Kevin Warsh, Federal Reserve chair, said we are the decision-makers.

Russian Defence Ministry said Russian forces have taken control of Svitly and Novasych in eastern Ukraine.

Renewed Iran hostilities, a new round of global tariffs, a surge in data‑centre investment and still‑strong US consumption have increased inflation upside, reinforcing expectations of sustained policy tightness or further Fed hikes. Markets largely price the Fed to hold at Wednesday’s meeting. Kevin Warsh, who assumes the chair at end‑May, will find his ability to restrain internal hawks increasingly dependent on a sustained improvement in inflation. Public polling shows dissatisfaction with Trump’s economic performance, and higher rates would further hurt the White House’s prospects. Trump reiterated calls for rate cuts this week but said Warsh is capable and that more political committee members must agree; if the Fed hikes, he is likelier to single out other Fed officials. Trump has appointed three of the Fed’s seven governors.