P.M. Edition for April 25. WSJ chief economics correspondent <a href="https://www.wsj.com/news/author/nick-timiraos?mod=WSJ_WNPOD">Nick Timiraos</a> considers the <a href="https://www.wsj.com/economy/central-banking/trump-jerome-powell-future-fed-chair-challenges-27e6c60e?mod=hp_lead_pos4?mod=WSJ_WNPOD">economic consequences of how the central bank’s relationship</a> to the White House is perceived. And economics correspondent <a href="https://www.wsj.com/news/author/harriet-torry?mod=WSJ_WNPOD">Harriet Torry</a> looks at the <a href="https://www.wsj.com/economy/consumers/consumer-sentiment-university-michigan-april-2025-008b1b93?mod=author_content_page_1_pos_1?mod=WSJ_WNPOD">latest drop</a> in U.S. consumer confidence. Plus, a Milwaukee judge’s arrest <a href="https://www.wsj.com/us-news/law/federal-agents-arrest-judge-accused-of-helping-man-evade-immigration-enforcement-1b78414a?mod=breakingnews?mod=WSJ_WNPOD">marks a major escalation</a> of the Trump administration’s clash with local officials over deportations. Pierre Bienaimé hosts.

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