Signal

Good evening. Kevin Warsh appears to have a clearer path to leading the Federal Reserve after prosecutors dropped their criminal probe into current chair Jerome Powell, removing what could have been a messy confirmation hurdle. Meanwhile, Intel's remarkable turnaround story hit a major milestone as its shares surged past their dotcom bubble peak, with the CEO claiming the chipmaker has made fundamental changes to capitalize on the AI boom. The broader market dynamics are shifting too, with arbitrage opportunities expanding as traditional pricing mechanisms break down across global markets. Closer to home, Keir Starmer faces mounting pressure with the Mandelson vetting controversy adding to what's already been a difficult week, just as crucial elections loom in Scotland, Wales and England. The situation isn't helped by reports of a Pentagon document suggesting the US might review its Falklands position in retaliation for Britain's stance on the Iran conflict, though Downing Street firmly rejected any change to UK sovereignty. On a more troubling note, new BBC revelations show Jeffrey Epstein was housing victims in London flats after the Met chose not to investigate him in 2015, raising fresh questions about missed opportunities to stop his trafficking operations.