April 24, 2026 — The U.S. Justice Department said it is closing its criminal investigation into Federal Reserve Chair Jerome Powell, U.S. Attorney for D.C. Jeanine Pirro announced, and has asked the Fed’s Office of Inspector General to examine cost overruns on renovations to the central bank’s Washington headquarters. The move follows a federal judge’s March ruling that quashed subpoenas to the Fed after finding scant evidence of criminality and criticism that the probe was being used to pressure Powell over interest-rate policy. The renovation’s estimated cost has risen from roughly $1.9 billion to about $2.5 billion, with the inspector general already undertaking reviews dating to 2021 and a fresh review requested in 2025. Pirro said she could restart a criminal investigation if the IG’s findings warrant it. The decision removes a key obstacle to President Donald Trump’s nominee, Kevin Warsh, advancing through the Senate to replace Powell when his term ends May 15; Senator Thom Tillis had withheld his support pending the DOJ inquiry. The White House voiced confidence the move would clear Warsh’s path to confirmation.

U.S. consumer sentiment plunged to an all-time low in April as the University of Michigan’s Surveys of Consumers showed the final Consumer Sentiment Index at 49.8 on April 24, down from 53.3 in March and slightly above an earlier preliminary reading of 47.6. The deterioration was broad-based across ages, income levels and political affiliations. One-year inflation expectations jumped to 4.7% from 3.8% in March, while five-year expectations rose to 3.5%. The survey, conducted March 24–April 20, linked the slide mainly to inflation fears stemming from the U.S.-Israel war with Iran and disruption of shipping through the Strait of Hormuz, which lifted oil and commodity prices and kept gasoline and diesel elevated (around $4 and over $5 per gallon, respectively). Though retail spending and tax refunds have so far supported consumption, economists warned higher fuel and transport costs could erode real disposable income and weigh on discretionary spending. The report noted a modest late-month sentiment recovery after a temporary ceasefire, but said sustained improvement likely depends on easing supply constraints and lower energy prices.

Goldman Sachs said on April 24 that about 14.5 million barrels per day of Gulf crude — roughly 57% of pre‑conflict supply — was offline in April as the U.S.-Iran war and related maritime disruption around the Strait of Hormuz sharply curtailed shipments. The bank and other forecasters estimate a partial recovery is possible if the strait is safely and sustainably reopened: around 70% of lost output could return within three months and roughly 88% within six months. But recovery will be constrained by logistics and well performance. Available empty tanker capacity in the Gulf has fallen by about 130 million barrels (roughly 50%), limiting how quickly producers can move crude once exports resume. Prolonged shut‑ins risk eroding flow rates in lower‑pressure reservoirs and may require workovers, with Iran and Iraq facing greater recovery challenges than Saudi Arabia and the UAE, which have more spare capacity. The disruption has tightened markets and pushed Brent above $100 a barrel (near $106), reflecting rising near‑term supply risk and elevated price volatility.

Stellantis will concentrate the bulk of its future investment on four core marques — Jeep, Ram, Peugeot and Fiat — under a strategic plan being driven by CEO Antonio Filosa and due to be announced in Detroit in May, sources told Reuters on April 24. The group plans a “material increase” in funding for those brands while other names in its 14‑brand portfolio (including Citroën, Opel, Alfa Romeo and others) will be repositioned as regional or national players, or built using platforms and technologies developed by the four priorities. The move, backed by major shareholders such as Exor, is intended to arrest market‑share decline in the U.S. and Europe and counter intensifying competition from Chinese automakers. Stellantis booked a €22.2 billion charge in February after scaling back aggressive EV plans and its market capitalisation has fallen sharply, prompting calls from some investors to streamline the portfolio. Management says it prefers tactical redeployment of brands rather than outright closures, though analysts say some marques could still be phased out if conditions warrant.

NIO said on April 24 it is accelerating development of in-house automotive-grade chips to reduce dependence on suppliers such as Nvidia, CEO William Li told Reuters. The company has spun off its chip unit, Shenji, as an independent business and says its nanometre-scale silicon and whole-vehicle operating system are central to long-term competitiveness. Li said proprietary chips can be better matched to NIO’s sensor layouts and algorithms for AI and advanced driver-assistance functions, and that bringing chip design in-house should lift overall profitability despite higher upfront R&D costs. Industry reporting and investment-site analysis also name a new Shenji part, the NX9031, billed as a mass-produced 5nm automotive chip for NIO’s sub-brand Lado; that reporting estimated NIO previously paid up to $300 million annually to Nvidia (about $1,100 per vehicle) and projected potential annual savings exceeding 1.8 billion yuan. Shenji is said to be open to third-party customers, signalling a potential new revenue line beyond vehicle sales.