Kevin

Ever ambitious and eager to test new horizons, Keegan announced midway through the 1976-77 season that he would leave Liverpool at the end of the campaign.

It brought some criticism from supporters, but was another example of deception never being part of Keegan’s character, allowing Liverpool time to line up Kenny Dalglish as his replacement.

He went out on the highest high in his final game, running the great German defender Berti Vogts ragged as Liverpool won the European Cup for the first time, beating Borussia Monchengladbach 3-1 in Rome.

Keegan left having scored 100 goals in 323 appearances.

There was talk of a move to Real Madrid, but in the end his destination was Hamburg, where he was a major success as they won the Bundesliga in 1978-79, though disappointment followed when they lost the European Cup final to Nottingham Forest the following season.

Keegan confirmed his world-class credentials at Hamburg, winning the Ballon d’Or in 1978 and 1979.

Hamburg was a surprise choice when Keegan left Liverpool, but after early struggles to win over team-mates, he became hugely popular, not just with his club but in the country, where they appreciated the Englishman’s down to earth approach and his willingness to integrate.

It all added to Keegan’s status as a global superstar, one of the most marketable sportsmen around, not just seen on the pitch but in adverts and advertising hoardings worldwide.

He famously did an advert for Brut aftershave with British boxer Henry Cooper, as well as the “Green Cross Code” road safety campaign.

While in West Germany, Keegan had another crack at music with the track Head Over Heels In Love. It peaked at number 31 in the UK, but climbed to number 10 in the German charts.

Keegan returned to England in 1980 with a shock move to Southampton, showing his enduring quality by winning the Professional Footballers’ Association player of the year award in 1982.

He did not win trophies at The Dell, but was still a player of the highest class in Lawrie McMenemy’s team, built around experienced stars such as Keegan, Alan Ball and Saints’ great Mike Channon.

Coronation Street fans think Kevin Webster could be about to rekindle his longstanding romance Abi amid the family tragedy, almost a year after it emerged she had had an affair with the man he thought was his long-lost brother but then turned out to be his long-lost nephew

Kevin Webster could be about to rekindle his romance with Abi – almost a year after they separated. The mechanic has been played by Michael Le Vell since 1983 and has been central to many of the soap’s biggest storylines, many of them involving his ex-wife Sally (Sally Dynevor), and their daughters, Rosie (Helen Flanagan) and Sophie (Brooke Vincent).

They called time on their marriage in 2010 after Kevin had an affair with Molly Dobbs and although they have been on relatively good terms since, Sally married Tim Metcalfe in the years that followed and Kevin later tied the knot with Abi Franklin in 2021.

But it all went wrong when Carl Webster turned up towards the end of last year, who was initially stated to be Kevin’s long-lost brother before it was revealed he was in fact his long-lost nephew, and he and Abi had begun an affair.

On the latest episode of the world’s longest-running TV soap, Abi was faced with horror when she had to rush her young son Alfie, who is the product of her affair with the late Imran Habeeb, for treatmentand it became apparent that mould was causing him to suffer severe respiratory issues.

Abi has been living in one of the flats at Weatherfield Precinct, and her landlord is newcomer Idris Sharma, the cousin of established character Alya (Sair Khan). When Abi was delivered the bad news by the doctor in the hospital, she said through tears: “It means it’s not just an infection. There’s something really wrong. I’m going to lose him!” and instantly turned to Kevin for comfort.

While all this was going on, Idris had become aware of what was going on and recruited teenager Brody Michaelis, whom he has taken under his wing, to deal with the situation. Paying the teenager to bundle a man named Isaac into the back of his car, they pulled up at an unknown location and Idris told him: “You know why you’re here. You put a kid in hospital.

“I don’t let people live like animals. Thanks to you, I’m the bad guy. And for my loss of reputation, you pay. And if I have to come and find you, believe me, it’ll be ten times worse. Think on that.” With Brody still keeping tightly hold of him, Idris drove off and later paid the teenager for his help.

But unbeknownst to to Idris and Brody, Abi had watched the whole kidnap and informed Sally, who is currently acting as a foster mother towards Brody, about what she saw.

Brody, whose father is in prison for murder, told Idris that the whole thing wasn’t really for him but the dodgy landlord continued to pressure him into things.

Reacting to the dramatic scenes, viewers predicted that Abi, who lost her son Seb when he was murdered in an unprovoked attack and also has a few children in the care system, will get back together with Kevin however her latest melodrama turns out.

Taking to X, one fan said: “Honestly, with Kev and Abi being on good terms I’m surprised she hasn’t moved back in with him. Abi can’t lose another kid ffs!”

Another said: “The fact it’s has been 9 months and Abi still hasn’t changed her name back to Franklin, and now they are having her move back into number 13 with Kev and carl supporting her. I am praying they don’t do what I think they are going to do #corrie.”

“I’m surprised dopey Kev hasn’t taken Abbeh back already,” a follower commented, as a Twitter user added: “I wonder if this new storyline for Abi and Alfie will lead to Kevin and Abi getting back together.”

Coronation Street airs weeknights at 8:30pm on ITV1 and ITV

Like this story? For more of the latest showbiz news and gossip, follow Mirror Celebs on TikTok, Snapchat, Instagram, Twitter, Facebook, YouTube and Threads.

