WSJ What’s News - President Trump Says the U.S. Will Extend the Iran Cease-Fire

Episode Date: April 21, 2026

P.M. Edition for April 21. President Trump said the cease-fire with Iran, which was set to expire tomorrow, will continue. Earlier, Vice President JD Vance paused plans to travel to Pakistan for negotiations with Iran over ending the war. Plus, lawmakers grilled Kevin Warsh, President Trump’s pick for the next chair of the Federal Reserve, during his confirmation hearing today. We hear from WSJ economics reporter Matt Grossman about what happens next. And the Gates Foundation plans to cut 20% of its staff. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

If you're early in your career and looking for insight, inspiration, and honest advice, listen to the Capital Ideas podcast. Hear from Capital Group professionals about leaning into the differences that make you unique, making decisions that last, and what it means to lead with purpose. The Capital Ideas Podcast, from Capital Group, available wherever you listen. Published by Capital Client Group, Inc. President Trump announces that the U.S. will extend a ceasefire with Iran that was going to expire tomorrow. Plus, Senators volley tough questions at Kevin Warsh, President Trump's pick for the next Fed chair during his confirmation hearing. And why the energy shock is going to hit electricity bills in Hawaii and Alaska. Essentially, they are very exposed to that international price of oil.

So the utilities right now that are purchasing oil or paying higher prices for it, and then that gets passed along. It's Tuesday, April 21st. I'm Alex O'SAleft for the Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. Kevin Warsh, President Trump's nominee for Federal Reserve Chair, testified in front of the Senate Banking Committee today. During the two-and-a-half-hour session, senators grilled Warsh about his financial assets, as well as how he plans to preserve the Federal Reserve Chair, testified in front of the Senate Banking Committee today. independence of the Fed. For more on the hearing and what happens next, I'm joined by WSJ economics reporter Matt Grossman. Matt, senators asked Warsh a lot of different questions, but one topic that kept coming up was his relationship with President Trump, like in this exchange between Warsh and Massachusetts Democratic Senator Elizabeth Warren. In our meeting, you said you would be

independent because you're, quote, a tough guy. Those were your words, tough guy. And you will be able to stand up to President Trump. So let's try it again. Name one aspect of President Trump's economic agenda with which you disagree. Well, Senator, the Federal Reserve in recent years has wandered outside of its remit, wandered into other areas. I'm asking for something you disagree with Donald Trump on. If I'm confirmed, the federal reserve should stay in its lane. The relationship between the Fed and the White House is a very sensitive area right now. especially for Democrats who are skeptical that because President Trump has been so outspoken about lowering interest rates over the past few years, that any nominee would basically have to promise the president

that that's what he'd pursue in office. Now, Warsh emphasized today that he didn't make any promises to President Trump, that President Trump never pressured him to make a commitment about lowering rates. But Democrats on the committee were really asking some very pointed questions about stuff like the president's attempt to fire Lisa Cook, who's a Fed governor, the president's continued threats to try to fire Jerome Powell, who's the current Fed chair. When those topics came up, Warsh tried to keep a very neutral view. He said that he isn't a legal expert, that he wants to see those issues play out in courts. And of course, that might not have been very

satisfying to Democrats on the committee who see some of these moments as a real breach and protocol. A lot of the Republicans made it sound like supporting Kevin Warsh would be a pretty straightforward choice for them. And that's been the expectation for a while. So we wrapped up the hearings today. What happens next? Jerome Powell's term ends on May 15th. So the Republicans would really like to see Kevin Warsh confirmed before then. On the other hand, Tom Tillis, who's a senator from North Carolina on the banking committee, has said that he won't support Warsh's confirmation until the Justice Department's investigation of Jerome Powell is dropped. That's That's because Tillis objects to that use of the Justice Department's investigative power,

not because he has any problem with Kevin Warsh. It's not exactly clear what the off-ramp to that is going to be just yet. It looks pretty certain right now that there's no path forward for Warsh until there's some resolution between Tillis who wants to see this investigation resolved and the White House, which hasn't shown a readiness to drop it. That was WSJ economics reporter, Matt Grossman. Thanks so much, Matt. Thank you. President Trump said today that the U.S. will extend its ceasefire with Iran and continue the blockade of the country's ports until its leaders present a, quote, unified proposal. The announcement on Truth Social comes a day before the two-week ceasefire was scheduled to end. Iran has accused the U.S. of perpetrating an act of war by blockading its ports. Attempts to hold negotiations are still in limbo. Iran says it hasn't yet decided whether it will send a delegation to Pakistan for peace talks, and Vice President,

J.D. Vance had earlier paused plans to travel to Pakistan today. Meanwhile, the U.S. is ramping up pressure on Iran. Over night, U.S. forces boarded a crude oil tanker that had previously been sanctioned by the U.S. for working with Iran. The White House is taking action against ships linked to Iran in waters around the world, as well as blockading Iranian ports. This morning, in an interview with CNBC, Trump said he wants to make sure the threat from Iran is ended, even if it means the war doesn't wrap up quickly. I want to make a good deal. I'm not going to be rushed. I have all the time in the world. Florida Representative Sheila Scherfellis McCormick, a Democrat, is resigning from the House.

