United States

A Marco Rubio Impostor is Using AI Voice To Call High-Level Officials (msn.com) 30

An impostor pretending to be Secretary of State Marco Rubio contacted foreign ministers, a U.S. governor and a member of Congress by sending them voice and text messages that mimic Rubio's voice and writing style using AI-powered software, Washington Post reported Tuesday, citing a senior U.S. official and a State Department cable. From the report: U.S. authorities do not know who is behind the string of impersonation attempts but they believe the culprit was probably attempting to manipulate powerful government officials "with the goal of gaining access to information or accounts," according to a cable sent by Rubio's office to State Department employees.

Using both text messaging and the encrypted messaging app Signal, which the Trump administration uses extensively, the impostor "contacted at least five non-Department individuals, including three foreign ministers, a U.S. governor, and a U.S. member of Congress," said the cable, dated July 3. The impersonation campaign began in mid-June when the impostor created a Signal account using the display name "Marco.Rubio@state.gov" to contact unsuspecting foreign and domestic diplomats and politicians, said the cable.

Medicine

Weedkiller Ingredient Widely Used In US Can Damage Organs and Gut Bacteria, Research Shows (theguardian.com) 70

An anonymous reader quotes a report from The Guardian: The herbicide ingredient used to replace glyphosate in Roundup and other weedkiller products can kill gut bacteria and damage organs in multiple ways, new research shows. The ingredient, diquat, is widely employed in the US as a weedkiller in vineyards and orchards, and is increasingly sprayed elsewhere as the use of controversial herbicide substances such as glyphosate and paraquat drops in the US. But the new piece of data suggests diquat is more toxic than glyphosate, and the substance is banned over its risks in the UK, EU, China and many other countries. Still, the EPA has resisted calls for a ban, and Roundup formulas with the ingredient hit the shelves last year. [...]

Diquat is also thought to be a neurotoxin, carcinogen and linked to Parkinson's disease. An October analysis of EPA data by the Friends of the Earth non-profit found it is about 200 times more toxic than glyphosate in terms of chronic exposure. [...] The new review of scientific literature in part focuses on the multiple ways in which diquat damages organs and gut bacteria, including by reducing the level of proteins that are key pieces of the gut lining. The weakening can allow toxins and pathogens to move from the stomach into the bloodstream, and trigger inflammation in the intestines and throughout the body. Meanwhile, diquat can inhibit the production of beneficial bacteria that maintain the gut lining. Damage to the lining also inhibits the absorption of nutrients and energy metabolism, the authors said.

The research further scrutinizes how the substance harms the kidneys, lungs and liver. Diquat "causes irreversible structural and functional damage to the kidneys" because it can destroy kidney cells' membranes and interfere with cell signals. The effects on the liver are similar, and the ingredient causes the production of proteins that inflame the organ. Meanwhile, it seems to attack the lungs by triggering inflammation that damages the organ's tissue. More broadly, the inflammation caused by diquat may cause multiple organ dysfunction syndrome, a scenario in which organ systems begin to fail. The authors note that many of the studies are on rodents and more research on low, long-term exposure is needed.
The report notes that the EPA is not reviewing the chemical, "and even non-profits that push for tighter pesticide regulations have largely focused their attention elsewhere."

"[T]hat was in part because U.S. pesticide regulations are so weak that advocates are tied up with battles over ingredients like glyphosate, paraquat and chlorpyrifos -- substances that are banned elsewhere but still widely used here. Diquat is 'overshadowed' by those ingredients."
United States

America Has Two Labor Markets Now (axios.com) 92

Americans live in separate economic realities: Those with a job are likely to stay employed, but those without one are likely to stay unemployed. From a report: Welcome to the low-hire, low-fire labor market. Private-sector layoffs are at historic lows, but that masks a dreadful outlook for unemployed workers or those unhappy with their current positions.

[...] "We're in a complex jobs market -- it's not falling apart but the lack of dynamism, the lack of churn and the lack of hiring has been punctuated in the first half of the year," says ADP chief economist Nela Richardson. "Many employers are loath to lay off workers until they see the whites of the eyes of a recession, having had such problems finding suitable workers in the first place," David Kelly, chief global strategist at J.P. Morgan Asset Management, wrote in a recent note.

