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5 Things to Know Today: Oil Surges, Tariffs Land Tomorrow, Your Gas Tax Break Survives

  Monday, September 7, 2026 — Labour Day | Canadian Money Brief Markets are closed for the holiday, but the week ahead is loaded. Here are five things worth knowing before you head back to your desk tomorrow. 1. Oil Hits a Five-Week High as the Iran Conflict Escalates Crude climbed to $92.06 US/barrel on Saturday — up 17.75% over the past month and nearly 48% year over year — after Iran and the United States exchanged missile strikes this week. Israel's defence minister has threatened "crippling" attacks on Iran's energy infrastructure, the EU has formally joined the US-led sanctions campaign, and US Vice President JD Vance said Washington won't hold peace talks until Iran stops targeting ships in the Strait of Hormuz. What it means for you: Even with the federal gas tax break extended (see #4), pump prices track the price of crude itself. If your tank's getting low, filling up early this week may beat whatever the Strait of Hormuz situation does to prices by...
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Trump Weighs Legal Action Against Fed Chair Powell Over Costly Headquarters Renovations

 

U.S. President Donald Trump with Federal Reserve chair Jerome Powell at the Fed’s Washington headquarters, on July 24.


U.S. President Donald Trump is weighing a “major” lawsuit against Federal Reserve Chair Jerome Powell, citing what he calls gross mismanagement of the central bank’s Washington, D.C., headquarters renovation project.

The White House confirmed Tuesday that Trump is exploring legal options after publicly criticizing the project’s ballooning budget. Originally estimated at $1.9 billion, the cost has risen to between $2.4 and $3 billion, depending on the source. Trump has argued the work should have been a “$50 million fix-up” and has accused Powell of overseeing an unnecessarily lavish overhaul.

The renovations involve modernizing and preserving two historic buildings that have not undergone a comprehensive update since the 1930s. The Fed attributes the higher costs to inflation in labor and materials, asbestos removal, and other unforeseen challenges.

This dispute comes amid Trump’s ongoing pressure on Powell to cut interest rates, a point the president reiterated in his latest remarks. Powell’s term as Fed chair runs until May 2026, and legal experts note that the president cannot remove him over policy disagreements.

The Federal Reserve has not commented on the potential lawsuit.

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