ECON 101: Federal Reserve Chairman Jerome Powell revealed yesterday that the basic interest rate will remain at 4.3 percent while announcing in his bloodless style that President Trump’s tariffs are likely to put a dent in the economy.

   The man of measured words said, “If the large increases in tariffs that have been announced are sustained they are likely to generate a rise in inflation, a slowdown in economic growth and an increase in unemployment.” 

  President Trump posted on his Truth Social, “’Too Late’ Jerome Powell is a FOOL, who doesn’t have a clue.”

  On the negotiation front, Trump is expected today to announce an agreement with Great Britain, which would be his first settlement with a foreign country since opening his worldwide tariff war. Trump promised on his Truth Social this morning that, “Many other deals, which are in serious stages of negotiation, to follow!”

  The big one is China and Treasury Secretary Scott Bessent is scheduled to be in Switzerland this weekend for talks with his Chinese counterpart. One analyst described it as “talks about talking.” 

  Asked yesterday whether he would lower his 145 percent tariff on Chinese goods just to get the Chinese negotiating, Trump bluntly said, “No.”

BUT WAIT, THERE’S MORE:

— Former Arizona news anchor Kari Lake, a senior adviser and loyalist to Donald Trump, says she wants to have the right wing, pro-Trump One America News provide information and programming to the Voice of America.

   Lake says OAN would do it at no cost, “And every day I look for ways to save American taxpayers money. Bringing in OAN as a video/news source does both.” It also brings in a voice of propaganda for the anti-press Trump administration. OAN settled several lawsuits over spreading lies about voting system companies helping to rig the 2020 election against Trump.

  Since the end of World War II the Voice of America has provided news and information to parts of the world that do not have independent news outlets. VOA presented unflattering information about the US when necessary in a demonstration of how a free society operates. But back in March, Lake and Trump virtually shut down VOA calling it “a giant rot and burden to the American taxpayer.”

  Two VOA journalists told NPR that, “Congress mandated VOA to report reliable and authoritative news, not outsource its journalism to outlets aligned with the president’s agenda.” 

— Tightening down the screws on Harvard, Education Secretary Linda McMahon told the university this week that it will no longer be eligible for federal grants unless it adheres to administration demands about fighting campus antisemitism and employing more conservative voices.

  McMahon wrote, “This letter is to inform you that Harvard should no longer seek grants from the federal government, since none will be provided.” 

— The New York Times reports that First Lady Melania Trump has spent at most 14 days in the White House since her husband was inaugurated. Mrs. Trump spends her time in New York and Florida. 

  Shawn McCreesh writes for The NY Times that, “It’s like having Greta Garbo as first lady.” Garbo famously delivered the movie line, “I want to be alone.”

— Former President Joe Biden blasted President Trump in his first post-presidency interview. Speaking to the BBC Biden asked, “What the hell’s going on here? What president ever talks like that? That’s not who we are.”  He said, “We’re about freedom, democracy, opportunity, not about confiscation.”

   In the current style of the Trump White House, communications director Steven Cheung fired back; “Joe Biden is a complete disgrace to this country and the office he occupied. He has clearly lost all mental faculties and his handlers thought it’d be a good idea for him to do an interview and incoherently mumble his way through every answer.”

— About a dozen members of the cast of “Les Misérables” declined to perform next month when Donald Trump is expected at the Kennedy Center for the Performing Arts for a high-dollar fundraiser. 

CONCLAVE:  Black smoke issued from the smokestack twice today at the Sistine Chapel in Rome, indicating that the conclave of Catholic cardinals has yet to elect a pope. This was their third vote. Picking a pope requires a two-thirds vote of the 133 cardinals. They vote four times a day until they have a winner.

FLIGHT TIME: Thirty-eight flights have already been cancelled this morning out of Newark’s Liberty International as the airport continues to struggle with technical and staffing issues.

  The airport cancelled 88 flights yesterday and delayed 131. 

  A 90-second radar and radio failure on April 28th that left controllers helpless caused several of them to take a mental health respite from the job.

HOOP DREAMS:  The New York Knicks came from 20 points behind the Boston Celtics for the second time last night to lead their NBA conference finals 2-0 heading to their home court. The Celtics won the championship last year.

THE SPIN RACK: Dozens of pro-Palestinian protesters were arrested yesterday after storming Columbia University’s Butler Library. Many of them wore keffiyeh headscarves and beat drums while chanting “Free, free Palestine !” — Three former Memphis police officers accused of murder in the beating death of motorist Tyre Nichols were found not guilty yesterday in state court. Nichols ran away from a traffic stop and was viciously beaten by five officers. The three who were acquitted still face prison time for convictions on federal charges. — The Walt Disney Company announced plans to build a theme park in Abu Dhabi, United Arab Emirates.

BELOW THE FOLD:  Former Utah Utes quarterback Cam Rising announced that a hand injury is forcing him to retire after seven seasons of college football. With redshirt time on the sidelines, Rising would still have had an eighth year of eligibility.

  To quote John Belushi’s line in Animal House, “Seven years of college, down the drain!”

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