Trump fact-checked by Federal Reserve boss in awkward exchange during renovation tour
An awkward exchange played out in front of reporters when Trump claimed the price tag for the renovation was US$3.1 billion ($4.7 billion). Powell closed his eyes and shook his head before responding: "I haven't heard that from anybody."
Federal Reserve chair Jerome Powell said Donald Trump had factored in the cost of a previously completed project after the US president claimed there had been a cost blowout in the renovation of the central bank's headquarters. Source: AAP, AP / Julia Demaree Nikhinson Trump produced a sheet of paper apparently listing construction costs and was told curtly he was including work on the William McChesney Martin Jr Building which was not part of the project. "You just added in a third building," Powell said, adding it was a renovation completed five years ago. Trump went on to ask Powell if he expected additional cost overruns, to which he replied: "Don't expect them." Asked by a reporter what, in his career as a real estate developer, he would do if a project manager went over budget, Trump said: "Generally speaking ... I would fire them." But this week, Trump has toned down his threats to fire Powell. When calling him a "numbskull" who had "done a bad job" earlier this week, Trump said he would be out in eight months. That, however, would still be a couple of months out from the end of his term in May 2026. It was unclear why Trump picked that time frame. And after the visit, Trump said he did not intend to fire Powell.
"To do so is a big move and I just don't think it's necessary," he told reporters.
Elevated by Trump to the top Fed job in 2018 and then reappointed by former president Joe Biden four years later, Powell last met with the president in March when Trump summoned him to the White House to press him to lower rates. Trump has criticised Powell for months over his insistence on keeping the short-term interest rate at 4.3 per cent this year, after cutting it three times last year, when Biden was in office. The visibly tense interaction between the pair comes less than a week before the central bank's 19 policymakers are due to gather for a two-day rate-setting meeting, where they are widely expected to leave their benchmark interest rate in the 4.25 to 4.50 per cent range. Trump has repeatedly demanded Powell slash rates by 3 percentage points or more. "I'd love him to lower interest rates," Trump said as he wrapped up the tour, as Powell stood by, his face expressionless. — With reporting by the Agence France-Presse and Reuters news agencies
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Perth Now
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an hour ago
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Last week he accused former president Barack Obama of "treason" over how his administration treated intelligence about Russian interference in US elections nine years ago, drawing a rebuke from an Obama spokesperson. 1800 RESPECT (1800 737 732) National Sexual Abuse and Redress Support Service 1800 211 028 The uproar over disgraced financier and sex offender Jeffrey Epstein is undermining public trust in the Trump administration, as well as Republican hopes of retaining control of Congress in the 2026 mid-term elections, two congressmen say. Republican Representative Thomas Massie and Democratic Representative Ro Khanna, who want the House of Representatives to vote on their bipartisan resolution requiring full release of the government's Epstein files, said the lack of transparency is reinforcing public perceptions that the rich and powerful live beyond the reach of the judicial system. "This is going to hurt Republicans in the mid-terms. 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The change in position unleashed a tsunami of calls for her resignation from Trump's MAGA base. "This is about trust in government," the California Democrat told Meet the Press. "This is about being a reform agent of transparency." President Donald Trump has been frustrated by continued questions about his administration's handling of investigative files related to Epstein's criminal charges and 2019 death by suicide in prison. Massie and Khanna believe they can win enough support from fellow lawmakers to force a vote on their resolution when Congress returns from its summer recess in September. But they face opposition from Republican leaders including House Speaker Mike Johnson, who sent lawmakers home a day early to stymie Democratic efforts to force a vote before the break. 