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President Donald Trump announced on Fox Business that he will dismiss Federal Reserve Chair Jerome Powell if the central‑bank chief does not vacate the post by the statutory end of his term on May 15. “I’ll have to fire him, OK, if he’s not leaving on time,” Trump said, adding that he had previously held back the decision to avoid controversy. Powell, who has just over a month left in his tenure, has repeatedly been criticized by Trump for what the president calls a “bad job” and for refusing to lower interest rates despite Trump’s repeated demands since his return to the White House in January 2025. In January, Trump nominated former Fed governor Kevin Warsh to replace Powell. Warsh, known for his criticism of the Fed’s relatively high rates, is expected to align more closely with Trump’s push for rate cuts. His confirmation hearing before the Senate Banking Committee is slated for April 21, but the outcome remains uncertain. Republican Senator Thom Tillis of North Carolina, a member of the banking committee, has signaled he will block Warsh’s nomination until the Department of Justice concludes its criminal investigation into alleged misconduct surrounding the Fed’s headquarters renovation in Washington, D.C. Tillis described the probe as “reaching the point of absurd,” yet insists the investigation must be resolved before moving forward. The probe appears active: prosecutors made an unannounced visit to the construction site this week, as reported by the Wall Street Journal, underscoring the seriousness of the inquiry. During the same interview, Trump dismissed the investigation’s relevance, claiming the project was “probably corrupt, but what it really is is incompetence,” and questioned whether a $25 million renovation could balloon to a $4 billion expense. Powell responded in January with a rare public rebuke, labeling the investigation a “pretext” aimed at pressuring the Fed to lower rates. He warned that political intimidation could jeopardize the Fed’s ability to set monetary policy based on economic evidence. The legal backdrop adds another layer of uncertainty. The Supreme Court has yet to rule on Trump’s authority to fire a Fed board member without cause—a question that resurfaced after the president’s attempted removal of Fed governor Lisa Cook last summer. Justices appeared skeptical of such unilateral action during oral arguments in January. With the Fed’s independence at stake, the coming weeks will determine whether Trump’s threat translates into action, whether Warsh can secure Senate confirmation, and how the renovation investigation will influence the broader debate over political interference in U.S. monetary policy.

Former Treasury Secretary Janet Yellen sharply criticized President Donald Trump’s repeated calls for the Federal Reserve to slash borrowing costs, likening the approach to the fiscal tactics of a “banana republic.”Trump has publicly urged the central bank to deliver the lowest interest rate in the world, arguing that cheaper financing would ease the service burden on the United States’ staggering $39 trillion debt.Speaking at an HSBC investor summit in Hong Kong, Yellen asked, “How often does the president of a developed country demand that interest rates be set to reduce debt‑service costs? This is what you hear in a banana republic.” She warned that such political meddling could unleash inflation if the Fed’s independence is compromised.The Fed, under Chair Jerome Powell, last lowered its policy rate in December to a range of 3.5 %–3.75 %. However, policymakers are growing uneasy about inflationary pressures, especially as the ongoing Iran conflict threatens oil supplies.Powell is slated to step down next month, but his successor—Trump’s nominee Kevin Warsh—has yet to secure Senate confirmation. Powell has indicated he will remain in his role if a replacement is not confirmed, and he may continue as a Fed governor until a pending Department of Justice investigation concludes.Trump has openly dismissed the idea of Powell staying on, telling Fox Business that he would “have to fire him” if the chair does not leave. Powell, for his part, describes the DOJ probe as a “pretext” aimed at pressuring the Fed to cut rates.Warsh, who argues that potential productivity gains from artificial intelligence could justify lower rates, faces skepticism from Yellen, who doubts he commands the same respect as former Fed chair Alan Greenspan. She noted, “Greenspan was widely respected for his expertise; I don’t think Warsh walks in with that level of credibility.”Trump’s broader effort to reshape the Fed board includes an attempt to remove Governor Lisa Cook, who is currently facing a Supreme Court case over alleged mortgage fraud.Meanwhile, finance ministers and central bankers have gathered in Washington for the International Monetary Fund’s spring meetings. Bank of England Governor Andrew Bailey warned that rising oil prices, driven by the Iran conflict, constitute a “major supply shock” that central banks must assess carefully.The IMF has cautioned that a prolonged closure of the Strait of Hormuz could trigger a global recession, underscoring the interconnected risks of geopolitical tensions, sovereign debt, and monetary policy decisions.

