Latest news with #Fed
CNN
25 minutes ago
- Entertainment
- CNN
Wall street investors react to Trump-Powell squabble
'This is a soap opera': 'Einstein' & 'Ives' react to Trump-Powell squabble CNN's Erin Burnett talks with Dan Ives and Peter Tuchman about the awkward moment between President Donald Trump and Federal Reserve Chair Jerome Powell during their tour of the Fed's $2.5 billion renovation project. 02:12 - Source: CNN Automated CNN Shorts 11 videos 'This is a soap opera': 'Einstein' & 'Ives' react to Trump-Powell squabble CNN's Erin Burnett talks with Dan Ives and Peter Tuchman about the awkward moment between President Donald Trump and Federal Reserve Chair Jerome Powell during their tour of the Fed's $2.5 billion renovation project. 02:12 - Source: CNN Macron says France will recognize a Palestinian state French President Emmanuel Macron said France will recognize a Palestinian state in an announcement to the United Nations General Assembly in September. Israeli Prime Minister Benjamin Netanyahu has condemned the decision saying it 'rewards terror and risks creating another Iranian proxy, just as Gaza became.' 00:48 - Source: CNN How Hulk Hogan's historic lawsuit changed the face of media CNN's Chief Media Analyst Brian Stelter breaks down how a lawsuit brought by Hulk Hogan against the blog Gawker forever changed the media industry. The case, which was filed after Gawker published Hogan's sex tape, set the stage for a slew of A-list celebrities filing blockbuster lawsuits against media companies. 02:04 - Source: CNN Before and after photos show Trump's redesign of Rose Garden Before and after photos show the dramatic changes the Trump administration is making to the White House Rose Garden, including paving over the lawn. The garden has undergone several renovations since its creation by First Lady Ellen Wilson in 1913. 00:59 - Source: CNN Scientist unexpectedly finds shark devouring another shark Wildlife biologist Forrest Galante came across a rare instance of female spotted wobbegong devouring a young male shark in New South Wales, Australia. Discovery and CNN share a corporate parent, Warner Bros. Discovery. Catch Shark Week on Discovery all week long. 01:22 - Source: CNN All five acquitted in Hockey Canada sexual assault trial Within minutes of starting to read her verdict, the words of Justice Maria Carroccia resonated across Canada as she bluntly assessed that, 'I do not find the evidence of E.M. to be either credible or reliable.' Five professional hockey players -- Michael McLeod, Cal Foote, Carter Hart, Dillon Dube and Alex Formenton -- were all acquitted on Thursday, according to the Associated Press, on charges of sexual assault in connection with a June 2018 incident at a hotel room in London, Ontario, when they were members of the country's World Juniors hockey team. 01:19 - Source: CNN Palestinian Authority Prime Minister slams Israel for hunger crisis In an exclusive interview with CNN's Christiane Amanpour, Palestinian Authority Prime Minister Mohammad Mustafa reacts to Israeli government spokesperson David Mencer's assertion that 'there is no famine caused by Israel.' The government has denied responsibility and accuses Hamas of 'engineering' food shortages. 01:21 - Source: CNN Controversy over the Fed's renovation, explained The White House has seized on the Federal Reserve's $2.5 billion construction project as a potential legal opening to oust Fed Chair Jerome Powell. The renovation has become a new line of attack from President Trump, who has railed against Powell for not lowering interest rates enough. 02:18 - Source: CNN Trump and Powell clash over renovation costs at Federal Reserve President Donald Trump had an awkward exchange with Fed Chair Jerome Powell over the price of the Federal Reserve's $2.5 billion renovation. 00:49 - Source: CNN Detainees released from mega-prison CECOT An estimated 252 Venezuelans who had been imprisoned at the CECOT prison in March were released and returned to their home country in exchange for 10 US nationals and dozens of Venezuelan political prisoners, US officials said. Detainees celebrated their arrival home but also spoke about the conditions they faced - causing the Venezuelan government to open a formal investigation into several Salvadoran officials, including President Nayib Bukele, over the alleged abuse of Venezuelan migrants deported from the US. 01:42 - Source: CNN Anne Burrell's death ruled a suicide Anne Burrell, who was best known as one of the Food Network's most popular stars, has died. Her death has been ruled a suicide. Burrell appeared on 'Worst Cooks in America,' 'Iron Chef America,' 'Chef Wanted with Anne Burrell' and 'The Best Thing I Ever Ate,' among many others. 00:24 - Source: CNN