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Last week he accused former president Barack Obama of "treason" over how his administration treated intelligence about Russian interference in US elections nine years ago, drawing a rebuke from an Obama spokesperson. 1800 RESPECT (1800 737 732) National Sexual Abuse and Redress Support Service 1800 211 028 The uproar over disgraced financier and sex offender Jeffrey Epstein is undermining public trust in the Trump administration, as well as Republican hopes of retaining control of Congress in the 2026 mid-term elections, two congressmen say. Republican Representative Thomas Massie and Democratic Representative Ro Khanna, who want the House of Representatives to vote on their bipartisan resolution requiring full release of the government's Epstein files, said the lack of transparency is reinforcing public perceptions that the rich and powerful live beyond the reach of the judicial system. "This is going to hurt Republicans in the mid-terms. 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Johnson, who also appeared on NBC's Meet the Press, said he favours a non-binding alternative resolution that calls for release of "credible" evidence, but which he said would better protect victims including minors. "The Massie and Khanna discharge petition is reckless in the way that it is drafted and presented," Johnson said. "It does not adequately include those protections." Massie dismissed Johnson's claim as "a straw man" excuse. "Ro and I carefully crafted this legislation so that the victims' names will be redacted," he said. "They're hiding behind that." Trump has tried and failed so far to distract attention from the Epstein controversy six months into his second term. On Saturday, Trump repeated his claims without evidence that 2024 Democratic presidential nominee Kamala Harris and other Democrats should be prosecuted over payment for endorsements from celebrities including Oprah Winfrey, Beyonce and the Reverend Al Sharpton. Last week he accused former president Barack Obama of "treason" over how his administration treated intelligence about Russian interference in US elections nine years ago, drawing a rebuke from an Obama spokesperson. 1800 RESPECT (1800 737 732) National Sexual Abuse and Redress Support Service 1800 211 028
News.com.au
an hour ago
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ASX SMALL CAP WINNERS Here are the best performing ASX small cap stocks for July 28 : Security Description Last % Volume MktCap AUK Aumake Limited 0.004 100% 10,943,487 $6,046,718 EEL Enrg Elements Ltd 0.002 100% 2,000,000 $3,253,779 JCS Jcurve Solutions 0.046 53% 755,433 $9,910,303 CZN Corazon Ltd 0.003 50% 16,815 $2,369,145 ENT Enterprise Metals 0.004 33% 185,000 $4,113,952 DGR DGR Global Ltd 0.009 29% 1,491,125 $7,305,872 MIO Macarthur Minerals 0.019 27% 2,631 $2,994,983 WBE Whitebark Energy 0.005 25% 1,652,800 $2,802,231 TR2 Tali Resources Ltd 0.635 25% 485,994 $19,127,550 HTG Harvest Tech Grp Ltd 0.017 21% 838,520 $12,726,256 CMB Cambium Bio Limited 0.320 21% 47,773 $4,844,906 SIX Sprintex Ltd 0.054 20% 5,656,968 $28,289,066 ZNC Zenith Minerals Ltd 0.036 20% 364,165 $15,883,665 AAU Antilles Gold Ltd 0.006 20% 178,623 $11,895,340 ADG Adelong Gold Limited 0.006 20% 25,356,918 $11,243,383 ALY Alchemy Resource Ltd 0.006 20% 100,000 $5,890,381 TEM Tempest Minerals 0.006 20% 5,968,892 $5,508,975 BDG Black Dragon Gold 0.051 19% 808,996 $13,672,541 CLA Celsius Resource Ltd 0.007 17% 220,101 $18,812,931 FRX Flexiroam Limited 0.007 17% 238 $9,104,392 VKA Viking Mines Ltd 0.007 17% 50,000 $8,063,692 PL3 Patagonia Lithium 0.044 16% 131,441 $4,537,594 IFG Infocusgroup Hldltd 0.019 16% 1,351,167 $4,671,027 RR1 Reach Resources Ltd 0.012 15% 7,280,085 $8,744,313 Cloud ERP provider JCurve Solutions (ASX:JCS) has locked in a $1 million strategic placement, issuing 20 million shares at 5 cents each to US-based investor Adam Riches. Riches is the founder of Netgain Solutions