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How does Fed chair nominee Kevin Warsh view the Fed’s inflation target?

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Trump nominates Kevin Warsh as next Fed chair: What to know

Kevin Warsh is set to testify on Tuesday about his nomination to be chairman of the Federal Reserve, with senators likely to press him on his views of the Fed’s 2% inflation target given the persistent price pressures affecting the U.S. economy since the pandemic.

The 56-year-old Warsh, who served as a Fed governor from 2006 to 2011, will testify before the Senate Banking Committee as senators weigh his nomination to succeed current Fed Chair Jerome Powell, whose term leading the central bank is due to expire in May.

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Warsh offered an overview of how he views the price stability component of the Fed’s dual mandate in a written copy of his opening statement, which FOX Business viewed in advance of his testimony.

In his prepared remarks, Warsh says that he supports the Federal Reserve’s dual mandate of promoting price stability as well as full employment, though he didn’t specifically discuss the Fed’s policy target of keeping inflation at 2% over the long-run.

THE ONE LINE IN WARSH’S TESTIMONY SIGNALING A BREAK FROM THE FED’S STATUS QUO

Kevin Warsh attending the Ideas Uncorked event at the Hoover Institution.

Former Fed Governor Kevin Warsh is the nominee to succeed Powel as Fed chair. (DMV Productions)

“First, Congress tasked the Fed with the mission to ensure price stability, without excuse or equivocation, argument or anguish. Inflation is a choice, and the Fed must take responsibility for it,” Warsh wrote.

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“Low inflation is the Fed’s plot armor, its vital protection against slings and arrows,” he said. 

“So, when inflation surges – as it has done in recent years – grievous harm is done to our citizens, especially to the least well-off. They lose purchasing power. Their standard of living falls. They may also lose faith in our system of economic governance, raising doubts whether monetary policy independence is all it’s cracked up to be,” Warsh wrote.

TRUMP’S FED PICK DISCLOSES $131M FORTUNE AS NOMINATION FACES HEADWINDS

Kevin Warsh speaks at a podium

Warsh has emphasized the importance of price stability and is skeptical of relying too heavily on a 2% inflation target due to the risk of measurement errors and policy mistakes. (Tierney L. Cross/Bloomberg via Getty Images)

Warsh discussed his view of monetary policy goals in a 2023 hearing before the British House of Lords’ Economic Affairs Committee and said that he views price stability as an imperative, but is skeptical of the ability to measure inflation precisely, and so he prefers a range-based inflation target.

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“Price stability is the North Star. Without stable prices, it is almost impossible to have full employment. It is also almost impossible to have economies that are growing at their full potential. When prices are volatile… it is difficult for households and businesses to make the prudent decisions that they might like,” he explained.

“Frankly, we would not know the difference whether inflation was running at 1.7%, 2.0% or 2.3% in the United States or in the United Kingdom because we do not measure it that precisely,” Warsh said. “Economics is not physics – at least not yet.”

FED OFFICIAL SAYS INTEREST RATE HIKE POSSIBLE AS GAS PRICES, INFLATION REMAIN ELEVATED

Warsh said that he tends to “prefer ranges versus point estimates, in part because of measurement error and in part because I think broad price stability can never be that precise.”

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He added that, in general, he thinks viewing inflation that precisely “led many of the central banks to overly stimulate economies a few years ago,” and led to decisions that contributed to inflation running well above target.

“I broadly favor ranges. Price stability, in the numerical definition, will change in the times. The structures in the global economy are changing even as we speak. It strikes me that agreeing on some permanent basis to 2.0% is asking for trouble,” Warsh said.

Inflation peaked in the U.S. at 9.1% in June 2022 and is currently around 3%, having risen over the last year due to tariffs and the recent impact of the recent energy shock caused by the Iran war.

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The Fed’s preferred inflation gauge, the personal consumption expenditures (PCE) index, was 2.8% in February on an annual basis. Data from March is due at the end of next week. 

Another popular inflation gauge, the consumer price index (CPI), showed inflation jumped to 3.3% in March after a 2.4% reading in February due to the impact of the war on energy markets.

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Concorde museum Aerospace Bristol appoints first chief operating officer

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Business Live

The visitor attraction is looking to double visitor numbers and boost revenue growth

Lloyd Hughes is the new chief operating office of Aerospace Bristol

Lloyd Hughes is the new chief operating office of Aerospace Bristol(Image: Aerospace Bristol)

Aerospace Bristol has appointed its first chief operating officer as it pursues an ambitious 10-year strategy to double visitor numbers and grow its commercial operations. Lloyd Hughes will take responsibility for the day-to-day running of the Filton site, which is home to Concorde.

