ceremony

WASHINGTON — President Trump on Friday oversaw the White House swearing-in of the new Federal Reserve chair and said he would like Kevin Warsh’s help in stimulating the economy even as he tried to emphasize that the nation’s central bank would remain independent.

Trump spent months criticizing Warsh’s predecessor, Jerome Powell, for being reluctant to cut interests rates, with the Republican president arguing that lower borrowing costs would provide an economic boost. By taking the unusual step of holding the ceremony in the East Room and not the Fed, Trump made clear his pleasure that Warsh is now in charge.

The war with Iran has caused gas prices to spike, unsettled financial markets and driven inflation concerns across the economy. Those developments have led to recent doubts about whether Warsh might heed Trump’s calls and push the Fed to lower rates.

Still, Trump said he had faith that Warsh would prioritize a strong economy.

“Thankfully, unlike some of his predecessors, Kevin understands that when the economy is booming, it is, that’s a good thing,” the president said. Trump said it was not necessary “to go crazy. Just let it go. We want it to boom.”

Supreme Court Justice Clarence Thomas administered the oath of office. Also on hand were House Speaker Mike Johnson (R-La.), Justice Brett Kavanaugh, CIA Director John Ratcliffe and Cabinet members.

“I expect he will go down as one of the truly great chairmen of the Federal Reserve that we’ve ever had,” Trump said of Warsh.

Republican President Reagan swore in Alan Greenspan as Fed chair at the White House in 1987. Republican President George W. Bush attended the 2006 ceremony at central bank headquarters when Ben Bernanke became chair.

But having the event at the White House raises more questions about the Fed’s independence at a time when Trump has constantly sought to bend the independent central bank to his will.

Trump’s Department of Justice began an investigation into Powell and the Fed’s extensive building renovations. That drew backlash from lawmakers and the department scrapped the investigation. The Fed’s internal watchdog is now handling the matter. Powell’s term as chair ended last week, though he has opted to remain on the Fed board for now.

Trump made a point of saying during his remarks, “Honestly, I really mean this. This is not said in any other way: I want Kevin to be totally independent.”

“I want him to be independent and just do a great job,” Trump said. “Don’t look at me, don’t look at anybody. Just do your own thing.”

In the next breath, however, Trump said that “in the eyes of many, the Fed has lost its way in recent years” under his predecessor, Democratic President Biden. Trump also suggested that Warsh is looking to lead policies that promote “positive economic growth” and that doing so did not have to mean higher inflation.

Trump also noted that the stock market had risen Friday. “That means they like you,” he said of Warsh.

Warsh once harshly criticized Fed’s policies, including its low interest rate policies coming out of the pandemic, which he says contributed to the largest U.S. inflation spike in four decades in 2021-22. More recently, he has sometimes echoed Trump’s demands for lower rates.

Warsh says productivity gains from artificial intelligence will help the economy grow more quickly without spurring inflation, enabling the Fed to reduce borrowing costs. Many Fed officials, however, disagree that AI’s development will support rate cuts, especially because the technology has also been blamed for large-scale layoffs in the computer sector and other parts of the economy.

On Friday, Warsh promised “to lead a reform oriented Federal Reserve, learning from past successes and mistakes, both escaping static frameworks and models and upholding clear standards of integrity and performance.”

He told Trump that he believes “these years can bring unmatched prosperity that will raise living standards for Americans from all walks of life. And the Fed has something to do with it.”

Warsh further noted that the Fed’s mandate “is to promote price stability and maximum employment. When we pursue those aims with wisdom and clarity, independence and resolve, inflation can be lower; growth, stronger; real take home pay, higher and America … more prosperous.”

As he left the ceremony, Treasury Secretary Scott Bessent reinforced Trump’s message, predicting to reporters that Warsh will “do the right thing for inflation and growth.”

Weissert and Price write for the Associated Press.

Chinese President Xi Jinping is welcoming US President Donald Trump to Beijing for high-level talks. Tariffs, competition over tech, the US-Israeli war on Iran, and Taiwan are all on the agenda for the two-day visit.

The 69th Grammy Awards will take place Feb. 7 at Crypto.com Arena in downtown Los Angeles, organizers said Tuesday during Disney’s annual upfront presentation to advertisers. The show will be the first to air on Disney’s ABC network (and stream on its Hulu and Disney+ platforms) since the Recording Academy ended its half-century-long partnership with Paramount’s CBS.

Nominations for the 2027 ceremony — which will recognize recordings released between Aug. 31, 2025 and Aug. 28, 2026 — are set to be announced Nov. 16. Final Grammys voting will open Dec. 10 and close Jan. 7.

A host for the show hasn’t been announced. Trevor Noah, who began hosting the Grammys in 2021, said his gig at February’s 68th ceremony would be his last.