The Food and Agriculture Organization (FAO) has issued a stark warning: if the Strait of Hormuz remains blocked by the ongoing US‑Israel conflict with Iran, the world could face a food ‘catastrophe’. The disruption is already halting shipments of vital agricultural inputs, a situation that could quickly cascade into higher food prices. FAO chief economist Maximo Torero told Al Jazeera that, for now, food prices have stayed stable because existing stockpiles are absorbing the shock. However, he cautioned that this buffer is temporary and that “the clock is ticking.” FAO agrifood economics director David Laborde added that if traffic does not resume, the resulting strain on energy and fertilizer markets will translate into “higher commodity and retail prices later this year and into 2027.” According to the FAO, 20‑45% of key agrifood inputs—including fertilizers, pesticides and feed—depend on maritime passage through the Hormuz chokepoint. Nearly half of the world’s traded urea, the most widely used fertilizer, also moves through the strait, making global agriculture highly vulnerable. Recent gas supply disruptions have already forced fertilizer plants in the Gulf and beyond to cut or halt production, raising concerns that farmers may have to reduce fertilizer use or face higher production costs. Torero emphasized that poorer countries are especially at risk because planting calendars leave little room for delays; a slowdown in input delivery could quickly lead to “lower output, higher inflation and slower global growth.” The blockade stems from Iran’s decision to bring traffic to a near‑total halt in retaliation for attacks by the United States and Israel, which launched a war on Tehran on 28 February, resulting in the death of Supreme Leader Ayatollah Ali Khamenei. The conflict has already doubled oil and gas prices compared with pre‑war levels. Negotiations between Iranian and US representatives over a 21‑hour marathon failed to secure a permanent ceasefire. Subsequently, US President Donald Trump announced a naval blockade, stating that the navy would interdict ships in international waters that had paid Iran a toll to traverse the strait. The US military later declared it would block all maritime traffic entering and exiting Iranian ports, including those in the Gulf and the Gulf of Oman. FAO officials stress that decisive action—both a sustained ceasefire and the reopening of the waterway—is essential to prevent the looming food crisis from becoming a full‑blown catastrophe.

Gina Rinehart, Australia's wealthiest person, faces a potentially significant loss of wealth and control over her Pilbara iron ore empire as a court verdict looms in Perth. The Western Australian supreme court judgment will determine whether Rinehart must share the spoils of some of Hancock Prospecting's most lucrative iron ore projects with the family of her late father's business partner, Peter Wright.The dispute centers on the lucrative Hope Downs mining complex near Newman in north-west Western Australia, a joint venture between Hancock Prospecting and Rio Tinto, which delivered a $832m profit to Hancock Prospecting in 2025. The Wright family heirs claim they are entitled to an equal share of the 2.5% royalties coming from Hope Downs to Hancock Prospecting.Hancock Prospecting rejects the claim, arguing it undertook all the work and bore the financial risk of development, making it the legitimate owner of the Hope Downs assets. The judgment, expected to be appealed regardless of the outcome, may also impact Rinehart's children, who have accused their mother of an 'egregious fraud' against them.Rinehart's company and Hancock Prospecting have rejected all claims, with Rinehart's lawyers arguing that her actions were done to right an historic wrong by her father. The court's decision will also inform a separate federal arbitration process that will decide how Hancock Prospecting's shares are divided between the family.In a related development, Hancock Prospecting's latest annual report shows that more than $6.4bn in dividends have been placed in reserve pending the outcome of arbitration.

