation mounted over who would eventually succeed Powell. Trump formally confirmed his choice on his Truth Social platform, praising Warsh in emphatic terms and saying he “will go down as one of the GREAT Fed Chairmen, maybe the best.”
If approved, Warsh would assume leadership of the world’s most influential central bank at a time of exceptional challenge and opportunity. Economists and financial markets are closely watching how the Fed navigates inflation concerns, growth prospects and political pressure, making the next chair’s approach particularly consequential.
Before taking office, however, Warsh must secure confirmation from the US Senate, a process that could involve extensive hearings and potentially lengthy delays. That scrutiny is likely to focus on his views about interest rates, financial regulation and the long-standing principle of central bank independence.
Even so, supporters argue that Warsh’s deep experience during periods of economic stress — including the global financial crisis — positions him well to guide the Fed through a complex environment.
News
Tiger Woods Accepts Five-Year Driving Ban After Reckless Driving Plea
Golfing legend Tiger Woods has agreed to plead to a reckless driving charge as part of a deal with prosecutors, avoiding the original charge of driving under the influence following a rollover crash in Florida.
The 50-year-old accepted a five-year suspension of his driving licence and a $1,000 (£742) fine under the plea agreement reached with prosecutors in Martin County.
Woods was arrested following the March crash. He passed a breathalyser test but declined further testing for other substances.
He initially pleaded not guilty to misdemeanor charges of driving under the influence and refusing to submit to testing. Following the incident, Woods said he was seeking treatment and taking time to focus on his health.
Florida State Attorney Thomas Bakkedahl said he was satisfied with the resolution of the case and insisted Woods had been treated like any other defendant.
“No one was injured in the crash, although Woods was forced to crawl through the passenger door to escape the vehicle after it rolled over.
Police body-camera footage released in April showed Woods in the aftermath of the crash. He appeared calm as he told officers: “I looked down at my phone, and all of a sudden, boom.”
Woods told police he had not consumed alcohol that day. He also acknowledged taking prescription medication earlier that morning, although the names of the medication were redacted from the footage.
Officers said they suspected his normal faculties had been impaired by an “unknown substance”. Authorities later reported finding two white pills in his pocket, which were identified as hydrocodone, an opioid commonly prescribed for pain.
After the incident, Woods acknowledged the seriousness of the situation and said he was stepping away to seek treatment and focus on his wellbeing.
The crash was the second time Woods had been arrested on suspicion of driving under the influence.
News
Norway’s King Haakon Takes Oath as Nation Mourns Late King Harald
Norway’s King Haakon VIII has sworn an oath before parliament in Oslo, marking the first major formal step in his reign following the death of his father, King Harald V.
During Tuesday’s ceremony, parliament also observed a minute’s silence in honour of Harald, who died on Friday.
Haakon’s wife, Queen Mette-Marit, was absent from the formal ceremony as she continues to recover from a lung transplant.
Following the parliamentary proceedings, mourners began gathering at the Royal Palace in Oslo to pay their respects to the late king.
King Harald’s coffin is lying in state at the palace, where members of the public will be able to pay their respects until 8 September.
News
Nepal Flood Death Toll Surpasses 1,000 as Rescuers Search for Trapped Workers
The death toll from devastating floods along Nepal’s border with Tibet has surpassed 1,000, according to the country’s disaster management authorities.
More than 3,900 people remain missing, including over 600 workers believed to be trapped inside a vast network of mud-filled tunnels at hydropower projects along the Trishuli River.
Rescuers have been pumping air into the tunnels in an effort to keep those trapped alive. A team managed to enter one of the tunnels on Monday but was forced to withdraw after finding no survivors.
Nepalese Prime Minister Balendra Shah said 279 people had so far been rescued from the affected sites.
The international rescue effort is being led by Chinese and Nepalese military personnel, with experts from India, South Korea and Australia also taking part.
Families of the missing workers have expressed frustration over the pace of the rescue operation.
Nepal relies heavily on hydropower and has invested extensively in projects along its mountainous river systems. Authorities said at least 11 hydropower projects, either completed or under construction, were damaged by the floods.
Rescuers began pumping air into one tunnel over the weekend, but relatives of those trapped said the measure should have been introduced sooner.
Prime Minister Shah said rescue efforts had been intensified, describing the floods as an extraordinary disaster and warning that climate change was increasing risks across the Himalayan region.
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