Kevin Warsh Fed Nomination, Epstein Files, Apple AI Departures, and More

Federal Reserve Nomination

• 🎯 President Trump has nominated Kevin Warsh to be the next Federal Reserve chairman.
• 💡 While Warsh has not committed to cutting interest rates, Trump believes he wants to.
• 🔑 Governor Stephen Myron views Warsh as an insightful thinker on monetary policy and a fantastic pick.
• 🔍 Atlanta Fed President Raphael Bostic, who is retiring, noted he doesn't have much experience with Warsh but expects him to adapt to the role.
• ✅ Saint Louis Fed President Alberto Musalem considers Warsh exceptionally qualified, having known him for 16 years.
• 🗣️ Congressman French Hill welcomed the nomination, citing Warsh's experience in financial markets and as a former Fed governor.
• ⚠️ Senator Thom Tillis will continue to oppose any Federal Reserve nominee confirmation until the Justice Department's inquiry into current Fed chair Jay Powell is resolved, emphasizing the independence of the Federal Reserve.

Justice Department and Epstein Files

• 📄 The Justice Department is releasing over 3 million pages of documents related to the late financier Jeffrey Epstein, including videos and images, in compliance with a new law.
• ⚖️ A federal civil rights investigation has been opened into the death of Alex Preti, who was killed by Border Patrol officers, with the FBI leading the probe.

Tech News and Departures

• 🍎 Apple has lost at least four AI researchers recently to competitors like Meta and Google DeepMind, struggling to keep pace in the artificial intelligence race.
• 📉 A decision to outsource some technology to Google has reportedly frustrated Apple staff.
• 🎤 Former CNN anchor Don Lemon was arrested in California in connection with a federal case stemming from a protest at a Minnesota church where he was filming.

Market Performance

• 📉 The S&P 500, Nasdaq, and Dow all closed down on Friday.
• 📈 The dollar surged, bonds were mixed, and gold fell significantly, with gold experiencing its biggest daily decline since the early 1980s.
• 💥 Silver also plunged more than 36% earlier in the trading day, with the selloff impacting broader metals markets.