Key Takeaways
- President Trump formally launched the "Board of Peace" in Washington, an international body chaired by himself to oversee the reconstruction of Gaza, featuring founding members such as Hungary, Argentina, and Vietnam.
- Minneapolis Fed President Neel Kashkari endorsed Kevin Warsh for Fed Chair, while warning that AI-related investment is likely driving up the neutral interest rate, suggesting a "higher-for-longer" environment.
- CME Group (CME) announced the launch of 24/7 trading for cryptocurrency futures and options starting May 29, 2026, to meet institutional demand for around-the-clock risk management.
- Alphabet’s (GOOGL) Waymo expansion in New York City faced a major setback after local robotaxi plans were pulled, despite broader state-level support for autonomous vehicles.
Trump Convenes First "Board of Peace" Meeting
President Donald Trump delivered remarks at the inaugural meeting of the Board of Peace today in Washington, an organization he established to manage the reconstruction and administration of the Gaza Strip. During the session, Trump praised the participation of key allies, specifically highlighting Vietnam as "incredible" and offering accolades to Hungarian Prime Minister Viktor Orban and Argentine President Javier Milei.
The President noted that while many world leaders have joined the initiative, some are playing "cute" with their involvement, likely referring to European leaders who have opted for observer status rather than full membership. The board, which Trump intends to function as a parallel or alternative to the United Nations, requires a $1 billion contribution for permanent membership, with funds earmarked for Gaza’s stabilization and infrastructure.
Kashkari Backs Warsh, Signals Structural Shifts at the Fed
Minneapolis Fed President Neel Kashkari made waves in financial markets today by declaring that Kevin Warsh is "well-qualified" to serve as the next Federal Reserve Chair. Kashkari noted that Warsh has been outspoken in offering new ideas for the central bank and expressed that he looks forward to the coming discussions regarding leadership and policy reform.
Kashkari also provided a hawkish outlook on interest rates, stating that AI investment is probably driving up the neutral rate (r-star). This suggests that the benchmark interest rate that neither stimulates nor restrains the economy is higher than previously thought, which could limit the Fed's ability to cut rates in the near term. Furthermore, he expressed skepticism about the Fed's ability to shrink its $6.6 trillion balance sheet without "fundamental changes" to its current operating framework.
CME to Launch 24/7 Crypto Trading; Waymo Faces NYC Setback
CME Group (CME) is set to transform the regulated digital asset market by introducing round-the-clock trading for its cryptocurrency futures and options on May 29, 2026. The move follows record-breaking volumes in 2025 and aims to align regulated derivatives with the 24/7 nature of underlying spot crypto markets. Market participants view this as a critical step toward the further institutionalization of Bitcoin and Ethereum derivatives.
In the autonomous vehicle sector, Alphabet (GOOGL) subsidiary Waymo suffered a blow as New York’s robotaxi expansion plan was reportedly pulled. While New York Governor Kathy Hochul has pushed for state-wide legalization of autonomous vehicles, the exclusion of New York City from the current commercial rollout plans represents a significant hurdle. Waymo had been testing a small fleet in Manhattan and Brooklyn, but the regulatory environment in the nation's largest city remains a complex barrier to full-scale commercialization.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.