This Financial Times News briefing from April 22nd covers three major stories: the extension of the U.S.-Iran ceasefire, Kevin Warsh's Federal Reserve chair confirmation hearing, and the launch of a new FT podcast exploring financial history.

The episode features FT U.S. economics editor Claire Jones discussing Warsh's Senate appearance, where he faced questions about Fed independence and his substantial personal wealth. The briefing also introduces 'The Story of Money' podcast, co-hosted by Robin Wigglesworth and Gillian Tett, which examines how historical financial patterns repeat in modern markets.

Trump Extends Iran Ceasefire Despite Previous Opposition

Trump extended the U.S.-Iran ceasefire until negotiations conclude, reversing his previous stance against extension as the truce was set to expire

Iranian officials declared they won't attend talks in Pakistan, calling further negotiations 'a waste of time' according to Tasnim news agency

Iran's foreign minister labeled the American naval blockade of Iranian ports an 'act of war and a ceasefire violation,' while Trump maintains the blockade continues

Warsh Faces Senate Grilling on Fed Independence and Wealth

Warsh called this 'as consequential a moment for the U.S. economy and institution as at any point since the late 1970s' during his confirmation hearing

When pressed by senators, Warsh stated definitively: 'The President never once asked me to commit to any particular interest rate decision, period'

Elizabeth Warren questioned Warsh's $130 million in assets, many held confidentially, and his divestment timeline to meet government ethics rules

Warsh believes AI will create room for Fed rate cuts, contrasting with most Fed officials who expect AI to increase demand and inflation short-term

Republican Senator Tom Tillis blocks Warsh's Senate floor advancement until the criminal probe against current Fed chair Jay Powell ends

Financial History Lessons from Ancient Debt to Modern Money

Ancient Mesopotamian rulers like Hammurabi solved debt crises with jubilees, cancelling all debts when taking power to reset economies

19th century America functioned without a central bank as 'state-chartered banks could print whatever money they wanted' alongside widespread money forgers

Robin Wigglesworth noted that 'large parts of the economy ran on dodgy money or even fake money' because people needed something to serve as currency

Modern parallels exist with stablecoins and crypto as 'collective illusions' that work until 'the music stops,' similar to historical money experiments

Americans Seek Irish Citizenship as Political Backup Plan

Applications to Ireland's foreign birth register jumped 63% last year as Americans explore citizenship through ancestry

Lawyers attribute the surge to Trump administration policies on immigration and transgender rights driving backup plan considerations

Around 32 million Americans claim Irish heritage according to the U.S. Census Bureau, though qualification numbers remain unclear