Coronation Street legend Kevin Webster got into a huge showdown with nephew Carl on Tuesday night’s episode of the world’s longest-running TV soap and a shot was fired

Kevin Webster got involved in a shocking gun showdown on Tuesday night’s episode of Coronation Street. The mechanic has been played by Michael Le Vell since 1983 and has been central to many of the soap’s biggest storylines, many of them involving his ex-wife Sally (Sally Dynevor), and their daughters, Rosie (Helen Flanagan) and Sophie (Brooke Vincent).

Over the last year, it’s been a typically dramatic time for Kevin and, not only has he had to deal with a testicular cancer diagnosis, he found out that his now-estranged wife Abi ( Sally Carman ) had been having an affair with Carl Webster, the man he thought was his brother. It was just this year that a major retcon took place and Kevin’s sister Debbie (Sue Devaney) revealed that she was, in fact, Carl’s birth mum.

On top of all that, Carl was recently injured when working on a car on the garage when Tyrone Dobbs (Alan Halsall) let the vehicle collapse down on him, and, to keep himself in the clear, lied to the police about his whereabouts that night, thereby landing innocent Summer Spellman (Harriet Bibby) in prison over the murder of Theo Silverton.

Things came to a head in the latest episode of the world’s longest-running TV soap when Kevin and Carl came face-to-face in the garage as Ronnie Bailey, along with Tyrone, watched on in horror. Having obtained a gun from dodgy car dealer Fiona Morley (Sara Poyzer), it was lying on the floor between them – just after Kevin had tried to hit him with a wrench.

Carl told Kevin: ” Either we fix this… ..or you pick up that gun,” to which his brother-turned-nephew did, believing that it was fake and a violent tussle followed when Carl told him to pull the trigger. A gunshot was heard and it transpired that Kevin had pulled the trigger.

Tyrone got a hold of Kevin to make him see sense and, when he realised Carl had dodged the bullet, he said: “I’m sorry, Carl.” Later on, Carl called round to number 13 where he told Kevin: “Been a bit of a day, eh? Should never have agreed to do that job for Fiona. I don’t know what I was thinking, pulling that out on you. We’re a right pair, aren’t we, eh?

“So, is this us now? Putting everything behind us?” Kevin sighed as he said: “We’re never gonna be best mates, but yeah. We both love Debbie and if you’re serious about doing the right thing by her then we’ll move forward.

“Just one thing. Why did you do it? Abi, I mean. Like, I know I’ve gotta get past it, and it’s doing me no good dwelling on the past but I need to know. Please.” Carl said: “Because she was there, I was selfish, self-destructive. Jealous. Kev, whatever the reason, doing that to you, to both of you, it was wrong and I regret it. I regret it all. I don’t wanna be that person again and I don’t think I’m gonna be.” It was then that the warring relatives seemingly called a truce as they shook hands.

By the end of the episode, Ronnie and Debbie had found out about the whole thing and he claimed he had returned the gun, but now it was nowhere to be seen as Fiona hadn’t received it. Lamenting in the living room, Debbie said to Ronnie and Carl: “So, not only have we got God knows who coming after us, but there’s someone out there with a loaded gun!

“Right, first thing tomorrow, I want you both out there, and I want you to find it, because if you don’t, it won’t be Fiona you’ll have to worry about, it’ll be me! Now, get out of my sight… the pair of you,” and showed them the door. What none of them know, though, is Jodie Ramsey, the mysterious long-lost sister of Shona, had found the gun and taken it for herself.

Reacting to the tense episode, one fan wrote on X: “Carl bringing a gun to an argument.. yes only soft b******* do that!! #Corrie,” whilst another said: “So what’s Jodie planning on doing with the gun then?” Is she gonna use it on David if he doesn’t sleep with her?”

A third wrote: “Aw Carl and Kevin making up. Hope Carl sorts himself out for Debbie,” and a fourth said: “A near miss for Carl and Kevin. Oh s*** the gun has gone off!”

Coronation Street airs Monday to Friday at 8:30pm on ITV1 and is available to stream from 7am on ITV X.

* Follow Mirror Celebs and TV on TikTok , Snapchat , Instagram , Twitter , Facebook , YouTube and Threads .

WASHINGTON — Ever since Kevin Warsh was nominated by President Trump in late January to lead the Federal Reserve, a question has lingered: Will he seek to raise interest rates to tame inflation or cut them as Trump has long demanded?

On Wednesday, Warsh may provide the first hints of an answer when he oversees his first Fed policy meeting as chair and holds a news conference afterward. Bond markets, which can swing sharply on a chair’s pronouncements, will be watching particularly closely for any signs of which way he leans.

“We expect the press conference to be pivotal,” Jonathan Pingle, an economist at investment bank UBS, wrote in a note. “This will be Kevin Warsh’s first public appearance as Chair. … We do not really know what his policy views are.”

Economists say Warsh will likely aim for a neutral approach, largely because he is taking over the Fed at a challenging time. Rising inflation has made it all but impossible for the Fed to cut interest rates anytime soon, which could stimulate growth and further raise prices. Hiring has improved noticeably since the beginning of the year, removing another key rationale for rate cuts. And the other 11 policymakers on the Fed’s rate-setting committee — including Warsh’s predecessor, former chair Jerome Powell — are split on whether an increase in the Fed’s key rate will be needed or if it can stay unchanged.

