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Yahoo
6 minutes ago
- Business
- Yahoo
Trump says he won't appoint anyone to Fed who doesn't back rate cuts
By Trevor Hunnicutt and Kanishka Singh WASHINGTON (Reuters) -U.S. President Donald Trump said on Friday he would not appoint anyone to head the Federal Reserve who would not lower interest rates from where they are, setting perhaps the most explicit litmus test yet for candidates to be the next central bank chief to align with his demands for steep rate cuts in order to get the job. "If I think somebody's going to keep the rates where they are or whatever, I'm not going to put them in," Trump said. "I'm going to put somebody that wants to cut rates. There are a lot of them out there." Presidents in the past have complained about the Fed setting interest rates too high for their liking, but Trump has taken it further than any recent U.S. leader in setting a clear expectation for whomever he nominates to be in line with his wishes. Trump, who said rates should be cut to 1% from the current Fed benchmark rate of 4.25% to 4.50%, has repeatedly railed against Fed Chair Jerome Powell for not lowering borrowing costs since Trump returned to the White House in January, and he did so again on Friday. "I'd love him to resign if he wanted to, he's done a lousy job," Trump, speaking at the White House, said, while also labeling the Fed chair as "stupid." After raising rates aggressively coming out of the pandemic to combat the largest inflation outbreak since the 1970s and 1980s, the Fed lowered them a bit in the second half of last year but has not cut them since Trump returned to office. That is largely because Powell and the large majority of policymakers are concerned Trump's tariff policies in particular may rekindle inflation, and they prefer to wait longer to see if that develops before lowering rates again. Fed officials themselves have penciled in half a percentage point of cuts later this year, although that is a fraction of the reduction Trump is demanding. Trump's latest rant against Powell comes as he has largely backed away from threats to try to fire the Fed leader after a recent Supreme Court opinion appeared to align with long-standing views that presidents cannot dismiss top Fed officials over policy disagreements. The protection is seen as central to the Fed's independence from political interference in policymaking, which is seen as a critical pillar of its credibility as the world's most influential central bank. Trump has since turned his focus more to a successor for Powell, whose term as chair expires in May 2026. He has in recent weeks said he has three or four potential candidates in mind and he would make a decision soon. Most past Fed chair appointments have typically been made roughly three or four months before the vacancy was scheduled. There are about 10 months remaining in Powell's tenure as chair, and an early nomination by Trump is seen as an effort to undermine Powell's authority by giving voice to a "shadow chair" who would advocate for a different policy trajectory. Treasury Secretary Scott Bessent, seen as one of the potential candidates to replace Powell, downplayed the "shadow chair" idea, however. "I don't think anyone's necessarily talking about that," he told CNBC. Bessent noted that just one seat on the Fed Board of Governors is scheduled to open up within the year when Governor Adriana Kugler's term expires in early 2026. While Powell's term as chair expires next May, he is not required to leave the Fed altogether until his board seat expires in 2028. That leaves Kugler's expected departure as the first opportunity for a Trump appointment. "So there is a chance that the person who is going to become the chair could be appointed in January, which would probably mean an October, November nomination," Bessent said. Asked about reports that he is among the pool of candidates, Bessent said: "I'll do what the president wants, but I think I have the best job in Washington." Others seen as possible nominees for the job are White House economic adviser Kevin Hassett, former Fed Governor Kevin Warsh, and current Governor Christopher Waller. Waller, appointed by Trump during the Republican's first term in office, in the past week has said he is open to cutting interest rates as soon as the Fed's next meeting at the end of July. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 minutes ago
- Business
- Yahoo
Tech firms warn 'Scattered Spider' hacks are targeting aviation sector
WASHINGTON (Reuters) -Tech companies Google and Palo Alto Networks are sounding the alarm over the "Scattered Spider" hacking group's interest in the aviation sector. In a statement posted on LinkedIn on Friday, Sam Rubin, an executive at Palo Alto's cybersecurity-focused Unit 42, said his company had "observed Muddled Libra (also known as Scattered Spider) targeting the aviation industry." In a similar statement, Charles Carmakal, an executive with Alphabet-owned Google's cybersecurity-focused Mandiant unit, said his company was "aware of multiple incidents in the airline and transportation sector which resemble the operations of UNC3944 or Scattered Spider." Neither executive identified which specific companies had been targeted, but Alaska Air Group-owned Hawaiian Airlines and Canada's WestJet have both recently reported being struck by unspecified cyber incidents. Neither company has gone into detail about the intrusions or commented on any potential links between the incidents and Scattered Spider. The loose-knit but aggressive hacking group, alleged to at least in part comprise youngsters operating in Western countries, has been blamed for some of the most disruptive hacks to hit the United States and Europe in recent memory. In 2023, hackers tied to the group broke into gaming companies MGM Resorts and Caesars Entertainment, partially paralyzing casinos and knocking slot machines out of commission. Earlier this year, the group wreaked havoc at British retailers. More recent targets include the U.S. insurance industry. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 minutes ago
