U.S. stock indexes lost some ground on Wednesday, after the Federal Reserve left interest rates unchanged, as expected, but signaled a rate hike later this year after the first meeting led by new Fed Chair Kevin Warsh.
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Federal Reserve Chairman Kevin Warsh appears not to have submitted an interest-rate-path projection as part of the central bank’s quarterly forecasts, a break from past practice that may suggest he is already at work on his promised “regime change” for the Fed just three weeks into his tenure.
Nearly half of Federal Reserve policymakers have lost faith that merely holding borrowing costs steady will be enough to bring inflation back down to their 2% target in the face of the oil price surge after the Iran war.
French President Emmanuel Macron said on Wednesday he believed progress would be made in coming weeks on broadening access to leading U.S. AI models, as G7 leaders pledged closer coordination on the risks and opportunities of frontier AI.
The full draft document is published here verbatim.
Group of Seven leaders agreed on Wednesday to step up coordination to cut their countries’ reliance on China for critical minerals, including plans to align stockpiling and launch a new platform with an expanded role for the International Energy Agency.
The Federal Reserve is expected to hold interest rates steady on Wednesday at the end of the first meeting chaired by Kevin Warsh, with a new policy statement and economic projections likely to reflect growing concern about the inflation stoked by the Iran war even as oil prices slide on peace deal hopes.
Is the second half of 2026 when the U.S. consumer finally cracks and leaves the economy gasping for breath, or will rising inflation and strong investment and hiring force the Federal Reserve to hike interest rates to tame surging growth?
When Iranian Foreign Minister Abbas Araqchi announced the interim deal this week to end the war with the United States, he declared his country the victor. To many Iranians it does not feel that way.
Luigi Mangione, the man accused of gunning down a health insurance executive in Manhattan, plans to argue at trial that he was in a state of “extreme emotional disturbance” when he allegedly committed the crime, a judge revealed at a court hearing Wednesday.