US Federal Reserve chair Kevin Warsh says he will stick by 2% inflation target, vows to bring in real-time economic data for making interest rate decisions
Federal Reserve Chairman Kevin Warsh on Wednesday said he will firmly go by the U.S. central bank’s 2% inflation target and will “disappoint” anyone who expects monetary policy easing despite President Donald Trump’s repeated demands for rate cuts.
“If people thought this central bank was going to be comfortable with an inflation objective above 2%, they would be disappointed,” Warsh told a European Central Bank panel in Sintra, Portugal, adding, “We have been an independent central bank for a long time. We are going to be an independent central bank at this moment and you will see no changes on that.”
He further restated that he would give little hints on monetary policy projections.
Warsh also promised to bring in real-time economic data that will help the US central bank make better policies, replacing what he termed problematic government reports.
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“My aspiration is that nine to 12 months from now we’re going to be using new technologies to understand what’s happening in the real economy in a contemporaneous, real-time way that positions us as central bankers to make better decisions, that we’re no longer going to have to rely solely on data that we get from government agencies with mismeasurement problems that have surveys that are no longer relevant,” Warsh told a monetary policy forum in Portugal. “My favorite data is upon us, and if we do our jobs, we’ll be here a year from now, and we’ll say we’ve discovered data that helps us make better decisions.”
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The Federal Reserve relies on a broad mix of government, private-sector and internal data — both public and non-public — to assess economic conditions and guide interest rate decisions aimed at supporting employment and keeping inflation under control. Warsh has argued that the Fed places excessive reliance on official data, which he believes often lags or fails to accurately reflect current economic conditions. He contends that flawed data has contributed to poor policymaking, allowing inflation to remain above the central bank’s target for more than five years.Fed officials, however, say they guard against the risk of relying on data that may later be revised or fail to capture current conditions by focusing on longer-term trends — an approach Warsh himself appeared to endorse on Wednesday when he avoided drawing monetary policy conclusions from recent economic data.
They also argue that regular consultations with business leaders and organisations across the country, summarised in the Fed’s Beige Book, provide timely insights into economic developments that may not yet be reflected in official data.
Task Force members to be named soon Warsh also said he would start naming members of his five new task forces from next week, one of which focuses on finding new data-gathering sources and methods.
Warsh says his task force may have ideas about how to improve official data but also about how to generate more up-to-date information about the economy.
A view of a Toyota RAV4 Hybrid on display before the game between the Washington Nationals and the Tampa Bay Rays against the at Nationals Park on April 03, 2023 in Washington, DC. (
G Fiume | Getty Images
DETROIT — Second-quarter U.S. vehicle sales are turning into a tale of haves and have nots, as automakers that have hybrid models are outperforming those that don’t amid high gas prices and a decline in demand for all-electric vehicles.
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Global hybrid leader Toyota Motor on Wednesday reported a 1.1% increase in its second-quarter sales, led by a roughly 20% increase in sales of electrified vehicles.
Hyundai Motor, up 4% during the last quarter, reported a 67% increase in hybrids during the first half of the year, while Honda Motor reported that record electrified sales helped it notch an 8.4% increase in overall sales during the second quarter. Kia, up about 3%, also reported a 152% increase in hybrid sales during the second quarter.
“Hybrids are definitely our growth engine right now,” Hyundai and Genesis North America CEO Randy Parker said Wednesday during a call. “Hybrids are really, really taking off right now as consumers, I think, are prioritizing fuel efficiency and lower operating costs due to high gas prices.”
Gas prices are up more than 20% from the same period last year, according to AAA.
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Meanwhile, General Motors, which offers a broad EV lineup but only one hybrid, a low-volume Corvette, reported a 4.2% decline in second quarter sales.
The juxtaposition of hybrids between GM, the top-selling automaker in the U.S., and No. 2 Toyota caused Cox Automotive last week to note that the Japanese automaker is closing its gap in sales with the Detroit carmaker.
“At these rates, and what we’re seeing right now in the selling rates, GM may be looking over their shoulder here when we get to the year’s end, that Toyota could potentially overtake them as the top selling manufacturer here in the U.S. market,” Charlie Chesbrough, senior economist and senior director of industry insights at Cox Automotive, said during a media event.
