President Trump will not get what he wants from Kevin Warsh, a source tells us, as inflation will force the Fed upwards

Everything you need to know before you reach the office this morning.

Good morning. On Fortune’s radar today:

• Fed whisperer: Warsh’s old colleague says brace for higher rates.
• Markets: Ignore the war. Focus on the peace.
• Damn the IRGC drones! Traffic through the Strait of Hormuz is improving.
• Yikes: Data shows AI really is killing jobs, Goldman Sachs says.
• OpenAI’s IPO valuation will be higher than the employee tender offer, investor says.
• Must-read: The conspiracy theory behind Red Lobster’s “Endless Shrimp” fiasco.

This story was originally featured on Fortune.com