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Donald Trump piles pressure on Federal Reserve chair Jay Powell to cut interest rates

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Donald Trump piles pressure on Federal Reserve chair Jay Powell to cut interest rates

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Donald Trump has raised the pressure on Federal Reserve chair Jay Powell to cut borrowing costs, setting up a potential clash between the two men less than a week before the US central bank meets to set interest rates.

During an appearance in the Oval Office on Thursday to sign several new executive orders, Trump said he knew rates “much better” than the Fed, and he would like to see them come down “a lot”. 

The US central bank is widely expected to hold its benchmark rate between 4.25-4.5 per cent next week, marking a pause after three consecutive cuts since September.

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The Fed has signalled a slower pace of cuts this year with some officials concerned that Trump’s plan to raise tariffs, slash taxes and crack down on immigration will hinder efforts to beat back inflation to 2 per cent. 

“The concerns [at the Fed] are not just about tariffs, but also a recognition that fiscal policy is not going to help bring inflation down,” said Mahmood Pradhan, economist at Amundi.  

But the Fed’s more cautious posture puts it on a collision course with the new US president.

Trump on Thursday said he expected the Fed to listen to his demands and would speak to Powell “at the right time”.

“I think I know interest rates much better than they do, and I think I know them certainly much better than the one who’s primarily in charge of making that decision,” Trump said. “If I disagree, I will let it be known.”

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Trump elevated Powell to Fed chair during his first term in office, but was often critical of him, especially for not cutting rates quickly enough in 2019. The president indicated on the campaign trail last year that he would not try to remove Powell from his position before his term expires in 2026.

“If the Fed continue to keep rates where they are and he thinks that it would be great to get a boost out of lower rates, then there’s a real chance of conflict,” said Douglas Holtz-Eakin, president of the American Action Forum, a centre-right policy institute.

Some economists have said that if Trump’s policies push up prices it could compel the Fed to hold back from further cuts or even raise borrowing costs.

“If the administration do stuff that really starts to push up the rate of inflation, the Fed mandate is quite clear — they will push up rates. And they will get it in the neck [from Trump] if they do,” said Mark Blyth, economics professor at Brown University. 

Trump used a speech to executives in Davos earlier on Thursday to say he wanted rates to come down “all over the world” — and told the Opec cartel to bring down oil prices to make that happen.

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He touched on the theme again in his Oval Office remarks to reporters a few hours later.

“I’d like to see oil prices come down, and when the energy comes down, that’s going to knock out a lot of the inflation. That’s going to automatically bring the interest rates down,” Trump said.

He also on Thursday raised new doubts about Washington’s commitment to Nato and called for more defence spending by the US’s allies in the treaty.

“They’re not protecting us,” he said of the Nato countries. “We’re protecting them. So I don’t think we should be spending, I’m not sure we should be spending anything, but we should certainly be helping them. But they should up their 2 per cent [of GDP on defence spending] to 5 per cent.”

Trump’s Nato comments came a day after newly sworn in secretary of state Marco Rubio “reaffirmed the US commitment” to the group, according to a record of his conversation with the alliance’s secretary-general Mark Rutte.

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Among the other executive orders Trump signed on Thursday was one creating a national cryptocurrency stockpile and another to authorise the release of federal files on the assassinations of president John F Kennedy, ex-attorney-general Robert F Kennedy and civil rights leader Martin Luther King Jr.

“The American people deserve transparency and truth” about the killings, said Trump. “A lot of people are waiting for this for years, for decades, and everything will be revealed.”

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A dead woman’s key fob and two grisly crime scenes: How the Utah triple-murder suspect was tracked across state lines | CNN

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A dead woman’s key fob and two grisly crime scenes: How the Utah triple-murder suspect was tracked across state lines | CNN

As investigators raced to find the person responsible for three killings in rural Wayne County, Utah, they used automated license plate readers and a victim’s own vehicle key fob to track their suspect – a man police said has no connection to the victims or the region that is known for its awe-inspiring landscapes dotted with quiet, small towns.

It would take just hours to pin down the suspect in a search that spanned multiple states in the Four Corners region of the Southwest – ending early Thursday with the arrest of 22-year-old Iowa resident Ivan Miller, who is charged with three counts of first-degree, aggravated murder, officials said.

Miller was taken into custody in Colorado, officials said –– more than 350 miles from where the bodies of three women were found at two locations in Utah.

Miller’s first court appearance is scheduled for Friday afternoon in Archuleta County, Colorado. He will be represented by a public defender, court records show.

The victims were identified as Margaret Oldroyd, 86; Linda Dewey, 65; and Natalie Graves, 34, Utah’s Department of Public Safety said.

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Dewey and Graves, an aunt and niece who’d gone for a hike together, were found dead near a trailhead just outside the town of Torrey, Utah’s DPS said. The women’s bodies were found by their husbands who grew concerned when the pair didn’t return from their hike, Utah Highway Patrol spokesperson Lt. Cameron Roden said at a news conference Thursday.

Investigators found Oldroyd’s vehicle at the trailhead and deputies went to her home in nearby Lyman, where they discovered her body, Roden said.