FIFA has officially declined the Iranian Football Federation’s (FFIRI) appeal to relocate its 2026 World Cup games from the United States to Mexico, stating that the logistical complexities of moving the matches are prohibitive, Mexican President Claudia Sheinbaum confirmed. The request, lodged last month, was met with a firm response from the sport’s governing body: all scheduled fixtures will proceed in the United States as originally drawn, eliminating any prospect of Mexican venues hosting Iran’s team. Sheinbaum reiterated the stance at a press conference in Mexico City, emphasizing that “FIFA ultimately decided that the matches cannot be moved from their original venues,” and that attempting relocation would create untenable logistical hurdles. FIFA declined to comment to Al Jazeera regarding the confirmation of Iran’s host venues. The backdrop to this dispute is the ongoing US‑Israel war against Iran, which erupted on 28 February, killing Supreme Leader Ali Khamenei and 168 people in a girls’ school on the first day of hostilities. Tehran retaliated with missile and drone strikes on Israeli and U.S. military installations across the Middle East. A Pakistan‑mediated ceasefire halted the exchanges on Wednesday, though Israel continues operations in parts of Lebanon. Iran was among the earliest qualifiers from the Asian confederation and is placed in Group G alongside Belgium, Egypt and New Zealand. The team’s three group matches are slated for the U.S. West Coast: Los Angeles on 15 June and 21 June, and Seattle on 26 June. While Mexico, a co‑host of the tournament with the United States and Canada, initially expressed willingness to accommodate Iran’s fixtures, President Sheinbaum’s recent remarks align with FIFA President Gianni Infantino’s position. Infantino, who met Iranian players, coaches and officials in Turkey on 31 March, affirmed that “the matches will be played where they are supposed to be, according to the draw.” Infantino also dismissed speculation that Iran might boycott the tournament altogether after FFIRI President Mehdi Taj warned of a potential boycott if security could not be guaranteed in the United States. Earlier, former U.S. President Donald Trump posted on social media that Iran’s participation would be unsafe, prompting Taj to state that Iran would refuse to travel to America under those conditions. Iranian Sports Minister Ahmad Donyamali later warned that Iran’s World Cup involvement remains uncertain unless FIFA relocates the games, underscoring the political sensitivity surrounding the event. In summary, despite regional conflict, diplomatic tensions, and security concerns voiced by Iranian officials, FIFA’s decision ensures that Iran will compete in the United States as originally scheduled, preserving the tournament’s logistical integrity.

Tehran – Iranian officials warned that the United States must increase pressure for any peace agreement while urging their supporters to keep the streets under control.Parliament speaker Mohammad Bagher Ghalibaf said the US delegation in Islamabad “failed to gain the trust of the Iranian delegation” during the marathon talks.US President Donald Trump announced an immediate naval blockade of the Strait of Hormuz and declared that US forces are “locked and loaded” to finish Iran at the “appropriate moment.”Iran hailed the delegation’s refusal to accept Washington’s core demands – ending nuclear enrichment and relinquishing control of the Strait – as a sign of defiant resolve.Judiciary chief Gholam‑Hossein Mohseni‑Ejei thanked the Islamabad team for “guarding the rights” of government supporters, including paramilitary forces that have been gathering in Tehran’s main squares for more than six weeks.State television aired an IRGC aerospace officer urging flag‑waving crowds not to worry, stating, “If the enemy does not understand, we will make them understand,” which was met with cheers demanding more missile and drone attacks.Iranian officials blamed Trump’s “excessive demands” for the talks’ failure, noting the Ministry of Foreign Affairs did not expect an agreement after a single day of negotiations.Hard‑line parliamentarians expressed satisfaction with the stalemate, viewing Iran as holding the upper hand. Deputy speaker Hamidreza Haji‑Babaei said only a UN Security Council resolution signalling US surrender would lift sanctions on Iran.Lawmaker Amir Hossein Sabeti of the Paydari faction thanked the negotiating team for standing by red lines and called for “resistance in the field against these evildoers.”The sudden announcement of a two‑week cease‑fire left pro‑state voices disappointed; local media reported the Iranian delegation numbered over 85 members, including state‑affiliated journalists and factional analysts.The talks confirmed that a diplomatic breakthrough was not imminent and hinted at further escalation, though not necessarily a return to full‑scale fighting.National security commission head Ebrahim Azizi dismissed Trump’s blockade threats as “excessive talk.”The IRGC warned it would meet any vessel passing the Strait of Hormuz with “full force” and rejected US claims that two warships had already transited the waterway.Russian President Vladimir Putin told Iranian President Masoud Pezeshkian he remains ready to facilitate a Middle‑East peace settlement.Pezeshkian, focused on domestic affairs, reaffirmed support for Supreme Leader Ayatollah Ali Khamenei and announced that schools and universities will continue online via a limited intranet.Iran’s economy continues to suffer from chronic inflation, rising unemployment and a near‑total internet shutdown, deepening public hardship.