High inflation puts Fed in tough spot

Oil prices have fallen sharply on news that the U.S. and Iran have reached an initial deal to end their war, which could eventually cool inflation. Yet it’s unclear whether a permanent agreement can be reached.

“The right thing to do now is wait and see,” said William English, an economist at the Yale School of Management and a former top Fed economist.

Inflation has jumped to a three-year high of 4.2%, the government said last week, mostly because of higher gas prices. Even Trump has backed off a bit from his relentless demands for lower rates, and instead has argued that rate hikes — which the Fed undertakes to cool the economy and slow inflation — aren’t necessary.

In an interview earlier this month on NBC’s “Meet the Press,” Trump said, “Kevin is fantastic and I want him to do whatever he wants,” but added, “there’s no reason to raise rates.”

On Wednesday, the Fed is widely expected to keep its key rate at about 3.6%, where it has remained since last December. When the Fed reduces its rate, over time it can lower other borrowing costs for things like mortgages, auto loans, and business loans.

Changes likely to dash hopes for those seeking lower rates

Still, some changes are expected, which will disappoint those hoping for lower borrowing costs: The Fed is likely to drop language that suggests its next move will be a rate cut, and instead adopt wording that is more neutral. Several Fed policymakers in recent weeks have said that the Fed’s most likely next move is a hike, rather than a cut.

The central bank is also scheduled to release its quarterly economic projections, which include forecasts for how the Fed’s key rate will change over the next three years, on Wednesday. In March, those projections suggested the Fed would cut its rate once this year. Yet on Wednesday they will likely show no change in 2026, with maybe one or two cuts next year, economists say.

Warsh has criticized the projections for providing too much “forward guidance” to financial markets and leading Fed officials to stand by their forecasts for too long, even as the economy changes. Fed watchers will look closely to see if Warsh participates in the quarterly projections. If he doesn’t submit his own forecasts, it could be a sign he will seek to get rid of them entirely in the coming months.

Warsh to bring a new approach to Fed leadership

Outside of policy, Warsh is expected to bring a different style to the Fed than Powell, according to people who’ve worked with him. He wants Fed policymakers to give fewer speeches, have more debates behind closed doors and will likely avoid commenting on the daily ups and downs of the economy. Powell was relatively plainspoken and straightforward, while Warsh has suggested he sees the famously oracular Alan Greenspan, the Fed’s chair from 1987 to 2005, as a model.

“He’s just going to say less, because he doesn’t find that stuff very helpful,” said Robert Tetlow, a former senior policy adviser at the Fed.

Randall Kroszner, an economist at the University of Chicago who served on the Fed’s governing board from 2006 to 2009, when Warsh was also a governor, said the new chair would likely focus on bigger-picture questions, such as how AI will impact the economy. He will avoid thornier issues, such as whether tariffs raise inflation, which Powell was willing to address.

By avoiding such hot-button issues, the Fed could attract less negative attention from the White House, Kroszner said.

“He’s going to stay away from those,” Kroszner added. “If the Fed is to maintain its independence, it needs to maintain its focus.”

While seeking Trump’s nomination, Warsh called for “regime change” at the Fed and criticized the central bank for not preventing the 2021-22 inflation surge, when prices jumped 9.1% in a year, the biggest spike in four decades.

Yet Kroszner said Warsh will likely to seek to build consensus around changing things like the Fed’s communications policies, rather than imposing them. So far, former Fed officials say he hasn’t sought to fire top staff.

“He’s not there to break things,” Kroszner said.

During his Senate confirmation hearing in April, Warsh said he would focus on quelling inflation.

“Inflation is a choice, and the Fed must take responsibility for it,” he said then.

If he acts on that sentiment by keeping rates unchanged — or even raising them — Trump could end up disappointed in another Fed chair. He often threatened to fire Powell, whom he also appointed, for not cutting rates deeply enough.

“There’s at least a risk here that six months down the road, Trump is fulminating about how he didn’t get what he wanted from Warsh, and he’d like to fire Warsh,” English said.

Rugaber writes for The Associated Press.

If you want personal stories of survival, family trauma or just how to get over a breakup, look no further than adult animation. Even better: Sometimes these shows do all that and are still funny. We’ve rounded up some of this season’s best examples in the genre.

‘Genndy Tartakovsky’s Primal’ (Adult Swim)

Set in an anachronistic world where prehumans and dinosaurs fight for survival, “Primal” is told sans dialogue and focuses on a Neanderthal named Spear (whose vocal grunts are provided by actor Aaron LaPlante) and a female Tyrannosaurus rex known as Fang. It’s raw, bloody and, somehow, tear-jerking.

“There’s drama, there’s violence, certainly there’s a bit of lightheartedness … we’re not trying to do it like a live-action thing, but we’re trying to get cinematic,” says creator Genndy Tartakovsky. “And because it’s dramatic and there’s no dialogue, we’re leaning into the visual storytelling of it all. This makes it seem a little bit more sophisticated.”

Tartakovsky says he even tries to make “the blood spurts look beautiful and designed”: “We’re not doing it for shock value.” The show also added the escaped female slave Mira (voiced by Laëtitia Eïdo) at the end of Season 1 because the creator felt it worked for the story.

‘Kevin’ (Prime Video)

Talking cats are not new to animation. But this one is going through the very human roller coaster of a relationship rebound and self-discovery.