Education

Recent College Graduates Face Higher Unemployment Than Other Workers - for the First Time in Decades (msn.com) 145

"A growing group of young, college-educated Americans are struggling to find work," reports the Minnesota Star Tribune, "as the unemployment rate for recent graduates outpaces overall unemployment for the first time in decades." While the national unemployment rate has hovered around 4% for months, the rate for 20-something degree holders is nearly 6%, data from the Federal Reserve Bank of New York shows. [And for young workers (ages 22 to 27) without a degree it's 6.9%.] The amount of time young workers report being unemployed is also on the rise.

Economists attribute some of the shift to normal post-pandemic cooling of labor market, which is making it harder for job-seekers of all ages to land a gig. But there's also widespread economic uncertainty causing employers to pull back on hiring and signs AI could replace entry-level positions....

Business schools nationwide were among the first to see the labor market shift in early 2023 as tech industry cuts bled into other sectors, said Maggie Tomas, Business Career Center executive director at Carlson. Tariffs and stock market volatility have only added to the uncertainty, she said. In 2022, when workers had their pick of jobs, 98% of full-time Carlson MBA graduates had a job offer in a field related to their degree within three months of graduation, according to the school. That number, which Tomas said is usually 90% or higher, dropped to 89% in 2023 and 83% in 2024.

Part of the challenge, she said, is recent graduates are now competing with more experienced workers who are re-entering the market amid layoffs and hiring freezes... After doing a lot of hiring in 2021 and 2022, Securian Financial in St. Paul is prioritizing internal hires, said Human Resources Director Leah Henrikson. Many entry-level roles have gone to current employees looking for a change, she said. "We are still looking externally, it's just the folks that we are looking for externally tend ... to fulfill a specific skill gap we may have at that moment in time," Henrikson said.

Government

Drones Used by California Cities to Patrol for Illegal Fireworks and Issue Fines (sfgate.com) 111

"California residents who lit illegal fireworks over the July 4 holiday may be in for a nasty surprise in the mail thanks to covert fire department operations," reports SFGate.

"A number of California cities, including Sacramento, have begun using drones to locate people shooting off illegal fireworks." From Wednesday to Saturday night, the Sacramento Fire Department's special fireworks task force patrolled the streets with unmarked cars and drones, focusing on neighborhoods where they've had prior complaints. Task force officers and the drones took photos of the illegal activity, and within 30 days the property owner where the fireworks were used could receive a fine in the mail...

This year, Sacramento upped the fine to $1,000 for the first firework, $2,500 for the second and $5,000 per firework after that. If you lit a firework on city property, such as a park or a school, the fine goes up to $10,000 each. There's no limit to how many fines you can be issued... This year, a number of cities across the state announced they would be using drones to find scofflaws, among them Indio, Riverside, Hemet, Brea and towns in Tulare County...

Fox40 reported on Saturday that around 60 citations were being prepared in Sacramento, with more likely on the way as fire officials review surveillance footage.

Last year for illegal fireworks, one Sacramento-area resident received a $100,000 fine.
Power

Nuclear Microreactors Advance as US Picks Two Companies for Fueled Testing (postregister.com) 183

This week America's Energy Department selected two companies to perform the first nuclear microreactor tests in a new facility in Idaho, saying the tests "will fast-track the deployment of American microreactor technologies... The first fueled reactor experiment will start as early as spring 2026."

The new facility is named DOME (an acronym for Demonstration of Microreactor Experiments), and it leverages existing "to safely house and test fueled reactor experiments, capable of producing up to 20 megawatts of thermal energy," according to a local newspaper. [T]wo companies were competitively selected in 2023 and are currently working through a multi-phase Energy Department authorization process to support the design, fabrication, construction, and testing of each fueled reactor experiment. Both are expected to meet certain milestones throughout the process to maintain their allotted time in DOME and to ensure efficient use of the test bed, according to the release... The department estimates each DOME reactor experiment will operate up to six months, with the DOME test bed currently under construction and on track to receive its first experiment in early 2026... The next call for applications is anticipated to be in 2026.
The site Interesting Engineering calls the lab "a high-stakes proving ground to accelerate the commercialization of advanced microreactors..." Based in Etna, Pennsylvania, Westinghouse will test its eVinci Nuclear Test Reactor, a compact, transportable microreactor that uses advanced heat pipe technology for passive cooling. Designed to deliver 5 megawatts of electricity on sites as small as two acres, eVinci could support applications ranging from remote communities to mining operations and data centers. Meanwhile, Radiant (El Segundo, California) will test its Kaleidos Development Unit, a 1.2 megawatt electric high-temperature gas reactor aimed at replacing diesel generators. Designed to run for five years, Kaleidos is fueled by TRISO fuel particles that could offer reliable backup power for hospitals, military bases, and other critical infrastructure.
Radiant's CEO said "In short order, we will fuel, go critical, and operate, leading to the mass production of portable reactors which will jumpstart American nuclear energy dominance."
The Almighty Buck