- Sport
- Yahoo
Ben Roethlisberger Makes Clear Choice Between Patrick Mahomes, Aaron Rodgers
Ben Roethlisberger Makes Clear Choice Between Patrick Mahomes, Aaron Rodgers originally appeared on Athlon Sports. Ben Roethlisberger has chosen his side in a debate over whether prime Aaron Rodgers was better than present-day Patrick Mahomes. Advertisement Mahomes and Rodgers are two quarterbacks who have captivated NFL audiences around the world for many years. During his heyday with the Green Bay Packers, Rodgers was among the most feared signal-callers in the league; between 2011 and 2021, he was named NFL MVP four times. During this span, he led the NFL in touchdown passes twice, and he boasted the league's lowest interception rate five times. However, Rodgers' lone Super Bowl win (to date) occurred in 2010, right as he emerged as an elite player. In only seven seasons as the Kansas City Chiefs' starting quarterback, Mahomes has already played in five Super Bowls, with three victories to his name. Mahomes, a two-time MVP, had a "down" year in 2024 despite the Chiefs' 15-2 record. Mahomes failed to crack the 4,000-yard mark for the first time since his rookie season, but he led the NFL in game-winning drives and fourth-quarter comebacks will winning another AFC championship. At 29 years old, Mahomes already has racked up more playoff victories (17) than Rodgers (11) has in his entire career. But Roethlisberger, an icon in Pittsburgh, still thinks prime Rodgers was better than the current iteration of Mahomes. Advertisement "Patrick Mahomes is just now entering out of his prime, I think," Roethlisberger said Wednesday on his podcast. "He'll go down as another arguable GOAT. But I think Aaron in his prime is better." Rodgers only recently joined the Steelers on a one-year contract, entering what is almost certainly his final NFL season in 2025. Only time will tell as to whether Rodgers can propel Pittsburgh to the playoffs, and a first postseason win since Roethlisberger was under center in January 2017, but Roethlisberger is optimistic that Rodgers has plenty left in the tank after two tumultuous, injury-affected years with the New York Jets. "I think you'll get a better Aaron this year," Roethlisberger said. "Just because the thought process of the Achilles, 'what can I do, what can I not do?' I don't think he'll think about it at all." Advertisement Related: 'Soulful' Aaron Rodgers Addresses Retirement Option At Steelers Minicamp This story was originally reported by Athlon Sports on Jun 27, 2025, where it first appeared.
The Guardian
7 minutes ago
- Politics
- The Guardian
Iranian woman, who has lived in US for 47 years, taken by Ice while gardening
A 64-year-old Iranian woman, who has lived in the US for 47 years, was detained by immigration agents on Sunday morning while gardening outside her home in New Orleans. According to a witness, plainclothes officers in unmarked vehicles handcuffed Madonna 'Donna' Kashanian and transported her to a Mississippi jail before transferring her to the South Louisiana Ice processing center in Basile, reports Nola. Kashanian arrived in the US in 1978 on a student visa and later applied for asylum, citing fears of persecution due to her father's ties to the US-backed Shah of Iran. Her asylum request was ultimately denied, but she was granted a stay of removal on the condition she comply with immigration requirements, a condition her family says she always met. She has no criminal record but remains in Ice custody. The timing of Kashanian's detention came just hours after US airstrikes in Iran. Federal officials did not comment on her specific case, though the DHS released a statement highlighting the arrests of 11 Iranians nationwide over the weekend, according to Nola. Kashanian had moved to New Orleans as a teenager and built a life over four decades. She often shared Persian recipes on YouTube and was active in her daughter's schools. Her family said Kashanian had long feared deportation, especially after Trump's election. She attempted to adjust her status through marriage to a US citizen, but was denied due to a past marriage the government deemed fraudulent. Neighbors told Nola that Kashanian's arrest lasted less than a minute. Later that day, she briefly called her family during processing. The family didn't hear from her again until Tuesday. Since then, her husband and daughter have been scrambling to find legal help, a challenging task due to the high number of detainees and limited immigration attorneys in Louisiana. Ice also arrested two Iranian LSU students in Baton Rouge at their off-campus apartment earlier this week. Last week, Ice announced that they arrested 84 people during a raid at a south-west Louisiana racetrack. Of the 84, Ice said 'at least two' had criminal records. Statistics from early June, previously reported on by the Guardian, demonstrated an 807% increase in arrests of people without criminal histories since before Donald Trump's second inauguration this January. Data suggests Ice is holding about 59,000 detainees in facilities across the country.