Joe Wengert co-created “Kevin” with ex-girlfriend/series voice actor Aubrey Plaza as a cathartic thought experiment about their actual pet cat, Kevin. (Jason Schwartzman voices him in the show.)

“It’s more fun to write for the animals,” says Wengert, whose credits include Netflix’s animated “Big Mouth” and Fox’s live-action “New Girl.” “They have another level of crazy.”

The show also doubles as therapy.

“I’ve always been too into my relationship and I sort of neglect my friends,” he says, adding that “I’ve always wanted to write something about that, but it’s kind of sad when it’s a human man. It’s less sad when it’s a cat.”

‘Long Story Short’ (Netflix)

Raphael Bob-Waksberg, who also created Netflix’s “BoJack Horseman,” knows his beat is animated shows that are both funny and thought-provoking. He says the difference with “Long Story Short,” in addition to it being about humans and not an anthropomorphic horse, is that it has “sadness we can relate to.”

“Here, we see characters sad in the way that we are sad and we go, ‘Oh, this is not a cartoon exaggeration of our sadness.’ This is exactly the same as our sadness,” Bob-Waksberg says.

In order to keep the show from being a total buzzkill, the writers will craft scenes like an intense conversation between adult siblings about fertility treatments in the midst of the chaos and the bizarre costuming of a child’s dance concert.

He says you can do this in live-action, but it would have to be something in the Tina Fey-Robert Carlock style like NBC’s “30 Rock” or Netflix’s “Unbreakable Kimmy Schmidt,” which are known for rapid-fire bits.

“Usually in live-action, when you think about dramedy, your head goes to like, well, not too funny and not too dramatic. And my shows are kind of the opposite,” he laughs.

‘Mating Season’ (Netflix)

Like another show Andrew Goldberg co-created, Netflix’s “Big Mouth,” “Mating Season” is about sex and relationships. But, because it’s not about kids, it can be less metaphoric. And, because it’s about a group of Gen Z-ish forest animals, it can almost seem … cute?

“It feels less voyeuristic than with people,” Goldberg explains of “Mating Season.”

Goldberg, who loves nature documentaries like Netflix’s “Life on Our Planet,” says they opened the second episode of “Mating Season” with a parody documentary because “we wanted to remind people as much as possible that, yes, these are cartoon characters. But these animals are real, and they’re out there, and they’re going about their lives.”

He says the writers were also inspired by dating shows about humans such as Netflix’s “Love Is Blind” and Peacock’s “Love Island,” because “we really discovered, as we were writing the first season, how much the show was a romantic comedy.”

‘Strip Law’ (Netflix)

“Strip Law,” about a Las Vegas lawyer attempting to live up to his late mother’s legacy, is a David and Goliath story, in which Adam Scott’s Lincoln Gumb and a ragtag crew attempt to defeat the powerful and nefarious attorney Steve Nichols (Keith David). It’s also a send-up of legal procedurals, with Lincoln’s cases including a fight over who’s the real Santa Claus and a custody battle that devolves into a theological debate. Even the season finale is a meta masterpiece that’s told from the points of view of Lincoln’s rival attorneys.

“It would be disingenuous to say we weren’t at least a little trying to weird people out,” creator Cullen Crawford laughs.

Crawford cut some of his teeth on CBS’ “The Late Show With Stephen Colbert,” but says he switched formats when he got burned out writing jokes about President Trump. He says that, at least in the comedy world, “a good animation writer will be a good live-action writer and the other way around, to an extent, as long as you understand the mediums.”

Too popular, too strong and a deep domestic league is a problem Rouet would love Canada to have.

“The fun part with the [Canada] girls being in PWR is the quality of games,” he added.

“If you look at the top eight in the PWR, even Bristol, who are last, have six wins.

“There are no easy games, and this is the value for the players definitely.

“But off the pitch, the [Canada] girls have to live as students. They are not well paid, Rugby Canada doesn’t provide them enough money and their visas don’t allow them to work on the side.

“So, PWR is very helpful, but it’s also not sustainable for them to do that for 10 years.

“Also the only reason this PWR is the best of the leagues is because there are players from six, seven, eight countries that play in England.

“Those young English players who aren’t centrally contracted, have to grind to get game time. That is not bad for them. It’s the same for the senior Canada players when they come to a PWR club.”

Those Canada players and their colleagues will get three shots at England, and revenge for their World Cup final defeat, this autumn. They meet the Red Roses in Exeter on 19 September, before home fixtures in Toronto and Ottawa on 17 and 24 October.

Canada will have big crowds, but, with players scattered across continents and Rugby Canada’s focus switching to the men’s side and Australia 2027, short preparation time for those games.

“That’s the reality of our programme – we have to just be confident, but also be mindful if we don’t beat England, that’s OK,” said Rouet.

For Saracens, expectations are higher. They finished the PWR’s regular season strongly.

Gloucester-Hartpury, the three-time defending champions, didn’t.

The ‘Circus’ is in danger of falling flat after defeats by Ealing Trailfinders and Bristol Bears in their final two games.

Saracens take on Exeter this Sunday in the semi-finals and Rouet and his team are determined to put on a show of their own.

“We have a duty to try to promote the women’s game and part of that is playing fast rugby that is exciting, fun and beautiful to watch,” he added.

“We have great players at Saracens, players who love to take initiative, take an option, read the game as well as respect the structure. They love to do that, maybe I just try to empower them to do so.”