The US Dollar is On Track For Its Worst Year in Modern History (semafor.com) 247

The US dollar is on track for its worst year in modern history and may not be done falling yet. The greenback is down more than 7% this year and Morgan Stanley predicts it could fall another 10%. Semafor: A weaker dollar could make US exports more competitive, boosting Trump's plan to rebalance US trade, but makes imports more expensive, adding to the sting of tariffs.

The question ahead is whether the dollar doesn't just lose its value, but its role at the center of the global financial system. So far, there are few alternatives. And efforts to de-dollarize -- central banks shifting into gold, China shoveling its currency into developing nations through swap lines -- haven't meaningfully shifted the picture.

Biotech

Sterilized Flies To Be Released In Order To Stop Flesh-Eating Maggot Infestation (cbsnews.com) 43

Beeftopia shares a report from CBS News: The U.S. government is preparing to breed billions of flies and dump them out of airplanes over Mexico and southern Texas to fight a flesh-eating maggot. That sounds like the plot of a horror movie, but it is part of the government's plans for protecting the U.S. from a bug that could devastate its beef industry, decimate wildlife and even kill household pets. This weird science has worked well before.

The targeted pest is the flesh-eating larva of the New World Screwworm fly. The U.S. Department of Agriculture plans to ramp up the breeding and distribution of adult male flies -- sterilizing them with radiation before releasing them. They mate with females in the wild, and the eggs laid by the female aren't fertilized and don't hatch. There are fewer larvae, and over time, the fly population dies out. It is more effective and environmentally friendly than spraying the pest into oblivion, and it is how the U.S. and other nations north of Panama eradicated the same pest decades ago. Sterile flies from a factory in Panama kept the flies contained there for years, but the pest appeared in southern Mexico late last year. [...]

The USDA expects a new screwworm fly factory to be up and running in southern Mexico by July 2026. It plans to open a fly distribution center in southern Texas by the end of the year so that it can import and distribute flies from Panama if necessary. The New World screwworm fly is a tropical species, unable to survive Midwestern or Great Plains winters, so it was a seasonal scourge. Still, the U.S. and Mexico bred and released more than 94 billion sterile flies from 1962 through 1975 to eradicate the pest, according to the USDA. The numbers need to be large enough that females in the wild can't help but hook up with sterile males for mating. One biological trait gives fly fighters a crucial wing up: Females mate only once in their weekslong adult lives.
"A similar approach to certain species of mosquito is being debated," adds Beeftopia. "The impact on ecosystems is unclear."
Businesses

Samsung Delays $44 Billion Texas Chip Fab Because 'There Are No Customers' (tomshardware.com) 60

An anonymous reader quotes a report from Tom's Hardware: Samsung is reportedly delaying the launch of its Taylor, Texas, fab, citing difficulties in securing customers for its output. Sources told Nikkei Asia that even if the South Korean chipmaker brings in the necessary equipment to produce chips at the new plant, the company cannot do anything with them due to the lack of demand. Aside from that, the original planned process node for the Taylor plant is no longer aligned with current demand, highlighting the rapid pace of semiconductor technology.

The chip maker started construction on the Taylor fab in 2022, with an initial investment of $17 billion. By 2024, the company decided to double this to $44 billion, with the addition of another advanced fab and expanded R&D operations. This move is supported by a $6.6-billion CHIPS Act subsidy, which was finalized in December last year, despite multiple delays and setbacks. Samsung C&T, the primary contractor for the Taylor fab, states that construction of the site is progressing. Documents from the company show that the site is almost 92% complete as of March 2024. Work on the site was originally scheduled to finish the following month, but regulatory filings indicate that this was moved to October.