The United States’ senior envoy, Vice President JD Vance, said the marathon talks in Islamabad collapsed because Iran would not abandon its nuclear weapons programme, a stance Tehran’s representatives dismissed as a lack of US goodwill. Vance, who departed Islamabad on Sunday after a 21‑hour session with Iranian officials, reiterated that Washington’s red lines required an "affirmative commitment" from Tehran that it would not pursue a nuclear weapon or the means to acquire one quickly. He described the stalemate as "bad news for Iran much more than it is for the United States." Iranian parliament speaker Mohammad Bagher Ghalibaf countered that, despite offering "constructive initiatives," the US failed to win the trust of the Iranian delegation, leaving it to Washington to decide whether it can regain that confidence. Iran’s foreign ministry downplayed expectations, stating that no one anticipated a deal in a single session and emphasizing continued regional contacts, while the semi‑official Tasnim news agency blamed "excessive" US demands for the impasse. The talks took place under a 14‑day ceasefire agreed by the US, Iran and Israel, with Pakistan’s foreign minister Ishaq Dar urging both sides to honour the pause and offering to facilitate renewed dialogue. The conflict, which began on 28 February, has already claimed over 3,000 lives in Iran, more than 2,000 in Lebanon, and dozens across the Gulf region, while inflicting extensive infrastructure damage. Israeli security cabinet minister Ze’ev Elkin warned that Iran is "playing with fire," even as he left the door open for further negotiations. These were the first direct US‑Iran talks in more than a decade and could determine the fate of the fragile ceasefire and the reopening of the Strait of Hormuz—a chokepoint for roughly 20 % of global energy supplies. The war has already sent international oil prices soaring. In addition to Vance, US special envoy Steve Witkoff and former President Trump’s son‑in‑law Jared Kushner met with Ghalibaf and Iranian foreign minister Abbas Araghchi for two hours before a brief recess. The Iranian delegation arrived in black mourning attire for the late Supreme Leader Ayatollah Ali Khamenei and carried shoes and bags belonging to children killed in a school bombing near a military compound—a strike the Pentagon says is under investigation, with some reports suggesting US involvement. Pakistani security forces sealed off Islamabad, a city of over two million, underscoring Pakistan’s newly prominent mediating role after a year of diplomatic isolation. The US military announced it was "setting conditions" to clear mines and allow warships to pass through the Strait of Hormuz, a claim Iran’s state media denied. Prior to the talks, a senior Iranian source told Reuters that the US had agreed to release frozen Iranian assets held in Qatar and other banks, a statement the US later denied. Tehran’s broader demands include control over the strait, payment of war reparations, a region‑wide ceasefire—including in Lebanon—and the collection of transit fees from shipping traffic. President Trump’s minimum objectives remain the free passage of global shipping through the strait and the crippling of Iran’s nuclear enrichment capability to prevent the development of an atomic bomb.

