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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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S&P/TSX Composite Holds Steady While U.S. Markets Retreat


 


In a day marked by contrasting fortunes, the S&P/TSX Composite Index maintained its equilibrium, while U.S. markets experienced a downward slide. Here’s a succinct overview of the market dynamics:

Canadian Market Resilience:

  • Minimal Movement: The S&P/TSX composite index edged down by a mere 5.14 points, closing at 21,525.93. Unlike its U.S. counterparts, the Canadian market remained relatively flat.
  • Tech Weighting: The TSX is significantly less weighted toward big tech companies, shielding it from the tech-driven volatility that impacted U.S. markets.

U.S. Market Turbulence:

  • Nasdaq Decline: The Nasdaq composite led the fall, losing 1.65%. Big technology stocks bore the brunt of the decline.
  • Apple’s Woes: Apple, a major player, faced headwinds due to weakening iPhone sales in China. Its stock price dipped by 2.8%.
  • Tech Titans Stumble: Microsoft and Tesla also stumbled, with losses of nearly three percent and four percent, respectively.
  • Economic Data Anticipation: Investors are eagerly awaiting crucial economic news later this week, including labor data and U.S. Federal Reserve Chair Jerome Powell’s congressional testimony. These insights could shape interest rate expectations.

As the global financial landscape remains dynamic, investors keep a watchful eye on developments. Will the Canadian market maintain its resilience, or will external forces sway the balance? Only time will reveal the next chapter in this unfolding saga.


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