He can build bridges, but Rouet also hopes to destroy dynasties.

After his Netflix roast inspired tit-for-tat feuding among comedians and backlash from viewers over a joke about George Floyd, Kevin Hart’s stance is clear: All is fair in love, war and comedy.

During a Tuesday appearance on “The Breakfast Club,” Hart addressed the controversy stemming from Netflix’s “Roast of Kevin Hart,” which aired earlier this month and included material that shocked viewers. Tony Hinchcliffe, who helms the No. 1 live podcast in the world, “Kill Tony,” applied his politically incorrect approach to comedy that similarly outraged audiences at a 2024 campaign rally for then-presidential candidate Donald Trump.

“The Black community is so proud of you right now,” he quipped at Hart. “George Floyd is looking up at us all, laughing so hard that he can’t breathe.”

In 2020, Floyd was murdered by police Officer Derek Chauvin, who pressed his knee into Floyd’s neck for more than nine minutes, until he died. His last words were “I can’t breathe,” which he said more than 20 times. The killing sparked global unrest and the largest civil rights protest since the 1960s. Hart attended Floyd’s memorial and private service in Minneapolis.

“The George Floyd joke, it wasn’t a tasteful joke to our culture,” Hart told the podcast. “But our audience that’s watching the roast … you get why they’re doing it, you get why the racial humor is on the table.”

Hart continued that the approach to comedy is nothing new and said, “Tony Hinchcliffe arguably had the best set, or one of the best sets.”

“Would I tell those jokes? No, but do I get why they’re being told? Yes,” Hart said.

Floyd’s brother, Terrence Floyd, spoke with “Breakfast Club” host Loren LoRosa after the roast aired and said that he expected Hart to step in and tell Hinchcliffe he’d gone too far.

“What do you want me to do? Drag him off?” Hart asked during his appearance on the podcast. “That’s not what I agreed to do. That’s not the job at hand. The job at hand was to produce a successful roast, which I did.”

Not only has the Netflix roast caused a stir among viewers, but the comedians who participated also have been trading slights in recent weeks. Chelsea Handler didn’t mince words when she offered her take on Hinchcliffe, as well as Shane Gillis, who also performed a set during the roast. According to Handler, ex-girlfriends of the controversial comedians slid into her DMs and told her what she said she already knew about them.

“They’re racist,” she said during an appearance on Deon Cole’s “Funny Knowing You” podcast. “That they’re bigots, that they’re sexist, that they think they’re like invincible.”

Handler said that one of Gillis’ jokes about lynching Hart was “worse than rape.” In response, Gillis told the Hollywood Reporter in a statement that Handler was capitalizing on the moment.

On Monday’s episode of “Kill Tony,” Hinchcliffe responded to Handler’s remarks by calling her “a bit of a c—. “

Warsh will lead the central bank at a time when its independence has come under scrutiny amid political pressure.

Kevin Warsh has been sworn in as the new chair of the United States Federal Reserve Board of Governors, succeeding Jerome Powell, who has held the position since 2018.

Warsh took the oath of office on Friday, following a contentious nomination period, with the Senate voting along party lines on both his confirmation to the Board of Governors and as chairman. Only Pennsylvania Senator John Fetterman broke with his Democratic colleagues to advance his nomination.

Warsh, 56, will lead the central bank at a time when its independence has come under scrutiny amid political pressure on the historically non-partisan institution.

US President Donald Trump, aware of that critique, in his opening remarks said, “I want Kevin to be totally independent and do a great job. Don’t look at me and don’t look at anybody. Just do your own job”.

During his confirmation hearing before the Senate Banking Committee, ahead of a vote by the full Senate, Democratic Senator Elizabeth Warren accused Warsh of being a “sock puppet” for Trump. Warsh denied the allegations and said he would remain independent in his monetary policy decisions.

When Joe Biden was president, Warsh advocated against cutting interest rates, but changed his tune when Trump took office. In December 2025, Trump said that he would only appoint someone to lead the central bank who agreed with him on cutting rates.

Regardless, Warsh cannot unilaterally make policy decisions. He is one of 12 voting members.

The first policy meeting Warsh will lead will be on June 16-17.

Inflationary pressures

Pressure from the White House to cut rates comes amid rising inflation in the US economy.

Consumer prices increased 0.6 percent in April after a 0.9 percent rise in March, according to the most recent Consumer Price Index report released by the Labor Department’s Bureau of Labor Statistics earlier this month.

On an annual basis, prices were also higher, rising 3.8 percent compared with the same month in 2025, marking the largest increase in three years. The largest surge has been in energy prices, which have risen 17.9 percent over the last year.

US consumers are feeling the strain at the pump. The average price for a gallon of petrol (3.78 litres) is $4.56, according to the American Automobile Association (AAA), which tracks daily petrol prices. That is up from $2.98 per gallon on February 28, when the US and Israel first struck Iran.

After he was sworn in, Warsh said he was “not naive” about the challenges facing the US economy, and that inflation can be lower and growth strong.

Surging prices could put pressure on the central bank not to cut rates. Analysts from JPMorgan Chase forecasted last month that rates will likely remain unchanged until mid-2027 and anticipated then that rates could rise rather than be cut.