Pakistan dispatched a mixed fleet of fighter and support aircraft to King Abdulaziz Air Base in Saudi Arabia’s Eastern Province on Saturday, marking the first visible military action under the mutual defence agreement signed in September 2025. The Saudi Ministry of Defence confirmed the landing, noting the deployment aligns with the collective defence clause that obliges each signatory to treat an attack on the other as an attack on itself. At the same time, Islamabad is hosting direct US‑Iran negotiations aimed at halting weeks of regional fighting triggered by Iran’s missile and drone strikes on Gulf targets after the US‑Israeli killing of Supreme Leader Ali Khamenei on 28 February. Foreign Minister Ishaq Dar told reporters he personally warned Iranian leaders in early March that Pakistan must honour its obligations to Riyadh. Tehran, seeking assurances that Saudi soil would not be used for attacks against it, received such guarantees, Dar added. Despite these diplomatic overtures, Iranian attacks on Saudi facilities – including key bases and a US embassy building – have persisted. In early March, Pakistan’s army chief, Field Marshal Asim Munir, flew to Riyadh to discuss measures to curb Iranian strikes within the framework of the defence pact. Four days before the jet deployment, Prime Minister Shehbaz Sharif phoned Crown Prince Mohammed bin Salman, pledging that Pakistan would stand “shoulder to shoulder” with Saudi Arabia. The two leaders also agreed to accelerate a $5 billion Saudi investment package earmarked for Pakistan. Saudi Finance Minister Mohammed al‑Jadaan met Sharif, Dar and Munir in Islamabad on Saturday, underscoring the economic dimension of the partnership. Saudi Arabia hosts roughly 2.5 million Pakistani workers, whose remittances are vital to Pakistan’s fragile economy, and has repeatedly provided financial assistance. Security analyst Imtiaz Gul told Al Jazeera the deployment was not intended as a military escalation but as a “messaging tool” to remind Tehran of Pakistan’s treaty obligations. “Three jets won’t make much of a difference militarily,” he said, noting Saudi Arabia’s own sizable air force. Michael Kugelman, senior fellow for South Asia at the Atlantic Council, described the move as “a risky gambit.” He warned that if Iran refuses concessions, Pakistan could be drawn closer to Saudi Arabia, potentially invoking the defence pact in a renewed conflict.

The U.S. Court of Appeals for the District of Columbia has granted the Trump administration a brief reprieve, extending the pause on the White House ballroom construction until April 17. The move allows officials to pursue a potential Supreme Court review of a lower‑court injunction that barred further work. In a split decision, Judges Patricia Millett and Bradley Garcia formed the majority, while Trump‑appointed Judge Neomi Rao dissented. The majority questioned the administration’s repeated claim that the construction pause creates a national‑security risk, noting that the original order already exempts work necessary for the White House’s safety. Judge Richard Leon, appointed by former President George W. Bush, had issued the March 31 injunction, stating that a project of this magnitude requires explicit Congressional authorization. Leon’s order included a 14‑day stay to let the administration appeal, a stay that was set to expire this week before the appeals court’s extension. The court highlighted that the administration has not demonstrated how the injunction interferes with any existing security plans. As the majority wrote, “Defendants have not, on this record, explained how, if at all, the injunction interferes with their existing plans for safety and security.” Furthermore, the judges pointed out that the ballroom—spanning roughly 90,000 sq ft (8,360 m²)—was always projected to be a multi‑year undertaking. Planning documents estimate completion nearly three years after groundbreaking, raising doubts about the claim that a short‑term delay poses additional harm. In her dissent, Judge Rao argued that the majority’s demand for further fact‑finding would cause “irreparable injury” by halting construction, asserting that the aesthetic concerns raised by critics are outweighed by the administration’s interests. The controversy stems from the decision to demolish the historic East Wing, a structure dating back to 1902, to make room for the new ballroom. Critics, including the National Trust for Historic Preservation, contend the demolition was executed without notice and exceeds presidential authority, prompting a lawsuit that led to Leon’s injunction. While the appeals court has sent the case back to the district court for clarification on factual disputes and the scope of the security exemption, the extension effectively keeps the construction site active for another week, maintaining the political flashpoint surrounding one of the most transformative building projects on the nation’s capital in recent memory.