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Warsh Pledges Independence at Fed Hearing
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- Kevin Warsh, President Trump’s pick for Federal Reserve chair, faced a confirmation hearing marked by a political standoff over a criminal probe into current chair Jerome Powell.
- President Trump publicly questioned the cost of Fed building renovations and suggested Powell might be stealing, while Warsh insisted he would maintain independence.
- Warsh outlined a sweeping agenda, criticizing the Fed for a “fatal policy error” on inflation and its $6.7 trillion balance sheet, which he called “fiscal policy in disguise.”
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Indonesia’s Central Bank Holds as Middle East Risks Dim Outlook
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- Bank Indonesia held its benchmark seven-day reverse repo rate at 4.75% amid Middle East war fallout, aiming to stabilize the rupiah and manage inflation.
- The central bank’s decision extends a pause since September and was expected by economists polled by The Wall Street Journal.
- Bank Indonesia also kept its overnight deposit facility rate at 3.75% and its lending facility rate at 5.50%.
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Key Moments From Kevin Warsh’s Congressional Testimony
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- Kevin Warsh, President Trump’s pick for Federal Reserve chair, faced questions on independence, AI-driven rate cuts, and financial holdings.
- Kevin Warsh criticized the Federal Reserve, stating it “missed its mark” and “lost its way” due to past policy errors.
- Senator Thom Tillis stated he will not support any Fed nominee until the Justice Department drops its probe into Jerome Powell.
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U.K. Inflation Jumps as Iran War Pushes Fuel Prices Higher
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- U.K. inflation rose to 3.3% in March from 3.0% in February, driven by higher energy prices due to the Middle East war.
- The Bank of England is unlikely to raise its key interest rate next week, with its Monetary Policy Committee expected to keep rates unchanged in 2026.
- The International Monetary Fund lowered its U.K. growth forecast to 0.8% for this year, citing the war’s impact and gas import reliance.
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Higher Gasoline Prices Lifted March Retail Sales
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- U.S. retail sales jumped 1.7% in March, the fastest one-month rise in over three years, driven by higher gasoline prices.
- Gasoline prices in the U.S. rose about 28% versus a year ago, according to AAA, prompting economists to question future consumer spending.
- Excluding gasoline, sales increased 0.6% month over month, with analysts seeing evidence consumers are not yet tapped out.
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New York Sues Coinbase, Gemini Over Crypto Exchanges’ Prediction Markets
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- New York Attorney General Letitia James filed lawsuits against Coinbase and Gemini, accusing them of violating state gambling laws.
- The lawsuits allege Coinbase and Gemini violated college-team betting bans and avoided state taxes.
- New York seeks fines of three times companies’ profits in the state, customer restitution, and $100,000 penalties per unauthorized wagering offer.
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About Us
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WSJ Pro Central Banking brings you news and analysis from a global team of reporters and editors at The Wall Street Journal and Dow Jones Newswires. Send your tips, suggestions and feedback to service@dowjones.com. An artificial-intelligence tool created these summaries, which are based on the text of the article and checked by an editor. Read more about how we use artificial intelligence in our journalism.
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