Kevin Warsh, former governor of the US Federal Reserve, walks to lunch during the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, US, on Wednesday, July 9, 2025. The annual event has been a historic breeding ground for media deals and is usually a forum for tech and media elites to discuss the future of their industry. (Photographer: David Paul Morris/Bloomberg via Getty Images)
(WASHINGTON) — President Donald Trump announced conservative economist and former Fed governor Kevin Warsh as his pick to be the new Federal Reserve chairman.
In a post on Truth Social early Friday morning, Trump said that he has “known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best.”
“He will never let you down,” Trump continued.
Warsh previously served on the Fed’s board of governors from 2006 to 2011. He was a top adviser to then-Fed chairman Ben Bernanke during the 2008 financial crisis, serving as a liaison between the central bank and Wall Street. During that time, he was an inflation “hawk” — skeptical of the Fed’s ultra-low interest rate policy. But in more recent interviews, Warsh has heaped praise on Trump and called for “regime change” at the Fed.
On Thursday, Trump said that he had “chosen a very good person” while walking the carpet at the Kennedy Center ahead of the premiere of the documentary about first lady Melania Trump.
Trump said his pick to replace current Chairman Jerome Powell is an “outstanding person and a person that won’t be too surprising to people.”
“A lot of people think that this is somebody that could have been there a few years ago,” Trump went on. “It’s going to be somebody that is very respected, somebody that’s known to everybody in the financial world. And I think it’s going to be a very good choice.”
Trump has repeatedly attacked Powell over the past year for his cautious approach to lowering interest rates.
Powell’s term as chairman expires in May.
Earlier this month, in an extraordinary escalation of the months-long attack on the independence of the Federal Reserve, Powell announced that federal prosecutors had launched a criminal investigation related to a multi-year renovation of the Fed’s headquarters in Washington, D.C.
Earlier this week, at its first meeting since news of the investigation surfaced, the Federal Reserve voted to hold interest rates steady.
Trump said that the Fed governors who voted earlier this week to pause interest rates will change their minds once there is a new chair.
“If they respect the Fed chairman, they’ll be with us all the way,” Trump said. “They want to see the country be great.”
President Donald Trump speaks to members of the media traveling on Air Force One while heading to Miami on March 7, 2026. President Trump and other members of the government attended the dignified transfer of six soldiers from the 103rd Sustainment Command who were killed in action by an Iranian drone strike on March 1 in Port of Shuaiba, Kuwait, during Operation Epic Fury. (Photo by Roberto Schmidt/Getty Images)
(WASHINGTON) — Ten days into the U.S. war with Iran, Americans are starting to feel the economic fallout as oil and gas prices soar.
Gas prices skyrocketed to a national average of $3.47 on Monday, up nearly 50 cents from last week, according to data from AAA. Plus, oil prices on Monday surpassed $100 a barrel for the first time since Russia’s invasion of Ukraine in 2022 before falling lower later in the day.
President Donald Trump has dismissed the higher cost, telling ABC News Chief White House Correspondent Mary Bruce it’s “a little glitch.”
“I think it’s fine. It’s a little glitch. We had to take this detour,” Trump told ABC’s Bruce in an interview on Sunday before going on to tout the U.S. military campaign against Tehran.
In a social media post on Sunday night, Trump argued: “Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace.”
Yet the cost of living remains one of the biggest issues heading into the 2026 midterms, where Trump and Republicans are seeking to maintain narrow majorities in Congress.
A poll released by NBC News on Sunday found Trump received his lowest ratings in the poll on his handling of inflation and the cost of living as 36% of registered voters approve and 62% disapprove.
On Iran, the NBC poll found a majority of registered voters (54%) disapproved of Trump’s handling of the matter.
Trump, on the 2024 campaign trail, vowed to bring gas down below $2 a gallon. During the first year of his second term, Trump routinely pointed to the drop in prices at the pump, including in his State of the Union address last month.
“Gasoline, which reached a peak of over $6 a gallon in some states under my predecessor and was, quite honestly, a disaster, is now below $2.30 a gallon in most states, and in some places $1.99 a gallon,” Trump said in his speech on Feb. 24.
