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Judge Rejects Bid to Revive Subpoenas Targeting Powell

  • A federal judge denied the Justice Department’s request to reconsider quashing subpoenas in U.S. Attorney Jeanine Pirro’s probe of Fed Chair Jerome Powell.
  • The ruling clears the way for an appeal, which threatens to delay the confirmation of Kevin Warsh to replace Powell at the Fed.

 
Hiring Defied Expectations in March, With 178,000 New Jobs

  • The U.S. economy added 178,000 jobs in March, exceeding the 59,000 jobs economists polled by The Wall Street Journal expected.
  • The unemployment rate fell to 4.3% in March, but the labor force shrank by nearly 400,000 people.
  • The Trump administration’s immigration crackdown has reduced the supply of workers, lowering the number of jobs needed to keep the unemployment rate steady.
Trump Seeks $1.5 Trillion for Military, the Largest Request in Modern History

  • President Trump released a 2027 budget summary seeking $1.5 trillion for defense spending, the largest dollar amount in modern history.
  • The budget proposes $73 billion in nondefense spending cuts, targeting education and the EPA.
  • The proposal includes $30 million for a new National Fraud Division and $10 billion for a Presidential Capital Stewardship Program.
Fuel Surcharges Hit Small Businesses as ‘Tariffs 2.0’

  • Small businesses face higher shipping rates from carriers like FedEx and UPS due to rising fuel costs, up 39% in March.
  • The U.S. Postal Service will raise prices 8% starting April 26; FedEx and UPS increased fuel surcharges to 26.5% and 27%.
  • Small businesses, lacking scale to negotiate lower surcharges, are reluctant to pass higher fuel costs to price-sensitive customers.
The Wealthy Investors That Powered Private Credit Are Rushing for the Exits

  • Investors asked to pull nearly $14 billion in the first quarter from the type of private-credit funds known as BDCs, according to Robert A. Stanger & Co.
  • Executives of the major private-credit firms are saying the structures of their funds are functioning as intended.
  • Analysts said elevated redemptions are expected to continue for several quarters.

 

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