US senators grill new Fed chair

This episode of World Business Report examines the confirmation hearing of Kevin Walsh, President Trump's pick to lead the Federal Reserve, as he faces intense scrutiny over his independence and potential alignment with the president's agenda. Senators from both parties questioned Walsh on whether he would act as a 'human sock puppet' for Trump, particularly regarding interest rate policy, with Democratic Senator Elizabeth Warren highlighting Trump's public statements that rates would drop once Walsh was in place. Walsh maintained his commitment to independence and pledged to divest $100 million in assets to avoid conflicts of interest. He also advocated for a 'messier' Fed with less scripted communication and a new inflation framework, signaling a potential shift in monetary policy. Meanwhile, the U.S. economy shows resilience despite slowing labor growth and rising inflation, fueled by strong consumer spending and tax refunds. The ongoing conflict in the Middle East and the extension of the Iran ceasefire have disrupted global oil flows, benefiting U.S. oil production and exports, though the long-term impact remains uncertain. In Europe, Germany's business sentiment has plunged due to energy price shocks, threatening industrial recovery. The episode also explores a global trend toward sport-focused holidays, with travelers increasingly choosing active vacations like swim camps and marathons, driven by flexible work patterns and health-conscious lifestyles.