President Donald Trump says he has narrowed down possible replacements for Fed Chair Jerome Powell to a list of four, and two of them are named Kevin.

Washington

President Trump is reportedly considering four candidates to replace the current chair of the Federal Reserve, with James Fishback, CEO of investment firm Azoria, among those under consideration for a position on the Fed's board. Fishback emphasized the importance of basing interest rate decisions on current data, noting that inflation has reached four-year lows and arguing that high interest rates are holding back economic growth.

The discussion also highlighted rare dissent within the Fed's board, with two governors recently disagreeing with a decision for the first time in over three decades. Fishback criticized current Fed leadership and supported proposals to return government savings to Americans, distinguishing these measures from previous stimulus efforts by emphasizing they would use existing funds rather than newly created money.

Trump narrows down Fed chair replacement to four

All right, so we have one of those candidates joining us now. James Fishback is the CEO of investment firm Azoria being eyed by the president as a replacement on the governor's board, one of the seven potentially. James, good to have you on. What's your perspective on interest rates as you see it right now if you get this position? Well, good evening, Rob. The perspective is really one that's rooted in the data. Interest rates should not be at 20-year highs when President Trump has got inflation down to four-year lows. When you have high interest rates, you have high mortgage rates, you have high credit card rates, high small business borrowing rates, that is holding back President Trump's golden age. And so I trust that the president will pick someone for this role who's going to look at the data that says that inflation is below the target. We've had five better than expected, lower than expected inflation readings this year, and we have no room for cherry-picking panicans like Jerome Powell who need to get off their anti-Trump high horse and do the right thing for Americans and stop undermining President Trump. Did you find it interesting that there were two dissenters to the last Fed decision? They say that that's quite rare to have two of the governors disagree with the broader decision. It is so rare that it hasn't happened in 32 years, Rob, that two of his own board members dissented against the Fed chair. And then 48 hours later, a Biden appointee resigned abruptly without explanation in disgrace. If Jerome Powell's own Fed board doesn't have confidence in Jerome Powell, why should Americans and why should President Trump? He is right to call these people out because they are globalists and they are not acting in the best interest of Americans. I want to ask you this before I let you go. The idea of the doge checks and doge dividends giving Americans money back from what we can save in the government. Why is that at a time when we're trying to get our debt under control? Why is that the better idea? I think of all the inflation it came from, the covid checks, which gave us a lot of the inflation that we have. It was an idea, I think, that you had. Are you nervous about that being the result rather than just taking it and maybe paying down debt? It's a great point, Rob, and I think you're right to be concerned given the inflation experience from 2020 and 2021. Of course, that was Joe Biden and Kamala Harris inflation. This is a little bit different because you're taking money that is not being created out of thin air. It's not being printed. Yeah, it's not being printed. Speaking of the coughing of the thin air than in the air of the fake money, but it's not being printed and then being spent. This is real money that either President Trump is sourcing from doge savings, which is real and tangible, or he's sourcing from the 150 billion dollars of tariff revenue. That is the key distinction. I trust his economic judgment on this issue. All right, James Fishback, we appreciate you coming on. Thank you, sir. My pleasure. Thanks, Rob.

President Trump has been briefed about the shooting at Fort Stewart in Georgia, the White House press secretary says. At least five soldiers were shot before a suspect was apprehended, officials say.

Fort Stewart

Five soldiers shot at Fort Stewart in Georgia; suspect apprehended

A Russian official said President Trump's special envoy to the Middle East, Steve Witkoff, had a "useful and constructive" conversation with Russian President Vladimir Putin in Moscow on Wednesday.

Moscow

Ukraine Invasion

Witkoff, Putin had 'useful and constructive conversation'

The U.S. aims to deploy nuclear power reactors on the Moon and Mars, targeting the first launch by decade’s end. A new NASA directive, revealed by Politico and AFP, calls for appointing a nuclear power czar to choose two commercial proposals within six months, aiming to outpace a Chinese-Russian collaboration.

NASA races to put nuclear reactors on Moon and Mars

Japan held a memorial service and ceremony for victims and the remaining survivors of the U.S. atomic bombing of Hiroshima, marking its 80th anniversary and renewing pledges of working towards a world without nuclear weapons.

Hiroshima

Hiroshima marks 80th anniversary since U.S. atomic bombing

U.S. Special envoy to the Middle East Steve Witkoff met with Russian President Vladimir Putin in Moscow on Wednesday as President Trump's deadline for a ceasefire with Ukraine looms.

U.S. envoy Witkoff meets Putin as Trump's sanctions deadline nears

The U.S. is warning travelers as cases of chikungunya, a mosquito-borne illness, spreads in China. Health officials in China have ordered mass disinfection measures. The region near Hong Kong reported more than 7,000 cases in recent weeks.

Beijing

U.S. warns travelers as cases of chikungunya increase in China

Japan has commemorated the 80th anniversary of the Hiroshima atomic bombing during World War II. Ceremonies at Peace Memorial Park honoured the victims of the 1945 nuclear attack by US forces.

Japan’s Hiroshima marks 80 years since U.S. atomic bombing

Multiple media outlets in Israel have reported that Israeli Prime Minister Benjamin Netanyahu wants a complete military takeover of Gaza, while almost 600 former Israeli military and security officials are petitioning Washington to stop the fighting.

Jerusalem

Middle East Conflict

Netanyahu reportedly wants complete Gaza takeover

Ukrainian President Volodymyr Zelenskyy said Tuesday that he had a productive talk with President Trump focused on ending the war with Russia. CBS News national security contributor Samantha Vinograd has more.

