Market Talks covering the impact of U.S. Politics and White House policies on companies and markets. Published exclusively on Dow Jones Newswires throughout the day.

1236 ET - The House of Representatives has passed a new Farm Bill, with the legislation now moving to the Senate. But the bill is missing some provisions that many in the agricultural market were looking for, including regulations allowing for the passage of year-round E15--motor vehicle fuel blended with 15% ethanol. E15 has been allowed to be sold during the summer months in recent years, but allowing E15 year-round is expected to help bolster domestic corn consumption via ethanol. But the new bill does update key definitions that are out of date -- ending the process of rolling over the last Farm Bill, which was passed in 2018. It was supposed to expire in 2023, but has been rolled over for consecutive years since. (kirk.maltais@wsj.com)

0249 ET - The dollar rises as oil prices jump on concerns about an escalation in the Iran war and after Federal Reserve Chair Jerome Powell confirmed he would stay on the board once his chairmanship ends in May. An Axios report said the U.S. is preparing military strikes to break the negotiation deadlock with Iran. Powell's decision to remain as a governor after his term as chair ends stops Trump from nominating a replacement who favors interest-rate cuts, Danske Bank analysts say in a note. Powell's announcement came as the Fed held rates steady and the U.S. Senate banking committee approved Kevin Warsh's nomination as the next Fed chair. The DXY dollar index rises 0.1% to 99.038. (renae.dyer@wsj.com)

0155 ET - The only possibility of the yen's weakening trend reversing is if President Trump relaxes his stance on Iran, such as by easing conditions for nuclear talks, says NLI Research Institute economist Tsuyoshi Ueno. The Bank of Japan's further interest-rate increases are unlikely to bolster the yen significantly because the market has already priced in the possibility of a hike in June or July, he says. "Because the BOJ's policy decisions depend on the Middle East situation, officials are unlikely to say anything definitive on the future rate-hike path" before their next meeting in June, he adds. The yen briefly weakened to near 160.60 during afternoon trading. (megumi.fujikawa@wsj.com)

1615 ET - If Jerome Powell had decided to step down from the Fed after his tenure as chair ends in May, President Trump would have gotten the chance to nominate a new governor to succeed him, in addition to Kevin Warsh, who is filling Stephen Miran's seat. Powell emphasized in his press conference that his decision to stay for now had nothing to do with politics, or with intentionally blocking Trump's opportunity to give someone else the nod. But nonetheless, Trump's ability to make another appointment is now in more doubt. Powell can choose to stay on the Fed until 2028, and no other governor's term expires sooner. If Democrats win back the Senate later this year--far from a foregone conclusion--they may be reluctant to sign off on any Trump-nominated governor, given the president's pressure campaign against the Fed. (matt.grossman@wsj.com; @mattgrossman)

1606 ET - Ford expects to receive a one-time, $1.3 billion tariff refund following the Supreme Court's February ruling striking down President Trump's global tariffs. The expected refund helped boost the automaker's 1Q profit to $2.55 billion, according to the company's earnings release. Still, Ford suggests that the timing of the refund is unclear, noting that its outlook assumes no benefit to adjusted free cash flow until 2027. The company also says it expects to pay around $1 billion in other tariffs this year. Rival automaker General Motors said Tuesday that it is expecting a $500 million tariff refund. (elias.schisgall@wsj.com)

1554 ET - President Trump picked Kevin Warsh to lead the Fed in part because Warsh persuaded the president he was aligned with Trump's demands for lower interest rates. Not all GOP lawmakers appear aligned on that point. One Republican senator on the banking committee--which oversees the Fed--told reporters Wednesday that the central bank may need to raise rates to snuff out inflation. "Inflation is very pernicious, and it's kind of like a tick," Sen. John Kennedy of Louisiana told reporters before voting to advance Warsh's nomination. "If you get a tick, the best way to handle it is to get that SOB off of you immediately." (matt.grossman@wsj.com; @mattgrossman)

1529 ET - When asked whether incoming Fed Chair Kevin Warsh will stand up to political pressure from President Trump, Jerome Powell says, "I'll take him at his word." Trump has been calling for more rate cuts. Warsh faced questions about whether he would align with Trump's push for lower rates at his confirmation hearing. (jessica.coacci@wsj.com)

(END) Dow Jones Newswires

April 30, 2026 12:36 ET (16:36 GMT)

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