Trump Pokes the Fed Bear

What's Happening

Economy

Trump Pokes the Fed Bear

What's going on: President Donald Trump said Tuesday he doesn’t plan to fire Federal Reserve Chair Jerome Powell, after days of hinting otherwise. Trump’s recent social media jabs at Powell for not slashing interest rates on his preferred timeline (which is “NOW,” per Truth Social) had rattled the markets. And after the Fed chair warned the trade war could be costly, Trump said Powell’s “termination cannot come fast enough.” Though he toned down talk of firing, the president repeated his push for lower rates, saying it’s a “perfect time” to cut. Most analysts — along with the head of the House’s Fed task force — say interfering with Powell’s work is a terrible idea. The Fed exists to keep prices stable and unemployment low, not to sway with the winds of a president’s political impulses.

What it means: The clash highlights Trump’s ongoing frustration with the Fed’s independence — something that’s baked into the central bank’s design to shield it from political pressure. (The last president to push back on the Fed was President Richard Nixon — and it didn’t go well.) Powell, who was nominated by Trump, has stood firm, insisting he’ll serve out his term through May 2026. While legal precedent protects Powell from being fired without cause, the White House has shown a willingness to test that boundary, fueling concerns over political interference in economic policy. If Americans start to think the Fed is just another White House puppet, inflation expectations could spike — and become a self-fulfilling prophecy.

Related: Little Marco’s Big Dreams for the State Department (The Guardian)

Education

SCOTUS Has Thoughts on Your Kid's Books

What's going on: Some Maryland parents want their kids to skip classroom story time featuring LGBTQIA+ themes — and SCOTUS might let them. Montgomery County schools initially allowed parents to opt out, but later scrapped the policy, saying it caused too many logistical headaches and risked singling out kids with LGBTQIA+ families. Now the justices are debating whether that refusal violates religious freedom. Conservative justices said the books carry moral weight and questioned if exposure alone could be a burden on religious beliefs. The liberal wing pushed back and warned that letting parents veto classroom content could turn into a slippery slope of “opt-outs for everyone.”

What it means: This case might seem like a fight over storybooks, but it’s really about who gets to set the boundaries in public schools — and how far religious opt-outs can go. If the Court sides with the parents, schools could be forced to allow exemptions for all kinds of content, not just LGBTQIA+ books (think: classroom discussions or group projects). That could mean more lawsuits, disruption, and pressure on teachers to avoid anything that might trigger a parental objection. The Court’s 6-3 conservative majority has backed religious interests time and again — in cases ranging from school funding to foster care to praying on the 50-yard line. The dispute also fits squarely into Trump-era priorities: dialing down DEI and dialing up religion and parental control in public schools. And with a religious charter schools case coming next week, this may just be the opening chapter.

Related: Trump Rips SCOTUS on Deportation: “We Cannot Give Everyone a Trial” (Rolling Stone)

International

The Vatican's Next Top Pope 

What's going on: The smoke hasn’t turned white yet, but the drama’s already rising. Over 130 cardinals have officially entered the Sistine Chapel to begin the papal conclave — aka the most important and high-stakes, incense-filled group project on Earth. The setup? Ancient traditions meet cloak-and-dagger vibes. Phones are banned. The chapel’s swept for spyware. The men in red talk, pray, vote, repeat. The goal: Pick the next leader of the Catholic Church (the one who gets at least two-thirds of the vote). There are a few early papal frontrunners (or “papabile,” if you want to impress your theology professor) including: Italy’s Cardinal Pietro Paroli, the Philippines’ Cardinal Luis Antonio Tagle, and Jerusalem’s Cardinal Pierbattista Pizzaballa, whose name alone sounds like he was born for this moment. And of course, people are betting on who will win.

What it means: No matter who gets the nod, the choice will say a lot about where the Church is headed. Will the cardinals stick to Pope Francis’s legacy — a socially engaged, globally-minded leader with younger street cred? Or will they pivot to a more conservative pick who wants to reset the dial? Whoever emerges from behind those chapel doors will inherit a global community looking for answers, and a generation that’s not swayed by verse alone. Pope Francis will be laid to rest on Saturday, and the selection frenzy will heat up from there. But don’t expect spoilers: The only sign a new pope’s been chosen is white smoke rising from the Sistine Chapel. Until then, cue up Conclave and enjoy the old-school Catholic suspense.

Related: These Were Pope Francis’s Final Words (CBS)

Highlight Reel

BY SKIMM SPORTS

The week's sports news and culture stories, ranked.

One last time: Will we get another Olympics with Simone Biles? She’s weighing in.

Dugout looks: Forget Paris — this summer’s boldest style statements are coming from Little League players.

Chaotic: Shaq running off in the middle of an on-air broadcast is all you need to see this morning. Duty calls.

Love and Basketball: The NBA playoffs continue this week, and here’s why you might be seeing a lot of Suni Lee on the Knicks’ sidelines.

Tell Us

Do you think Secretary of Defense Pete Hegseth should resign? 

Extra Credit

Gift

Every spring, new grads celebrate one chapter ending and another beginning. If that translates into you giving a gift they’ll actually use, meet Apple Gift Card. You can deliver it in person or over email, and then they can use it to buy music, movies, games, TV shows, books, subscriptions, apps — or even Apple products like AirPods or Apple Watch. Basically anything their heart could ever desire. Cue the cap toss.*

Game Time

Looking for a crossword that’s not impossible to solve? You’re in luck. This one even offers hints when you get stuck. The faster you finish, the better your score — and the more impressed the group chat will be. Go on.