Cox Automotive and J.D. Power expect second-quarter sales to be roughly level compared with a year earlier. Cox forecast industry sales to be off 0.5%, while JDP expected a 0.7% increase in vehicles sold.
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Non-hybrids
Outliers in the second quarter include Chrysler parent Stellantis, which was up 5.9%, and Nissan Motor, up 9.6%. Both offer limited electrified models, including hybrids and/or EVs, but are in the midst of sales-focused turnaround plans.
“At a time when customers are focused on maximizing the value of every dollar they spend, our lineup is delivering with strong quality, capability and the right mix of products,” Tiago Castro, Nissan Americas senior vice president of sales and marketing, said Wednesday in a release.
Having the right mix of products is key for automakers. Right now, aside from hybrids the right mix increasingly means having affordable vehicles, as many Americans grapple with inflation, high gas prices and other issues have been pushed out of the new vehicle market.
Expectations for U.S. new vehicle sales this year are relatively flat to down, according to several forecasts from analysts and companies.
Ford Motor, which reports sales results Thursday, also is expected to be an outlier. Cox Automotive expects the company, which has been grappling with lost pickup truck production, to be down 11.5% during the second quarter.
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Cox also expects Tesla, which does not report regional sales, to be off more than 20% during the second quarter, as EV demand last year began to spike ahead of expectations of the Trump administration ending up to $7,500 in incentives for consumers to purchase an EV.
GM
GM said its EV sales during the second quarter were off 33% compared to last year.
Each of GM’s brands saw year-over-year sales declines during the second quarter, led by a 19.2% decline in Cadillac. Buick was down 7.5%, Chevrolet fell 3.9% and GMC reported a 0.3% decline.
Despite the declines, including its crucial Chevrolet Silverado pickup truck, a GM executive described the company’s business as “performing well,” included remaining disciplined regarding sales incentives and highly profitable full-size pickup trucks.
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“Our business is performing well, and customer demand is resilient, especially for our trucks and SUVs. The depth, breadth and appeal of our vehicle portfolio allows us to lead the market in sales, while maintaining discipline on inventory, pricing and incentives to deliver strong margins,” GM North America President Duncan Aldred said in a release.
GM said that despite a 7.7% decline in its Silverado pickups for the quarter, including a 25.9% drop for its electric truck, the company still expects to have gained market share in the full-size truck segment during the period.
Its GMC Sierra pickup trucks did better, with a 5% increase in sales, including double-digit increases for its electric and light-duty 1500 models amid tough comparisons. GM recorded its best combined sales of Silverado and Sierra full-size pickup trucks in 20 years in 2025, leading to a sixth straight year of leading that highly profitable U.S. segment.
SANTA CLARA, Calif. — The United States men’s national team enters its most important match in more than two decades Wednesday night when it hosts Bosnia-Herzegovina in the Round of 32 at Levi’s Stadium, a win-or-go-home moment that represents the clearest opportunity this generation of American players has had to erase a 24-year drought without a World Cup knockout victory.
Christian Pulisic
Kickoff is scheduled for 8 p.m. ET. Should they beat Bosnia, it would be only the second U.S. World Cup knockout win ever, after a 2-0 victory over Mexico in 2002.
The United States finished atop Group D with six points, comfortably booking their knockout spot with a 4-1 win over Paraguay and a 2-0 victory over Australia before rotating heavily for an inconsequential 3-2 loss to Turkey in the group finale. Mauricio Pochettino’s side has been one of the more dynamic attacking teams of the tournament’s opening phase, with their first two group matches alone producing six goals, and with the knockout stage now beginning, the full arsenal is available again.
Yellow cards have been wiped clean, meaning Tyler Adams, Weston McKennie, Chris Richards and Folarin Balogun are all available. Christian Pulisic also returns, while both Tim Ream and Antonee Robinson are rested and refreshed.
