Trump administration explores firing Fed Chair Powell over renovation costs. Allegations of extravagance & calls for "regimen change" fuel debate on presidential authority and Fed's independence. Cost overruns at the Fed headquarters are questioned.
Treasury Secretary Bessent addresses leading both Treasury & Fed, tariff impacts, and a replacement for Fed Chairman Powell. Tariffs may cause a one-time cost bump but shouldn't increase inflation long-term.
Trump criticizes the Fed and Powell, raising concerns about the Fed's independence and potential market turmoil. Tariffs, interest rates, and economic growth are key issues.
The Dow and S&P 500 scored record closing highs on Friday, with the big boosts from financial stocks after banks reported strong quarterly results while the latest inflation data fueled expectations for a Federal Reserve rate cut in November.
Data showing the job market was weaker than previously thought could increase concerns the US economy is facing a potentially worse downturn than the current expectation for a “soft landing” in which inflation is tamed without a recession.