No reason was given for the delay, but multiple sources indicate that it occurred due to a lack of demand. It was initially planned for the Taylor Fab to produce chips for the 4nm process node, but this has since been upgraded to 2nm, to compete with TSMC and Intel. A supply chain executive told the publication that there is little demand for the originally planned 4nm process node at the site. "Local demand for chips isn't particularly strong, and the process nodes Samsung planned several years ago no longer meet with current customer needs," the executive said to Nikkei Asia. "However, overhauling the plant would be a major and costly undertaking, so the company is adopting a wait-and-see approach for now." Although it has already declared its intention to upgrade the site to manufacture the 2nm process node, that is a resource-intensive task in terms of time, effort, and money.
Despite the lack of customers, Samsung says it will proceed with opening the Taylor Fab by 2026 -- a necessary move to qualify for CHIPS Act funding and avoid falling behind competitors like TSMC. Delaying further could jeopardize billions already invested in the project.
United States

House Passes Bill That Slashes Solar, Wind and EV Tax Credits (apnews.com) 227

The House passed a sweeping Republican tax-and-spending bill Thursday that rolls back major portions of Democrats' 2022 Inflation Reduction Act, dealing a significant blow to clean-energy projects and the electric-vehicle industry. The 218-214 vote sends the legislation to President Trump's desk ahead of his July 4 deadline.

The Senate version of the bill gives wind and solar projects 12 months to start construction before losing tax incentives, extending the House's original 60-day window. House Freedom Caucus members had criticized the Senate for offering too generous a timeline for renewable energy tax credits they oppose. The legislation indefinitely extends Trump-era tax cuts while adding new deductions for tipped workers, overtime pay, and car-loan interest. Republicans paired these tax reductions with significant cuts to Medicaid and nutrition assistance programs. The Congressional Budget Office estimates the bill will increase budget deficits by $3.4 trillion through 2034 while leaving more than 11 million additional people without health insurance.
United States

Scientists Warn US Will Lose a Generation of Talent (theguardian.com) 271

An anonymous reader shares a report: A generation of scientific talent is at the brink of being lost to overseas competitors by the Trump administration's dismantling of the National Science Foundation (NSF), with unprecedented political interference at the agency jeopardizing the future of US industries and economic growth, according to a Guardian investigation.

The gold standard peer-reviewed process used by the NSF to support cutting-edge, high-impact science is being undermined by the chaotic cuts to staff, programs and grants, as well as meddling by the so-called department of government efficiency (Doge), according to multiple current and former NSF employees who spoke with the Guardian.

The scientists warn that Trump's assault on diversity in science is already eroding the quality of fundamental research funded at the NSF, the premier federal investor in basic science and engineering, which threatens to derail advances in tackling existential threats to food, water and biodiversity in the US.

United States

US Agencies' Science Journal Subscriptions Canceled (semafor.com) 99

An anonymous reader shares a report: The US government canceled several federal agencies' subscription to Nature and other scientific journals. A spokesman for the Department of Health and Human Services said all contracts with Springer Nature, Nature's publisher, had been "terminated" and that taxpayer money should not be used on "junk science." Nature newsroom, with an update : On 2 July, one US government agency, the Department of Health and Human Services (HHS), which oversees the National Institutes of Health (NIH), appeared to walk back its earlier statement to Nature's news team saying that it was cancelling contracts to Springer Nature. Now the HHS says: "Science journals are ripping the American people off with exorbitant access fees and extra charges to publish research openly. HHS is working to develop policies that conserve taxpayer dollars and get Americans a better deal. In the meantime, NIH scientists have continued access to all scientific journals."
Crime

US Probes Whether Negotiator Took Slice of Hacker Payments (msn.com) 12

An anonymous reader shares a report: Law enforcement officials are investigating a former employee of a company that negotiates with hackers and facilitates cryptocurrency payments during ransomware attacks, according to a statement from the firm, DigitalMint. DigitalMint President Marc Jason Grens this week told organizations it works with that the US Justice Department is examining allegations that the then-employee struck deals with hackers to profit from extortion payments, according to a person familiar with the matter.

Grens did not identify the employee by name and characterized their actions as isolated, said the person, who spoke on condition that they not be identified describing private conversations. DigitalMint is cooperating with a criminal investigation into "alleged unauthorized conduct by the employee while employed here," Grens said in an email to Bloomberg News. The Chicago-based company is not the target of the investigation and the employee "was immediately terminated," Grens said, adding that he can't provide more information because the probe is ongoing.