The most anticipated aspect of Wednesday’s lineup is the reunion of Pulisic and Balogun in the starting eleven together for the first time in any meaningful capacity at this tournament. Pulisic suffered a calf injury in the group stage, limiting him to 45 minutes against Paraguay and a half-hour substitute appearance against Turkey, while Balogun was deliberately rested for the Turkey match to avoid accumulating a yellow card that would have triggered a suspension in the knockout rounds. The two attackers appeared together for only 45 minutes across the group stage.
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Pulisic told reporters on Tuesday that he is “feeling good.” The expectation is that he will start against Bosnia and Herzegovina and be the star this team needs to keep pushing through the World Cup.
Balogun called for the team’s big players to step forward, saying: “The knockout stage is the time when big players step forward, and the big players carry the pressure and make things happen.”
Balogun enters Wednesday having scored twice at the tournament so far and leads the American scoring charts heading into the knockout rounds. The Monaco striker’s movement off the ball and ability to time runs in behind central defenders has been a consistent threat across the group stage, and with Pulisic now fully available to operate in the left half-space and drive at opponents, the combination gives Pochettino’s attack a dimension that was absent during the injury-affected group stage.
The predicted U.S. lineup in a 4-2-3-1 formation places Balogun leading the line, Pulisic and Dest wide, McKennie advanced and Adams screening alongside Tillman. The defensive unit features Freeman, Richards, Ream and Robinson across the back line.
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The tactical identity Pochettino has established centers on the right side of the field, where Alex Freeman, Sergino Dest and McKennie have created consistent overloads that have proved difficult for opponents to handle. Freeman, one of the tournament’s breakout performers, has already established himself as one of the more surprising individual stories of the competition, showcasing a combination of defensive discipline and attacking instinct along the right flank that few observers had fully anticipated heading into the tournament.
Bosnia-Herzegovina arrive in Santa Clara having qualified for the knockout rounds for the first time in the nation’s history as an independent football-playing nation, an achievement that head coach Sergej Barbarez and his squad have every reason to celebrate even before kickoff. Their group stage record was uneven, with a 1-1 draw against Canada followed by a 4-1 hammering at the hands of Switzerland and then a 3-1 victory over Qatar securing their third-place passage as one of the eight best third-placed finishers across the 12 groups.
Bosnia and Herzegovina have never kept a clean sheet in their six World Cup matches — no side has ever played more at the finals without one. But Bosnia’s strength lies in its physicality, with the squad the tallest at the tournament with an average height of 1.85 meters. They have made good use of that towering presence, scoring three goals from corners.
Captaining Bosnia is 40-year-old striker Edin Dzeko, widely regarded as the greatest player in the country’s football history with 73 international goals. USA captain Tim Ream said his team are wary of the Balkan nation’s talent, especially after they knocked out four-time world champions Italy in the World Cup qualifiers.
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One player to watch particularly closely on the Bosnian side is 18-year-old Kerim Alajbegovic, the RB Salzburg winger who started two of Bosnia’s three group stage matches and whose pace and creativity represent Bosnia’s primary threat in transition. Ermedin Demirovic, who scored 12 Bundesliga goals for Stuttgart this past season, will start up front alongside Dzeko, giving Bosnia a physical and productive partnership capable of testing the American central defenders in both open play and on set pieces.
Opta’s supercomputer calculated a 67.5% chance of USA winning and a 76.6% chance of the Americans progressing via any method, including penalties. The second-most likely result was a draw at 18.3%, followed by a Bosnia win in 14.3% of simulations.
Betting markets reflect that advantage. The USMNT are installed as -650 favorites to advance, meaning a $650 bet returns $100, while Bosnia are listed at +430. The over/under for total goals in regulation is set at 2.5, with the over priced at -138, consistent with a tournament in which the U.S. and Bosnia’s combined group stage matches produced 23 total goals.
The winner advances to the Round of 16 on Monday, July 6 in Seattle, where they will face either Belgium or Senegal following Wednesday’s later match at Lumen Field in that city.
Opinion: The opening of the Containers for Change scheme to wine and spirits is a significant moment for employment opportunities in Western Australia.