“With inflation having run significantly above 2 percent over the past five years, with further increases in inflation likely to occur as a result of the conflict in the Middle East, and with emergent price pressures in a few categories that appeared unrelated to tariffs or energy prices, the staff viewed the possibility that inflation would be more persistent than anticipated as a salient risk,” the central bank said in the newly released minutes of its April policy meeting.

CME Group’s FedWatch tool, which tracks the likelihood of monetary policy decisions, says there is a 97 percent chance that rates will remain unchanged at the next policy meeting.

Published on
14/05/2026 – 14:35 GMT+2

Long-term US borrowing costs climbed to levels not seen since before the global financial crisis after the Treasury auctioned $25bn (€21.3bn) in 30-year bonds at a high yield of 5.058% on Wednesday, according to the department’s own data.

ADVERTISEMENT

ADVERTISEMENT

The sale came only hours after the US Senate voted to confirm former Federal Reserve governor Kevin Warsh as the next chairman, succeeding Jerome Powell.

The auction result immediately complicated the backdrop for Warsh’s arrival at the central bank, underlining the pressure facing policymakers as inflation is rising.

At the time of writing on Thursday, US 30-year bonds are trading at 5.02% while 10-year notes are selling with a yield of 4.44%.

US inflation figures released earlier this week showed consumer prices rose 3.8% from April 2025 as the 10-week Iran war pushed energy costs higher and distanced inflation from the Federal Reserve’s 2% target.

Producer price data also pointed to persistent underlying cost pressures across the economy, reinforcing expectations that the central bank may struggle to ease monetary policy quickly.

Rising Treasury yields have broad implications for the economy because they influence borrowing costs on mortgages, corporate debt and other forms of credit.

Higher long-term yields can also increase financing costs for the US government at a time when public debt is nearing $40 trillion (€34.1tn).

Investors are increasingly concerned that a combination of resilient economic growth, elevated energy prices and sustained government borrowing could keep inflationary pressures alive despite two years of restrictive monetary policy.

The yield on the benchmark 30-year Treasury bond being auctioned above 5% is a symbolic threshold last reached in 2007 before the onset of the global financial crisis.

While market conditions today differ substantially from that period, the move nonetheless underscores the sharp repricing that has taken place in global bond markets over the past two years.

Kevin Warsh inherits a difficult policy environment

Kevin Warsh takes over the Federal Reserve at a delicate moment for the US economy.

The former Morgan Stanley banker and Fed governor has previously argued in favour of maintaining the central bank’s credibility on inflation, while also signalling support for reforms to the institution’s communication strategy and balance sheet policies.

Warsh’s confirmation comes as financial markets remain divided over how aggressively the Federal Reserve should respond to persistent inflation pressures.

Some investors believe rates may need to stay higher for an extended period, while others warn that maintaining tight monetary conditions for too long could weigh heavily on economic growth and employment.

The main driver of the rise in inflation is the current disruption to global energy markets caused by the Iran war which also leaves the central bank at the mercy of geopolitics and not able to effectively control the situation.

Analysts stated that Wednesday’s Treasury auction illustrated the immediate challenge confronting the incoming Fed chair.

Elevated bond yields can help tighten financial conditions without additional rate increases from the central bank, but they can also amplify risks for heavily indebted households, businesses and the federal government itself.

For Warsh, the market reaction served as an early reminder that restoring confidence on inflation may prove more complicated than simply holding interest rates at restrictive levels.

When Kevin Hart announced in January that he’d licensed his name to Authentic Brands Group, the popular comedian was silent on a key detail: the future of his namesake media company.

Hart sold some ownership and oversight of his brand in exchange for an undisclosed sum of money and a stake in Authentic, a New York-based firm that manages the likenesses of Marilyn Monroe, Muhammad Ali, Shaquille O’Neal and David Beckham.

Hart used the partnership with Authentic to reset his relationship with the people around him and his company, according to six current and former employees. Hart’s employees say they worry that this deal marks the beginning of the end of Hartbeat, the comedian’s namesake media company that produces films, owns a network of short-form video channels and handles marketing for brands.

Though the announcement made no mention of Hartbeat, the agreement gave Hart money to buy out his private equity partner in the company over time and regain control of the use of his name, image and likeness. Hart’s endorsement deals, which had been a pillar of Hartbeat business, will now be handled by Authentic.

Once valued at about $650 million, Hartbeat has shriveled over the past few years. The company enacted its latest round of job cuts in December, firing the heads of its scripted TV division, as well as employees working across marketing, social media and brand partnerships, said the people. Earlier this year it let go the leaders of its podcast division and later sued them for breach of contract.

Hart has withdrawn from the company, leaving day-to-day management in the hands of a small group of executives. Staff meetings have been canceled. The development of new film and TV projects has slowed. A slate of new podcasts was pitched but never produced.

Hartbeat’s struggles reflected the challenging environment for many Hollywood production companies as media giants merge and cut spending. The company is also a cautionary tale in this age of the celebrity media mogul. Financial firms have plowed money into media companies led by high-profile figures, believing they could use their notoriety to build valuable businesses. Yet even seemingly successful ones have had a hard time.

Hartbeat, like many of its peers, has suffered from mismanagement and grappled with the tension between the needs of the star and his company. Hart, one of the hardest-working people in Hollywood, tired of subsidizing a company that relied so much on him

Hart declined to comment for this story, which is based on conversations with several current and former employees. On Sunday night, Hart, who hosted the widely viewed roast of NFL great Tom Brady two years ago, was the subject of his own roast on Netflix.

