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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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Record Highs and Upcoming Fed Decision

 

Here’s a brief summary of the stock market today:

  • Asian Stocks: Asian stocks fell after Sunday’s election in France left the National Assembly without a majority for any political group. The CAC-40 index of large companies dropped 0.4% shortly after opening.

  • U.S. Stocks: U.S. stocks had risen to more records on Friday, boosted by a highly anticipated report on the job market. The S&P 500 climbed 0.5% to an all-time high for a third straight day. The Dow Jones Industrial Average rose 0.2%, and the Nasdaq composite added 0.9%.

  • Bond Market: Treasury yields sank following the U.S. jobs report.

Keep an eye on the upcoming week, which includes the Fed’s latest rate decision and May’s consumer price index. 

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