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Kevin Warsh nominated as Fed chair; key senators react

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

President Donald Trump on Friday nominated Kevin Warsh to serve as the next chairman of the Federal Reserve, setting up a confirmation process that could prove contentious as it moves through the Senate.

Warsh, 55, previously served as a member of the Federal Reserve Board of Governors from 2006 to 2011 and was under consideration for the Fed chair nomination when Trump nominated Jerome Powell to the role in 2017. 

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Powell was confirmed on a bipartisan basis the following year and was reappointed during the Biden administration in 2022, though his term is set to expire in May. Trump has repeatedly criticized Powell for not lowering interest rates and said that he wants the Fed to consider his views when making monetary policy decisions.

The Department of Justice recently launched a criminal inquiry into whether Powell lied to Congress about the Fed’s costly renovation of its headquarters in Washington, D.C., which prompted key Republican senators to express support for Powell and the Fed’s independence. 

Kevin Warsh speaks at a podium

Former Federal Reserve Governor Kevin Warsh was nominated as the successor to outgoing Fed Chair Jerome Powell. (Tierney L. Cross/Bloomberg via Getty Images)

TRUMP NOMINATES KEVIN WARSH TO SUCCEED JEROME POWELL AS FEDERAL RESERVE CHAIR

One GOP senator vowed to block any Fed nomination in the Senate Banking Committee unless the DOJ probe into Powell is dropped and reiterated that pledge after Warsh’s nomination due to his concerns about undue political influence on monetary policy. Here’s a look at how key senators are reacting to the news:

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Senate Banking Chair Tim Scott, R-S.C. 

SC Senator Tim Scott and President Donald Trump

Scott chairs the Senate Banking Committee and said there will be a timely confirmation process for Warsh’s nomination. (Justin Sullivan/Getty Images)

“The Federal Reserve’s decisions touch every American household, from mortgage rates to retirement savings, and [POTUS] has been clear that bringing accountability and credibility to the Federal Reserve is a priority. His nomination of Kevin Warsh reflects that focus.

“As a former Federal Reserve Governor, Kevin has a deep knowledge of markets and monetary policy that will be essential in this role. Federal Reserve independence remains paramount, and I am confident that Kevin will work to instill confidence and credibility in the Fed’s monetary policy.”

Scott added that he will lead “a thoughtful and timely confirmation process that carefully examines his vision for focusing the Federal Reserve on its core mission.”

JEROME POWELL OFFERS ADVICE FOR NEXT FED CHAIR, ADDRESSES HIS FUTURE AT CENTRAL BANK

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Senate Banking ranking member Elizabeth Warren, D-Mass.

Senator Elizabeth Warren

Warren criticized Warsh over his role at the Fed during the 2008 financial crisis. (Chip Somodevilla/Getty Images / Getty Images)

“Donald Trump said anybody who disagrees with him will never be Fed Chair. Kevin Warsh, who cared more about helping Wall Street after the 2008 crash than millions of unemployed Americans, has apparently passed the loyalty test.

“No Republican purporting to care about Fed independence until Trump drops his witch hunts of current Fed Chair Jerome Powell and Governor Lisa Cook.”

GOP SENATOR VOWS TO BLOCK TRUMP’S FED CHAIR PICK UNLESS POWELL PROBE IS DROPPED

Sen. Thom Tillis, R-N.C. 

U.S. Sen. Thom Tillis (R-NC) arrives at a hearing on Capitol Hill.

Tillis vowed to block Fed nominees in committee over the DOJ’s criminal probe of Powell’s testimony. (Kevin Dietsch/Getty Images)

“Kevin Warsh is a qualified nominee with a deep understanding of monetary policy,” Tillis said. “However, the Department of Justice continues to pursue a criminal investigation into Chairman Jerome Powell based on committee testimony that no reasonable person could construe as possessing criminal intent. Protecting the independence of the Federal Reserve from political interference or legal intimidation is non-negotiable.

