Kevin Warsh Makes His Fed Debut With Trump Pushing for Rate Cuts
Serious changes are likely coming to the central bank.

The following is a lightly edited transcript of the June 16 episode of The Daily Blast podcast. Listen to it here. Greg Sargent: This is The Daily Blast from The New Republic, produced and presented by the DSR Network. I’m your host, Greg Sargent.Donald Trump has signed a deal with Iran to cease hostilities and reopen the Strait of Hormuz. We still haven’t seen the document, but all of the reporting suggests a very simple story: Trump lost. He got nothing of any significance. Trump himself plainly has no idea what happened, as he revealed in a strange ramble to reporters. But JD Vance does know what happened, even though he’s trying very hard to sugarcoat it in a pretty revealing way.We’re really lucky to be talking about all of this with Tom Nichols, a staff writer for The Atlantic, who has a good piece arguing that Trump capitulated to Iran. Tom, great to have you on, man.Tom Nichols: Good to see you, Greg.Sargent: So let’s just sum up where we are. We haven’t seen the document, but all the reporting suggests that while the Strait of Hormuz will reopen, all that does is return us to where we were before Trump’s war. Meanwhile, they’ve punted the discussion over Iran’s nuclear program until later. And the Iranian regime has survived. So basically, Trump’s tens of billions of dollars in bombing didn’t compel Iran to do what he said he’d make them do. Tom, is that basically the size of things?Nichols: I think it’s worse than that. The bigger problem is that he counted on regime change. This was what the war was really about. So when that wasn’t going to happen, when it became clear a week or so in that this regime wasn’t going to collapse, this outcome, I think, was more or less inevitable.And I think the people that are now waiting and saying, well, we need to see the details of this MOU—that’s fine. But even without knowing the details of the MOU, the Americans have been defeated here. And that pains me to say as an American. Because the regime is still intact, their nuclear material is still in their country. They’re actually politically more powerful now that they’ve flexed muscle and done some serious harm to the other Gulf states as a warning not to cooperate with the United States. There’s going to be some money going back into Iran, whether it comes through third parties or not.I think if you had said any of this to Donald Trump on the first night of the war, he would have said, that’s impossible, we’re going to get unconditional surrender. Well, we didn’t. And all of these things are going to happen. Even without knowing what’s in the MOU, you can know at least this much.Sargent: Right. Trump absolutely did expect unconditional surrender, even though he was told by lots and lots of different people within his administration, including the chairman of the Joint Chiefs, that that wouldn’t happen. He was told that the strait would be closed by Iran and that that would exercise leverage over the global economy and over us. Trump couldn’t fathom that possibility because he’s strong. It’s just that simple, right? He’s strong, he wins, he’s a winner, he’s strong, so there’s no way that things won’t go exactly the way he says they will.Nichols: Yeah, this is—it’s bitten him before and caused him problems before—but there’s this kind of weird quirk in Trump’s personality where he really believes that saying things makes them real. That, like a child, he can sort of wish-cast things into existence. And you can play that game with domestic politics and tariffs and taxes and do some fancy dancing around where the money is in terms of things like revenue. You can bully other Republicans to agree with you. What you can’t do is do that with a war where the enemy gets a vote.Every day that Trump said they’re eager to make a deal, there’s going to be a deal, a deal is imminent—the Iranians are not Republican House members. They are a foreign country and an enemy of the United States. And there’s nothing to stop them from saying no, there is no deal. And now that we have one, it’s not great. It’s basically an acknowledgment that the United States failed to gain any of its strategic objectives.Sargent: That seems beyond clear. So Trump talked to the media about his deal today. He blasted Obama’s 2015 nuclear deal, which unfroze tens of billions of dollars that Iran could then access in foreign accounts. Listen to Trump.Donald Trump (voiceover): It was a horrible deal for the United States. It was a deal where billions of dollars was given to Iran. It was a deal where $1.7 billion in cash was put on a Boeing 757—well, not a 757, I guess, right? But on a big, beautiful Boeing 757. They needed a Boeing 747, to be honest with you, because it was a lot of cash. $1.7 billion was taken out of the banks and given to Iran. And on top of that, tens of billions of dollars was spent. So they tried to bribe them to make a deal and that didn’t work.
Serious changes are likely coming to the central bank.
Green algae have proliferated amid warm weather after Lincoln Memorial pool renovation turning water greenDonald Trump’s $14.2m attempt to turn the Lincoln Memorial reflecting pool from what the US president described as a “filthy” and “dirty” site into a “beautiful” monument has encountered a hitch.The water is green again. Continue reading...
Critics say it’s not the first time a president has vented their anger with Netanyahu with no resulting material change.
