This is shaping up to be a momentous week for the Federal Reserve. What comes next for the Fed's leadership has come into clearer focus in the last three days, but one big question hangs over the institution.
The big picture: On Wednesday, the Senate Banking Committee is set to advance Kevin Warsh's nomination to lead the Fed, after Sen. Thom Tillis (R-N.C.) indicated his satisfaction with the Justice Department backing down from its investigation of chair Jerome Powell.
Chinese regulators have ordered Meta to unwind its $2.5 billion acquisition of Manus AI, developer of a general AI agent that it claims can complete real-world tasks
Why it matters: It's an escalation of AI tensions between Beijing and D.C.
Iran gave the U.S. a new proposal to reopen the Strait of Hormuz and end the war, with nuclear negotiations postponed for a later stage, according to a U.S. official and two sources with knowledge.
Why it matters: The diplomacy is in a stalemate, and the Iranian leadership is divided about what nuclear concessions should be on the table. The Iranian proposal would bypass that issue en route to a faster deal.
Israel sent the United Arab Emirates an Iron Dome air defense system with troops to operate it early in the war with Iran, two Israeli officials and one U.S. official tell Axios.
Why it matters: The military, security and intelligence cooperation between Israel and the UAE has reached new heights during the war. The unprecedented deployment of the Iron Dome system during the war was not previously made public.
