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Fed Begins Warsh Era By Keeping Rates On Hold, Sees Hike Later This Year

WASHINGTON, June 17 (Reuters) - The Federal Reserve held interest rates steady on Wednesday, but policymakers expect a hike in borrowing costs later this year amid growing concerns about inflation lodged above the U.S. central bank's 2% target. New quarterly projections showed nine Fed officials now anticipate a hike in rates by the end of 2026, and an updated policy statement removed language that had been used to flag the likelihood of further reductions in borrowing costs this year. Indeed, the statement, in an early sign of new Fed Chairman Kevin Warsh's influence, removed any guidance about future rate moves altogether, with a revised format that simply stated the rate decision and reaffirmed the central bank's intent to keep "ample reserves in the banking system." The shortened document, a return to a format similar to that used by former Fed Chairman Alan Greenspan, was approved by a unanimous 12-0 vote by the central bank's Federal Open Market Committee. The statement showed other signs of Warsh's early influence on the debate as he takes over after being appointed earlier this year by President Donald Trump with an expectation that he would deliver the rate cuts the president has demanded. The description of the economy touched on issues Warsh has emphasized, mentioning that "productivity growth and capital investment are strong." While acknowledging that inflation was "elevated relative to the Committee's 2% goal," that development was assigned in part to "supply shocks that have driven price increases in certain sectors, including energy." New projections show inflation slowing sharply next year, allowing rates to return to where they are now by the end of 2027 and easing modestly further in 2028. "The Committee will deliver price stability," the statement said. Treasury yields rose after the release of the policy statement and projections. U.S. stocks fell modestly while the dollar gained ground against a basket of currencies. Short-term interest-rate futures are now pricing a bigger chance of a rate hike by September than a hold. MISSING DOT Only 18 of 19 policymakers submitted rate projections for the so-called "dot-plot" chart released by the Fed, and while the missing "dot" is not identifiable, it was presumably withheld by Warsh, who is only about three weeks into the job and has been critical of the quarterly Summary of Economic Projections. The statement marks a turning point not just in leadership at the central bank but in a monetary policy outlook that since the fall of 2024 had been geared to lower borrowing costs from the elevated rates used to help tame inflation that hit 40-year highs during the COVID-19 pandemic. Projections among officials showed the policy interest rate, which has been set in the 3.50%-3.75% range since last December, would rise by a quarter of a percentage point by the end of this year. The outlook for inflation for the end of 2026 was marked up to 3.6% from 2.7%, before it is seen falling to 2.3% next year, all without a rate increase - consistent with the statement language attributing high prices to supply disruptions that would typically be expected to pass. Economic growth was marked down slightly, with the unemployment rate expected to end the year at 4.4%, the same as in the Fed's March projections.

U.S. Officials Read Memorandum Of Understanding With Iran To Journalists

After days of secrecy, senior U.S. officials on Wednesday briefed journalists on the memorandum of understanding with Iran ahead of a formal signing ceremony scheduled for Friday. The U.S. draft of the agreement includes a new ‘minimum’ standard for diluting Iran’s highly enriched uranium and toll-free passage through the Strait of Hormuz for 60 days. Meanwhile, U.S. President Donald Trump is wrapping up his time with world leaders in Évian-les-Bains, France, for the Group of Seven summit. Trump has blurred the timeline for the Iran deal’s signing, even as he tries to sell the tentative agreement as a pact that will ensure Iran never develops a nuclear weapon. Trump’s last stop in France is a glitzy dinner at the Palace of Versailles outside of Paris.

Military Officials Identify All 8 Victims Of B-52 Crash At California Air Force Base

LOS ANGELES (AP) — Military officials on Wednesday identified all eight men killed in this week's fiery crash of a B-52 during a test flight at Edwards Air Force Base in Southern California. The victims include four active duty airmen, one reservist and three civilians, according to a statement from the base. They were identified as: Col. Gregory Watson, 53; Lt. Col. Gabriel Estrella, 40; Maj. Alexander Davis, 34; Maj. Robert Dee, 40; Maj. Brad Hovey, 35; Jeromy Smith, 32; and Christopher Rischar, 41. “They were dedicated professionals, beloved family members and irreplaceable teammates," Col. Thomas Tauer, commander of the 412th Test Wing at Edwards, said in the statement. The airfield where the crash occurred on Monday was still closed but other base operations have resumed. No cause has been determined. Officials said it could take six months to complete the investigation. The Boeing B-52 Stratofortress was taking part in a test mission as part of a program to keep one of the oldest aircraft in the U.S. fleet flying for decades to come. The bomber had arrived at Edwards in December after having a modernized radar installed at Boeing’s facility in San Antonio. The aircraft took off shortly before noon on a clear day, heading southwest into the prevailing winds. It flew straight and crashed on the same 15,000-foot (4,572-meter) runway. The compact wreckage indicates the plane dropped sharply. Lauren Smith told Eyewitness News KBAK-CBS and FOX58 that her husband, Jeromy Smith, was a flight test engineer for the U.S. Department of Defense and died doing what he loved. “It is such a horrible hurt, and I’m still processing everything that happened,” she said Tuesday. The B-52, a long-range bomber that entered service in 1955, is designed to carry both conventional and nuclear weapons. It has been used in conflicts involving the U.S. military from Vietnam to Iran. . Edwards is home to the 412th Test Wing, which conducts regular developmental testing of all Air Force aircraft, weapons systems, software and components before purchase by the service as well as throughout their life span. Test missions take place at Edwards daily.