Building a Billion-Dollar Business

One of the most successful stand-up comedians and actors of his generation, Hart, 46, has always been entrepreneurial. In 2017, he started Laugh Out Loud, an online video comedy business that later grew to include branded entertainment. He also operated his own production company, Hartbeat Productions, that made programs for streaming services like Peacock, Quibi and Netflix Inc.

With Hollywood in the midst of a production boom, Hart watched his fellow celebrities get rich from their media enterprises. Reese Witherspoon sold her media company, Hello Sunshine, in a deal that valued it at as much as $900 million. Hart’s friend LeBron James raised money for his company, SpringHill, at a valuation of $725 million. Hart believed he could be next.

In late 2022, Hart merged his business interests under the Hartbeat banner and raised money by selling a 15% stake to the private equity firm Abry Partners. The deal valued the company at about $650 million.

The new business was predicated on three pillars: film and TV, short-form video and advertising. Hartbeat had a deal to produce movies for Netflix, a slate of podcasts for SiriusXM Holdings Inc. and original audio series for Audible. Hartbeat also developed relationships with advertisers such as Lyft Inc., Procter & Gamble Co. and DraftKings Inc.

While Hart would star in Hartbeat projects, the goal of the company was to develop projects and new business that didn’t involve its namesake founder. The company could leverage Hart to sell projects and secure broad programming partnerships. Hart would ask that Hartbeat be involved in producing his movies and any advertising campaign for which he was a spokesperson. His fees as a producer and brand ambassador would help pay the bills. The hope was he’d convince other celebrities to use Hartbeat as well. Thai Randolph, who had been running Laugh Out Loud, was named chief executive officer.

Hartbeat opened offices in New York and Atlanta and took over a 40,000-square-foot West Hollywood office once occupied by Oprah Winfrey. Hart redesigned the space and installed a world-class art collection.

The upper-level lobby featured a work by Ghanaian artist Serge Attukwei Clottey, while the conference room had a sculpture by Zimbabwean artist Moffat Takadiwa made of computer keyboard keys. A portrait of Kobe Bryant by Julian Pace hung outside a podcast studio.

Hart’s own office featured a dressing room, a series of paintings by South African artist Feni Chulumanco, multiple TVs and a desk from a prominent French designer. “He really has almost a full-service apartment in his suite,” Kai Williamson, who worked with Hart on the project, told Architectural Digest. Hart was interviewed for a story and also filmed an episode of the design magazine’s “Open Door” video series.

While Hartbeat expanded, Hollywood entered a recession. Economic uncertainty, rising interest rates and growing skepticism about the profitability of streaming caused major media companies to fire staff and pull back on buying new projects. Hartbeat was a little more insulated than most because talent like Hart could usually still get a project made. Still, producing projects without Hart in a starring role became more difficult.

Randolph left the company in late 2023 and was replaced by Jay Levine, who had spent much of his career at Warner Bros. Discovery Inc. Levine brought in a couple of other senior leaders with experience at major media companies.

A contingent of executives pushed Hart to scale back some ambitions, the people said. The company couldn’t afford to be working in so many different businesses at the same time, especially as areas like free, advertising-supported online video, and podcasts got more competitive. Hart was one of the most prolific and productive creative people in the world, starring in and producing movies, TV shows, comedy, short-form videos and advertisements. The point of the company was to relieve the stress on him, not add to it.

While Hartbeat closed its New York office, Hart was reluctant to scale back his vision or replace some long-time lieutenants. Levine negotiated his exit at the end of 2024 and was followed out the door by the company’s chief financial officer and chief content officer. Days before Thanksgiving, Hartbeat laid off about 20 people, nearly one quarter of its work force.

A year of chaos and conflict

In January 2025, Hart announced he would be the new CEO of Hartbeat and pledged to outline the firm’s strategy in the coming weeks. Instead, Hart went weeks and sometimes months without visiting the office, the people said, and empowered Jeff Clanagan and CFO Eric Stoneburner to run the company day to day. (Hart was on set to shoot at least a couple movies last year, in addition to his other work.)

A former concert promoter and movie producer, Clanagan had helped make Hart a major star. He had partnered with Hart to bring his stand-up specials to the big screen, producing shows such as 2013’s Kevin Hart: Let Me Explain, which grossed $32 million at the box office. Clanagan produced some of these specials under the banner of his own company, Codeblack Films, which helps promote, market and distribute video from Black creators.

Clanagan continued to operate Codeblack while serving in a senior capacity at Hartbeat, said the people. He pushed employees at Hartbeat to post its videos to the Codeblack channels as well, saying they could use the additional reach to raise awareness. The videos generated advertising sales for Codeblack.

Clanagan had employees at Hartbeat oversee Codeblack’s social media pages and asked to get those channels loaded into Hartbeat’s content management system. That gave Codeblack’s YouTube channels advantages over others because of Hart’s prominence and his company’s designation with YouTube. Employees raised concerns with human resources and the company’s lawyer.

Clanagan also became increasingly interested in video generated by artificial intelligence. He started a new app called Blktopia, a streaming service for Black viewers programmed with content from online creators and often made by AI. He urged employees to work on it, the people said. Clanagan initially responded to a request for comment and then retracted the text message.

