Today’s live updates have ended. Read what you missed below and find more coverage at apnews.com.Here’s what we’re following:President Donald Trump took in nearly $1.2 billion from his crypto businesses last year, a federal filing released Tuesday shows, locking in profits while his investors were socked with losses. Mere startups when he took the oath of office, the new ventures have now eclipsed in revenue much of his vast property portfolio that took him decades to accumulate.The House leadership on Tuesday abruptly canceled votes and sent lawmakers home early for the holiday recess. It’s the latest Republican revolt over their own party’s agenda to grind Speaker Mike Johnson’s majority to a standstill. In this case, it’s a standoff blocking the annual defense bill as Republicans push to include Trump’s own priority, the SAVE America Act, a strict voter ID bill.Former CIA Director John Brennan sued the Trump administration on Wednesday, demanding a court order that would require officials to preserve records from investigations that he says are targeting him for “phantom criminal conduct.”
New Federal Reserve chair emphasizes political independence, signals focus on inflation
Kevin Warsh said the central bank would remain independent and seek to bring down inflation, likely foreclosing the rate cuts President Donald Trump has sought.In remarks at a central bank conference in Sintra, Portugal, Warsh said that if businesses or households thought the Fed would accept inflation above 2%, “I guess they’d be disappointed. We’re going to deliver price stability.”The Fed typically combats inflation by raising borrowing costs. When asked about Trump’s oft-repeated desire for lower rates, Warsh underscored the Fed’s independence from day-to-day politics.“We’ve been an independent central bank for a very long time,” he said. “We’re going to be an independent central bank at this moment and you’re going to see no changes to that.”Such comments suggest that Warsh has shifted his views since replacing Jerome Powell as chair May 22. He called for lower rates last year as he essentially campaigned for the job. Since becoming chair, however, Warsh has appeared to move away from that stance and instead has signaled a focus on getting inflation down.▶ Read more