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“My position has not changed: I will oppose the confirmation of any Federal Reserve nominee, including for the position of chairman, until the DOJ’s inquiry into Chairman Powell is fully and transparently resolved.”

Trump, speaking to reporters at the White House on Friday, responded to Tillis, calling him an “obstructionist.” 

“If he doesn’t approve, we’ll just have to wait till somebody comes in that will approve it, right? So that’s it,” Trump added. 

TRUMP CALLS FOR ‘JERK’ POWELL TO LOWER INTEREST RATES AFTER LATEST INFLATION DATA

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Sen. Cynthia Lummis, R-Wyo.

Senator Cynthia Lummis speaks at a press conference

Lummis previously expressed skepticism over the DOJ’s Powell inquiry. (Nathan Posner/Anadolu via Getty Images)

“Now more than ever, we need a Federal Reserve that embraces digital assets and financial innovation, not one that shuns advancement,” Lummis said. “I applaud President Trump’s decision and look forward to hearing Kevin Warsh’s plans to undertake needed reforms to make the Fed more transparent and accountable to Congress.”

Sen. Dave McCormick, R-Pa.

Dave McCormick during a Senate Banking Committee hearing

McCormick (center) is a member of the Senate Banking Committee and previously criticized the DOJ’s Powell inquiry. (Tom Williams/CQ-Roll Call, Inc via Getty Images)

“I applaud President Trump’s nomination of Kevin Warsh to be chairman of the Federal Reserve.

“Kevin has been a friend and colleague to Dina and me for almost 30 years. He is exactly who we need to fulfill the Fed’s mandate of monetary policy that keeps inflation in check while unlocking growth, new jobs and opportunity.

“Pennsylvanians can be confident that this choice will bring common sense and steady leadership to the Federal Reserve.”

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Wedbush raises Arvinas stock price target to $11 on pipeline progress

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Wedbush raises Arvinas stock price target to $11 on pipeline progress

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True Citrus debuts functional drink mix collection

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True Citrus debuts functional drink mix collection

The collection offers three varieties of functional drink mixes. 

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Apartments could be created at historic city centre Miller Arcade in Preston

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Vacant upper floor could be brought back to use

Miller Arcade in Preston.

Miller Arcade in Preston(Image: Google)

Dozens of apartments could be created within Preston’s Miller Arcade as part of a major redevelopment of the historic city shopping precinct.

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Plans have been unveiled which would see the vacant upper floors of the 19th-century premises brought back into use after years of standing empty.

A total of 46 properties are proposed across the top three storeys of the Grade II-listed building – bound by Church Street, Lancaster Road, Birley Street and the Flag Market – along with communal facilities for residents.

If the blueprint is approved, the retail units on the ground floor of the arcade – which became the first indoor shopping area in the city when it opened in 1899 – would continue to trade as normal.

The conversion proposal – by Darwen-based Icon Heritage Limited – comes 11 years after a similar vision put forward by a different company was given the nod by city planners. That scheme, unlike the current one, also featured a new restaurant and a roof garden – but was ultimately never delivered.

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The plans now on the table are for 24 one-bed, 18 two-bed and four ‘studio’ flats whose occupiers would have shared access to a cinema, gym, library, workspace, meeting room, kitchen and lounge. Access would come via an existing doorway on Lancaster Road, beneath the existing gold-plated ‘Miller House’ sign.

The much-loved landmark is renowned for its Victorian Baroque architecture and was modelled on the larger Burlington Arcade in London.

The floors now earmarked for apartments once housed hotels, a Turkish Baths, a wine lodge and, most recently, offices.

According to documents lodged with Preston City Council, the only external alterations that would be required by the proposed conversion would be repairs to the building’s fabric and the refurbishment of its windows – which would also be upgraded with ‘secondary glazing’ to help block out noise and retain heat.

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The necessary internal reconfiguration will take “a sensitive design approach that prioritises the retention of existing architectural features…which are considered heritage assets”, a planning statement explains.

