Donald Trump pressures Kevin Warsh to cut rates fast as Jerome Powell faces probe

Former President Donald Trump said he would be disappointed if his Fed chair nominee Kevin Warsh is confirmed and does not push the Federal Reserve to cut interest rates as soon as May, reinforcing political pressure on central bank policy. Trump also noted markets held up better than he expected during the Iran conflict — he had predicted a 20% drop in the S&P 500 and Dow and oil at $200 — while oil remained near $90. Separately, U.S. retail sales jumped 1.7% in March (fastest monthly gain since Jan 2023) and CPI rose 3.3% year‑over‑year in March, driven in part by a spike in gasoline to about $4.02/gal. These data complicate the Fed’s decision-making and could influence near-term equity and oil market dynamics.