She's facing allegations that she stole millions of dollars in federal funds, and a House Ethics Committee hearing today was going to consider whether to recommend expelling her. She said she couldn't adequately defend herself in a House Ethics Probe because of criminal charges she's facing for conspiring to steal disaster relief funds. She's the third lawmaker to quit the house in recent days. The journal has learned that Hollywood power broker Casey Wasserman's talent and marketing agency has drawn interest from private equity firms and big entertainment investors. Wasserman announced in February that he was selling the firm after the Justice Department

released emails between him and Jeffrey Epstein Associate Galane Maxwell. And we're exclusively reporting that the Gates Foundation is cutting up to 500 jobs, or roughly 20% of its staff over the next several years. The philanthropic giant has also opened an external review of engagement with Epstein. The moves were announced today in a staff email viewed by the journal. The Gates Foundation and its co-founder Bill Gates have been reeling from disclosures about the Microsoft billionaire's ties to Epstein. Gates has said he regretted his association with Epstein and that he didn't participate

in the sex offender's crimes. Coming up, Red Lobster brings back the fan-favorit deal that helped send it into bankruptcy. That's after the break. Local news is in decline across Canada, and this is bad news for all of us. With less local news, noise, rumors, and misinformation fill the void, and it gets harder to separate truth from fiction. That's why CBC News is putting more journalists in more places across Canada,

reporting on the ground from where you live, telling the stories that matter to all of us, because local news is big news. Choose news, not noise. CBC News. Uncertainty over the status of Middle East peace talks weighed on U.S. stocks today. The three major indexes each fell about 0.6%, while oil prices gained. In earnings, United Health reported first quarter profit of $6.48 billion and raised its annual guidance. Those results were much higher than Wall Street expected and signal progress in United Health's financial turnaround. The company has replaced a ton of top executives and invested significantly in AI.

Its stock closed up about 7% today. And New York Attorney General Letitia James has filed lawsuits against crypto exchanges, Coinbase and Gemini. The suits accuse the companies of illegally allowing people under 21 to gamble, which is barred by the state. The lawsuits are notable for what they left out, prediction market platforms Kalshi and polymarket. The suits are something of a trial balloon in a crowded landscape of state litigation. that could ultimately reach the Supreme Court.

Should New York fail to win its cases against the crypto exchanges, the Attorney General's office could still bring the cases against other prediction market operators. Polymarket has a data partnership with Dow Jones, the publisher of the Wall Street Journal. Sales at U.S. retailers jumped last month, rising by 1.7%. It was the fastest one-month rise in retail sales in more than three years. A sharp rise in gasoline prices drove the gain.

And while oil prices and gas prices at the pump have soared because of the Iran war, a big domestic supply of natural gas has been a helpful cushion for Americans' electricity costs. That natural gas is the main fuel for generating power in the U.S., and it's actually cheaper now than it was at the start of the Middle East conflict. But there are a few utilities in the U.S. that are starting to feel higher energy costs. Hawaii's largest utility told customers to expect a jump of up to 30% in their electric bills in the coming months, while the power supplier in Fairbanks, Alaska, is also telling customers to get ready to pay more. Jennifer Hiller, who covers the power industry for the journal, says there's a reason why Hawaii and Alaska are feeling this first.

Most of the country is fairly insulated in terms of this direct fuel price for electricity, but any kind of remote area is going to use a little bit more oil and diesel for power generation. Alaska and Hawaii utilities are having to buy oil. and oil is what has immediately spiked. And so those utilities are going to immediately start paying higher prices. Hawaii doesn't use any natural gas. They would have to import it via an LNG tanker. And that's a more complicated process.

And Alaska has a lot of oil and natural gas supply, but there is a pipeline issue in terms of getting enough gas from the field to the power plants. Essentially, they are very exposed to that international price of oil. So the utilities right now that are purchasing oil or paying higher prices for it, and then that gets passed along. So if oil prices drop, eventually that fuel cost would drop for customers as well. But there's always a lag. And finally, there's some good news for seafood fans. Red Lobster is bringing back its

endless shrimp deal for the first time since the promotion contributed to the chain's 2024 bankruptcy. Red Lobster's turnaround remains a work in progress, and the company says this new version of endless shrimp will work for its business. Restaurants reporter Heather Haddon says this time the deal is returning for a limited time and with various caveats. The chain hasn't been very explicit about how limited that time is, but it will be for a constrained period of time. And it says that it's listening to its fans, that it's gotten thousands of comments from people on social media, and others that they really want unlimited shrimp back. It is restricting it. In certain ways, it's not for to go.

It's not for delivery. It's not on holidays. But it will be providing it on a limited time basis. So in some markets, it will be starting at 2499. It will go up in other markets, but it is still a really good deal. And if you're looking for a whole lot of shrimp on the cheap, red lobster might be a good place for you to go right now. And that's what's news for this Tuesday afternoon.

Today's show is produced by Danny Lewis and Pierre Bienname with supervising producer Tali Arbell. I'm Alex Ocelof for the Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening. When a country's productivity cycle is broken, people feel it in their paychecks, their communities, their futures. What does this mean for individuals, communities, and businesses across the country? Join business leaders, policymakers, and influencers for CGs national series on the Canadian Standard of Living, productivity,

and innovation. Learn what's driving Canada's productivity decline and discover actionable solutions to reverse it.