The energy price spike triggered by the Iran war has seeped into the that , causing to climb in ways that are , and creating a in November鈥檚 midterm elections.
Also, the United States said Monday that after Tehran shot down an American drone over the weekend. Iran then said it launched a strike of its own, and Kuwait reported incoming fire.
The between Iran and the U.S. has been repeatedly tested with such back-and-forth attacks, even as officials from both countries try to negotiate an end to the war.
Here’s the latest:
Jerome Powell uses JFK award speech to warn against political pressure on Fed, courts and schools
Former Federal Reserve Chair used one of his first major public appearances since leaving office to defend independent institutions while accepting an award Sunday honoring his efforts to preserve the central bank鈥檚 independence.
Speaking at the John F. Kennedy Presidential Library overlooking Boston Harbor, Powell called universities, courts, Congress and the central bank 鈥渢he foundation and the embodiment of our democracy鈥� and argued that the Fed鈥檚 independence was a 鈥減riceless asset鈥� that must be protected.
It was one of his most direct defenses of Fed independence, warning that a single administration鈥檚 decision to remove bank officials over policy differences would open the way for future elected officials to follow suit, ultimately undermining the credibility that the Fed has spent decades building.
Powell, who frequently clashed with Trump during his eight years as chair, stepped down as his term expired in May. He was succeeded by , whom Trump selected to lead the central bank.
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Trump vents about judge who blocked the Kennedy Center renovation and fumes over his legal setbacks
Trump on Saturday branded the federal judge who of the Kennedy Center as 鈥渁n anti Trump Hater鈥� and predicted that the nation鈥檚 premier performing arts center, which he wanted , will 鈥渟oon be closed, probably never to open again.鈥�
In a lengthy post on his Truth Social platform, Trump fumed about the Friday decision from U.S. District Judge Christopher Cooper, who also ordered removed from the center. Clearly angered by his latest legal setback, he said it was 鈥渋mpossible for me to be treated fairly,鈥� tying Cooper鈥檚 ruling to earlier losses, including the Supreme Court鈥檚 rejection in February of his .
His post aimed to make the case for the project even as he says he鈥檚 giving up on it. Hours after Cooper鈥檚 decision, Trump said he was backing away from the renovations and making arrangements to relinquish control to Congress of what, until the Republican president鈥檚 second term, had been known as the John F. Kennedy Center for the Performing Arts.
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Trump set to headline 鈥楪reat American State Fair鈥� for nation鈥檚 250th anniversary after artists drop out
An upcoming celebration of America鈥檚 250th anniversary, 鈥淭he Great American State Fair,鈥� recently had partly over the event鈥檚 ties to President Trump. Now, Trump himself is slated to headline the festivities, the organizers said Saturday.
鈥淚 understand Artists are getting 鈥榯he yips鈥� having to do with their performance,鈥� Trump posted to his social media platform Truth Social Saturday, adding that he was thinking of bringing 鈥渢he man who some say is the Greatest President in History (THE GOAT!), DONALD J. TRUMP, to take the place of these highly paid, Third Rate 鈥楢rtists.鈥欌��
The group organizing the June fair on Washington鈥檚 National Mall, Freedom 250, confirmed the billing in a statement, writing, 鈥淲e are excited to announce that President Trump will personally kick off this historic celebration on Wednesday, June 24.鈥�
Freedom 250 is billed as nonpartisan, but was launched last year by Trump and is led by a former State Department appointee from Trump鈥檚 first term. Several artists, including Bret Michaels, the Commodores and Martina McBride dropped out last week.
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US bombs Iranian military sites and Kuwait is hit by drone and missile fire
The United States said Monday that it bombed radar and drone sites in Iran after Tehran shot down an American drone over the weekend. Iran then said it launched a strike of its own, and Kuwait reported incoming fire.
The between Iran and the U.S. has been repeatedly tested with such back-and-forth attacks, even as officials from both countries try to negotiate an end to the war. It鈥檚 to a deal 鈥� and there is always the risk that an attack could derail those talks.
In the meantime, Iran has maintained its chokehold on the , disrupting global energy supplies and driving up the price of fuel around the world, with .
Fighting has also escalated between Israel and the Lebanese militant group Hezbollah, despite their nominal ceasefire. Israel has extended its , and Hezbollah 鈥� which joined the war in support of its main backer, Iran 鈥� continues to launch drones into Israel.
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Trump is facing a new inflation warning from the bond market, adding to his midterm challenges
The world is getting more uptight about lending money to President government 鈥� causing to climb in ways that are , and creating a in November鈥檚 midterm elections.
The energy price spike triggered by the Iran war has seeped into the that help fund the U.S. government. Interest rates on a 10-year U.S. Treasury note are topping 4.44%, up from 3.95% before the war started at the end of February. Average have climbed to their highest levels in nine months, while auto sales are slumping.
The challenge is global in scale, as interest rates have risen for multiple countries as the world has been adjusting to the prospect of higher inflation, mounting questions about the sustainability of government debt and a dramatic surge in .
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