Business
Kevin Warsh takes over US Fed with a policy problem already in view
An unfolding boom in artificial intelligence technology is reshaping the economy in ways Fed officials say could be profound for workers, companies and consumers, but will be hard for Warsh and his colleagues to assess in real time. At the same moment inflation is already high and potentially heading higher as the economy copes with shocks including oil driven over $100 a barrel by the U.S.-Israeli war with Iran, high import tariffs and utility and some other costs rising due to the AI rollout.
The debate over policy is already at a high pitch, with Fed Governor Christopher Waller, a Trump appointee who was interviewed for the chair’s job, on Friday making a significant turn in his own thinking and agreeing with a group of recent Fed dissenters that the central bank should drop the “easing bias” from its policy outlook and open the door to a possible rate hike.
With recent data showing inflation broadening and intensifying across the economy, the Fed should “make it clear that a rate cut is no more likely in the future than a rate increase,” Waller said less than an hour before Warsh was due to be sworn in, comments likely to add to market sentiment already leaning towards tighter monetary policy and a potential rate hike later this year. Warsh, 56, won Trump’s backing for the job over the course of what became a year-long public audition among the top candidates – including one who will be seated alongside him on the Fed’s Board of Governors. Trump plans to swear Warsh in at 11 a.m. ET (1500 GMT) at the White House.
The new chair has laid out ambitious reform goals for a central bank he argues had begun to lose its way by the time he quit his former seat as a governor in 2011 in opposition to Fed bondbuying. Now, though, his first months may be consumed with the more pressing dilemma of whether to raise interest rates to keep inflation from moving further beyond the Fed’s 2% target, or to put his credibility as an inflation fighter, the quality he will ultimately be judged by, at risk from the outset.
“Inflation is the Fed’s choice,” Warsh said at a Senate confirmation hearing, with its control over short-term interest rates a lever it can use to boost or discourage spending, and in doing so try to keep inflation at a target the Fed has set at 2%. The Fed has missed its target for more than five years and is currently more than a percentage point above it. How to get inflation back down can involve hard choices that sometimes conflict with the policies and goals of the Trump administration, and sometimes with the Fed’s other aim of maximum employment. Warsh will be looking over his shoulder from the moment he takes the oath of office as the Fed’s 11th chair – at a global bond market that has begun bidding up interest rates in a sign of growing inflation concern, at colleagues like Waller who have begun setting expectations that higher rates may be needed, and at Trump, who in the past has viewed rate hikes as a political assault on his economic program and been sharply critical of outgoing Fed Chair Jerome Powell for not lowering borrowing costs.
Warsh’s comments and approach to ongoing disputes surrounding the Fed, including a coming Supreme Court decision on Trump’s so far unsuccessful effort to fire Governor Lisa Cook, also will be watched and compared closely to Powell’s staunch defense of Fed independence.The Fed’s next meeting is on June 16-17 when policymakers vote on interest rates and a new policy statement, and also submit new economic projections. One of Warsh’s first substantive decisions will be whether to submit a “dot” of where he thinks interest rates will be at the end of this year, and in doing so reveal whether his views are not so different from the colleagues he has slammed for “groupthink,” or become an outlier with views that could further confuse markets that are already driving up U.S. long-term interest rates.
The Fed’s monetary policy decisions influence an array of consumer-facing and politically sensitive interest rates like those on home mortgages, while its “choice” on inflation is now being made in the context of sticker shock over things like $4.50-per-gallon gasoline that are beyond its immediate reach.
Those have become visible reminders of Trump’s lack of progress on a key presidential promise that “starting on day one, we will end inflation and make America affordable again,” which is now in Warsh’s hands to deliver.
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shares slipped Thursday following a report that the aerospace group told airlines to expect delays to deliveries of its A350 aircraft later this decade.
The stock fell 2.9% to 168.28 euros in early European trade, even as peers like Safran SAF 1.89%increase; green up pointing triangle and BAE Systems BA 2.07%increase; green up pointing triangle gained.
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Business
US stocks today: Dow hits record high as Middle East hopes lift sentiment and Warsh takes Fed charge
The S&P 500 notched its eighth consecutive weekly gain, its longest since a nine-week streak ended in December 2023.
Semiconductor stocks, which have driven recent Wall Street gains, were mostly higher. The Philadelphia Semiconductor Index rose, lifted by gains in Qualcomm, while Nvidia slipped.
The U.S. has made some progress toward a deal with Iran, though more work remains, Secretary of State Marco Rubio said on Friday. Iran’s foreign ministry spokesman said differences between the two sides remained deep.
“Earnings season looked really good and the economic data, save a few outliers, looked pretty solid so fundamentally the picture looks really solid,” said James St. Aubin, chief investment officer at Ocean Park Asset Management in Santa Monica, California.