It adds: “Introducing residential spaces into the building brings a new life – and the new use will help bring Miller Arcade back to becoming [of] even greater importance in Preston.”

The applicant sought advice from the city council before submitting their plans and was advised that the principle of the proposal was “wholly acceptable”.

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

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Supreme Court’s tariff decision clouds trade outlook

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Supreme Court’s tariff decision clouds trade outlook

Some say it may not significantly change the trajectory of the trade war.

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PNC CEO Demchak sells $11.5 million in stock

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PNC CEO Demchak sells $11.5 million in stock

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Ford recalls over 450,000 vehicles in US, including 412K Explorer SUVs

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Ford recalls over 450,000 vehicles in US, including 412K Explorer SUVs

Ford is recalling more than 450,000 vehicles in the U.S. in two separate actions over safety issues that federal regulators say could increase the risk of a crash.

The largest recall covers 412,774 model year 2017-2019 Ford Explorer SUVs due to a rear suspension toe link that can fracture, potentially affecting steering control.

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Toe links help maintain rear wheel alignment. If one breaks, it can cause changes in vehicle handling and raise the risk of a crash, according to the National Highway Traffic Safety Administration.

VOLVO RECALLS OVER 40,000 ELECTRIC SUVS WORLDWIDE OVER BATTERY FIRE CONCERNS

Ford Explorer driving on a dirt road.

A 2017 Ford Explorer equipped with the XLT Sport Appearance Package. (Ford Motor Co.)

NHTSA said dealers will replace the rear suspension toe links with a revised, stronger design, free of charge for affected vehicles.

Ford told FOX Business that it is not aware of any injuries related to this issue.

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The automaker said notification to dealers is expected to begin on Feb. 25, and owner notification letters are expected to be mailed starting March 9.

ford logo

Ford sign at a dealership in Richmond, California, June 21, 2024. (David Paul Morris/Bloomberg via Getty Images)

In a separate action, Ford is also recalling 40,655 vehicles to address battery failures and brake pedal defects, which regulators said could increase crash risk.

Ford logo

A Ford logo is seen against the backdrop of a city skyline. (Jeff Kowalsky/Bloomberg via Getty Images)

The latest recalls follow a record year for the automaker. In 2025, Ford issued 103 safety recalls, surpassing its previous annual high with months still remaining in the calendar year, according to a Kelley Blue Book report previously cited by FOX Business.

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Ford has said its recall activity reflects efforts to identify and fix potential defects quickly and that it has expanded its team of safety and technical experts in recent years to improve quality and compliance.

Reuters contributed to this report. 

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Meta Platforms (META) Stock Dips on Heavy AI Capex Outlook Despite Strong Earnings

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Meta Platforms Inc.’s stock has pulled back in February 2026, trading around $636 to $639 after shedding about 2-3% in recent sessions amid investor concerns over the company’s massive $115 billion to $135 billion capital expenditure guidance for the year, even as core advertising revenue surges and new AI infrastructure deals signal long-term momentum.

Headquarters of Facebook parent company Meta Platforms Inc in Mountain View
Meta Platforms

As of February 24, 2026, Meta (NASDAQ: META) closed at approximately $636.07, down modestly from recent highs near $655-$660 earlier in the month. The shares have retreated from an all-time peak of around $788-$796 in mid-2025, reflecting a roughly 18-20% decline from that level. Year-to-date performance remains positive but tempered by volatility tied to AI spending fears and broader market dynamics.

The pressure intensified following Meta’s blockbuster Q4 and full-year 2025 earnings released January 28, 2026. The company reported record revenue of $59.89 billion for the quarter, up 24% year-over-year (23% on constant currency), surpassing analyst expectations. Full-year revenue reached $200.97 billion, a 22% increase from 2024. Diluted earnings per share hit $8.88 in Q4, beating estimates, while full-year net income stood at $60.46 billion despite a one-time tax impact from legislative changes.