Big winners at the 2026 Grammys included Bad Bunny, whose “Debí Tirar Más Fotos” was named album of the year; Kendrick Lamar and SZA, who won record of the year with “Luther”; Billie Eilish and her brother, Finneas O’Connell, whose “Wildflower” took song of the year; and Olivia Dean, who was named best new artist.

Among the albums and songs already thought to be in contention for high-level nods next year are Taylor Swift’s “The Life of a Showgirl,” Noah Kahan’s “The Great Divide,” Bruno Mars’ “The Romantic,” Rosalía’s “Lux,” Ella Langley’s “Choosin’ Texas” and Sienna Spiro’s “Die on This Hill.”

Comedian Conan O’Brien will return to host the 99th Academy Awards set for March 14.

O’Brien, known for his self-deprecating humor, emceed the Oscars this year and in 2025.

“Conan has created remarkable energy around the Oscars,” President of Disney Television Group Craig Erwich said in a statement Tuesday announcing O’Brien’s return. “His singular comedic voice makes Hollywood’s biggest night one of the most entertaining celebrations of the year. We’re proud to welcome him back and look forward to what he and the producing team deliver next.”

Raj Kapoor and Katy Mullan are set to return as the show’s executive producers for the fourth consecutive year.

Major changes are in store for the entertainment industry’s biggest night.

Starting in 2029, the Oscars will move from Hollywood’s Dolby Theatre, its home for nearly a quarter century, to the L.A. Live in downtown Los Angeles. The ceremony will also stream on YouTube, ending a five-decade run on ABC, beginning that year.

Oscars viewership has been in flux as younger audiences prefer to view clips of the ceremony on social media, rather than on television.

ABC’s telecast of the 2026 ceremony averaged 17.9 million viewers, down 9% from the previous year, when it garnered 19.7 million viewers. Ratings for the Oscars reached an all-time low of 10.5 million viewers in 2021.

Academy of Motion Picture Arts and Sciences Chief Executive Bill Kramer and President Lynette Howell Taylor announced the news at its upfront presentation Tuesday.

Two couples from opposite sides of the wealth divide swapped wedding budgets

A Rich Wedding, Poor Wedding bride couldn’t believe the “extravagant” price of her big day.

During the first episode of the new Channel 5 series, which aired on Sunday (May 3), two couples from opposite sides of the wealth divide swap budgets for their weddings.

One duo, who are used to the finer things in life, had to plan a wedding on a small budget, meanwhile the other pair had a lot of money to burn.

Taking part in the experiment was millionaire couple Col and Raz, who gave up their unlimited budget to Janet and Gary, who have spent years scraping and saving and even a modest wedding felt out of reach.

Gary and Janet, who live in Salford, have been madly in love since meeting at a health care call centre 11-years-ago. Gary popped the big question while on a romantic holiday two-years-ago.

Since then, they have been excited to walk down the aisle however the pair’s low paid jobs in customer services make it a struggle to make ends meet.

To bring in extra money Gary works as a wedding singer but even with the second job their combined disposable income is just £157 a week, so their big day dreams have been put on hold.

It was a completely different story for Essex couple Col, 37 and Raz, 34, who are used to champagne lifestyles and money is no issue to them.

The couple have only been together for two years but Col, who owns multiple businesses, revealed that it was love at first sight after meeting at an event.

Ever since Col proposed, Raz has been planning her big day and it hasn’t included cutting down on anything. The bride had dreams of an elegant princess wedding and Col wanted a big party with free flowing drinks.

The couple wanted to swap budgets because they both revealed that they hadn’t always had the finer things in life and grew up without a lot of money.

Getting stuck into their wedding planning, Col and Raz were left speechless after finding out that they had just £3,500 to cover everything, meanwhile Gary and Janet couldn’t believe their eyes after getting an unlimited budget.

At first, Col and Raz struggled to get everything they needed with their small budget especially after bride Raz went over budget with her dress. After a few bumps in the road and some help from family members they managed to pull through and overall enjoyed their special day.

Meanwhile Janet and Gary felt like they’d won the lottery and made the most of their unlimited budget. The couple splashed out on a £17,000 venue and £5,000 enchanted forest. Janet spent £3,000 on her dream wedding dress and even had a singer for their reception celebration. The couple enjoyed their lavish wedding surrounded by their friends and family.

Things took an emotional turn after both couples reunited following their wedding swap as Janet broke down in tears after finding out how much she spent on her wedding.

After opening an envelope revealing the price of the wedding, Gary gasped as he revealed: £50,118.60.” He then joked: “What was the 60p on?”

Janet was visibly moved as she said: “There are so many people in the world that have got nothing that..” The bride broke down as she admitted: “It upsets me actually, to spend that kind of money on one day. It’s extravagant, it’s too much.” Gary comforted his wife as he said: “Do you know what though, you work hard all your life and it’s nice to get something back.”

You can catch up on Rich Wedding, Poor Wedding on Channel 5