Meanwhile, many of Hartbeat’s main businesses languished. Sales from the company’s YouTube channels fell and investment in new film and TV projects slowed. Hartbeat, once profitable, started to bleed cash. Hartbeat had hired Eric Eddings and Lesley Gwam to produce audio shows that didn’t involve Hart. While the pair developed a slate of projects, they never got approval to make them.

In mid-December, Hartbeat fired about a dozen employees, including some of those who were supposed to develop the podcasts. Eddings and Gwam then decided to start their own company and began trying to raise money. When Clanagan found out, Hartbeat fired them and sued for alleged theft of trade secrets and breach of contract.

A court approved a temporary restraining order but then rejected a preliminary injunction, saying Hartbeat had not demonstrated Eddings and Gwam had used proprietary information or trade secrets. The court said the request was “vague, ambiguous, and overly broad.” The case is ongoing.

Hartbeat also fired the heads of its TV division, Tiffany Brown and Mike Stein, who were in the middle of producing a TV show based on the film Barbershop for Amazon.com Inc. and a second season of the animated series Lil Kev.

The company made no official announcement explaining the cuts. The following week, senior leadership arranged a Zoom meeting. Hart remained off camera until it was his time to speak. He talked for a few minutes about changes at the company and took no questions. Hart changed his phone number in the weeks following the layoffs. (Some of his advisors had suggested he do this years earlier so that he wasn’t so available.)

A few weeks later, Hart announced the deal with Authentic Brands Group. Hart used some of the proceeds to buy out Abry Partners, freeing him to steer his brand deals to Authentic and outside of Hartbeat. A few of his employees and his publicist joined him at Authentic.

“This is a turning point for Hartbeat,” the company wrote in a subsequent email to employees, explaining that the deal would free Hart up to focus on what he does best, while allowing Hartbeat to stand on its own and grow beyond him.

“I know the past few months have been tough,” Hart wrote, adding that for too long the company had been too dependent on him. The email was said to be from “Kevin AKA Boss Man.” It was sent by Hart’s assistant.

Shaw writes for Bloomberg.

WASHINGTON — The Senate Banking Committee voted on party lines Wednesday to approve Kevin Warsh as the next chair of the Federal Reserve to replace Jerome Powell, a longtime target of President Trump’s insults for not cutting borrowing costs as far as the president wanted.

The vote was 13-11, with all Republican senators voting in favor and Democrats opposed.

Warsh is a former top Fed official but has also been a sharp critic of the institution and Powell’s leadership. He has called the inflation spike to 9.1% in 2022 the central bank’s biggest policy mistake in four decades. A vote on his nomination probably won’t take place until next month, but he could be confirmed by the time Powell’s term as chair ends May 15.

The Senate Banking vote is the first of two key events surrounding the future of the Fed’s leadership. Also Wednesday, Powell is presiding over what will probably be his last meeting of the Fed’s interest rate-setting committee. At a news conference Wednesday afternoon, Powell may indicate whether he will remain as a member of the central bank’s board of governors after his term as chair ends.

It would be unusual for Powell to stay, but doing so would deprive the Trump administration of an opportunity to appoint a new member to the board. Powell may choose to stay if he sees it as necessary to protect the Fed’s independence, which has become part of his legacy as its leader.

Sen. Tim Scott, a South Carolina Republican and chair of the committee, said Warsh is “battle tested” and added that, “It is incredibly important that we break the bind of Bidenomics on households across this nation.”

Sen. Elizabeth Warren, a Democrat from Massachusetts, criticized the banking panel for voting on Warsh’s nomination. Doing so “will bring the president one step closer to completing his illegal attempt to seize control of the Fed and artificially juice the economy,” she said, citing Trump’s effort to fire Fed governor Lisa Cook and investigate Powell.

The Fed on Wednesday is widely expected to leave its key rate unchanged at about 3.6% for its third straight meeting, defying Trump’s calls for lower rates.

Warsh has called for “regime change” at the Fed and could alter many of its practices, including the economics models it focuses on, how it communicates with the public, and how large its bondholdings will be in the long run.

Those changes could affect financial markets, but otherwise won’t necessarily be visible to the general public. But Warsh has also advocated for additional interest rate cuts, which could potentially lower borrowing costs for mortgages, auto loans, and business loans. He will face barriers to implementing those cuts anytime soon, however, largely because the Iran war has caused a spike in gas prices, pushing inflation to a two-year high of 3.3%.

The Fed typically keeps rates elevated, or even raises them, to combat worsening inflation.

Most of the other 11 members of the Fed’s rate-setting committee have indicated they would prefer to wait and evaluate where inflation and the economy are headed before making any changes to rates. It could take time for Warsh to build up enough influence to push for rapid rate cuts. He will also replace Stephen Miran, a member of the Fed’s rate-setting committee who was appointed by Trump last September and is the most consistent advocate for rate reductions at the central bank.

Warsh also faces questions about his independence from the White House, a key issue that dogged him during a Senate Banking hearing last week. On Wednesday, Warren said, “Mr. Warsh is a Trump sock puppet who is so cowed by the president that he could not even say that Trump lost the 2020 election.”

Last December, Trump called for much lower interest rates in a social media post, and added that “anyone who does not agree with me will never be Fed chair!” And just last week he told Fox Business that he expects rates to head lower, “when Kevin gets in.”

Warsh denied at his hearing, however, that Trump had ever pressured him directly to cut rates.

Rugaber writes for the Associated Press.