Good morning from the Financial Times. Today is Wednesday, April 22nd, and this is your

F.T news briefing. The U.S. Iran ceasefire lives to see another day, and American senators

grilled the man who could be the next Federal Reserve chair. Plus, what are some lessons that

we can learn from the history of finance?

A new podcast from the FT explores the ideas that shape today's institutions.

I'm Mark Filipino, and here's the news you need to start your day. U.S. President Donald Trump extended the ceasefire with Iran.

It otherwise would have expired tonight.

He said on social media yesterday that the truce will remain in place until negotiations between the two countries conclude. Now, this is a bit of a change of pace. Trump said

repeatedly that he did not want to extend the ceasefire. But prospects of a second round of

negotiations look bleak. Iranian officials said yesterday they won't attend talks in Pakistan,

and they think further talks would be, quote, a waste of time.

That's according to Iran's semi-official Tasneem News Agency.

Iran's foreign minister blames the stalled talks on, quote, unacceptable actions from the U.S.

He called the American naval blockade of all Iranian ports a, quote, act of war and a ceasefire violation.

Trump said the U.S. will continue its blockade while the ceasefire is in place.

This is as consequential a moment for the U.S. economy and frankly for the institution as any point since the late 1970s.

That's Kevin Warsh, President Donald Trump's nominee to chair of the Federal Reserve.

He appeared for his confirmation hearing yesterday.

And senators grilled the former Fed governor on topics ranging from his independence from Trump to his personal wealth.

Here to discuss how that hearing went is the FT's U.S. economics editor, Claire Jones.

Hi, Claire.

Hello, Mark.

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