Factory activity in China expanded at a slower pace in April but beat expectations, suggesting limited pressure from surging energy prices as the Middle East conflict rumbles on.
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![A divided committee, external political pressures, and an energy shock—Kevin Warsh is inheriting a Fed unlike any his predecessors faced.\](https://images.wsj.net/im-00905305 "A divided committee, external political pressures, and an energy shock—Kevin Warsh is inheriting a Fed unlike any his predecessors faced.\")
