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What Trump’s next pick to lead the Federal Reserve means for your wallet
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No institution has more influence over what Americans can afford than the Federal Reserve, one most people rarely follow but feel every month in their finances.
That influence isn’t always obvious. The Fed doesn’t decide what groceries or cars cost, but it does determine how expensive it is to borrow money to pay for them. And right now, borrowing is costly. High interest rates mean larger monthly payments on mortgages, car loans and credit cards, even if the sticker price of a home or vehicle hasn’t changed.
That makes the Fed’s leadership especially consequential. On Friday, President Donald Trump nominated Kevin Warsh to succeed Federal Reserve Chair Jerome Powell, a move that could alter how aggressively the central bank approaches interest rates.
TRUMP NOMINATES KEVIN WARSH TO SUCCEED JEROME POWELL AS FEDERAL RESERVE CHAIR.
Kevin Warsh, former governor of the U.S. Federal Reserve, was tapped by President Donald Trump to lead the Fed. (Tierney L. Cross/Bloomberg/Getty Images)
Trump has blamed Powell for not cutting rates more aggressively, even as he has repeatedly described the economy as strong. Historically, rate cuts have usually been reserved for times of economic weakness, not growth.
That disagreement over rates has real-world consequences. For many Americans, the effects are most visible in the housing and auto markets, two of the biggest expenses for most families. You’re not paying more only because the home or car suddenly costs more. You’re paying more because the money to buy it does.
Those elevated borrowing costs are acting like a form of second inflation, pushing mortgages, car loans and credit card bills to levels that stretch household budgets thin. That’s why everyday life can still feel more expensive. Prices may not be climbing as quickly anymore, but the cost of paying for big purchases continues to rise.
THE PRICE OF BUILDING A HOME KEEPS CLIMBING — AND UNCERTAINTY ISN’T HELPING
Mounting costs on builders ultimately get passed on to buyers, pricing many out of the market. (Matthew Busch/Bloomberg/Getty Images)
Economists say affordability will not meaningfully improve until the Fed begins cutting rates and keeps them low long enough to ease pressure on long-term borrowing.
That backdrop has become a political liability for Trump, who campaigned on restoring affordability and easing household financial strain but now faces growing voter skepticism over whether those promises are materializing.
A recent Fox News poll underscores the stakes. When voters were asked what President Donald Trump’s top priorities should be, nearly four in 10 cited either the economy overall (19%) or prices (17%).
Affordability concerns are also giving Democrats an early edge in the generic congressional ballot, which asks voters which party they would support in their U.S. House race this November. While largely hypothetical at this stage, the question offers an early baseline for the coming election, according to Republican pollster Daron Shaw, who said the poll is an early read, not a forecast.
«We ask about it at this point simply to get a sense of how short-term forces might play out in the general election,» Shaw said.
YEAR IN REVIEW: HOW PRESIDENT TRUMP’S ECONOMIC AGENDA IS SHAPING UP SO FAR
President Donald Trump has begun a nationwide tour to address economic concerns. (Daniel Torok/Official White House Photo)
Democrats leaned heavily on affordability themes in state and local elections this fall, and it paid off.
In places like Virginia, New York and New Jersey, where voters have been squeezed by high housing costs and utility bills, Democratic candidates seized on Trump’s early economic moves, including his trade policy, to argue that his policies were worsening the affordability crisis rather than easing it.
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New York City Mayor Zohran Mamdani placed affordability at the center of his campaign to helm America’s largest city. (Andrew Lichtenstein/Corbis/Getty Images)
They promised to rein in energy costs, expand affordable housing and protect middle-class wages, a message that resonated with voters and, analysts say, reflects a broader trend. In an economy where many still feel stretched thin, the party that speaks most directly to people’s pocketbooks often wins.
The Fed’s decision about rate cuts will shape the economy’s trajectory and how affordable life feels for millions of Americans in the new year.
federal reserve,economy,donald trump,white house
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ICE arrests convicted pedophiles, violent assailants as Trump meets with Angel Families
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FIRST ON FOX: After President Donald Trump and Department of Homeland Security Secretary Kristi Noem met Monday with Angel Families impacted by crimes committed by illegal immigrants, the agency announced it had arrested additional illegal immigrants convicted of sexual assault and violent crimes.
Deputy Assistant Secretary Lauren Bis told Fox News Digital that «while Americans were enjoying their weekends, the heroic men and women of ICE were working around the clock to get the worst of the worst criminal illegal aliens out of our country, including pedophiles, rapists and violent assailants.»
Bis said that while «sanctuary politicians and the media ignore the victims of criminal illegal immigrant crime. Today, President Trump and Secretary Noem met with Angel families and victims at the White House,» adding that «these victims and their families are why we continue to fight for the arrest and removal of illegal aliens from our communities.»
