Don't count on rate cuts just yet: Warsh as Fed chair may not lead to big policy changes

WASHINGTON (AP) — President Donald Trump has made it clear he expects his choice for Federal Reserve chair to quickly cut interest rates once he takes office. Yet Americans shouldn’t pencil in lower borrowing costs for mortgages, auto loans, or business loans just yet. Kevin Warsh is the likely successor to current Fed chair Jerome Powell when his term ends May 15. But Warsh will still face several hurdles to reducing rates even if he gets confirmed, including rising gas prices that are pushing up inflation, questions about his political independence, and 11 other Fed policymakers who have a vote on the decision, with most of them not ready to cut. Trump, meanwhile, has kept up the pressure.

Justice Department drops criminal probe of Fed chair Powell, likely clearing the way for Warsh

WASHINGTON (AP) — The Justice Department has ended its investigation into Federal Reserve chair Jerome Powell, clearing a major roadblock to the confirmation of Kevin Warsh as his successor. U.S. Attorney for the District of Columbia Jeanine Pirro said on X Friday her office was ending its probe into the Fed’s extensive building renovations because the Fed’s inspector general would scrutinize them instead. The move could lead to a swift confirmation vote by the Senate for Warsh, a former Fed official President Donald Trump nominated in January to replace Powell. The investigation was among several undertaken by the Justice Department into the Republican president's perceived adversaries. Powell says the investigation was intended to intimidate the Fed.

Trump's disdain for wind projects creates a political storm for Republicans in coastal Virginia

PORTSMOUTH, Va. (AP) — President Donald Trump's attempts to cancel offshore wind projects have drawn opposition not only from environmentalists but also from Republicans. One of them is Jen Kiggans, a congresswoman who represents a coastal district in Virginia where an $11.5 billion wind farm is expected to create 1,000 jobs. Her support for a project targeted by Trump shows the scrambled politics of clean energy in an election year where Republicans are at risk of losing the House. Kiggans could be even more at risk after Virginia voters approved on Tuesday a new congressional map that makes her competitive district more Democratic than before.

A bank robber's cellphone gave him away. Now the Supreme Court is hearing his case

WASHINGTON (AP) — Okello Chatrie’s cellphone gave him away. Chatrie made off with $195,000 from the bank he robbed in suburban Richmond, Virginia, and he eluded the police. But then they turned to a powerful technological tool that erected a virtual fence and allowed them collect the location history of cellphone users near the crime scene. A type of warrant served by police on Google found that Chatrie’s cellphone was among a handful of devices in the vicinity of the bank around the time it was robbed. Now the Supreme Court will decide whether those geofence warrants violate the Fourth Amendment's ban on unreasonable searches.

US imposes sanctions on a China-based oil refinery and 40 shippers over Iranian oil

WASHINGTON (AP) — The Trump administration is sanctioning a major China-based oil refinery and about 40 shipping companies. The move announced Friday is part of a campaign to cut off Iran’s oil exports, a key revenue source. The U.S. has also imposed a blockade of the Strait of Hormuz, crucial for energy exports. Hengli Petrochemical’s facility in Dalian is included in the sanctions. Since 2023, it has received Iranian crude oil shipments. Treasury Secretary Scott Bessent says the agency will continue to restrict Iran’s oil network. The sanctions come amid turmoil in the global energy trade. China has said the use of sanctions “undermines international trade order and rules."

Close watch on how Trump and journalists will get along at White House correspondents' dinner

Donald Trump is expected to make his first appearance as president at the White House Correspondents' Association dinner in Washington. The annual event is designed to celebrate press freedoms. But Saturday night's version could be awkward, given the Trump administration's often contentious relationship with the news media. Outsiders will be watching to see what Trump will say and how many officials from his administration will be on hand. Nearly 500 retired journalists have signed a petition urging reporters at the event to “forcefully demonstrate opposition” to anti-press efforts. The correspondents' association  says the dinner “reinforces the importance of the First Amendment in our democracy.”

A tiny Arctic village in Alaska is trying to revive its polar bear tourism industry

ANCHORAGE, Alaska (AP) — A small Indigenous village in Alaska wants to reclaim its status as a top spot for polar bear tourism. Visitors flocked to Kaktovik before the pandemic to see polar bears waiting for sea ice to form. Tourism in the village just off Alaska's northern coast was paused because of the COVID-19 pandemic. And then because of concerns that tourism impacted the community and affected bear behavior. Local leaders are now working with the U.S. Fish and Wildlife Service to address these issues and revive the industry. They aim to ensure tourism benefits the community without harm.

US soldier charged with using classified intel to win $400K on Maduro raid is granted bond

RALEIGH, N.C. (AP) — A U.S. soldier involved with the capture of Venezuelan President Nicolás Maduro has been granted bond, a day after being charged with using classified information about the operation to win more than $400,000 in an online prediction market. Federal prosecutors say Gannon Ken Van Dyke used his access to classified information about the January raid to win money on Polymarket. Van Dyke is a special operations soldier who is stationed at Fort Bragg in North Carolina. He’s now facing several federal charges and the possibility of years in prison. He said little during Friday's hearing and was assigned a federal public defender, who declined to comment.

US won't renew Iranian and Russian oil waivers, Bessent says

WASHINGTON (AP) — Treasury Secretary Scott Bessent says the U.S. does not plan a third renewal of a waiver allowing the purchase of Russian oil that is currently at sea. He also told The Associated Press in a Friday interview that a renewal of the one-time waiver for Iranian oil at sea is totally off the table. Bessent’s statements come as the world is on edge over the U.S.-Israeli war in Iran, and global energy markets have been ensnarled by the closure of the Strait of Hormuz. The U.S. originally issued a waiver for Russian oil sales and petroleum products in March with the intent of stabilizing global energy markets after crude oil prices surged above $100 per barrel.

Meta slashes 8,000 jobs, or 10% of its workforce, as Microsoft offers buyouts

In the latest round of tech industry job cuts, Meta is laying off about 8,000 workers and Microsoft is offering buyouts to a similar number. Meta confirmed Thursday it plans to cut about 10% of its workforce in an effort to invest in other parts of its business and for efficiency, as first reported by Bloomberg. Microsoft is taking a different approach by offering voluntary buyouts to thousands of its U.S. employees.