Powell top remain at Federal Reserve
The Federal Reserve on Wednesday held interest rates steady during Jerome Powell’s final meeting as chair. Powell said he will step aside when his term ends on May 15, though he will remain on the central bank’s powerful board for now. He also emphasized the uncertainties surrounding the war in Iran and warned of continued political attacks on the Fed’s independence. On Thursday, the Trump administration’s Commerce Department reported that the gross domestic product, which measures all the goods and services produced in the economy, registered a 2% annualized rate in the January-through-March period. That was slightly lower than the 2.3% rate economists projected in a poll by data firm FactSet. The war with Iran started by Donald Trump is now in its ninth week, and economists broadly agree that the longer it lasts, the more damage it will inflict on the U.S. economy.
Oil surges to $126 per barrel
Oil surged above $126 per barrel earlier today, its highest price in four years, as President Trump lays the groundwork for an extended naval blockade of Iranian ports. Meanwhile, the cost of the war in Iran continues to climb. A senior Pentagon official told lawmakers Wednesday the U.S. has spent roughly $25 billion on the war since it began in late February. But sources tell CNN that’s a lowball figure that does not include the cost of repairing extensive damage suffered by U.S. bases in the region. Previously, the Pentagon had estimated the cost of the war at $1 billion per day, which if accurate would place the cost at about $60 billion since the war has been going on for just over two months.
Trump’s DOJ moves to ease gun control laws
Days after a gunman charged security at the White House Correspondents’ Dinner in what investigators say was an attempt to kill President Trump using legally owned firearms, Trump’s Department of Justice is moving to roll back gun control measures. The administration is proposing 34 new rules including reducing the requirements for someone to become a licensed gun seller. Among the other changes would be to repeal a requirement that people buying guns at gun shows undergo a background check. The administration also is proposing changes that would make it easier to legally transport guns across state lines and end regulations on devices that make certain guns more accurate.
King and queen visit New York
During their visit to New York City on Wednesday, Britain’s King Charles III and Queen Camilla highlighted the “enduring solidarity” between the United States and the United Kingdom in a handwritten message left at the 9/11 Memorial in Manhattan. “We honour the memory of those who tragically lost their lives on 11th September 2001,” the royals wrote on the note card attached to a bouquet of white flowers. “We stand in enduring solidarity with the American people in the face of profound loss.” The King and Queen were guided for part of their visit to the site by former New York Mayor Michael Bloomberg, who chairs the National September 11 Memorial & Museum. New York Gov. Kathy Hochul and New Jersey Gov. Mikie Sherrill also attended.
Trump administration has new restriction on visas for entering U.S.
Applicants for visas to the United States will now have to affirm that they do not fear persecution in their home countries as the Trump administration seeks to further restrict potential asylum seeks from entering the country, as the administration tries to ensure that people coming to the U.S. to visit on visas are not going to try to stay in the U.S. The new rule, outlined in a diplomatic cable to all embassies and consulates this week, comes amid a sweeping shift in policies that have upended and restricted immigration to the U.S. The administration had already increased vetting for student visa applicants, and it has temporarily paused decisions on immigration applications to ensure that they meet newly rolled out security check guidance, according to a source familiar with the situation and an internal memo. The rule applies for those applying for nonimmigrant visas, which include those for tourists, students and temporary workers. In January, the U.S. suspended immigrant visa processing for 75 countries.
Supreme Court again weakens Voting Rights Act
The Supreme Court on Wednesday kicked yet another leg out from under the Voting Rights Act, the landmark 1965 civil rights law that Chief Justice John Roberts’ court has repeatedly undermined over the years. Wednesday’s opinion, written by Justice Samuel Alito with the dissent from the court’s three liberals, will make it much harder for voters of color to challenge redistricting plans that allegedly dilute the political power of minority communities. The ruling will bring about major changes to political representation at all levels of government in future elections, starting in earnest in 2028. Because of the Supreme Court’s decision, state legislatures controlled by Republicans are expected to eliminate a slew of Democratic-held seats, particularly across the South, in an effort to cement the Republican Party’s hold on the U.S. House.
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