Among those arrested by ICE this weekend was Gerardo Moran-Cisneros, from Mexico, who was convicted of lewd or lascivious acts with a child under 14 years old in Los Angeles. Also in Los Angeles, ICE arrested Jathniel Rei Tangkilisan, from Indonesia, convicted of domestic battery in Hollywood.
The mother of Laken Riley, Allyson Phillips, joins President Donald Trump during an Angel Families remembrance ceremony held in the East Room at the White House February 23, 2026, in Washington, DC. (Win McNamee/Getty Images)
In the Los Angeles suburbs, ICE arrested Hoang Dung Duong, from Vietnam, who was convicted of assault with a deadly weapon in Santa Ana, California.
Across the country in New York City, ICE arrested Pedro Pichasaca-Dutan, from Ecuador, who was convicted of rape. In nearby Somerset County, New Jersey, ICE arrested Mexican national Victor Ortiz-Ramos, who was convicted of aggravated sexual assault of a victim less than 13 years old.
Also in New Jersey, which is a sanctuary state, ICE arrested Carlos Aparicio-Zarate, also from Mexico, who was convicted of aggravated assault — serious bodily injury in Asbury Park.
In the Chicago suburb of Wheaton, Illinois, Martin Villanueva-Arenas, another Mexican illegal, was arrested by ICE following his conviction for aggravated criminal sexual assault of a child, leaving the scene of an accident and resisting a peace officer.
In Chicago proper, ICE arrested Jose Parada-Valdivia, from Mexico, who is convicted of possession with intent to distribute cocaine. Meanwhile, ICE also arrested Mexican national Juan Ortiz-Pozos, who is convicted of aggravated vehicular hijacking and aggravated battery on a peace officer in Chicago’s Cook County.
TRUMP’S ‘TOTAL ELIMINATION’ STRATEGY PAVED WAY FOR FALL OF CARTEL KINGPIN ‘EL MENCHO’
Left to right, from top: Gerardo Moran-Cisneros, Jathniel Rei Tangkilisan, Hoang Dung Duong, Pedro Pichasaca-Dutan, Victor Ortiz-Ramos, Carlos Aparicio-Zarate, Martin Villanueva-Arenas, Jose Parada-Valdivia, Juan Ortiz-Pozos, Javid Finton McLawrence. (Alex Brandon/AP; DHS)
In Houston, ICE arrested Javid Finton McLawrence, from Grenada, who was convicted of indecent assault. In the Dallas-area Tarrant County, ICE apprehended Jeremias Hernandez-Fernandez, from Mexico, who was convicted of indecency with a child.
Over the weekend, ICE also arrested Mexican nationals Juan Vasquez-Perez, convicted of third-degree sex abuse in Johnson County, Iowa, and Esteban De Paz Jimenez, convicted of assault and battery on a family member, aggravated robbery and preventing summons of law enforcement in Caroline County, Virginia. The agency also arrested Claudy Ngoy, from the Democratic Republic of the Congo, who was convicted of assault with a deadly weapon with intent to kill in Wake County, North Carolina.
On Sunday, Trump signed a declaration proclaiming Feb. 22 «National Angel Family Day» in honor of the «thousands of American lives stolen from us by criminal illegal aliens and the deadly drugs they bring across our borders.»
In the declaration, Trump reaffirmed his commitment to combatting illegal immigrant crime, writing, «We stand with the Angel Families, many of whom continue to be left without justice» and «we recommit to carrying out the largest mass-deportation effort in our Nation’s history, getting the worst of the worst out of our country, and putting a stop to the violence targeting the brave men and women of law enforcement.»
TRUMP HALTS ANGEL FAMILIES SPEECH TO CHECK ON WOMAN IN AUDIENCE
U.S. President Donald Trump holds up a proclamation dedicating February 22nd as Angel Family Day during a remembrance ceremony held in the East Room at the White House February 23, 2026 in Washington, DC. (Win McNamee/Getty Images)
Among those present for the Angel Family event were Allyson Phillips, mother of slain Georgia nursing student Laken Riley, Alexis Nungaray, mother of slain Houston teen Jocelyn Nungaray, and the family of Rachel Morin, a Maryland mother of five who was killed by an illegal alien.
Trump told the families, «For too long, your stories were suppressed so that politicians could open our borders. But today, the world hears you.»
«We are not just mitigating the threat anymore; we are eliminating it,» he went on, adding, «The justice delivered in Tapalpa this weekend is just the beginning for every family in this room.»
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Several of the Angel Families spoke during the event as well, with Phillips telling Trump, «You are a man of your word, Mr. President.»
