Today marks a changing of the guard at the Federal Reserve.

New Fed Chair Kevin Warsh will lead his first interest-rate meeting and hold his first press conference this afternoon. While a rate change isn't expected, investors, homeowners, businesses, and economists will be watching closely for clues about the direction of inflation and borrowing costs for the rest of the year.

The decision is released at 2 p.m., with Warsh speaking at 2:30 p.m. You can watch the announcement live here:
https://www.federalreserve.gov/live-broadcast.htm

Let's dive into today's news, events, and happenings around the Port City.

In today’s Port City Pulse:

• Navagh recommended as new NHC elections director

• Push to toughen NC drunk driving laws

NHC Elections Board Recommends Eric Navagh as Next Director

WWAY The New Hanover County Board of Elections unanimously recommended Eric Navagh, the county's interim deputy elections director since March, to become the next elections director, following the termination of former director Denay Harris last week. Navagh has worked with the county elections office for about a year and also serves as elections logistics coordinator; the State Board of Elections will make the final call on his appointment.

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Advocates push NC lawmakers to strengthen drunk driving laws

Spectrum News A new bill would require all NC drunk-driving offenders with a blood alcohol content of .08 or higher to install an ignition interlock device for a year, down from today's .15 threshold. MADD says the change could save an estimated 33 lives a year as the state's drunk driving deaths have risen 16% since 2019.

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News Roundup

Local News

Former Wrightsville Beach Police Chief David Squires has filed a wrongful termination lawsuit alleging retaliation for raising concerns about illegal parking fines that exceeded the state's $50 cap, with pressure tied to then-Mayor Bill Blair's relationship with parking vendor Pivot Parking and Town Manager Tony Wilson. Squires was terminated July 10, 2024, and is seeking damages with a jury trial. WWAY

Closing arguments wrapped up Tuesday in the trial of Omonte Bell and Dyrell Green, the two men charged in the 2021 shooting deaths of Koredreese Tyson and Bri'Yanna Williams at the home of a former TRU Colors Brewery executive. Prosecutors pointed to text messages, surveillance footage, and phone data tying the defendants to a third already-convicted shooter; the case now goes to the jury. WHQR

Wilmington City Council narrowly approved a $349.8 million FY27 budget Tuesday that raises property taxes by 4.9 cents per $100 of value — about $18 a month for the average homeowner — with more than 70% of new spending going to police and fire. The 4-3 vote also taps $2.5 million from reserves for police vehicles and equipment. WWAY

What You Should Know

SpaceX shares jumped another 4% Tuesday, briefly passing Microsoft to become the fourth-most valuable U.S. company, before settling at a $2.65 trillion market cap. The rally came as SpaceX announced a $60 billion deal to acquire AI coding startup Cursor and continued its surge since Friday's blockbuster IPO. CNBC

What Might Surprise You

Workers dumped hydrogen peroxide into the National Mall's reflecting pool this week to combat an algae bloom, a routine treatment park officials use to keep the water clear for summer visitors. The Hill

National News

Barack and Michelle Obama's presidential center will open with an all-star lineup including Stevie Wonder, Bruce Springsteen, John Legend, and U2's Bono at Thursday's grand opening ceremony in Chicago, ahead of the museum's public debut June 19. The $850 million project is the most expensive and longest-delayed presidential library in history. The Hill