United States

Young Americans Are Spending a Whole Lot Less On Video Games This Year (gamespot.com) 68

An anonymous reader quotes a report from GameSpot: Perhaps responding to economic uncertainty and narrowing job prospects, young people in the United States are significantly cutting back on spending on video games compared to this time last year. While 18- to 24-year-olds aren't buying as much across a range of different categories, losses are concentrated in games. New data published by market research firm Circana and reported by The Wall Street Journal suggests that young adults spent nearly 25% less on video game products in a four-week span in April than in the same timeframe last year. Other categories also dramatic drops: Accessories (down 18%), technology (down 14%), and furniture (down 12%).

All categories combined, the 18-24 age group spent around 13% less than last year. This decrease is not reflected among older cohorts, whose spending has been mostly stable year-over-year. The WSJ report suggests that the economic context could be driving young adults to pull back; a tighter labor market, increased economic uncertainty, and student-loan payments restarting all may be contributing to an environment hostile to the spending habits of 18- to 24-year-olds in particular.

Communications

FCC Delays Enforcement of Prison Call Pricing Limits (theverge.com) 84

The FCC will suspend enforcement of rules that would lower prison phone and video call prices until April 1st, 2027. Trump-appointed FCC Chair Brendan Carr said that prisons won't have to comply with the pricing regulations [PDF], reversing plans to implement the caps this year.

The rules would have dropped the price of a 15-minute phone call to 90 cents in larger prisons. Current fees can reach as high as $11.35 for a 15-minute call, which the FCC described in 2024 as "exorbitant." Four states -- Connecticut, California, Minnesota, and Massachusetts -- have made prison calls free. Former President Joe Biden signed the Martha Wright-Reed law in 2023, allowing the FCC to regulate prison call rates. The agency voted to adopt the new rates last year, with rules set to take effect on a staggered basis starting January 1st, 2025.

Carr said the regulations are "leading to negative, unintended consequences" and would make caps "too low" to cover "required safety measures." FCC Commissioner Anna Gomez criticized the delay, stating the Commission "is now stalling, shielding a broken system that inflates costs and rewards kickbacks to correctional facilities."
United States

NIH-Funded Science Must Now Be Free To Read Instantly (nature.com) 36

Starting today, researchers funded by the US National Institutes of Health (NIH) will be required to make their scientific papers available to read for free as soon as they are published in a peer-reviewed journal. That's according to the agency's latest public-access policy, aimed at making federally funded research accessible to taxpayers. From a report: Established under former US president Joe Biden, the policy was originally set to take effect on 31 December for all US agencies, but the administration of Biden's successor, Donald Trump, has accelerated its implementation for the NIH, a move that has surprised some scholars. That's because, although the Trump team has declared itself a defender of taxpayer dollars, it has also targeted programmes and research projects focused on equity and inclusion for elimination. And one of the policy's main goals is to ensure equitable access to federally funded research.

The move means that universities will have less time to advise their researchers on how to comply with the policy, says Peter Suber, director of the Harvard Open Access Project in Cambridge, Massachusetts. There is usually "some confusion or even some non-compliance after a new policy takes effect, but I think universities will eventually get on top of that," he says.

The Courts

Apple Loses Bid To Dismiss US Smartphone Monopoly Case (reuters.com) 61

Apple must face the U.S. Department of Justice's lawsuit accusing the iPhone maker of unlawfully dominating the U.S. smartphone market, a judge ruled on Monday. From a report: U.S. District Judge Julien Neals in Newark, New Jersey, denied Apple's motion to dismiss the lawsuit accusing the company of using restrictions on third-party app and device developers to keep users from switching to competitors and unlawfully dominate the market.

The decision would allow the case to go forward in what could be a years-long fight for Apple against enforcers' attempt to lower what they say are barriers to competition with Apple's iPhone.

Wireless Networking

Senate GOP Budget Bill Has Little-Noticed Provision That Could Hurt Your Wi-Fi (arstechnica.com) 62

An anonymous reader shares a report: Sen. Ted Cruz (R-Texas) has a plan for spectrum auctions that could take frequencies away from Wi-Fi and reallocate them for the exclusive use of wireless carriers. The plan would benefit AT&T, which is based in Cruz's home state, along with Verizon and T-Mobile.