«My daughter Laken didn’t die in vain,» said Phillips. «Because of the Laken Riley Act and the work you’re doing to clear out these monsters, other mothers won’t have to live my nightmare.»
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immigration,illegal immigrants,migrant crime,donald trump,kristi noem,enforcement,homeland security
INTERNACIONAL
La clave para ubicar a «El Mencho»: una pareja sentimental que lo visitó y se fue un día antes del operativo
El secretario de Defensa Nacional de México, Ricardo Trevilla, brindó este lunes nuevos detalles sobre el operativo federal desarrollado en la localidad de Tapalpa, Jalisco, que este domingo mató a Nemesio Oseguera Cervantes, «El Mencho», el líder del Cártel de Jalisco Nueva Generación (CJNG) y considerado por Estados Unidos el mayor traficante de cocaína, heroína y metanfetamina en México. Según indicó, una pareja sentimental del jefe narco habría sido clave para encontrarlo.
Los detalles que ya habían trascendido de la operación contaban que «El Mencho» transcurrió sus últimos días alejado de las grandes riquezas que había forjado durante su imperio criminal, viajando disfrazado de un refugio a otro, yendo de choza en choza y caminando por veredas con mosquitos.
Además, tenía su salud deteriorada producto los problemas de riñón e hígado que le dejaron las múltiples cirugías clandestinas a las que se sometió a lo largo de su vida y acechado por la certeza de que cada movimiento que hacía era monitoreado por agencias de seguridad de Estados Unidos. Y no se equivocaba.
Este lunes, el secretario de Defensa Nacional mexicano informó que el poderoso capo narco por el que Estados Unidos ofrecía una recompensa de 15 millones de dólares fue ubicado el viernes pasado tras meses de seguimiento. La clave para encontrarlo habría sido una pareja sentimental.
Según indicó Trevilla, en el marco de un trabajo de inteligencia conjunto entre agencias mexicanas y estadounidenses, que permitió vigilar la red de contactos del jefe del CJNG, se logró ubicar «a un hombre de confianza de una de las parejas sentimentales del ‘Mencho’», quien habría trasladado a la mujer a la instalación del poblado de Tapalpa en la que el capo narco finalmente fue ubicado. Sin embargo, no brindó mayores detalles acerca de la identidad de la visitante del jefe narco.
El funcionario indicó además que la mujer abandonó el complejo apenas un día antes del operativo. «El Mencho», en tanto, se quedó en el lugar junto a su equipo de seguridad. Fue ese el momento en que las fuerzas de seguridad decidieron ejecutar la operación militar para capturarlo.
Trevilla explicó también que las fuerzas especiales del Ejército lograron cercar al narcotraficante, pero que en el lugar fueron recibidos a tiros por pistoleros a cargo de la seguridad de «El Mencho».
El lugar en el que se encontraba el peligroso narco está ubicado en las cercanías de la Laguna de Sayula, un cuerpo de agua protegido por montañas que se elevan hasta 1.350 metros sobre el nivel del mar. Las alturas y precipicios, pensaron sus escoltas, harían imposible un operativo para detenerlo. Sin embargo, no fue así.
Los disparos de los guardias del líder del CJNG fueron repelidos por las fuerzas mexicanas, en un enfrentamiento que dejó a ocho presuntos integrantes del grupo criminal muertos y tres militares heridos.
Después del primer intercambio de disparos, «El Mencho» y su círculo de seguridad huyeron hasta una zona boscosa y se escondieron entre la maleza. Pero los militares lograron ubicarlos y establecer un cerco para que no pudiesen salir. A pesar de que al verse acorralados volvieron a a abrir fuego contra el personal de la Guardia Nacional y de las Fuerzas Armadas, tras un fuerte cruce de disparos, los militares hiriendo al capo narco, quien murió a bordo del avión en el que posteriormente fue trasladado para ser atendido.
El operativo, liderado por el Ejército mexicano, con participación de la Guardia Nacional y fuerzas especiales, contó con apoyo aéreo de seis helicópteros y varios aviones con el objetivo de «obtener la sorpresa y tener la iniciativa», aunque no dio detalles del número exacto de militares desplegados en el operativo. Además, contaron con información proporcionada por EE.UU.
En el lugar, las fuerzas de seguridad mexicanas incautaron numerosas armas, entre ellas lanzacohetes RPG de diseño ruso, el mismo modelo que se usó en 2015 para derribar un helicóptero en un evento en el que murieron siete militares mexicanos.
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Cruz warned Mexico officials ‘President Trump was going to’ act if they didn’t fight cartels
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The killing of drug lord Nemesio «El Mencho» Oseguera Cervantes may look like a decisive victory in the war on drugs. But in Washington and Mexico City, it is also being viewed as something more strategic: a visible response to mounting U.S. pressure that has reshaped Mexico’s approach to the cartels.