After his arrest, Miller told investigators he spent a night in Oldroyd’s back shed and snuck into her house while she was out, according to an indictment filed in court Thursday. Miller “waited for her behind a door and shot her in the back of the head … while she was sitting down to watch television,” the indictment said.

Miller made efforts to clean up the scene before dragging the 86-year-old’s body to a cellar under the shed, where she was later found, the indictment read. He then stole her Buick Regal and traveled to the trailhead, investigators said. Miller told investigators “he did not like the car and wanted to find a different vehicle,” the indictment said.

At the trailhead, Miller said he saw Dewey and Graves get out of a white Subaru and shot them both, according to the indictment. Miller told investigators he stabbed one of the women in the chest multiple times because she was still moving, the document said.

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He then admitted dragging their bodies into a ditch, where the two were discovered by their husbands, the indictment said.

Officials said Miller ditched Oldroyd’s car at the trail and drove away in the white Subaru. Miller also admitted stealing the women’s credit cards and using one to pay for gas, according to documents.

Investigators used a network of license plate scanners to track the Subaru “through southern Utah into northern Arizona and eventually into Colorado,” Roden said.

“Colorado law enforcement located the vehicle abandoned in Pagosa Springs, Colorado, and after a brief search, took the individual into custody without incident,” Utah DPS said Thursday.

One of the husbands was also able to track the car’s location using an app that monitored the vehicle’s key fob, investigators said. Just after 9 p.m. Wednesday, the key fob appeared to be in Farmington, New Mexico — about two hours southwest of where Miller would later be taken into custody, according to the indictment.

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Miller had a handgun and a large knife in his possession at the time of his arrest, according to police in Pagosa Springs.

Miller told investigators he killed the women because he needed money, according to the indictment. “Miller confessed that it ‘had to be done’ but he did not like to do it,” the document reads.

Miller, who lived in Blakesburg, Iowa, set out on a cross-country road trip about two and a half weeks ago, his brother, who spoke with The New York Times on condition of anonymity, said.

Miller’s brother said the two stayed in contact during the trip, and Miller mentioned crashing his truck after hitting an elk, according to the Times.

The brother was concerned about how Miller was traveling around after that and offered to bring him back to Iowa, which he declined, the Times reported.

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After his arrest, Miller told officials that he had been staying at a hotel in the area for a few days after he hit an elk with his truck, which he then sold to a tow truck company, according to the indictment.

On Thursday, shaken residents across Wayne County placed pink ribbons around trees and fences in their communities as they remembered the three women who were killed in apparently random attacks carried out by a stranger.

“We wanted to honor our friend and neighbor,” Mary Sorenson, who put up ribbons around Lyman, told CNN affiliate KSL.

The Wayne County School District announced it would be closed for the rest of the week and would “have counselors in place to support students when we are back in session next week.”

In a statement Thursday, Torrey Mayor Mickey Wright described the multiple homicides as a “heartbreaking moment for our small, close‑knit community.”

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“Our community is strong. In the coming days, we will support one another, check on our neighbors, and ensure that those affected by this tragedy are not alone,” Wright said. “We stand together today — in grief, in compassion, and in solidarity.”

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Iran’s fight for survival / The widening war / Trump’s nebulous goals : Sources & Methods

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Iran’s fight for survival / The widening war / Trump’s nebulous goals : Sources & Methods
The U.S.-Israeli war with Iran is spilling out across the region. What are the goals? And how does it end?Host Mary Louise Kelly talks with International Correspondent Aya Batrawy, based in Dubai, and Pentagon correspondent Tom Bowman, about the U.S.-Israeli war with Iran. Six days of war have turned the middle east upside down, and it’s still not clear how the U.S. will determine when its objectives have been accomplished.Recommended Iran reading:Blackwave by Kim GhattasAll the Shah’s Men by Stephen KinzerPrisoner by Jason RezaianPersian Mirrors by Elaine SciolinoListener spy novel recommendation: Pariah by Dan FespermanEmail the show at sourcesandmethods@npr.orgNPR+ supporters hear every episode without sponsor messages and unlock access to our complete archive. Sign up at plus.npr.org.
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Map: 4.9-Magnitude Earthquake Shakes Louisiana

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Map: 4.9-Magnitude Earthquake Shakes Louisiana

Note: Map shows the area with a shake intensity of 4 or greater, which U.S.G.S. defines as “light,” though the earthquake may be felt outside the areas shown.  All times on the map are Central time. The New York Times

A light, 4.9-magnitude earthquake struck in Louisiana on Thursday, according to the United States Geological Survey.

The temblor happened at 5:30 a.m. Central time about 6 miles west of Edgefield, La., data from the agency shows.

U.S.G.S. data earlier reported that the magnitude was 4.4.

As seismologists review available data, they may revise the earthquake’s reported magnitude. Additional information collected about the earthquake may also prompt U.S.G.S. scientists to update the shake-severity map.

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Source: United States Geological Survey | Notes: Shaking categories are based on the Modified Mercalli Intensity scale. When aftershock data is available, the corresponding maps and charts include earthquakes within 100 miles and seven days of the initial quake. All times above are Central time. Shake data is as of Thursday, March 5 at 8:40 a.m. Eastern. Aftershocks data is as of Thursday, March 5 at 10:46 a.m. Eastern.

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