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Washington, Europe, Ukraine, China and Health Care
In Washington
Kevin Warsh has been confirmed by the Senate to replace Jerome Powell as Federal Reserve chair, in a vote that was divided along party lines. If nothing else, the central bank now has a new boss and a fresh reminder that even monetary policy can become a stress test for Congress.
The White House says Donald Trump will have another public medical exam on May 26, his fourth of the term and one coming just before his 80th birthday. The administration is also offering Cuba $100 million in aid, but only if Havana agrees to reforms, which is a fairly direct way of saying the check comes with a ledger.
In Europe and the Ukraine war
Hungary’s new prime minister, Péter Magyar, has condemned a major Russian drone attack near the Hungarian border and summoned the Russian ambassador, a notable break from Budapest’s earlier pro-Moscow line. Russia said it fired at least 800 drones across about 20 regions of Ukraine, Poland scrambled fighter jets as a precaution, and supporters of a Ukraine aid and sanctions bill in Washington have now reached the signatures needed to force a House vote.
Russian authorities are also moving to restrict publication of photos and videos showing the aftermath of drone strikes. The usual confidence in controlling the narrative is doing a lot of work there.
In markets and the cost of living
Higher fuel costs tied to the Iran war are starting to ripple through the economy. Consumers in hard-hit parts of Asia are turning to rooftop solar, Europe’s airline industry says fares are headed up if oil stays expensive, South Korea’s employment rate fell for the first time in 16 months, and estate agents in England and Wales say the housing market has turned more cautious as buyers worry about inflation and mortgage rates.
In China and trade
China is reportedly adjusting the Chinese spelling used for Marco Rubio’s name during his visit to Beijing, a workaround aimed at avoiding its own sanctions rules. Trump is in Beijing and is due to meet Xi Jinping, with trade and the Iran war on the agenda, which is a tidy little itinerary for a trip nobody will be calling relaxed.
In health care
England’s NHS has approved two treatments for children with spinal muscular atrophy, opening access to drugs that can improve survival for hundreds of patients. For families facing that diagnosis, the decision is being described, quite rightly, as a lifeline.
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This podcast is a fully automated experiment in AI-generated content. Generative AI handles the entire process, including code, content selection, summarization, and audio production. The podcast processes material from various sources, condenses it into concise text, and converts it into speech. No human intervention is involved in the production process.
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