“The war has been one major speed bump along the road for at least the equity market but I think the headlines today looked encouraging and that was probably helping at the margin.”
According to preliminary data, the S&P 500 gained 27.84 points, or 0.36%, to end at 7,473.56 points, while the Nasdaq Composite gained 50.87 points, or 0.20%, to 26,346.27. The Dow Jones Industrial Average rose 294.90 points, or 0.59%, to 50,580.56.Shares of U.S. computer makers surged following strong results from China’s Lenovo Group, which reported a better-than-expected 27% jump in quarterly revenue. Dell Technologies hit a record high while HP Inc gained.
Long-dated government bond yields were lower, having pulled back from recent highs. The yield on benchmark U.S. 10-year notes fell 2.6 basis points to 4.558%.
“The bond market seems to be cooling off and yields are coming down from where they were starting to peak earlier this week and I think that’s very encouraging too,” St. Aubin said.
Kevin Warsh was sworn in as chair of the Federal Reserve on Friday, taking the helm at a pivotal moment for the U.S. economy as higher gasoline prices tied to the Iran conflict fuel inflation and weigh on consumer sentiment.
Estee Lauder rose after the cosmetics maker and Spanish perfumery Puig ended talks for a potential merger.
Workday gained after the human resources software provider exceeded expectations for first-quarter revenue and profit.
Chicago Federal Reserve Bank president Austan Goolsbee discusses Kevin Warshs new agenda on The Claman Countdown.
Americans who are planning to grill this Memorial Day weekend are likely to see prices notably higher for a number of barbecue staples as persistent inflation squeezes household budgets.
The Bureau of Labor Statistics’ most recent consumer price index (CPI) inflation data from April showed that prices have risen significantly compared with a year ago for several popular dishes at cookouts – with burgers and steaks experiencing a notable jump.
Ground beef prices have risen 14.5% over the last year, while the cost of a steak is 16.1% higher in that period.
U.S. cattle inventories have sunk to the lowest level in over 70 years as ranchers deal with the impacts of droughts, which caused them to liquidate cows and shrink their herds, as well as rising overhead costs.
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Several popular barbecue items have seen prices rise significantly in the last year amid persistent inflation. (iStock)
The BLS’ index for frankfurters is up 10.7% year over year, so switching to hot dogs could bring modest price relief to consumers relative to beef prices.
Chicken is one type of meat that has seen prices decline in the last year, with a decrease of 0.7% from a year ago as of April. Fresh whole chicken prices were down 1.8%, while fresh and frozen chicken parts decreased 0.1% in that period.
The cost of fresh vegetables is up 11.5% over the last year, with the price of tomatoes surging 39.7% and lettuce prices up 7.9% in that time. By contrast, the price of potatoes has fallen 3% over the past year.
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Fresh fruits have seen more modest price increases, with the BLS index showing a 2.1% increase year over year through April. Citrus fruits rose the most at 6.5%, followed by bananas at 4% and apples at 3.1%.
Several popular desserts are also more expensive this Memorial Day weekend. BLS data showed that the prices of cakes, cupcakes and cookies are up 5.1% compared with last April.
Ice cream prices have also risen and are up a more modest 2.7% in the last year.
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Beer prices are up 2.2% over the last year, which is a faster pace than other alcoholic drinks. (Kevin Carter/Getty Images)
Beverage prices have also risen at a modest pace compared with a year ago, as carbonated drinks are up 3.7% while nonfrozen, noncarbonated juices and drinks are up by a more modest 2.3% year over year.
Prices for alcoholic beverages consumed at home have been relatively flat overall in the last year with the index up just 0.4%, so consumers who wish to consume them this Memorial Day weekend will see less of a price impact.
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Beer prices have risen the most in the category, climbing 2.2% year over year, while distilled spirits are up 0.1% and wine declined by 0.8% in that period.
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NEW YORK — As the 2025-26 NBA season concludes and teams shift focus to the draft and free agency, several major trade rumors are dominating discussions across the league as of May 22, 2026.
Here are the top five circulating rumors based on recent reports:
1. Giannis Antetokounmpo Trade Speculation Multiple outlets report that the Milwaukee Bucks are listening to offers for two-time MVP Giannis Antetokounmpo after missing the playoffs. Teams such as the Boston Celtics, Miami Heat, and Oklahoma City Thunder have been linked to potential blockbuster packages involving young talent and future draft picks. The Bucks are seeking assets to rebuild around their core while Giannis reportedly prioritizes winning. No official trade request has been made public.
2. LeBron James Free Agency and Potential Sign-and-Trade LeBron James, entering unrestricted free agency, is prioritizing championship contention. Reports indicate interest from the Cleveland Cavaliers, Golden State Warriors, New York Knicks, and Los Angeles Clippers. The Lakers remain the favorite to retain him, but James has ruled out rebuilding scenarios. His $52.6 million player option decision and desire for immediate contention are central to ongoing discussions.
