President Trump has reached a trade deal with the United Kingdom, and the Federal Reserve is keeping interest rates steady. The decision prompted a post from President Trump calling Fed Chair Jay Powell a “fool,” but one that he likes. CNBC’s Steve Liesman breaks down Chair Powell’s commentary and the latest economic data. Senator Ted Cruz (R-TX) discusses US competition in AI ahead of his hearing with tech leaders including OpenAI’s Sam Altman and AMD’s Lisa Su. Sen. Cruz discusses the Trump administration’s tariffs and price controls on Medicaid drugs. Plus, Scott Bok was chair of the University of Pennsylvania’s board when the university’s president was pushed out after the Israel-Hamas war began in 2023. In this episode, he discusses the shifting culture and politics both on and toward U.S. college campuses.

Sen. Ted Cruz - 22:42

Scott Bok - 36:10

In this episode:

Ted Cruz, @SenTedCruz

Steve Liesman, @steveliesman

Becky Quick, @BeckyQuick
Joe Kernen, @JoeSquawk

Andrew Ross Sorkin, @andrewrsorkin

Katie Kramer, @Kramer_Katie

The Fed, A “Fool,” & College Politics 5/8/25

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