Advertising, the core driver, delivered $58.14 billion in Q4, up significantly, fueled by 18% growth in ad impressions and 6% higher average price per ad. Family of Apps revenue climbed 25% to $58.94 billion, with daily active people averaging 3.58 billion in December 2025, up 7% year-over-year. Reality Labs, encompassing metaverse and wearables, posted $955 million in revenue but a $6.02 billion operating loss in Q4, though management indicated losses would peak in 2026 before declining.

Meta guided aggressively on investments, forecasting 2026 capex of $115 billion to $135 billion—roughly double 2025’s $72.22 billion—to build out AI infrastructure, data centers, and compute capacity. CEO Mark Zuckerberg emphasized advancing “personal superintelligence” through agentic AI models that personalize feeds, ads, commerce, and messaging. The spending aims to close the gap in generative AI capabilities, with internal AI tools already flattening teams and boosting productivity.

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A major validation arrived February 24, 2026, when Meta announced a multi-year, multi-generation partnership with Advanced Micro Devices Inc. to deploy up to 6 gigawatts of AMD Instinct GPUs starting in the second half of 2026. The deal, powered by custom MI450-based chips and Helios rack-scale architecture, represents “double-digit billions” per gigawatt and includes Meta gaining warrants for up to 160 million AMD shares. Shipments for the initial gigawatt begin soon, diversifying Meta beyond Nvidia dominance while supporting next-gen AI workloads.

The AMD pact sparked gains in AMD shares but offered mixed relief for Meta investors wary of execution risks and margin pressure from elevated spending. Free cash flow remains robust at $43.59 billion for 2025, with operating cash flow near $116 billion and cash reserves of $81.59 billion, providing flexibility for dividends, buybacks, and investments.

Meta continues pushing AI across products. Llama models advance open-source efforts, while Ray-Ban Meta smart glasses see explosive demand—sales tripled in recent periods, with waitlists extending into 2026 and international rollout paused due to supply constraints. Updates include enhanced Meta AI features like live translation and detailed visual responses. The company teases further wearables, including a potential smartwatch launch in 2026.

Wall Street leans bullish despite near-term headwinds. Consensus among 43-49 analysts rates Meta a Moderate to Strong Buy, with average 12-month price targets ranging from $835 to $864, implying 31-36% upside from current levels. High targets reach $1,144, low ends around $605-$700. Recent updates include Wells Fargo raising to $856 and others maintaining overweight stances, citing advertising resilience, AI monetization potential, and strong cash generation.

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Critics highlight risks: heavy capex could compress margins if AI returns lag, competition from OpenAI, Google, and others intensifies, and regulatory pressures persist. Yet proponents argue Meta’s scale—over 3.5 billion users—and proven ad efficiency position it to capture AI-driven growth. Billionaire investor Bill Ackman recently disclosed a stake, calling the stock undervalued compared to peers.

The next catalyst arrives with Q1 2026 earnings in late April, where updates on capex deployment, AI traction, and guidance revisions will be scrutinized. Positive signs of monetization from agentic features and wearables could fuel a rebound; delays might prolong volatility.

Meta stands at a transformative juncture. Its advertising dominance and user base provide a sturdy foundation, while aggressive AI bets—including partnerships, open models, and wearables—aim to secure future leadership. Investors betting on execution see current levels as an attractive entry amid the AI infrastructure buildout.

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Ford Motor Company (F) Stock Holds Steady Near $14 Amid EV Pivot, Strong 2026 Guidance Offsets Q4 Miss

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Ford Motor Co.’s stock has traded in a narrow range around $13.60 to $14.00 in late February 2026, reflecting investor focus on the automaker’s improved profitability outlook for the year despite a disappointing fourth-quarter earnings miss and ongoing challenges in its electric vehicle segment.

