Powell says he will stay on as Federal Reserve Governor

This episode of World Business Report examines the conclusion of Jerome Powell's tenure as Federal Reserve Chair, highlighting his decision to remain as a Fed Governor beyond his chairmanship amid ongoing political pressure and legal threats from the Trump administration. The episode dissects the Fed's decision to hold interest rates steady, the contentious confirmation of Kevin Walsh as Powell's successor, and the deepening divide within the Federal Open Market Committee. It also explores the broader economic implications, including rising oil prices due to Middle East tensions, the impact on global supply chains—particularly in India’s glass industry—and the potential resurgence of Somali piracy as naval forces are diverted to the Red Sea and Strait of Hormuz. Meanwhile, the tech world is abuzz with Elon Musk’s high-stakes lawsuit against OpenAI and Sam Altman, framed as a battle over AI’s future and corporate control. On a lighter note, the LIV Golf Tour is reportedly set to shut down by the end of 2026 after a six-year, $6 billion funding run. The episode paints a picture of a world economy under multiple pressures—geopolitical, technological, and financial—where institutions like the Fed are caught between political demands and economic stability.