Cruz's proposal revives a years-old controversy over whether the entire 6 GHz band should be devoted to Wi-Fi, which can use the large spectrum band for faster speeds than networks that rely solely on the 2.4 and 5 GHz bands. Congress is on the verge of passing legislation that would require spectrum to be auctioned off for full-power, commercially licensed use, and the question is where that spectrum will come from.

When the House of Representatives passed its so-called "One Big Beautiful Bill," it excluded all of the frequencies between 5.925 and 7.125 gigahertz from the planned spectrum auctions. But Cruz's version of the budget reconciliation bill, which is moving quickly toward a final vote, removed the 6 GHz band's protection from spectrum auctions. The Cruz bill is also controversial because it would penalize states that regulate artificial intelligence.

Instead of excluding the 6 GHz band from auctions, Cruz's bill would instead exclude the 7.4-8.4 GHz band used by the military. Under conditions set by the bill, it could be hard for the Commerce Department and Federal Communications Commission to fulfill the Congressional mandate without taking some spectrum away from Wi-Fi.

Security

New NSA/CISA Report Again Urges the Use of Memory-Safe Programming Language (theregister.com) 66

An anonymous reader shared this report from the tech news site The Register: The U.S. Cybersecurity and Infrastructure Security Agency (CISA) and the National Security Agency (NSA) this week published guidance urging software developers to adopt memory-safe programming languages. "The importance of memory safety cannot be overstated," the inter-agency report says...

The CISA/NSA report revisits the rationale for greater memory safety and the government's calls to adopt memory-safe languages (MSLs) while also acknowledging the reality that not every agency can change horses mid-stream. "A balanced approach acknowledges that MSLs are not a panacea and that transitioning involves significant challenges, particularly for organizations with large existing codebases or mission-critical systems," the report says. "However, several benefits, such as increased reliability, reduced attack surface, and decreased long-term costs, make a strong case for MSL adoption."

The report cites how Google by 2024 managed to reduce memory safety vulnerabilities in Android to 24 percent of the total. It goes on to provide an overview of the various benefits of adopting MSLs and discusses adoption challenges. And it urges the tech industry to promote memory safety by, for example, advertising jobs that require MSL expertise.

It also cites various government projects to accelerate the transition to MSLs, such as the Defense Advanced Research Projects Agency (DARPA) Translating All C to Rust (TRACTOR) program, which aspires to develop an automated method to translate C code to Rust. A recent effort along these lines, dubbed Omniglot, has been proposed by researchers at Princeton, UC Berkeley, and UC San Diego. It provides a safe way for unsafe libraries to communicate with Rust code through a Foreign Function Interface....

"Memory vulnerabilities pose serious risks to national security and critical infrastructure," the report concludes. "MSLs offer the most comprehensive mitigation against this pervasive and dangerous class of vulnerability."

"Adopting memory-safe languages can accelerate modern software development and enhance security by eliminating these vulnerabilities at their root," the report concludes, calling the idea "an investment in a secure software future."

"By defining memory safety roadmaps and leading the adoption of best practices, organizations can significantly improve software resilience and help ensure a safer digital landscape."
AI

Fed Chair Powell Says AI Is Coming For Your Job 68

Federal Reserve Chair Jerome Powell told the U.S. Senate that while AI hasn't yet dramatically impacted the economy or labor market, its transformative effects are inevitable -- though the timeline remains uncertain. The Register reports: Speaking to the US Senate Banking Committee on Wednesday to give his semiannual monetary policy report, Powell told elected officials that AI's effect on the economy to date is "probably not great" yet, but it has "enormous capabilities to make really significant changes in the economy and labor force." Powell declined to predict how quickly that change could happen, only noting that the final few leaps to get from a shiny new technology to practical implementation can be a slow one.

"What's happened before with technology is that it seems to take a long time to be implemented," Powell said. "That last phase has tended to take longer than people expect." AI is likely to follow that trend, Powell asserted, but he has no idea what sort of timeline that puts on the eventual economy-transforming maturation point of artificial intelligence. "There's a tremendous uncertainty about the timing of [economic changes], what the ultimate consequences will be and what the medium term consequences will be," Powell said. [...]

That continuation will be watched by the Fed, Powell told Senators, but that doesn't mean he'll have the power to do anything about it. "The Fed doesn't have the tools to address the social issues and the labor market issues that will arise from this," Powell said. "We just have interest rates."

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