The operation, carried out by Mexican forces with U.S. intelligence support, underscores deepening coordination between the two governments as fentanyl trafficking remains a central political and security issue in the United States.
Sen. Ted Cruz, R-Texas., told Fox News Digital he had personally warned Mexican officials last year that Washington expected stronger action. «In August of last year, I went down to Mexico. I took a trip to El Salvador, Panama and Mexico, and I met with senior officials in the Mexican government. The message I conveyed to them was that they needed to get serious about fighting the cartels to stop the drug trafficking into America and to stop the human trafficking into America. I told them that if they didn’t get serious, President Trump was going to.»
«This was before the Maduro raid,» Cruz added, «But the raid was not a surprise — it was clear the president was going to do what was necessary to keep America safe. I will say that Mexico has pivoted sharply, and this is a real manifestation of that. Thousands of Americans are alive today because Trump was re-elected and Republicans were put in charge of Congress. If we had kept the Democrats’ open-border policies in place, there would be thousands more Americans dead from murder, other violent crime and drug overdoses.»
A soldier stands guard by a charred vehicle after it was set on fire in Cointzio, Mexico, Sunday, Feb. 22, 2026, after the death of «El Mencho.» (AP Photo/Armando Solis)
Melissa Ford Maldonado, director of Western Hemisphere at the America First Policy Institute, told Fox News Digital the strike reflects a broader shift in incentives driven by Washington.
«U.S. pressure has absolutely shaped Mexico’s actions. Pressure is the only thing that compels the Mexican state to act,» Ford Maldonado said. «The Trump administration has been explicit in linking trade leverage and even the possibility of unilateral action to Mexico’s performance against the cartels, which has completely changed the incentive structure in Mexico City. When Washington demands visible results, Mexico is under pressure to produce something visible.»
She said the killing itself fits that dynamic. «The killing of El Mencho is an attempt to do that,» she said. «El Mencho was one of the most wanted men in the hemisphere, and Jalisco New Generation cartel is among the most violent and militarized cartels in Mexico. His death gives the Mexican government something concrete to point to — a high-value target — and claim they’re delivering. But these are only tactical wins, designed to relieve immediate pressure from Washington.»
DEATH TOLL RISES AFTER MEXICAN DRUG CARTEL LEADER KILLED IN US-BACKED OPERATION
A worker sorts freshly printed copies of the newspaper PM bearing the headline «U.S. mapped ‘El Mencho’ and Mexico delivered the final blow, Caught between two fires,» following the killing of the drug lord on Sunday, Feb. 22, 2026. (Jose Luis Gonzalez/Reuters)
Ford Maldonado cautioned that high-profile takedowns have historically failed to produce lasting stability.
«The problem is that tactical wins are not the same thing as strategic change. Tactical wins aren’t enough anymore. If they were, the long list of past arrests and extraditions would have solved this already. I believe Washington is looking for something deeper now: the disruption of the ecosystem that allows cartel power to thrive. Mexico has a problem with corruption, territorial control and political protection, and they must address the political and financial networks that keep the cartels in power.»
Smoke billows from burning vehicles amid a wave of violence following a military operation in which «El Mencho,» was killed, in Puerto Vallarta, Mexico, Feb. 22, 2026. (Screen grab obtained from a social media video. @morelifediares via Instagram/Youtube/via Reuters)
She also pointed to internal Mexican political dynamics that may complicate the narrative.
In June 2020, Omar García Harfuch, then Mexico City’s chief of police, survived an assassination attempt widely attributed to El Mencho. García Harfuch is now Mexico’s secretary of security and citizen protection and oversaw the operation that killed the cartel leader.
«Therefore, there may be other motives involved,» Ford Maldonado said. «Jalisco New Generation cartel has been in a long-standing and very bloody rivalry with the Sinaloa cartel, which some say is the traditional cartel partner of the Morena regime. So, if the Mexican government goes after the rivals of a cartel it’s long been accused of tolerating or working alongside, that alone doesn’t prove it has truly broken with cartel-state collusion.»
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A wave of violence took place after the death of «El Mencho,» in Puerto Vallarta, Jalisco, Mexico, Feb. 22, 2026. (Screen grab obtained from a social media video. @morelifediares via Instagram/Youtube/via Reuters )
For now, she said, the killing is significant but not definitive.
«Unfortunately, history has shown that killing a cartel leader rarely produces lasting stability. It disrupts command and control temporarily,» she said. «Whether this is a real turning point depends on what comes next, specifically, whether enforcement moves beyond high-profile cartel leaders and begins to confront the political and financial networks that sustain them. Until then, this is significant, but it’s not transformative.»
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location mexico,mexican cartel violence,donald trump,ted cruz,crime world,drugs
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