Now, gas prices are closing in on $3.50 a gallon and are expected to continue to keep rising the longer the Middle East conflict lasts.
Patrick De Haan, a petroleum analyst at GasBuddy, told ABC News Live that Americans are currently experiencing “sticker shock.”
“Gas stations are seeing their costs go up in real time again today, as oil markets are jumping, and that’s going to be in another round of price increases over the course of this week, prices could jump another 15 to 35 cents a gallon for gasoline over the next three days, as long as nothing changes,” De Haan said. “And it’s going to be worse for the price of diesel, which could jump 35 to 50 cents a gallon, that would put it close to nearly a $5 a gallon national average.”
Some Democrats are seizing on the price jump to criticize Trump and the administration for the handling of the war.
Senate Minority Leader Chuck Schumer, a New York Democrat, has called for President Trump to tap into the Strategic Petroleum Reserve (SPR) to alleviate the financial burden for Americans.
“American families are suffering from higher prices as the effects of Trump’s reckless war become pain at the gas pump and beyond as high gas prices trickle down making everything more expensive,” Schumer said in a statement on Sunday. “They cannot afford to simply wait and hope prices come down. The President has a solution right here at home, and he should use it.”
“Trump promised a Golden Age in America. Meanwhile. Republicans are crashing the economy, gas prices are out of control and the extremists are spending billions dropping bombs in the Middle East. You deserve better,” House Minority Leader Hakeem Jeffries, also a New York Democrat, wrote on X on Monday.
Trump was asked over the weekend if he would use the SPR to bring some relief, but declined to say, instead criticizing former President Joe Biden’s use of the reserve. Biden released oil from the SPR several times over the course of 2022 as prices increased due to Russia’s war on Ukraine.
“I filled it up and he brought it down to the lowest level it’s ever been. We will start at the appropriate time, which is basically a gut instinct, we will start filling up,” Trump told reporters on Air Force One on Saturday.
“Biden used them so that he could get some extra votes in the election,” Trump added.
Analysts previously told ABC News that the SPR is a “valuable resource” for the administration to bring some relief to Americans and assuage market fears, but likely wouldn’t be enough oil in the long term to make up for the 20 million barrels of oil currently being prevented from passing through the Strait of Hormuz every day.
Trump told Fox News’s Brian Kilmeade in an interview on Sunday night that ships holding at the Strait of Hormuz need to “show some guts” and push through the channel.
Several war-risk insurers have canceled their coverage for vessels amid the widening conflict. Trump said the U.S. government was going to provide some risk insurance and guarantees, and if necessary the U.S. Navy would escort tankers through the strait.
Like Trump, several Republicans are contending that higher gas prices will be temporary.
“The prices will come back down as soon as we get out of Iran, as soon as we finish turning them into fish food, which will be pretty soon,” Republican Sen. John Kennedy said on Fox News on Sunday.
How long the Iran war will last remains an open question. President Trump initially estimated four to five weeks for the U.S., though he later said the timeline would be whatever it takes.
On Sunday, Trump told ABC’s Bruce: “I don’t know. I never predict. All I can say is we are ahead of schedule both in terms of lethality and in terms of time.”
GasBuddy’s De Haan told ABC News Live that the longer the conflict lasts, the more time it will take to see oil and gas prices to get back to their previous levels
“Every day the situation continues, it could add another several weeks to the recovery time,” De Haan said.
ABC News’ Isabella Murray, Nicholas Kerr, Soo Youn and Max Zahn contributed to this report.
Multiple strong explosions were heard on Saturday in Venezuelaâs capital Caracas amid rising tensions with the United States on January 3, 2026. (Stringer/Anadolu via Getty Images)
(NEW YORK) — Gen. Dan Caine, chairman of the Joint Chiefs of Staff, provided a very detailed account of how the U.S. military’s mission to apprehend Nicholas Maduro and his wife took place early Saturday morning.
Here are highlights:
The mission was called Operation “Absolute Resolve”
Caine said that more than 150 aircraft were involved, including fighter aircraft, bombers, surveillance aircraft, intelligence aircraft, and helicopters. He said the entire joint force was involved in the mission (Army, Navy, Air Force, Marines, Space Force, intelligence agencies).