Yahoo
7 minutes ago
- Sport
- Yahoo
2025 NHL Draft: Matthew Schaefer inspired by late mom on road to being No. 1 pick
The New York Islanders selected Matthew Schaefer with the No. 1 overall pick in Friday's NHL draft in Los Angeles. (Photo by Chase Agnello-Dean/NHLI via Getty Images) On the day that Matthew Schaefer could have been celebrating his high school graduation, the No. 1 overall pick in the 2025 NHL Draft had an appointment that was close to his heart. While in Buffalo for the NHL Scouting Combine earlier this month, the newest New York Islanders defenseman spent the day at the Western New York Compassion Connection. There, Schaefer shared his story with an audience of young people between the ages of 7 and 17 who recently lost a loved one — a life experience that he's still grieving through. Advertisement As Schaefer's NHL prospects rose in 2023 while playing for the Erie Otters of the Ontario Hockey League, his billet mom, Emily Matson, died by an apparent suicide. Months later, his mother, Jennifer, passed away following a two-year battle with breast cancer. The following December, Otters owner Jim Waters died unexpectedly of a heart attack. That amount of tragedy in such a short period of time is a lot for anyone, let alone a 16-year-old. But Schaefer was inspired by his mother's fight and allowed it to push him forward rather than hold him back in his journey to the NHL. "My mindset has changed a lot with everything. Just seeing what my mom went through, having a smile on her face with cancer kind of trying to bring her down, but she wouldn't let it,' Schaefer told reporters recently. 'She's the strongest person I've ever known.' Helping others through their own grief What Schaefer dealt with inspired him to want to assist other young people who might benefit from hearing from someone with a shared experience. Advertisement 'There's young kids that are going through tough times,' Schaefer said. 'A lot of people love to keep it in, and I want to try to put their minds at ease in any way. If love could have saved them, they would have lived forever. That's a good saying I go by. But everything happens for a reason in life. Makes me super strong. And I want to help people.' There is a lot that goes into developing a professional hockey player, and Jennifer played a role beyond mother as Schaefer went about bettering himself away from the rink. It wasn't odd to see her throw on the goalie pads and take shots from Schaefer and his brother, John. Advertisement While Jennifer may no longer be here, she's not far from Schaefer's mind when he's shooting pucks in his basement. She's there in spirit, he says, still trying to save her youngest son's shots. When he misses the net, Schaefer says he credits his mom 'because she's probably blocker saving [them].' Jennifer was still with Schaefer at the Peacock Theater in Los Angeles on Friday night when he heard his name called first by the Islanders. Inside his custom suit jacket were family pictures of his mom. Matthew Schaefer shows off pictures of his mother, Jennifer, inside his suit jacket ahead of the 2025 NHL draft in Los Angeles. Jennifer Schaefer passed away following a battle with breast cancer. (Photo by) (Bruce Bennett via Getty Images) More obstacles on his way to becoming a top prospect Schaefer's draft year saw more challenges that he needed to overcome. He missed the Otters' first nine games of the season after battling mononucleosis, and in December, he suffered a season-ending clavicle fracture while representing Canada at the IIHF World Junior Championship. Advertisement Despite only playing 17 games with Erie this past season, Schaefer scored seven goals and recorded 22 points. He had already played his way into being one of the 2025 NHL Draft's top prospects after a six-point performance last August while helping lead Canada to a win at the U-18 Hlinka/Gretzky Cup. Schaefer's play, while a limited sample size, was enough to convince scouts and those around the NHL that he could become an impact player at the next level. 'He is the complete package playing a dynamic style that generates results and influences the outcome of games,' said Dan Marr, Vice President of NHL Central Scouting. 'Schaefer easily projects as a future All-Star in the NHL.' Advertisement "He is consistent, mature, and has all of the tools to be a No. 1 defenseman in the NHL,' writes Chris Peters of FloHockey. 'His skating is among the best in the class and his hockey sense is right up there, too. Schaefer has been through a lot in his young life, but has met his challenges with grace well beyond his years. As a pick, he is not without risk, but there's so much upside that teams have mostly dismissed the long absence and still view him as a potential long-term No. 1 defenseman at the top of his projection." Schaefer will turn 18 in September and, weeks later, will enter his first NHL training camp. He will be prepared for his next challenge — making the Islanders — and he will be inspired by his mom, who may no longer be here, but supported him on his road to a budding professional career. "She's always with me in spirit,' Schaefer said. 'I know she has a front-row seat every game. I get to play for someone even more. She was a strong woman. I like to talk about her. If she was here, you guys would know exactly who she was even though you haven't met her because I love talking about her."