Rex Heuermann Sentenced To Life In Prison For Serial Killings

RIVERHEAD, N.Y. (AP) — A Long Island architect who lived a secret life as the Gilgo Beach serial killer has been sentenced to to life in prison without parole. Rex Heuermann had previously admitted in court to killing eight women, many of them sex workers. Police discovered the remains of several of the women along a coastal parkway not far from Long Island’s Gilgo Beach. Family members of victims delivered emotional statements during the court hearing. Jasmine Robinson, a cousin of victim Jessica Taylor, said, “You fill me with so much repugnance, I can’t stand it.”

Tropical Storm Arthur Forms Near Texas Coast, With Life-Threatening Flooding Expected

MIAMI (AP) — Tropical Storm Arthur is the first of the Atlantic season and threatens the southern United States with dangerous flash flooding. The National Hurricane Center announced the storm Wednesday and said Arthur would skirt over the Gulf Coast with heavy rain through Friday. The storm loomed over a World Cup match in Houston between Portugal and the Democratic Republic of Congo. It also formed amid days of heavy rain that has been drenching southern Texas. Authorities near Houston said a teenager appears to have drowned in a retention pond Tuesday following a period of heavy rain.

G7 Leaders Back Trump's Plan To End Iran War

EVIAN-LES-BAINS, France (AP) — Leaders at the Group of Seven summit have backed U.S. President Donald Trump's tentative agreement with Iran to open the Strait of Hormuz and extend a ceasefire. They called it a “historic opportunity” to prevent Iran from acquiring nuclear weapons. The deal, expected to be signed Friday in Switzerland, would allow Iran to sell oil without restrictions if a final agreement is reached. Trump has not released the agreement's text but described it as “very strong.” G7 leaders also pledged support for Ukraine against Russia and vowed to tackle global drug gangs and migrant smugglers.

Mangione Will Use Psychiatric Defense In Murder Case

NEW YORK (AP) — Luigi Mangione will assert a psychiatric defense at his state murder trial in the killing of UnitedHealthcare CEO Brian Thompson. Judge Gregory Carro said Wednesday that Mangione’s lawyers have informed him they will attempt to show that he was suffering from “extreme emotional disturbance at the time of the occurrence.” By asserting a psychiatric defense, Mangione would effectively be admitting that he killed Thompson but did so because of mitigating circumstances. If a jury finds that Mangione was emotionally disturbed at the time of the killing, it could convict him of manslaughter instead of murder, meaning he’d be sentenced to less time in prison.

1 Killed When Small Plane Crashes On Texas Highway

A business jet reporting mechanical problems to a nearby airport crashed and caught fire on a Texas highway, killing one person and sending motorists racing from their cars to help rescue passengers from the burning wreckage. The plane went down late Tuesday in Laredo, Texas, near the Mexican border after its crew radioed the local airport seeking to make an emergency landing. Police said six people were on board and one of them died in the crash. The jet barreled into a car, sending one motorist to a hospital in stable condition. The cause of the crash wasn't immediately known. The FAA and the National Transportation Safety Board are investigating.

Eastern Washington Wildfire Forces Evacuations And Destroys Homes

SPOKANE, Wash. (AP) — High winds drove a wildfire into a Spokane neighborhood, forcing the evacuation of about 1,200 people and potentially damaging or destroying up to 15 structures, according to fire officials. The Upriver Fire started at 12:17 p.m. Tuesday near Upriver Drive in northeast Spokane, said Fire District 9 spokesman Robert Gray. “It moved rapidly up the hill and once it reach the top the wind shifted and it went right into the Northwoods neighborhood,” Gray said. Fire crews from Washington state and Idaho attacked the fire from the ground and air, but it quickly grew to 225 acres (.35 square miles) in an area called Beacon Hill. The blaze was 10 percent contained by Wednesday morning, according to a report by the National Interagency Fire Center. The wind had died down overnight, but the fire was still burning on the ground, so there was potential to expand on Wednesday, said Isabelle Hoygaard, a spokesperson with the Washington state Department of Natural Resources.

Suspect In Fatal Shooting Inside Delaware Hospital Taken Into Custody

WILMINGTON, Del. (AP) — Officials say the suspect in a fatal shooting inside a Delaware hospital has been taken into custody in Philadelphia. The city of Wilmington said in a statement Tuesday that the 23-year-old man is expected to be charged in the shooting at Wilmington Hospital and extradited to Delaware. Officials have declined to release information about the identities of the victims or the condition of a person who was shot and survived. The city said the shooting is believed to have been targeted and isolated.