He will lead the museum’s visitor experience, finance, commercial and operations functions, and will help deliver and evolve the commercial strategy, including driving revenue growth across events and venue hire, ticket sales, retail and hospitality.

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Mr Hughes, who was previously a director at vet charity PDSA and has led commercial activities at organisations such as English Heritage, will also deputise for the chief executive and represent Aerospace Bristol at industry and networking events.

He said: “Aerospace Bristol is an extraordinary place – one that sits at the heart of a globally significant industry and tells stories about the wonders of flight to inspire people of all ages.

“I’m hugely excited to be joining at such a pivotal moment – there is enormous potential to grow both the commercial reach and resilience of the museum, and I’m looking forward to working with the brilliant team here to unlock it.”

Aerospace Bristol said the newly created position reflected its “determination to build a sustainable, high-performing organisation” and grow visitor numbers.

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Sally Cordwell, chief executive of Aerospace Bristol, said: “This is a landmark appointment for Aerospace Bristol. Lloyd brings exactly the blend of commercial sharpness and charity sector understanding that we need as we look to deliver on our 10-year growth strategy.

“Creating this COO role signals our intent – we are serious about being an organisation that is operationally excellent, commercially strong and well positioned to serve our visitors, our community and the story of flight for decades to come. We’re delighted to welcome Lloyd into our team.”

Aerospace Bristol is based in Patchway on Bristol’s northern edge and is run by the Bristol Aero Collection Trust. The museum exhibits the Concorde Alpha Foxtrot, the final Concorde plane to be built and the last to fly.

Concorde’s airframe and engines were largely developed in Bristol, where its UK assembly line was located, while all UK Concordes made their maiden flight from the former Filton airfield site near the museum.

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XTEND secures $1.67M Israeli defense contract for drone systems

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XTEND secures $1.67M Israeli defense contract for drone systems

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Royal Mail to ask part-time posties to work more to meet letter targets

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Royal Mail to ask part-time posties to work more to meet letter targets

Royal Mail has faced a chorus of criticism for failing to meet its targets on letter delivery.

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Karren Brady Leaves West Ham United After 16 Years as Vice-Chair

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Karren Brady Leaves West Ham United After 16 Years as Vice-Chair

Baroness Karren Brady has stepped down as vice-chair of West Ham United, drawing the curtain on one of British football’s most enduring executive careers and severing a commercial partnership with joint-chair David Sullivan that has spanned close to four decades.

The 57-year-old peer, broadcaster and businesswoman had served on the Hammers’ board for 16 years. Her exit arrives at a delicate juncture for the Premier League club, where supporter discontent with the boardroom has hardened into a regular feature of matchdays. Chants directed at the ownership rang out again on Sunday evening during the side’s draw at Crystal Palace, the latest in a string of organised protests that have overshadowed a season spent flirting with the relegation places.

For those who have followed Brady’s career since the early 1990s, the decision marks the end of an era. It was Brady, then just 23, who convinced Sullivan to acquire Birmingham City in 1993, taking the managing director’s chair herself and becoming one of the youngest executives to run a professional football club anywhere in Europe. That appointment laid the foundations for a business relationship that has outlasted most in British sport.

In a statement released by the club, Brady said: “It has been a privilege to work alongside the board, management, players, staff and supporters at West Ham United. Together we have achieved remarkable milestones, but the highlight for me will always be lifting the Uefa Europa Conference League trophy, a moment that will stay with me forever. I am deeply grateful for the relationships, challenges and opportunities that have shaped my time at the club.”

She added: “While this chapter closes, my passion for football and commitment to supporting the next generation of leaders remains undiminished. I wish West Ham United every success for the future and look forward to following their continued achievements with pride.”

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Brady has drawn heavy criticism from the stands alongside Sullivan this season, with the pair cast by sections of the fanbase as the architects of a prolonged period of under-investment on the pitch. The Hammers currently sit a single place and two points clear of the drop, steadied by the recent appointment of Nuno Espirito Santo as head coach.

A long-serving columnist for The Sun and aide to Lord Sugar on the BBC’s The Apprentice, Brady is understood to be redirecting her attention toward her broader portfolio of business interests and her duties in the House of Lords, while retaining her place in the boardroom of the hit entertainment format.