A logo of Ford is pictured on a car at the 86th International Motor Show in Geneva, Switzerland, March 1, 2016.
A logo of Ford

As of February 23, 2026, Ford (NYSE: F) closed at $13.64, down 2.64% on the day amid broader market pressures, with shares hovering near the upper end of its recent trading band. The stock has shown resilience year-to-date, climbing modestly from late-2025 levels, supported by a 49% gain over the prior 12 months driven by the company’s strategic shift toward hybrids and away from aggressive EV expansion. The 52-week high stands at $14.50, while the low is around $8.44.

The recent dip followed a February 10 earnings report where Ford posted mixed results for Q4 and full-year 2025. The company reported adjusted earnings per share of $0.13 for the quarter, beating some low expectations but missing consensus forecasts of around $0.19. Revenue came in at approximately $45.89 billion for Q4, above estimates, though full-year adjusted EBIT landed at $6.8 billion—near the company’s guided range but below some analyst projections.

Special items weighed heavily, including a massive $19.5 billion writedown tied to restructuring its Model e EV unit, supplier disruptions from a Novelis plant fire impacting aluminum supply for F-Series trucks, and tariff-related costs. These factors contributed to a reported net loss for the quarter and year. Ford Model e posted a $4.8 billion operating loss in 2025, an improvement from prior years but still significant. EV sales declined 14% annually and plunged 52% in Q4 following the loss of federal tax credits.

Investors, however, latched onto Ford’s forward-looking guidance, which painted a brighter picture for 2026. The company projected adjusted EBIT of $8 billion to $10 billion—up from $6.8 billion in 2025—with adjusted free cash flow expected at $5 billion to $6 billion. Capital expenditures are forecasted at $9.5 billion to $10.5 billion, including investments in a new Ford Energy business for battery storage systems. Ford Pro, the commercial vehicles segment, is targeted for $6.5 billion to $7.5 billion in EBIT, while Model e anticipates another $4 billion to $4.5 billion loss but with improvements in Gen 1 products.

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Management highlighted a “hybrid-first” strategy to align with customer demand. Hybrids set records in 2025, with U.S. sales exceeding 228,000 units—a 22% increase—and models like the F-150 hybrid maintaining dominance as America’s top-selling full-size hybrid pickup. Ford expects hybrids to play a central role in reaching approximately 50% of global volume from hybrids, extended-range EVs, and full EVs by 2030, up from 17% in 2025. The company plans to offer hybrid options across its North American lineup and introduce affordable EVs on a new Universal EV Platform, with a midsize electric pickup targeted for 2027.

Ford Blue, encompassing ICE and hybrid vehicles, generated $3 billion in operating profit in 2025 despite margin compression. Executives emphasized prioritizing high-demand, profitable products like Maverick hybrids and premium F-150 trims, including V-8, Lariat, and Raptor variants.

Broader initiatives include affordability measures such as entry-level trims for Explorer and Bronco, extended financing, and targeted incentives for former Escape owners following the model’s discontinuation. Ford also plans five new vehicles under $40,000 by decade’s end to address market challenges.

Analysts remain cautiously optimistic, with a consensus “Hold” rating from 15-17 firms. Average 12-month price targets range from $13.02 to $13.09, implying modest downside or flat performance from current levels, though some targets reach $16.00. Bullish views cite hybrid momentum, cost discipline, and potential margin expansion toward an 8% adjusted EBIT target by 2029. Critics point to execution risks in EV restructuring, potential sales softness from limited 2026 launches, and industry headwinds like affordability pressures and flat U.S. volumes.

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Recent developments include a dividend declaration of 15 cents per share for Q1 2026, payable March 2 to shareholders of record February 13. Insider activity featured gifts of Class B shares from a voting trust, while the company showcased its UEV platform for efficiency in electric commercial vehicles.

Ford’s trajectory reflects a pragmatic reset in a transitional auto market. With hybrids driving near-term profits and EVs repositioned for longer-term viability, the Dearborn-based automaker aims to balance innovation with financial discipline. Investors will watch Q1 results in late April for updates on hybrid ramp-up, EV cost reductions, and any guidance tweaks amid evolving trade policies and consumer trends.

