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Trump Targets Fed Chair Powell Over Renovation Costs

  In a dramatic escalation of his long-standing feud with Federal Reserve Chair Jerome Powell, former President Donald Trump has signaled a potential path to remove Powell from office—citing alleged mismanagement of a $2.5 billion renovation project at the Fed’s Washington headquarters. The renovation, which includes upgrades to aging infrastructure and removal of hazardous materials like asbestos, has ballooned in cost over the years. Trump and his allies claim the project includes extravagant features such as rooftop gardens, VIP dining rooms, and premium marble—claims Powell has publicly denied. The Fed insists the renovations are necessary and cost-effective in the long term, consolidating staff and reducing rental expenses. While the Supreme Court has affirmed that a president cannot dismiss the Fed chair over policy disagreements, Trump may be attempting to build a case for removal “for cause,” alleging Powell misled Congress about the renovation’s scope and budget. Criti...
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Toronto’s housing market cools down in August 2023

 


Toronto’s housing market showed signs of cooling down in July, as home sales, listings and prices were up from a year ago, but down from June According to the Toronto Regional Real Estate Board (TRREB), the average selling price increased by 4.2 % over last July to reach $1,118,374, while the MLS Home Price Index Composite benchmark was up by 1.3 % year over year. However, on a seasonally adjusted basis, the average selling price decreased slightly, while the MLS HPI Composite benchmark showed a modest increase.

 

The board says the 5,250 sales for the month was up 7.8 % compared with July 2022, while listings grew 11.5 %.  However, sales declined for the second consecutive month on a seasonally adjusted basis, while new listings trended upwards. TRREB president Paul Baron said that the housing market’s resilience in the face of higher borrowing costs indicates that many households have adjusted to the new financial landscape. However, he also said that a persistent lack of listings is posing challenges for potential buyers.

 

TRREB chief market analyst Jason Mercer said economic uncertainty is spilling over into the market. “Uncertainty surrounding the direction of borrowing costs, jobs and the overall economy has impacted home sales over the last two months,” Mercer said in a statement“Over the long term, the demand for ownership housing will remain strong on the back of record population growth. However, many homebuyers will continue to be on the sidelines in the short term until the direction of monetary policy and the economy becomes clearer.”

 

Some experts believe that the slowdown in Toronto’s housing market is temporary and that prices will resume their upward trend once supply constraints ease and demand picks up again. Others argue that the market is undergoing a fundamental shift and that affordability issues will limit price growth in the future. The outlook for Toronto’s housing market remains uncertain, as it depends on various factors such as interest rates, immigration, income growth and consumer confidence.




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