Powell: If large increases in tariffs as announced are sustained, we will see higher inflation, lower employment

Powell is speaking.

Powell is speaking in 15 minutes.

The Fed has held rates.

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The Federal Reserve says: “The committee … judges that the risks of higher unemployment and higher inflation have risen.”

BREAKING: The Federal Reserve has not cut rates, and keeps is holding its benchmark lending rate steady at a range of 4.25% to 4.5%.

BREAKING: Trump has just said: Not open to pulling back 145% tariffs on China. No to potential for pulling back tariffs on China

Trump has said that he knows more about interest rates than Powell.

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BREAKING: Trump has said the Fed should cut rates.

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FOMC starts in an hour!!!

Will the Fed cut rates?

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BREAKING: Apple, $AAPL, says it's exploring adding AI features to Safari after browser searches fell for the first time last month, instead of just Google, $GOOGL.

$GOOGL is down 8%

China expanded its gold reserves for a sixth straight month in April, per Bloomberg.

8% of Gen Z uses AI to do their jobs for them, per NYP

US Treasury Secretary Bessent: The market may discipline us one day. We're working to avoid it.

Bessent: Trade negotiations with China begin Saturday

Chevron, $CVX, sees no signs that U.S. is close to a recession, CEO has said.

"Trump's trade war threatens the stability of global markets, and governments have been requested to gird their financial sectors against potential shocks," per the IMF

2% of recent graduates reported that they couldn’t secure the pay they wanted, while 31% were able to negotiate for a higher salary than the one initially offered. And only 18% of new workers say their starting salary exceeded their expectations, per FORTUNE.

Palmer Luckey has said the US should go all in on AI weapons since it already opened 'Pandora's box,' per BI

"Wealthier borrowers are getting behind on their debts," per MW.