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Newsom's Civil Rights Complaint Against Trump Official Dr. Oz
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Trump Nominates Kevin Warsh to Lead Federal Reserve Amidst Economic Uncertainty
President Donald Trump nominated Kevin Warsh, a former Federal Reserve governor and vocal critic of the central bank, to lead the US Federal Reserve when Jerome Powell's term ends in May, according to BBC World News. The appointment, reported five hours ago, comes at a time of economic uncertainty, with the UN facing a potential financial collapse and concerns rising about the riskiness of seemingly "safe" stock funds, according to BBC World News and the New York Times, respectively.
Trump, in a statement reported by the New York Times, described Warsh, 55, as "central casting" and predicted he would be "one of the GREAT Fed Chairmen, maybe the best." He emphasized his high expectations for Warsh, stating, "He will never let you down." However, the New York Times noted that meeting Trump's expectations of substantially lower borrowing costs, which he has already pressured the Fed to deliver, will not be easy.
Warsh's nomination coincides with growing worries about the Fed's independence, following Trump's increasing attacks on Powell for not cutting interest rates quickly enough, according to BBC World News. Federal prosecutors recently opened a criminal investigation into Powell's testimony to the Senate regarding renovations, further fueling concerns.
Meanwhile, the United Nations is facing an "imminent financial collapse" due to member states failing to pay their fees, according to BBC World News. Secretary-General António Guterres warned in a letter to all 193 member states that the organization's money could run out by July if mandatory payments are not honored or financial rules are not overhauled. The US, the UN's largest contributor, has refused to contribute to regular and peacekeeping budgets and withdrew from several agencies, according to BBC World News.
Adding to the economic anxieties, the New York Times reported that even diversified investment portfolios may be riskier than investors realize. A handful of tech giants, including Nvidia, Microsoft, Alphabet, and Apple, have been driving stock returns, becoming so valuable that their shares dwarf the rest of the market. This concentration of wealth in a few companies, spurred by enthusiasm for artificial intelligence, has created a downside that isn't well understood, according to the New York Times.
Furthermore, the gold market has entered a new phase, with prices surging past $5,000 per ounce for the first time in history, according to CBS News. This has prompted questions about whether gold still belongs in a retirement portfolio and in what form, considering the differences between physical gold ownership and paper investments. CBS News advises retirees to approach gold investing cautiously and not impulsively.
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This article was generated with AI assistance, synthesizing reporting from multiple credible news sources. Our editorial team reviews AI-generated content for accuracy.
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