Washington, DC

1. Trump reignites Powell feud
2. Epstein dogs Blanche
3. Progress on ceasefire extension
4. Surveillance law scramble
5. Incoming cyber orders

Today at Semafor World Economy — Kalshi CEO Tarek Mansour on prediction market insider trading: “I actually do expect the DOJ to prosecute some of these cases.”

Goldman president emphasizes Fed independence

John Waldron, president of Goldman Sachs, said at Semafor World Economy today that, while he agrees with the Federal Reserve’s wait-and-see approach on rates, the board’s autonomy is what really matters to the bank: “What we care most about is the independence of the Federal Reserve and their ability to make monetary policy decisions independent of political interference.” Waldron’s remarks came hours after President Donald Trump renewed his threat to fire Jerome Powell if the Fed chair doesn’t step down by the end of his term on May 15: “Well, then I’ll have to fire him, OK?” Powell has said he’ll stay until the Justice Department completes an investigation into renovations at the board’s headquarters. Sen. Thom Tillis, R-N.C., wants the DOJ probe dropped before he votes to advance Trump’s Fed chair nominee, Kevin Warsh. Today Trump endorsed the investigation, which shows no signs of slowing.

Blanche denies ‘moving on’ from Epstein

US Acting Attorney General Todd Blanche said at Semafor World Economy today that the Justice Department would support further inquiries into Jeffrey Epstein and support for the late convicted sex offender’s victims, after telling Fox News earlier this month that the files “should not be a part of anything going forward.” Asked if he’d back public congressional hearings with Epstein’s victims, which Hill lawmakers and first lady Melania Trump are supporting, Blanche responded: “Of course.” Blanche also denied saying previously that the Epstein matter should close: “I have never said we’re moving on.” Trump tapped Blanche as acting head of DOJ after firing former Attorney General Pam Bondi, in part out of dissatisfaction with her handling of cases against his political rivals — amid the spiraling Epstein saga.

Mediators move closer to extending ceasefire

US and Iranian mediators are close to extending the ceasefire, reaching an “in principle agreement,” the AP reported today. And Trump said on Fox Business this morning the war is “very close to over.” Still, negotiations are unfolding amid a delicate truce: A senior Iranian military official threatened to stymie trade if the US doesn’t lift its blockade. Meanwhile, the US is sending about 10,000 additional troops to the Middle East and Treasury Secretary Scott Bessent said the US is preparing the “financial equivalent” of a bombing campaign. Ending the conflict will require the US and Iran to agree on reopening the Strait of Hormuz and on the future of Iran’s nuclear program. Israel will likely need to end attacks on Lebanon. Officials from the two countries said today they are considering a short-term ceasefire.

Republicans race for agreement on key surveillance measure

House Republican leaders are scrambling to get the votes to extend a government warrantless surveillance measure that expires next week, despite a call from Trump to reup the program with no modifications. The surveillance provision in question, Section 702 of the Foreign Intelligence Surveillance Act, has long sparked calls from the right and left for changes designed to safeguard the civil liberties of Americans who may get incidentally swept up in data collection aimed at people overseas. While the White House has pushed for an 18-month “clean” extension of Section 702, the GOP’s difficulties teeing up a House vote may force Trump to seek a compromise that can win over enough conservative critics. House Democrats are split; their No. 3 leader, California Rep. Pete Aguilar, said today that “there are a good number” in his party who would back the 18-month extension.

Trump plans more cybersecurity orders

Trump plans to sign more executive orders on cybersecurity, the White House’s national cyber director said today at Semafor World Economy. Sean Cairncross said the administration aims to put adversaries “on the defensive, rather than sitting and waiting for them to act,” underscoring its new strategy that embraces offensive cyber operations. In a break from past administrations, Trump has claimed credit for disruptive operations abroad, including to “turn off the lights” in Caracas to capture former Venezuelan President Nicolás Maduro. But recent Iranian cyberattacks during the war — including on FBI Director Kash Patel’s email and energy and water infrastructure — highlight the risks at home. Cairncross said he is “very worried” about Iranian attacks, calling Tehran a “perpetual bad actor.”

Semafor World Economy is well underway with more than 500 CEOs and government leaders — including US Cabinet secretaries, central bank governors, finance ministers, and Fortune 500 executives — joining us for on-the-record conversations about the forces shaping the global economy.

Today’s sessions include discussions on Building Human-Centered Business, Security in the Digital Century, Healthcare in a Transforming World, and much more. You can view the full agenda here.

All sessions throughout the week will be livestreamed on Semafor’s homepage — watch here.

White House

• President Trump directed advisers to release more guest-worker visas after personal friends lobbied him. — WSJ
• Sebastian Gorka is angling to replace Joe Kent as counterterrorism director. — WaPo

Economy

• Stocks approached a record high as investors look beyond the conflict in Iran.
• Bank of America joined a chorus of consumer banks reporting that consumer spending has remained strong through rising gas prices. — WSJ
• Tax refunds are up an average of more than 10% compared to last year, as Americans take advantage of new deductions passed by Congress last summer. — WaPo

World

• A coalition of European countries is moving forward without the US on crafting a plan to free up shipping through the Strait of Hormuz after the conflict ends. — WSJ
• Iran used a Chinese satellite to target US military bases last month. — FT

Campaigns

• Texas Senate Democratic candidate James Talarico raised $27 million in the first quarter of 2026.

Politics

• Virginia voters have turned sharply against data centers. — WaPo

Business

• A jury found Ticketmaster and Live Nation maintained a monopoly over concert venues.

— US Treasury Secretary Scott Bessent on how much Russia benefited from temporary oil sanctions relief.

Laura McGann, editor

With help from Elana Schor, senior Washington editor, and Morgan Chalfant, Washington briefing editor

Graph Massara and Lauren Morganbesser, copy editors

Contact our reporters:

Burgess Everett, Eleanor Mueller, Shelby Talcott, Nicholas Wu, David Weigel