and a known name in the Oracle NetSuite space. As part of the deal, Riches can nominate a director, expected to be Chris Miller, pending approvals. Tali Resources (ASX:TR2) is gearing up to kick off drilling in August across five key targets at its West Arunta Project. Fresh geophysical modelling has confirmed strong anomalies at each site, with heritage and drilling approvals already locked in. The prospects show signs of potential copper and IOCG-style systems, especially near the known Pokali copper zone. Meanwhile, Bubs Australia (ASX:BUB) has tapped Joe Coote, ex-Darigold and Fonterra heavyweight, as its new CEO. Coote has more than 20 years in the dairy and infant nutrition game, and over $2 billion in regional sales under his belt. He replaces Reg Weine, who exits stage left after two years. Bubs' shares rose 1%. ASX SMALL CAP LOSERS Here are the worst performing ASX small cap stocks for July 28 : Code Name Price % Change Volume Market Cap BOE Boss Energy Ltd 1.955 -43% 53,930,006 $1,410,733,137 MOM Moab Minerals Ltd 0.001 -33% 44,000 $2,811,999 TMX Terrain Minerals 0.002 -33% 352,454 $7,595,443 MTB Mount Burgess Mining 0.005 -29% 2,887,613 $2,979,468 AOA Ausmon Resorces 0.002 -25% 4,330,025 $2,622,427 EDE Eden Inv Ltd 0.002 -25% 2,625,071 $8,219,762 HLX Helix Resources 0.002 -25% 2,140,006 $6,728,387 NIM Nimyresourceslimited 0.070 -23% 3,341,865 $21,883,752 AZL Arizona Lithium Ltd 0.007 -22% 5,018,025 $48,422,830 REZ Resourc & En Grp Ltd 0.015 -21% 3,357,968 $14,201,979 ERA Energy Resources 0.002 -20% 128,350 $1,013,490,602 MRD Mount Ridley Mines 0.002 -20% 100,000 $1,946,223 TMK TMK Energy Limited 0.002 -20% 5,125,666 $25,555,958 DAF Discovery Alaska Ltd 0.013 -19% 20,001 $3,747,755 GTE Great Western Exp. 0.013 -19% 3,323,194 $9,084,127 IS3 I Synergy Group Ltd 0.009 -18% 1,768,680 $18,769,299 ASM Ausstratmaterials 0.593 -18% 2,489,026 $145,689,194 SMM Somerset Minerals 0.015 -17% 10,316,361 $11,611,449 UNT Unith Ltd 0.005 -17% 2,643,048 $8,872,713 VEN Vintage Energy 0.005 -17% 94,260 $12,521,482 ALB Albion Resources 0.096 -17% 4,075,427 $15,172,333 SUM Summitminerals 0.041 -16% 1,055,178 $4,340,228 FTI Fortifai Ltd 0.140 -15% 150,871 $24,203,497 Boss Energy (ASX:BOE) got absolutely smoked, down 42% after waving a red flag over its Honeymoon uranium project. Recent drilling revealed patchy mineralisation and leachability issues, which could throw a spanner in its production targets. That overshadowed what was otherwise a decent finish to the financial year: 349,000 pounds of U₃O₈ produced (above guidance), $224 million in cash and inventory, and steady costs of US$36/lb. IN CASE YOU MISSED IT Neurizon Therapeutics (ASX:NUZ) has submitted a formal response to the US FDA addressing a clinical hold on its investigational new drug application for lead drug NUZ-001. Octava Minerals (ASX:OCT) has an option to acquire the Federation copper-silver-zinc project in Tasmania where historical drilling returned significant intersections. Nova Minerals (ASX:NVA) Estelle gold and critical minerals project. LAST ORDERS QPM Energy (ASX:WPM) has applied for debt financing for the 112MW Isaac Power Station from the Australian government's Northern Australia Infrastructure Facility. The NAIF has completed the strategic assessment phase and has moved to the due diligence stage of the process. Magnetic Resources (ASX:MAU) has secured a new mining lease covering the entire area of the Lady Julie North 4 Deposit, the main 1.94Moz resource at the Lady Julie North gold project. Titanium Sands (ASX:TSL) is advancing environmental studies at the Mannar heavy mineral project in Sri Lanka, with the company's environmental consultants moving to complete field investigations, technical assessments and data collection on site. ClearVue Technologies (ASX:CPV) has promoted interim CEO Douglas Hunt to official global CEO, positioning him to lead the company's global commercialisation strategy. CPV also promoted Tao Zhang to chief operating officer, welcomed Lisa Dreher as global marketing director and tapped Christopher Cole as head of research and development. At Stockhead, we tell it like it is. While QPM Energy, Magnetic Resources, Titanium Sands and ClearVue Technologies are Stockhead advertisers, they did not sponsor this article.