“Relative to the end of last year, our assessment of the macro backdrop has become more cautious, as higher energy prices, tighter liquidity conditions, and rising inflation pressures have created a more challenging environment
Trump’s various lawsuits against media companies netted him $86.5m last year.
The largest payout came from Meta, the owner of Facebook and Instagram. The filing shows that the company gave the president $24.5m to settle a lawsuit over Trump’s accounts being suspended in the wake of the riots in the Washington DC on 6 January 2021.
Suits against Paramount, owner of the CBS news channel, and ABC News resulted in payouts of $16m apiece.
According to the disclosure, the net proceeds of the lawsuits will go to the Trump presidential library.
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Trump also received $22m from YouTube to settle a case he brought over his account being suspended on that platform after the riots in 2021.
That money will be given to the trust that manages the National Mall in DC.
There was payment of $8m to Trump from Jack Dorsey, the co-founder of Twitter – now called X after being bought by Elon Musk – after the president was banned from the platform after the riots.
The documents do not say what that money will be used for.
The cable giant’s plan to separate from its media business is largely drawing cheers from Wall Street. Comcast shares rose more than 4% Monday on the news, though that was well off their morning highs. Other media stocks rose as well, with the S&P Media & Entertainment Group gaining nearly 4%. As is typical in media-related transactions, the Comcast breakup sparked speculation that more deals could follow, such as NetflixNFLX 2.56%increase; up pointing triangle buying the soon-to-be-independent NBCUniversal.
Foreign investment risks in Indonesia vary across regions due to infrastructure disparities, congestion, regulation, and supplier performance, demanding localized intelligence for optimal supply chain and site decisions.
Assessing Indonesia’s Supply Chain Risks
Foreign investors often evaluate Indonesia’s logistics by analyzing national indicators and regulations. However, the country’s archipelagic geography, decentralized governance, and uneven infrastructure can pose significant risks at the provincial and district levels. Variations in port capacity, transportation reliability, licensing procedures, and supplier stability mean that localized issues may strongly impact overall supply chain performance.
Regional Variations in Logistics and Operating Costs
Tier-1 regions such as Jakarta, Surabaya, Batam, and Bekasi boast better connectivity but face challenges like congestion, industrial saturation, and tight labor markets. These factors may increase operational costs and prolong delivery cycles. For example, Tanjung Priok port, which handles over half of Indonesia’s international container traffic, exemplifies the pressure points that can disrupt planning in key hubs.
Evolving Infrastructure and Performance Factors
Tier-2 regions like Makassar, Medan, and Palembang typically offer lower costs but lack comprehensive multimodal links and bonded facilities, affecting reliability. As infrastructure projects, including toll roads, port upgrades, and the new capital Nusantara unfold, regional conditions will shift. Without localized insight, investors risk selecting sites that seem viable but may not perform as expected, especially where supply chains are complex and opaque.
The challenger bank is said to have seen interest from a number of potential suitors
Atom Bank is now based in the Pattern Shop building in Newcastle.(Image: Atom bank)
Digital bank Atom has failed to attract a desired £600m bid amid a sale process led by its investors, a report suggests.
The Newcastle-based lender is said to been offered below asking price by London-based investor Pollen Street Capital, according to the Financial Times. Atom’s key backers – including BBVA and Toscafund – are reported to be considering halting the sale process as a result.
Yorkshire Building Society and Leeds Building Society are also said to have considered bids for Atom, which last year moved into new headquarters in Newcastle’s Stephenson Quarter. The sale process comes after many years of a mooted flotation for the challenger bank which last year reported it had more than 270,000 customers and mortgage balances of £4.2bn.
Atom was founded in 2013, secured a banking licence in 2015 and after nine years of losses struck a first pre-tax profit of £7m in 2023. The branch-less bank, which now employs more than 500 people, was valued at about £362m when it raised £100m in new equity capital in 2023.
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A deal with Pollen Street Capital could have preceded a merger with Tandem, another digital-based lender which Pollen owns. The private equity firm is also linked to Newcastle-registered LSL Property Services via its Pivotal Growth joint venture which aims to grow a tech-led UK mortgage broker.