Her tenure at West Ham will be remembered as much for corporate manoeuvring as for sporting achievement. She was widely regarded as the driving force behind the club’s contentious relocation from Upton Park to the London Stadium in the wake of the 2012 Olympics, a deal that has divided opinion but radically rewired the Hammers’ commercial footprint.

Sullivan paid tribute to his long-time lieutenant, saying: “Karren has been an exceptional leader and a key figure in the club’s development over the years. We wish her every success in her future endeavours and thank her for her outstanding contribution over the past 16 years.”

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Joint-chair Daniel Kretinsky, who joined the ownership group in 2021, was similarly effusive. “I want to thank Karren most sincerely for our collaboration since 2021, and for all the work she has done in the past for the club,” he said. “Her contribution to West Ham United’s growth, such as the long-term contract for the London Stadium, shareholders transition and the British record transfer of Declan Rice, has been absolutely essential and not always fully appreciated. Karren is also very highly appreciated in the Premier League leadership community and was an excellent representative of our club there. I wish her the best of luck in all future activities.”

Brady’s departure leaves a sizeable gap at the top of the club, both in terms of institutional memory and Premier League influence. For Sullivan and Kretinsky, the challenge now is twofold: to steady a restive fanbase and to recruit a successor capable of matching her standing in the game’s corridors of power. West Ham United has been contacted for further comment.


Jamie Young

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

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Uni staff strike for cost of living 'weighting'

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Uni staff strike for cost of living 'weighting'

Library, museum, finance and IT staff are among members of Unite taking action over pay.

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Rising stars on D-St: Senco Gold among 15 stocks with up to 50% upside scope

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The Economic Times

Indian stock markets continue to recover from the incessant selloff in March, with Sensex and Nifty rebounding sharply. As investors continue to re-evaluate their portfolios, SBI Securities named 15 stocks as its ‘rising star’ recommendations. Check out the list of stocks named by the domestic brokerage and their upside potential from the previous closing price.

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At Close of Business podcast April 21 2026

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At Close of Business podcast April 21 2026

Elisha Newell speaks to Nadia Budihardjo about ATOM Group, a business described as the Bunnings of the mining industry.

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Wells Fargo raises SM Energy stock price target on production outlook

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Wells Fargo raises SM Energy stock price target on production outlook

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UBS sees BoE on extended pause, with rate cuts pushed to late 2026

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UBS sees BoE on extended pause, with rate cuts pushed to late 2026

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Clarks shoes launches online marketplace selling brands such as Nike and Adidas for first time in 200-year history

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The historic Somerset-based footwear giant has launched ‘Brands now at Clarks’ on its website

Clarks shoe shop in Derby

Clarks shoe shop in Derbion Shopping Centre, Derby(Image: Derby Telegraph)

Somerset shoemaker Clarks has started selling rival brands for the first time in its history through an online marketplace. The historic company, which has been a presence on the UK high street since 1825, has launched ‘Brands now at Clarks’ on its website.

More than 100 brands, such as major global labels including Adidas and Nike, are now available to buy through the site, as well as other lifestyle products such as clothing and accessories.

The venture marks a major shift for 200-year-old Clarks as it looks to diversify its offering beyond shoes in an increasingly tough retail environment.

Joe Ulloa, vice-president UK & EMEA at Clarks, said: “From the outset, it was essential that every brand partner reflected the values that have defined Clarks for over 200 years – premium quality, comfort and value.

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“Brands now at Clarks represent an exciting new chapter for us. It allows us to offer a broader, shopping experience, while staying true to the heritage and trust we’ve built.”

‘Brands now at Clarks’ brings together a portfolio of big names including high-end brands such as Hugo Boss, Tommy Hilfiger, Under Armour and Marc Jacobs. A number of other labels are lined up to join the website in the coming weeks, too, including Armani Exchange, Emporio Armani, Gant, Lacoste, Moose Knuckles, Napapijri, Rains, Timberland and Woolrich.

Clarks was founded by brothers Cyrus and James Clark who opened a tannery making leather goods in 1825. Today the company is a global brand, selling more than 40 million pairs of shoes a year and has more than 1,100 stores.

But the business has faced challenges in recent years amid changing shopping habits and a decline in footfall in physical stores as consumers look to buy more products online. Last year, Clarks was forced to axe more than 1,200 jobs as sales plummeted by nearly £100m.

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In September, the company opened a museum in Street, in Somerset, showcasing 200 years of shoemaking. It features hundreds of never-before-seen objects from sheepskin slippers to desert boots, school shoes to Britpop stagewear.

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