President Trump Doesn't Want Boots on the Ground in Iran

Iran Deal: It Boils Down to a Trust Factor

Mike highlighted the contrast between media distractions and major world events, joking that some outlets seemed more concerned about algae in the Lincoln Memorial reflecting pool than a potential peace breakthrough with Iran.

Iran Deal? Nah, Let’s Talk Algae

Supporting America's Heroes

With Gary Sinise, Actor.

Supporting America's Heros

With Gary Sinise, Actor.

14-Point MOU Between Iran & US

With Victoria Coates, Heritage Foundation Vice President and a former deputy national security advisor to President Donald Trump.

Key Takeaways From The G7 Summit

With Rick Scott, Senator from Florida.

Remembering Father's Day

With Leland Vittert, NewsNation host and author of new book “Born Lucky”.

Newsom’s Latest Scandals

With Jennifer Van Laar, Investigative journalist and managing editor at RedState.

Why DC's Mayoral Primary Is So Important

With Chuck Thies, DC Political Analyst.

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Larry Elder is an American lawyer, writer, and radio and television personality who calls himself the "Sage of South Central" a district of Los Angeles, Larry says his philosophy is to entertain, inform, provoke and to hopefully uplift. His calling card is "we have a country to save" and to him this means returning to the bedrock Constitutional principles of limited government and maximum personal responsibility. Elder's iconoclastic wit and intellectual agility makes him a particularly attractive voice in a nation that seems weary of traditional racial dialogue.” – Los Angeles Times.

Mike Gallagher Mike Gallagher began his broadcasting career in 1978 in Dayton, Ohio. Today, he is one of the most listened-to talk radio show hosts in America, recently having been ranked in the Talkers Magazine “Heavy Hundred” list – the 100 most important talk radio hosts in America. Prior to being launched into national syndication in 1998, Mike hosted the morning show on WABC-AM in New York City. Today, Talkers Magazine reports that his show is heard by over 3.75 million weekly listeners. Besides his radio work, Mike is seen on Fox News Channel as an on-air contributor, frequently appearing on the cable news giant.

Hugh Hewitt is one of the nation’s leading bloggers and a genuine media revolutionary. He brings that expertise, his wit and what The New Yorker magazine calls his “amiable but relentless manner” to his nationally syndicated show each day.

When Dr. Sebastian Gorka was growing up, he listened to talk radio under his pillow with a transistor radio, dreaming that one day he would be behind the microphone. Beginning New Year’s Day 2019, he got his wish. Gorka now hosts America First every weekday afternoon 3 to 6pm ET. Gorka’s unique story works well on the radio. He is national security analyst for the Fox News Channel and author of two books: "Why We Fight" and "Defeating Jihad." His latest book releasing this fall is “War For America’s Soul.” He is uniquely qualified to fight the culture war and stand up for what is great about America, his adopted home country.

Broadcasting from his home station of KRLA in Los Angeles, the Dennis Prager Show is heard across the country. Everything in life – from politics to religion to relationships – is grist for Dennis’ mill. If it’s interesting, if it affects your life, then Dennis will be talking about it – with passion, humor, insight and wisdom.

Sean Hannity is a conservative radio and television host, and one of the original primetime hosts on the Fox News Channel, where he has appeared since 1996. Sean Hannity began his radio career at a college station in California, before moving on to markets in the Southeast and New York. Today, he’s one of the most listened to on-air voices. Hannity’s radio program went into national syndication on September 10, 2001, and airs on more than 500 stations. Talkers Magazine estimates Hannity’s weekly radio audience at 13.5 million. In 1996 he was hired as one of the original hosts on Fox News Channel. As host of several popular Fox programs, Hannity has become the highest-paid news anchor on television.

Michelle Malkin is a mother, wife, blogger, conservative syndicated columnist, longtime cable TV news commentator, and best-selling author of six books. She started her newspaper journalism career at the Los Angeles Daily News in 1992, moved to the Seattle Times in 1995, and has been penning nationally syndicated newspaper columns for Creators Syndicate since 1999. She is founder of conservative Internet start-ups Hot Air and Twitchy.com. Malkin has received numerous awards for her investigative journalism, including the Council on Governmental Ethics Laws (COGEL) national award for outstanding service for the cause of governmental ethics and leadership (1998), the Reed Irvine Accuracy in Media Award for Investigative Journalism (2006), the Heritage Foundation and Franklin Center for Government & Public Integrity's Breitbart Award for Excellence in Journalism (2013), the Center for Immigration Studies' Eugene Katz Award for Excellence in the Coverage of Immigration Award (2016), and the Manhattan Film Festival's Film Heals Award (2018). Married for 26 years and the mother of two teenage children, she lives with her family in Colorado. Follow her at michellemalkin.com. (Photo reprinted with kind permission from Peter Duke Photography.)

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