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Kevin Warsh on the Fed, in His Own Words
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- The Senate confirmed Kevin Warsh as the next Fed chair on Wednesday with a 54-45 party-line vote.
- Warsh, a former Fed governor, previously expressed concerns about central bank independence in 2010.
- President Trump nominated Warsh in January, and Warsh stated at his April confirmation hearing that Trump had not pressured him on rates.
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Fed’s Barr: Shrinking The Balance Sheet Is The Wrong Objective
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- Federal Reserve Governor Michael Barr said shrinking the central bank’s balance sheet is the wrong objective, threatening financial stability.
- Barr’s comments follow Kevin Warsh’s confirmation as Fed chair, who argues for shrinking the Fed’s balance sheet.
- Barr warned that proposals to shrink the balance sheet would undermine bank resilience and impede money market functioning.
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U.S Jobless Claims Rose Last Week
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- U.S. jobless claims rose by 12,000 to 211,000 in the week through May 9, exceeding economists’ expectations.
- Continuing claims for unemployment benefits increased to 1.78 million in the week through May 2.
- The labor market remained resilient, adding 115,000 jobs in April despite the Iran war.
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Retailers’ Sales Growth Cooled Last Month
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- U.S. retailers’ sales growth slowed to 0.5% in April, down from 1.6% in March, the Commerce Department said.
- A cooler increase in gasoline prices moderated overall sales growth for retailers in April.
- Consumer prices rose 3.8% in the 12 months through April, the highest inflation in three years.
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Ireland’s Foreign Investment Chief Sees Inflows Holding Up Despite Headwinds
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- Ireland’s agency for attracting foreign businesses, IDA, reported a record 323 new investments in 2025, an increase of 38% from 2024.
- Global foreign investment rose 15% to $1.7 trillion, the highest level since 2021, according to the Organization for Economic Cooperation and Development.
- U.S. pharmaceutical businesses in Ireland face pressure from the Trump administration to make more drugs in the U.S.
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Uganda’s Central Bank Holds Key Lending Rate at 9.75%
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- Uganda’s central bank maintained its key lending rate at 9.75% due to subdued inflation, while monitoring the Iran war’s economic impact.
- Uganda’s inflation marginally rose to 3% in April from 2.8% the prior month, with the central bank expecting 5% to 5.3% over 12 months.
- Uganda is preparing to start crude oil exports in October, with higher global oil prices potentially increasing the value of these exports.
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The World Is Burning Through Its Oil Safety Net
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- An initial crude oil surplus cushioned the global economy after the Persian Gulf closed, but it is now dwindling at a record pace.
- Oil executives and analysts predict acute fuel shortages and soaring prices within weeks if the Strait of Hormuz remains shut.
- Global oil inventories plunged by 250 million barrels over March and April, and replenishing them will require years of extra supply.
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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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