Atom has been a pioneer of the four-day week, and has talked positively of remote working. Last year, it made a multimillion-pound move from Durham to Tyneside, taking up residence in the historic Pattern Shop building. At the time, the bank said the shift of headquarters was “an important investment in the future of the franchise and one that will help us to drive delivery of the business plan and the realisation of our strategic vision”.
The sales process behind Atom comes after a period of big deals in the UK banking market, including Nationwide Building Society’s £2.9bn takeover of Newcastle-based Virgin Money and Coventry’s acquisition of Co-op Bank. In the bank’s 2025 report, Atom chairman Lee Rochford said valuations in the sector has progressed strongly and that the deals “further entrenched the dominance of high street brands”, raising questions about competitiveness in the market.
Nationwide earned a £2.3bn windfall from its acquisition of Virgin, where it has pledged to keep all branches open until at least 2030 – even where the two brands have locations close to each other.
Samuel Smith’s Old Brewery in Tadcaster, North Yorkshire, is one of the most private and secretive businesses in the UK – its reclusive owner Humphrey Smith rarely spoke to the media and ran a unique brewing empire rooted in 1950s pub tradition
Graeme Whitfield Editor of Journal and Northern Agenda and Dave Higgens Press Association
16:31, 01 Jul 2026Updated 16:36, 01 Jul 2026
A seasonal ale by Samuel Smith(Image: Newcastle Chronicle)
The half-mast Union flag atop The Old Brewery provided the sole indication at the notoriously tight-lipped Samuel Smith organisation that its reclusive proprietor had passed away.
It was flying beside the 140ft (43m) chimney, which dominates the centre of Tadcaster, situated just a couple of hundred metres from its marginally taller counterpart at the competing John Smith’s brewery.
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While Heineken-owned John Smith’s has long been absorbed into the global corporate brewing industry, Eton-educated Humphrey Smith devoted the past 60 years to ensuring Sam Smith’s became synonymous with family-run traditional beer-making anchored in a vision of pub culture from the 1950s.
The company’s website declares: “Our pubs are havens from the digital world – there are no TVs or background music. The use of mobile phones, laptops and other tech is not allowed in our pubs. Friendly pub conversation is encouraged (no swearing! ) together with the responsible enjoyment of our beers.”
Numerous accounts exist of Smith arriving in person to reprimand both customers and landlords, including an episode at a pub in Sheffield in 2020 when a couple claimed they were dismissed after they couldn’t serve his preferred pudding. In 2011, campaigners organised a “kiss-in” when a Sam Smith’s pub in Soho, central London, purportedly ejected two men for a public display of affection.
Mr Smith himself never granted interviews to the press and his company maintained the same approach. His appetite for confidentiality – particularly surrounding his wealth and commercial affairs – meant that Samuel Smith’s is amongst a tiny minority of British enterprises not to submit public financial accounts.
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Mr Smith transformed the firm into a private unlimited company in 1982, rendering it exempt from filing accounts or disclosing its assets, though this structure also means all owners bear personal liability for its debts.
The company’s website proudly boasts that its pubs exclusively stock Sam Smith’s beer and cider, with all other produce sourced locally. A post on a real ale enthusiasts’ page described Smith as “an absolute titan of the British brewing world”.
It read: “Love him or hate him for his strict rules banning smartphones, tablets, music, and even swearing, he ran his pubs entirely his own way to preserve the classic, tech-free British pubs experience. Whether you cherished the peace or found the rules baffling, there is no denying his massive impact on our pub heritage.”
York Campaign for Real Ale (Camra) chairman Christopher Tregellis commented: “It is difficult to differentiate between him as a man and the business itself. The two seem to have been closely aligned.
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“The business had a reputation as being very traditional and sometimes arbitrary. They seemed prepared to keep large parts of their pub estate empty and unused and would often close pubs at very short notice, depriving local customers of community assets without them knowing why.
“Their pubs are known as purveyors of fairly priced beer and they have a commitment to cask ale which is obviously valued by Camra. The passing of Mr Smith presents the brewery with an opportunity to modernise its approach whilst preserving its good aspects, and we hope to see this happen.”
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