One of President Trump’s top economic advisors, Stephen Miran, is on his way to becoming the Federal Reserve’s newest governor, stoking fears that the threat to the agency’s independence could soon come from within.

At his Senate nomination hearing yesterday, Miran opened with words of reassurance, saying, “The Federal Open Market Committee is an independent group with a monumental task, and I intend to preserve that independence and serve the American people to the best of my ability.”

Democrats were not convinced, especially after a tense Q&A:

• Miran avoided answering whether he agrees with Trump’s unsubstantiated claim that the Bureau of Labor Statistics has been rigging job numbers to make him look bad.
• The economist declined to address his previous stance that presidents should have more power over the Fed.
• Miran also avoided a straight answer when Sen. Elizabeth Warren asked him to acknowledge that Trump lost the 2020 election.

Who is he? Miran, chair of the White House Council of Economic Advisers, is widely considered an architect of Trump’s tariff policies. He’s been nominated to finish out former Fed Gov. Adriana Kugler’s term, which will end in January after she resigned last month. Miran said he would take a leave of absence from his White House job during his Fed term, meaning he would still technically be a White House employee.

But he could end up sticking around. Trump said he’s considering giving Miran a longer term, possibly by having him replace Fed Gov. Lisa Cook, who Trump fired last week on allegations of mortgage fraud. Cook is suing to keep her job, claiming due process violations. The Justice Department has since opened an investigation into Cook, the Wall Street Journal reported yesterday.

Zoom out: Goldman Sachs predicted this week that if Fed independence is “damaged,” dollar confidence could erode, sending the price of gold—a safe-haven asset—spiking to $5,000 (from ~$3,600 now).—ML

RFK Jr. grilled by the Senate over vaccines. Health Secretary Robert F. Kennedy Jr. was criticized by members of both political parties in a deeply contentious Senate Finance Committee hearing yesterday. Senators probed Kennedy’s vaccine policies, arguing he lied during his confirmation hearings when he said he wouldn’t disrupt access to them. They also questioned the recent upheaval of the CDC and his firing of director Susan Monarez. Democrats called for Kennedy’s resignation, while Republican Bill Cassidy, a doctor who originally voted to confirm the secretary, accused him of denying Americans access to vaccines. During the hearing, Kennedy, a longtime vaccine skeptic, said he did not trust data that shows Covid-19 vaccines saved millions of lives and repeated debunked claims that mRNA vaccines cause serious harm, including death. Last month, Kennedy canceled $500 million in funding for mRNA research.

McDonald’s is escalating the food industry’s tipping debate. The fast food giant exited the National Restaurant Association on the same day its CEO, Chris Kempczinski, came out against tipped wage rules, which allow some restaurants to pay workers below the minimum wage. “There’s an uneven playing field,” Kempczinski said in an interview on CNBC. “If you are a restaurant that allows tips or has tips as part of your equation, you’re essentially getting the customer to pay for your labor.” As a fast food chain, McDonald’s doesn’t qualify for tipped wages, but sit-down establishments like Chili’s do, saving them labor costs. In a statement, the National Restaurant Association said McDonald’s ended its membership “due to a policy difference.”

Gap is expanding into beauty. Now you can stuff eyeliner you don’t need into your cart at the last minute before paying for your jeans. Gap announced it’s launching beauty and personal-care products in 150 Old Navy stores this year before possibly doing the same in Gap-branded stores next year. “Gap Inc. sees a clear and meaningful opportunity,” the company said in a statement. Beauty remains a robust market in the US, projected to generate more than $100 billion in sales this year despite tariffs and high inflation.—AE

Legendary Italian fashion designer Giorgio Armani died yesterday in Milan, according to his family. At 91, Armani was still the CEO, creative director, and only shareholder of his empire, making him worth an estimated $9.5 billion.

But he wasn’t always a billionaire: Armani and his partner Sergio Galeotti used the $10,000 they got from selling their Volkswagen to start a menswear label in 1975. As the label grew, his suits first became popular among c-suite men who loved the less-traditional unlined jackets and later with women who were increasingly starting to enter the workforce. The luxury icon was also one of the first designers to dress Hollywood stars on and off screen.

Who will fill his expertly crafted leather loafers?

Over the last 50 years, Armani grew his portfolio to include home goods, fragrances, accessories, and even hotels and restaurants. His business acumen and tight control over his company meant that while other Italian luxury brands like Gucci and Versace were joining mega conglomerates, Armani’s company remained independent.

Before he died, Armani, who had no children, established a foundation to prevent the company from being split up. The company’s future will likely be entrusted to a group of his close family and colleagues who were already working at the company.—MM

Powerball is like beer pong: It generates a buzz, but you’ll probably regret playing when the balls stop bouncing at the end of the night. Tomorrow’s historic Powerball drawing will be no different.

Power up: More than 162 million Powerball tickets were sold for Wednesday’s drawing, according to the Multi-State Lottery Association, and Saturday’s estimated $1.7 billion grand prize—the third biggest in US lottery history—could draw in even more players. That’s no accident:

• Americans are more likely to play when the prize is big, so organizers made the game harder to win. That way, the pot keeps rolling over and growing.
• In 1987, the odds of winning a jackpot from Powerball predecessor Lotto America were around 1 in 19 million.
• Today, the odds of winning Powerball are about 1 in 292.2 million, meaning you’re more likely to get killed by a vending machine or see the Jets win the Super Bowl this year.

Still, people keep trying to beat the odds. Americans spent $103 billion on lottery tickets in 2023, according to the most recent census data.

So what if you win?: You won’t. But just in case, go with the lump sum over the annuity payments and invest it. You’ll end up with more money in the end.—BC

They may no longer wear plaid suits and have a globe on their desk, but travel agents are very much still a thing. According to Bloomberg, the number of people identifying as travel agents on LinkedIn surged by more than 50% in the last three years, making it the fifth fastest-growing job on the platform.

Many of these new travel agents are former white-collar workers who’ve discovered that there’s lots of money to be made in booking hotels for retired millionaires. One former accountant told Bloomberg that she now works half the hours but makes four times her old salary.

And it’s not just boomers who need help arranging their bus tours of Rome. Millennials and Gen Zers are increasingly booking their travel through agents, finding that having their own personal vacation guru makes the otherwise Kafkaesque hellscape of modern travel a bit more predictable.—AE

The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to returning from a quiet, early morning hike to see a huge line of cars waiting to park.

It’s that satisfying. Ace the quiz.