Republicans have a long list of questions about the Iran deal, and they are so far noncommittal about whether it’s even something they can support. That’s not stopping many of them from defending President Donald Trump, though, as Democrats claim the agreement is no better than the one he threw away in 2017, when he […]
An individual allegedly involved in a thwarted terrorist attack aimed at Sunday’s UFC Freedom 250 event at the White House parroted Democrat conspiracy theories about President Trump protecting child predators connected to sex offender Jeffrey Epstein, according to federal court documents. The revelation came on Tuesday, when Fox News reported on how the FBI and […]
Vice-President JD Vance appeared on "The View" today and immediately put one of the lead cackling hens in her place when she tried to smear President Trump. The post WATCH: Vice-President JD Vance Shuts Down Joy Behar After Catching Her Spreading a Big Lie About President Trump appeared first on The Gateway Pundit.
Federal prosecutors revealed details Tuesday of a 94-page indictment against 15 individuals they alleged to be affiliated with Antifa – the loosely organized anti-fascist movement that the Trump administration has designated as a terrorist organization – though mockery soon ensued after prosecutors shared a particularly “embarrassing” piece of evidence.Speaking at a press conference in Minnesota, U.S. Attorney Daniel Rosen announced that a federal indictment had been unsealed charging 15 defendants with “conspiracy to injure federal officers,” among other charges. He went on to share with reporters evidence supporting the indictment, with one example sparking widespread mockery among critics.“You see here a Facebook post from one of the defendants writing, quote: ‘We need to become ungovernable,’” Rosen said, pointing to a monitor with a screengrab of the social media post in question displayed.“Embarrassing,” noted the progressive media outlet The Tennessee Holler in a social media post on X.“Oh, so they have NOTHING nothing,” quipped independent journalist Aaron Rupar.And Jim Stewartson, an entertainment producer and political commentator, argued the press conference made a “mockery” of the American justice system.“Wait. That’s evidence of something?” Stewartson asked in a social media post on X to his nearly 150,000 followers. “Justice Department, if you keep making a mockery of the American justice system and acting as a personal defense firm for the demented pedophile running the country, you are god------ right we will become ‘ungovernable.’ Welcome to America.”Rosen not only received scrutiny from critics online, but from a journalist attending the press conference in person, Minnesota Reformer’s Madison McVan, who noted that more than a third of the individuals named in the indictment had already had their charges dismissed.“I don't think any cases have failed in any way," Rosen pushed back."It's actually half now," another reporter could be heard interjecting.Embarrassing https://t.co/nY10ZsKE7t— The Tennessee Holler (@TheTNHoller) June 16, 2026
President Donald Trump hasn't yet released what he has agreed to on the Iran deal, but there are those in his administration who aren't happy with it and think it's a mistake. According to the Mirror, Trump is pondering firing them. Those include Secretary of Defense Pete Hegseth and CIA Director John Ratcliffe. "The debate has been settled. Anyone who opposed it could pay a personal price," a source told The Mirror.One person who appears to be safe is Secretary of State Marco Rubio, who serves in multiple roles for the president. It's unclear whether Trump would be willing to fire Vice President JD Vance, who has opposed to the Iran war from the start. In April, The New York Times reported that Vance was the most skeptical voice on the strikes. But The Mirror reported that Vance is supportive of the deal. Oddly, Jared Kushner and Steve Witkoff, who have been on the team working on the deal, are also said to support it, the Mirror reported. Since the deal hasn't been revealed, it's unclear if it prevents Israel from defending itself against Hamas in Lebanon. In the past both Kushner and Witkoff have been ardent supporters of Israel's ability to defend itself. The Jerusalem Post reported on Tuesday that Witkoff and Kushner are being seen as "sell-outs" as a result of their support for the deal. Right-wing pundit and close ally of Prime Minister Benjamin Netanyahu, Yinon Magal, host of Channel 14 's The Patriots, blasted Kushner and Witkoff using a slur, saying that Trump's deal makes him look like a “loser.” Magal accused the two men of acting under pressure from Qatar and “selling their brothers in Israel.”"Rubio, Hegseth, and other officials from both the Department of Defense and State have presented an assessment that the current Iranian regime was already in decline due to economic pressure and that turning up the heat on the country would eventually end in a surrender or, alternatively, its collapse," The Mirror claimed. South Carolina Republican, Lindsey Graham, fears that the U.S. and Iran might have "different" views of what the deal is or should be. He wrote on X that he was "pleased to hear the memorandum of understanding with Iran to allow the Strait of Hormuz to open has been agreed to.""I will be watching closely the ensuing negotiations regarding Iran’s nuclear program and other matters," Graham wrote. "I am somewhat concerned that Iran’s view of the agreement seems different than what the American negotiating team is claiming."That said, Graham doesn't appear to want Trump to decide whether the deal is final. "Under our law, any nuclear deal with Iran will be sent to Congress for review and a vote," Graham claimed. "I look forward to reviewing the final product, and I believe it is imperative that the architect of the deal, Vice President Vance, and his negotiating partners be part of the process in presenting the final deal to Congress."