3. Ja Morant Trade Buzz The Memphis Grizzlies are reportedly open to trading Ja Morant as part of a potential rebuild. Teams like the Toronto Raptors, Sacramento Kings, and Phoenix Suns have been mentioned as possible destinations. Morant’s availability follows a challenging season, with Memphis looking to reset around younger pieces and draft assets.
4. Kawhi Leonard and Donovan Mitchell Rumors The Los Angeles Clippers are considering trading Kawhi Leonard to acquire future assets. Meanwhile, Donovan Mitchell’s situation with the Cleveland Cavaliers is under scrutiny if contract extension talks stall. Both stars remain high-value targets for contending teams seeking veteran leadership and scoring.
5. Anthony Davis Trade Aftermath and Ripple Effects Following the midseason trade of Anthony Davis from the Dallas Mavericks to the Washington Wizards, additional moves involving supporting pieces continue to generate rumors. Teams are positioning for cap flexibility and draft capital in the wake of major deals executed earlier in 2026.
These rumors reflect the high-stakes nature of the upcoming offseason. The NBA Draft is scheduled for late June, with free agency opening shortly after. Front offices are actively evaluating rosters, cap space, and long-term contention windows.
Teams with significant cap flexibility, such as the Brooklyn Nets and Chicago Bulls, are monitoring the market for opportunities to add star talent. Contenders like the Thunder and Celtics are looking to fine-tune rosters around their cores.
League executives emphasize that many rumors remain fluid. No official trades involving the top names have been finalized as of May 22. Official announcements typically accelerate closer to the draft and free agency periods.
The 2026 offseason is shaping up as one of the more active in recent years, with several star players potentially on the move. Fans and analysts continue to track developments through reputable sources like ESPN, The Athletic, and Hoops Rumors.
Additional context includes ongoing salary cap considerations, draft pick values, and player contract situations. Teams must balance short-term competitiveness with long-term roster building.
The NBA’s competitive balance and parity continue to drive speculation. Past offseasons have shown that major moves can reshape conference standings rapidly.
As teams finalize draft preparations and free agency strategies, more concrete rumors and potential deals are expected to emerge in the coming weeks. The focus remains on how these potential transactions will impact the 2026-27 season landscape.
Business
Colgate-Palmolive India Q4 profit down marginally to Rs 353 cr; FY26 revenue dips to Rs 6,124 cr
It had posted a net profit of Rs 355 crore in the January-March quarter a year ago, according to a regulatory filing from the oral hygiene product maker Colgate-Palmolive India Ltd (CPIL).
However, its sales were up 9 per cent to Rs 1,582.77 crore in the March quarter of FY26. It was at Rs 1,452.02 crore in the corresponding period a year ago.
Net profit after tax, excluding one-offs and exceptional items, grew 9 per cent year-on-year.
Its advertising spend for the quarter increased 10 per cent year-on-year with emphasis on premiumisation and driving consumption.
Total expenses of CPIL during the quarter under review were up 11 per cent to Rs 1,121.61 crore.
CPIL’s total income, including other income, was Rs 1,612.22 crore, up 8.8 per cent in the March quarter.Colgate-Palmolive India Ltd Managing Director & CEO Prabha Narasimhan said, “This momentum was broad-based across our core and premium portfolios and balanced between pricing and volume. Crucially, our accelerated investments in the strategic premium business are yielding stellar results, delivering growth that is 3x the overall company growth.”
For the entire FY26, CPIL net profit was down 7.7 per cent to Rs 1,325.31 crore. It was “significantly impacted by inverted duty structure related charges due to GST change and higher interest on tax refunds in the base year,” said CPIL.
However, its total consolidated income was marginally down to Rs 6,124.16 crore for FY26. It was at Rs 6,170.91 crore a year ago.
Meanwhile, CPIL, in a separate filing, said its board in a meeting on Friday has declared a second interim dividend of Rs 24 per share of Re 1 each (face value).
“The dividend payout to the shareholders will be Rs 653 crore and will be paid on and from June 17, 2026 to those shareholders whose names are on the Register of Members of the Company as on June 1, 2026. The total dividend would be Rs 48 per share for 2025-26,” it said.
Shares of Colgate-Palmolive India Ltd on Thursday settled at Rs 2,288.80 on the BSE, up 1.30 per cent. PTI
Good morning, I’m filling in for Spencer Jakab. Stocks appear headed for a muted open after yesterday’s strong showing. Another record quarter for Nvidia failed to excite investors, plus there was a slew of news about blockbuster IPOs from SpaceX and OpenAI. Oil prices edged lower after yesterday’s big slide on renewed hopes for an end to the Iran war. Treasury yields are subdued although they remain at elevated levels.
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