Trump says he would be 'disappointed' if Warsh did not cut rates as Fed chair
In an interview with CNBC, President Donald Trump expressed that he would be disappointed if Kevin Warsh, his nominee to lead the Federal Reserve, did not cut interest rates promptly after Senate confirmation.
Warsh is appearing before lawmakers today for a hearing, where he will face questions regarding his loyalty to the president and whether this might affect the central bank’s independence. He is also encountering resistance from Republican Senator Thom Tillis, a critical vote on the Senate banking committee, who has refused to confirm any Trump nominee for Fed leadership while the criminal investigation into Jerome Powell continues.
Trump has maintained a firm stance on investigating the renovations of the new Federal Reserve building, which he has accused Powell of mismanagement, prompting a Justice Department inquiry.
Trump says he does not want to extend ceasefire with Iran
Donald Trump stated in a CNBC interview that he does not wish to extend the current two-week ceasefire with Iran. "I don’t want to do that. We don’t have that much time," he said. The ceasefire is set to expire tomorrow, with Vice President JD Vance leading last-minute negotiations in Islamabad today in an effort to reach an agreement with Tehran.
Speaking to Joe Kernen, Trump indicated plans to resume military strikes if talks fail. "I expect to be bombing because I think that’s a better attitude to go in with," he added. "But we’re ready to go. I mean, the military is raring to go." Despite this, Trump remains optimistic, stating, "we’re going to end up with a great deal."
Trump is in Washington today and scheduled for an interview with CNBC’s ‘Squawk Box’ at 8:30am ET. He will spend the remainder of the day in meetings until 4pm ET, when he will host the NCAA Collegiate National Champions at the White House. Updates from these events will be provided.
Trump heaps praise on outgoing Apple CEO Tim Cook
In his first social media post of the day, President Trump praised Apple’s outgoing CEO Tim Cook. He stated he has “always been a fan” of Cook and remarked that if Steve Jobs had not died at 56, he would not have run the company nearly as well as Cook has.
"For me it began with a phone call from Tim at the beginning of my First Term. He had a fairly large problem that only I, as President, could fix. Most people would have paid millions of dollars to a consultant, who I probably would not have known, but who would say that he knew me well. The fees would be paid but the job would not have gotten done. When I got the call I said, wow, it’s Tim Apple (Cook!) calling, how big is that? I was very impressed with myself to have the head of Apple calling to ‘kiss my ass.’
Anyway, he explained his problem, a tough one it was, I felt he was right and got it taken care of, quickly and effectively. That was the beginning of a long and very nice relationship. During my five years as President, Tim would call me, but never too much, and I would help him where I could. Years later, after 3 or 4 BIG HELPS, I started to say to people, anyone who would listen, that this guy is an amazing manager and leader.
Anyway, Tim Cook had an AMAZING career, almost incomparable, and will go on and continue to do great work for Apple, and whatever else he chooses to work on. Quite simply, Tim Cook is an incredible guy!!!
US and Iran to hold new ceasefire talks in Islamabad
Two regional officials reported Tuesday that the United States and Iran have indicated plans to hold another round of ceasefire talks in Islamabad. Neither country has publicly confirmed the timing, and Iranian state television denied any official presence in Pakistan’s capital.
Pakistan-led mediators have received confirmation that top negotiators, US Vice President JD Vance and Iran’s Parliament Speaker Mohammad Bagher Qalibaf, will arrive in Islamabad early Wednesday to lead their respective teams in the talks, according to the Associated Press.
Trump and supporters participate in America Reads the Bible event
President Trump, alongside many leading Christian supporters and top Republicans, is participating this week in a marathon Bible reading event themed America 250. The event encourages a “return to the spiritual foundation that has shaped our country.”
The America Reads the Bible event features participants reading passages aloud and is being live-streamed from the Museum of the Bible in Washington and other locations, as reported by the Associated Press.
On Tuesday evening, the event will include a video of Trump reading a passage calling for national repentance in ancient Israel, a text often cited by proponents of the belief that America has been and should remain a Christian nation.
Trump stated in a commemorative statement,
"The Bible is indelibly woven into our national identity and way of life."He referenced historical figures such as Puritan leader John Winthrop, who implored fellow Christian settlers to serve as a beacon of faith for the world.
Kevin Warsh’s nomination faces challenges amid Fed tensions
Kevin Warsh appears to be a strong candidate to chair the Federal Reserve, the world’s most influential central bank. The 56-year-old Ivy League economist, former Wall Street banker, and presidential adviser meets many qualifications. However, his strongest supporter, President Trump, also represents his greatest challenge.