The aircraft involved were:
— Fighters: F-35s, F/A-18s, E/A-18s, F-22s
— Bombers: B-1 bombers
— Unmanned aircraft and E-2 Hawkeyes
He said the aircraft took off from 20 different bases on land at at sea and that support aircraft were involved as well.
President Donald Trump gave the order to undertake the mission at 10:46 p.m., Caine said. He said the president’s message of “Good luck and Godspeed” was communicated to the entire force.
The extraction force that captured Maduro and his wife included law enforcement.
The helicopters carrying the force flew at an altitude of 100 feet above the water as they approached Venezuela.
As they came near, air defense systems were disabled to ensure the safe passage of the helicopters to Maduro’s compound.
The helicopters arrived at the compound at 1:01 a.m. Eastern Time, 2:01 a.m. local time.
Upon arrival, they came under fire and responded in self-defense with “overwhelming force,” Caine said.
One of the helicopters was hit, but remained flyable.
Maduro and his wife were taken into custody by Justice Department officials “assisted by incredible U.S. military” forces with “no loss of life,” Caine said. He did not provide any details of any injured Americans.
When the helicopters left the compound, they were protected by fighter aircraft and drones that provided suppressive fire.
The extraction force was over water at 3:39 a.m. Eastern Time, Caine said.
Maduro and wife were then taken to the USS Iwo Jima.
Venezuela’s Vice President Delcy Rodriguez, in a call to state TV Saturday morning, said that “innocent people” had died, but gave no specifics, and didn’t address during a later speech.
Caine said the mission was “meticulously planned” and was “the culmination of months of planning and rehearsals.”
“We think we develop, we train, we rehearse, we debrief, we rehearse again and again, not to get it right, but to ensure that we cannot get it wrong. Our jobs are to integrate combat power so when the order comes, we can deliver overwhelming force at the time and the place of our choosing against any foe anywhere in the world,” he said.
The military worked closely with the U.S. intelligence agencies: CIA, NGA, NSA. “We watched, we prepared, we remained patient and professional,” said Caine.
U.S. intelligence knew Maduro’s pattern of life — where he moved, lived, traveled, ate, and worked, he said.
The mission was ready in early December waiting for the right day to maximize the element of surprise, he said.
U.S. President Donald Trump takes questions during a statement to the media at Trump’s Mar-a-Lago estate on December 22, 2025 in Palm Beach, Florida. Tasos Katopodis/Getty Images
(WASHINGTON) — President Donald Trump said that the United States “knocked out” a “big facility” in Venezuela last week, in what appears to be a reference to a strike on a drug trafficking site in the country.
Trump, in a radio interview with on WABC’s “Cats and Cosby” on Friday, was discussing his administration’s effort to stop drug trafficking from the region, including strikes against alleged drug boats, when he made the comment.
“And we just knocked out, I don’t know if you read or you saw, they have a big plant or a big facility where they send the, you know, where the ships come from. Two nights ago we knocked that out, so we hit them very hard,” Trump said in the interview.
The New York Times reported that American officials said that Trump was referring to a drug facility in Venezuela and that it was eliminated, but gave no further details.
If Trump’s comments are accurate, then it would mark the first known attack on land in Venezuela since the Trump administration began its campaign against the country.
ABC News has reached out to the Pentagon and the White House for comment; the Pentagon referred ABC News to the White House for comment. The CIA declined to comment on the matter.
Trump has teased land action in Venezuela for weeks, confirming in October that he authorized the CIA to operate inside the South American nation.
The U.S. has also built up its military presence in the region, with 15,000 U.S. troops and several warships standing ready in the Caribbean. Earlier this month, Trump ordered what he called a “complete blockade” of all sanctioned oil tankers going into and out of Venezuela, targeting the government’s main source of revenue.
“He can do whatever he wants, it’s alright, whatever he wants to do. If he wants to do something, if he plays tough, it’ll be the last time he’s ever able to play tough,” Trump said.
This is a developing story. Please check back for updates.
