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Aug. 28 (UPI) — Economists and financial markets will be watching closely on Friday when the Federal Reserve Chairman Kevin Warsh delivers a keynote address at the central bank’s annual symposium in Jackson Hole, Wyo.

Federal Reserve chairmen often use the speech to discuss monetary policy initiatives on a broad level, including offering insight into future interest rate plans. Since being appointed chairman in May, Warsh has been scant with details on future policy decisions and Friday’s address is expected to be more of the same.

The U.S. economy continues to face inflation pressures with inflation rates well above the Federal Reserve’s 2% annual target. Under Warsh, inflation markers have moved higher yet while the Federal Open Market Committee has maintained its benchmark interest rates at 3.5% to 3.75%.

Some members in the central bank are calling for another hike in interest rates, which would be a first since July 2023.

“If I had to guess, I would say that he’s going to give a very high-level, broad look at the work of the task forces and how he thinks the Fed should operate, as opposed to a nuts-and-bolts assessment of the economy and expectations for policy,” Luke Tilley, chief economist at M&T Bank and Wilmington Trust Investment Advisors, told CNBC.

Warsh has established five task forces that are reviewing how the Federal Reserve approaches its policy decisions, including its use of data, technology including artificial intelligence, and its balance sheet.

The Federal Open Market Committee did not meet in August. Its next meeting is on Sept. 15 and 16, during which it will decide whether to hold interest rates firm or make adjustments.

After Warsh’s address following last month’s FOMC meeting, yields for long-term bonds rose. This happens when bond traders are skeptical that the central bank will cool inflation.

A federal investigation into former Rep. Eric Swalwell appeared to gain steam this week after agents seized his electronic devices and raided his Washington home over the weekend, even briefly holding the former lawmaker at San Francisco International Airport, a person familiar with the inquiry told The Times.

Swalwell dropped out of the California governor’s race and resigned from Congress in April after allegations that he sexually assaulted a former staffer and acted inappropriately with other young women, which he denied at the time. Before dropping out of the race, polls indicated that Swalwell was the front-runner.

The source said Swalwell was held on Saturday at SFO and released the same day he was detained for search purposes. Federal prosecutors are using civil rights law to pursue a probe of his conduct as a member of Congress. Authorities in New York and Los Angeles County are conducting separate investigations.

His home was searched on Sunday by federal agents, the source added, based on a search warrant in connection with a civil rights investigation concerning the sexual assault allegations.

Swalwell has denied any wrongdoing, but the accusations upended the California governor’s race and shook Capitol Hill, where both parties reckoned with a culture of secrecy and silence around sexual impropriety.

Another accuser, Lonna Drewes, said at a news conference that she was drugged and raped by the one-time politician in 2018 in Beverly Hills. Drewes said she met Swalwell three times as she was growing her fashion software company and toying with the idea of a political career.

On the third occasion, Drewes said she believes that Swalwell drugged her glass of wine. She said they were supposed to go to a political event and stopped by his hotel room to retrieve some paperwork.

She said she found herself incapacitated despite having had only one drink.

“He raped me and he choked me and while he was choking me I lost consciousness and I thought I died,” she said. “I did not consent to any sexual activity.”

Sara Azari, an attorney for Swalwell, denied Drewes’ characterization of the incident at the time. “Two adults consenting, which is our position, is not against the law,” she said.

The former staffer for Swalwell told the San Francisco Chronicle that Swalwell began sending her nude pictures on Snapchat and messages after she was hired by his office in 2019. She was 21 at the time.

In September of that year, she said she had drinks with the congressman, blacked out and woke up naked in Swalwell’s hotel bed, according to the Chronicle.

In 2024, when she no longer worked for Swalwell, she said she attended a charity event honoring the congressman and met him for drinks afterward. She was intoxicated but recalled Swalwell forcing himself upon her, and pushing him away and saying, “No,” according to the Chronicle.

Azari said in April that he denied all allegations of sexual misconduct and assault and would pursue “every legal remedy” against those making the claims.

“These accusations are false, fabricated and deeply offensive — a calculated and transparent political hit job designed to destroy the reputation of a man who has spent twenty years in public service,” Azari said.

Winton reported from Los Angeles, Smith from Sacramento and Wilner from Washington.

The U.S. Department of Justice and Los Angeles County Sheriff’s Department have agreed to settle a lawsuit over what federal prosecutors alleged last year was a pattern of delaying applications for permits to carry concealed firearms for “unreasonable” lengths of time.

The Sheriff’s Department will “bring its procedures in line with the Supreme Court’s landmark Bruen decision,” the DOJ said in a statement Thursday, referring to a 2022 high court decision affirming a constitutional right to carry a handgun in public for self-defense.

Excessively delaying applications for concealed carry permits, the DOJ had alleged, effectively violated the applicants’ constitutional rights.

In response to its lawsuit, the DOJ’s statement said, the Sheriff’s Department “drastically cut those waiting times and is now in compliance with statutory deadlines.” The development is “a huge win for the residents of Los Angeles County and for the Second Amendment,” the federal agency added.

“The Justice Department supports our law enforcement partners.” Assistant Atty. Gen. Harmeet K. Dhillon of the Justice Department’s Civil Rights Division, said in the statement. “The sheriff acknowledged the problem and devoted substantial additional resources, including new processing software and additional personnel, to cutting waiting times dramatically.”

The Sheriff’s Department did not immediately provide comment on the settlement.

In its complaint filed in federal district court in L.A. in September, the DOJ claimed that the Sheriff’s Department had “systematically denied thousands of law-abiding Californians their fundamental Second Amendment right to bear arms outside the home — not through outright refusal, but through a deliberate pattern of unconscionable delay.”

The complaint stated that between Jan. 2, 2024, and March 31, 2025, the Sheriff’s Department received almost 4,000 applications for new concealed carry licenses, but issued only two. Two others were denied and the rest were either withdrawn or were still pending, according to the DOJ.

The DOJ complaint also cited Sheriff’s Department data that showed that over those 15 months, it took an average of nearly 300 days for the department to advance the more than 8,000 new permit applications and renewals it received.

The Sheriff’s Department said in September that Sheriff Robert Luna, who was also listed by name as a defendant in the original federal complaint, “inherited a dysfunctional system” when he took office in 2022, and that he had only 13 people to manage the avalanche of applications for concealed carry permits filed each year in L.A. County.

The department also said in September that since December 2022, it had reduced “the backlog” of applications for concealed carry licenses from about 10,000 to about 3,200, and that more than 19,000 such applications had been “successfully approved” since 2020.