During his second term, Trump has launched unprecedented and harsh attacks on the Fed, calling current Chair Jerome Powell — whom he appointed — a “jerk” and “a stubborn MORON,” and has repeatedly threatened to fire him.
The tension stems from Trump’s desire for lower interest rates, which the president cannot directly set.
Trump sees Warsh as a potential solution. Warsh is scheduled to appear before the Senate Banking Committee for his nomination hearing Tuesday morning, where he is expected to face rigorous questioning from both Democrats and Republicans.
President Trump’s approval rating remains at the lowest point of his term amid public concerns over his temperament during the Iran conflict and a dispute with Pope Leo, according to a /Ipsos poll.
The six-day poll, concluded Monday, showed 36% of Americans approve of Trump’s job performance, unchanged from a month prior. His highest approval rating this term was 47%, shortly after his January 2025 inauguration.
Trump has faced pressure since the US and Israel launched war against Iran in February, which has driven gasoline prices sharply higher.
Approval for US military strikes against Iran stands at 36%, compared to 35% in an earlier /Ipsos poll conducted April 10-12.
The latest poll surveyed 4,557 adults nationwide online, with a margin of error of two percentage points.
Jerome Powell’s term and investigation impact Fed leadership
Jerome Powell’s term as Fed chair ends on May 15. Last month, he stated he would remain chair until a successor is named. Powell also serves a separate term on the Fed’s governing board until January 2028.
Typically, Fed chairs leave the board when their chair term ends, but Powell has said he will remain on the board even if a new chair is confirmed, pending the conclusion of an investigation.
When asked about Powell’s comments, Trump said he would fire Powell if he attempted to stay on the Fed.
Trump’s prior attempt to remove Fed governor Lisa Cook has been delayed in courts. During January oral arguments, a majority of Supreme Court justices appeared inclined to allow Cook to retain her position.
While Warsh’s hearing is a necessary step, it is unclear when the committee might vote on his nomination. The Justice Department is investigating Powell and the Fed over a building renovation, and Senator Thom Tillis has stated he will block Warsh’s confirmation until the probe concludes, according to the Associated Press.
Democratic Senator Tina Smith commented on Monday,
"Clearly there’s a majority of the committee that’s not going to move this nomination forward, especially while this sham of a criminal investigation is going on."She added,
"It feels a bit like we’re going through the motions when we really have not addressed the fundamental challenges that this nomination has."
This turmoil could make the transition from Powell to Warsh unusually turbulent for the Federal Reserve, which typically experiences smooth leadership changes. Such difficulties could unsettle markets and raise long-term interest rates.
Trump’s Federal Reserve chair pick to face lawmakers at key confirmation hearing
Welcome to the live blog.
President Trump’s nominee to lead the Federal Reserve will affirm his commitment to central bank independence on interest rates during a critical confirmation hearing today.
Kevin Warsh is expected to state in his opening remarks to the Senate Banking Committee,
"I am committed to ensuring that the conduct of monetary policy remains strictly independent."He is also anticipated to emphasize his dedication to combating inflation, according to remarks reviewed by AFP.
The hearing, scheduled for 10am ET, represents a significant hurdle for Warsh to succeed Jerome Powell when his term ends on May 15.
The session is expected to be contentious. All 11 Democrats on the Banking Committee recently called for delaying the nomination until investigations into Powell and Fed governor Lisa Cook are complete.
Republican Senator Thom Tillis, a committee member, has vowed to block all Fed nominees, including Warsh, until the Justice Department’s probe involving Powell concludes. With 13 Republicans on the committee, Tillis’s opposition could create a stalemate.
Warsh will face questions on topics ranging from his personal wealth to past associations with the late sex offender Jeffrey Epstein, as well as his economic policy views.
Other political developments
Lori Chavez-DeRemer, Trump’s labor secretary, resigned, describing it as “an honor and a privilege to serve” and announcing plans to transition to the private sector. Her departure followed involvement in several political and personal controversies. Democrats welcomed the news, commenting that “this administration is imploding.”
Senate Minority Leader Chuck Schumer called for the immediate resignation of FBI Director Kash Patel following an Atlantic report alleging excessive drinking and absences. Patel has sued the magazine for defamation, with his attorneys labeling the article a “sweeping, malicious, and defamatory hit piece.”
On Monday, Trump signed memorandums related to coal supply chains, natural gas, and grid infrastructure. He invoked the Defense Production Act in these energy-related memos, stating that increasing energy production is “essential to United States national defense.”
The crowded field of Democratic candidates in California’s governor race appears to be narrowing. Betty Yee, a former state controller, announced Monday her intention to end her campaign. Meanwhile, California Democratic Party Chair Rusty Hicks urged trailing candidates to exit the race.