As legacy automakers navigate electrification, Ford’s hybrid emphasis and profitability focus position it to weather near-term volatility while building toward sustained gains.

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Novo Nordisk cuts Ozempic, Wegovy prices up to 50% starting in 2027

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Novo Nordisk cuts Ozempic, Wegovy prices up to 50% starting in 2027

Novo Nordisk on Tuesday announced plans to cut the list price of its popular diabetes and weight-loss drugs Ozempic and Wegovy by as much as 50% in the U.S. next year.

The Danish drugmaker indicated the price cuts will be effective on Jan. 1, 2027, and the timing will coincide with new, lower prices for Ozempic and Wegovy under Medicare plans for older Americans.

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The company’s announcement indicated the list price for various doses of its Ozempic and Wegovy medicines will be lowered to $675, which represents a 50% price cut for Wegovy and 35% for Ozempic from the current level. The price cuts also apply to Wegovy and Rybelsus pills.

“Lowering the list price of Wegovy and Ozempic is the best approach to address the unprecedented opportunity to help more than 100 million people living with obesity and over 35 million people with type 2 diabetes in the United States,” said Jamey Millar, executive VP of U.S. operations for Novo Nordisk.

NOVO NORDISK EXECUTIVE REPORTS HIGH INTEREST FOR ONCE-DAILY, ORAL WEIGHT-LOSS PILL

Injection pens for the weight-loss treatment Wegovy.

Novo Nordisk announced it will cut Wegovy and Ozempic list prices by up to 50% starting next year. (Dhiraj Singh/Bloomberg via Getty Images)

“Our actions today answer that call and remove cost barriers so the value of Wegovy and Ozempic can be realized by more patients,” he explained. 

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“The lower list price is intended to connect more people with our innovative medicines, specifically those whose out-of-pocket costs are linked to list price, such as individuals with high-deductible health plans or co-insurance benefit designs,” Millar added.

AIRLINES HAVE 580 MILLION REASONS TO LIKE GLP-1 WEIGHT-LOSS DRUGS, ANALYSIS FINDS

Ticker Security Last Change Change %
NVO NOVO NORDISK A/S 39.63 -7.79 -16.43%

Novo Nordisk’s GLP-1 drugs have semaglutide as the active ingredient, which has received FDA approval as a medicine for adults with obesity in the case of Wegovy, while Ozempic is approved for type 2 diabetes. 

Additionally, Ozempic injections are FDA-approved for type 2 diabetes and chronic kidney disease, while both Wegovy and Ozempic are approved for comorbid cardiovascular disease.

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The pricing changes don’t impact direct-to-patient or self-pay prices for consumers.

COSTCO MEMBERS WILL SOON HAVE ACCESS TO WEIGHT-LOSS SHOTS AT A MAJOR DISCOUNT

Wegovy injection pens arranged in Waterbury, Vermont.

Wegovy and other GLP-1 drugs are being used for weight-loss as well as treating diabetes. (Shelby Knowles/Bloomberg via Getty Images)

The market for so-called GLP-1 drugs has become increasingly competitive and a shift to consumer-driven, cash-pay channels is making price points more sensitive. Novo Nordisk is selling Wegovy on its direct-to-consumer website for $349, which is about one-third of its official list price.

Both Novo Nordisk and a leading rival, Eli Lilly, signed deals with the U.S. government to cut prices this year and sell products through TrumpRx.gov – a website that directs consumers to the companies’ direct-to-consumer websites.

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The two companies are facing competition from cheaper compounded versions of the drugs offered by telehealth platforms like Hims & Hers, which are permitted to make and sell the drugs in personalized doses or composition.

Reuters contributed to this report.

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Tennant Company 2025 Q4 – Results – Earnings Call Presentation (NYSE:TNC) 2026-02-24

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Q4: 2026-02-24 Earnings Summary

EPS of $0.48 misses by $1.22

 | Revenue of $291.60M (-11.34% Y/Y) misses by $28.85M

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