Kyiv

Zelenskyy holds 'productive talks' with Trump about war

Family members of two of the victims from the 2023 implosion are demanding tougher regulations following the damning report released on Tuesday. Five people died when the submersible imploded off the coast of Newfoundland.

Deadly Titan submersible disaster was preventable, Coast Guard says

The House Oversight Committee has subpoenaed multiple people over the Jeffrey Epstein files, including former President Bill Clinton and former Secretary of State Hillary Clinton. CBS News' Jake Rosen has more details.

House committee subpoenas Clintons, others over Epstein files

U.S. Customs and Border Patrol agents have been directed through a federal court order to stop deportations under President Trump's asylum ban, sources say. CBS News' Camilo Montoya-Galvez has more details.

Court blocks deportations under Trump's asylum ban, sources say

A man suspected of murdering four family members in Tennessee has been captured after a four-day manhunt, authorities said. CBS News' Nicole Valdes has more.

Jackson

Suspect arrested in murders of 4 Tennessee family members

The ruling comes a month after Brazil’s top court ordered the former president to wear an ankle monitor, submit to a curfew and abide by limitations on his activity as legal proceedings investigating an alleged coup plot continue.

State of Rio de Janeiro

Brazil's Supreme Court orders house arrest of Bolsonaro

The US and Lebanon have been holding talks on a roadmap to fully disarm Hezbollah. Lebanon's new leadership has pledged to extend its authority across all its territory but has so far avoided acting against Hezbollah.

Beirut

Lebanon faces renewed pressure to disarm Hezbollah

CBC News had exclusive access to a Canadian Armed Forces plane that dropped about 10,000 kilograms of humanitarian aid into Gaza, the first time Canada joined the airdrop operations. Several countries airdropped food on Monday, but aid organizations agree they are more symbolic than effective.

Ottawa

Canadian military makes aid drop into Gaza

The Prime Minister's Office said to the Chief of Staff, Lieutenant General Eyal Zamir that, "If this does not suit him, you should resign."

Israel's Netanyahu says decision made for full occupation of Gaza

Delegates are gathering this week at the United Nations in Geneva, attempting to negotiate a global treaty to curb plastic pollution. But diplomats and climate advocates warn that efforts by the European Union and small island states to cap virgin plastic production are threatened by opposition.

Geneva

Strong UN treaty on plastic pollution in doubt as talks resume

President Trump announced Friday on social media that he ordered two nuclear submarines to move into more strategic positions near Russia. On Monday, Russian officials downplayed the comments and warned about the risk of nuclear rhetoric.

Russia downplays Trump's announcement about nuclear submarines

U.S. trade representative Jamieson Greer told "Face the Nation" that tariff rates are "pretty much set" ahead of President Trump's Aug. 7 deadline. CBS News MoneyWatch correspondent Kelly O'Grady has the latest.

Global Tariffs

White House holds firm on tariff rates ahead on Aug. 7 deadline

Donald Trump confirmed his special envoy Steve Witkoff will visit Russia, ahead of a deadline the U.S. president has set for Russia to agree to end the Ukraine war or face new sanctions. Witkoff is expected in Moscow in the middle of this week.

U.S. envoy Steve Witkoff expected to visit Russia

New images of emaciated Israeli hostages held in Gaza have horrified Israelis and added pressure on Prime Minister Benjamin Netanyahu to reach a ceasefire with Hamas, even as his government considers another expansion of the nearly 22-month war.

Tel Aviv-Yafo

Videos of hostages increase pressure on Netanyahu for ceasefire

Pope Leo XIV wrapped up a weekend jubilee for more than 1 million young Catholics at a Rome suburb. As a new generation from around the globe celebrated, the pope drew attention to their peers in Ukraine and Gaza who cannot.

Rome

Pope Leo XIV addresses Gaza, Ukraine at youth festival

A shipwreck off Yemen has killed at least 68 people, the UN's migration agency said, with dozens still missing after the boat carrying mostly Ethiopians sank.

Sana'a

Migrant boat sinks off Yemen, killing at least 68

After two unverified videos of Israeli hostages were released, Hamas said the hunger crisis in the region puts them at risk. The militant group said it would deliver food from the Red Cross to the hostages under a couple of conditions, including permanent humanitarian corridors.

Hamas says hunger crisis putting hostages at risk

U.S. President Donald Trump fired the U.S. commissioner of labour statistics after weak jobs numbers signaled tariffs weren’t yet leading to his promised economic boom.

Trump dismisses weak jobs numbers, fires labour statistics chief

Government scientists warn that the 2025 wildfire season in North America is projected to be the longest ever, with fires already causing significant damage across the western United States and Canada. Major blazes have led to evacuations, destruction of historic sites, and widespread air quality alerts.

Santa Barbara

Wildfire season in North America shaping as worst on record

A volcano in Russia's Far East has erupted after sitting dormant for 600 years. Scientists believe the eruption was triggered by the massive earthquake that struck the region last week.

Kamchatka Peninsula

Russian volcano erupts for first time in 600 years

An independent watchdog agency responsible for enforcing a law against partisan political activity by federal employees has opened an investigation into Jack Smith, the special counsel who brought two criminal cases against Donald Trump before his election to the White House last year.

Former Trump prosecutor Jack Smith faces probe by U.S. watchdog

New outbreaks of violence overnight into Sunday (August 3) rocked Syria straining a fragile ceasefire. Meanwhile residents in Sweida are calling access to more humanitarian aid.

Breakdown