CNN
31 minutes ago
- Entertainment
- CNN
Wall street investors react to Trump-Powell squabble
'This is a soap opera': 'Einstein' & 'Ives' react to Trump-Powell squabble CNN's Erin Burnett talks with Dan Ives and Peter Tuchman about the awkward moment between President Donald Trump and Federal Reserve Chair Jerome Powell during their tour of the Fed's $2.5 billion renovation project. 02:12 - Source: CNN Automated CNN Shorts 11 videos 'This is a soap opera': 'Einstein' & 'Ives' react to Trump-Powell squabble CNN's Erin Burnett talks with Dan Ives and Peter Tuchman about the awkward moment between President Donald Trump and Federal Reserve Chair Jerome Powell during their tour of the Fed's $2.5 billion renovation project. 02:12 - Source: CNN Macron says France will recognize a Palestinian state French President Emmanuel Macron said France will recognize a Palestinian state in an announcement to the United Nations General Assembly in September. Israeli Prime Minister Benjamin Netanyahu has condemned the decision saying it 'rewards terror and risks creating another Iranian proxy, just as Gaza became.' 00:48 - Source: CNN How Hulk Hogan's historic lawsuit changed the face of media CNN's Chief Media Analyst Brian Stelter breaks down how a lawsuit brought by Hulk Hogan against the blog Gawker forever changed the media industry. The case, which was filed after Gawker published Hogan's sex tape, set the stage for a slew of A-list celebrities filing blockbuster lawsuits against media companies. 02:04 - Source: CNN Before and after photos show Trump's redesign of Rose Garden Before and after photos show the dramatic changes the Trump administration is making to the White House Rose Garden, including paving over the lawn. The garden has undergone several renovations since its creation by First Lady Ellen Wilson in 1913. 00:59 - Source: CNN Scientist unexpectedly finds shark devouring another shark Wildlife biologist Forrest Galante came across a rare instance of female spotted wobbegong devouring a young male shark in New South Wales, Australia. Discovery and CNN share a corporate parent, Warner Bros. Discovery. Catch Shark Week on Discovery all week long. 01:22 - Source: CNN All five acquitted in Hockey Canada sexual assault trial Within minutes of starting to read her verdict, the words of Justice Maria Carroccia resonated across Canada as she bluntly assessed that, 'I do not find the evidence of E.M. to be either credible or reliable.' Five professional hockey players -- Michael McLeod, Cal Foote, Carter Hart, Dillon Dube and Alex Formenton -- were all acquitted on Thursday, according to the Associated Press, on charges of sexual assault in connection with a June 2018 incident at a hotel room in London, Ontario, when they were members of the country's World Juniors hockey team. 01:19 - Source: CNN Palestinian Authority Prime Minister slams Israel for hunger crisis In an exclusive interview with CNN's Christiane Amanpour, Palestinian Authority Prime Minister Mohammad Mustafa reacts to Israeli government spokesperson David Mencer's assertion that 'there is no famine caused by Israel.' The government has denied responsibility and accuses Hamas of 'engineering' food shortages. 01:21 - Source: CNN Controversy over the Fed's renovation, explained The White House has seized on the Federal Reserve's $2.5 billion construction project as a potential legal opening to oust Fed Chair Jerome Powell. The renovation has become a new line of attack from President Trump, who has railed against Powell for not lowering interest rates enough. 02:18 - Source: CNN Trump and Powell clash over renovation costs at Federal Reserve President Donald Trump had an awkward exchange with Fed Chair Jerome Powell over the price of the Federal Reserve's $2.5 billion renovation. 00:49 - Source: CNN Detainees released from mega-prison CECOT An estimated 252 Venezuelans who had been imprisoned at the CECOT prison in March were released and returned to their home country in exchange for 10 US nationals and dozens of Venezuelan political prisoners, US officials said. Detainees celebrated their arrival home but also spoke about the conditions they faced - causing the Venezuelan government to open a formal investigation into several Salvadoran officials, including President Nayib Bukele, over the alleged abuse of Venezuelan migrants deported from the US. 01:42 - Source: CNN Anne Burrell's death ruled a suicide Anne Burrell, who was best known as one of the Food Network's most popular stars, has died. Her death has been ruled a suicide. Burrell appeared on 'Worst Cooks in America,' 'Iron Chef America,' 'Chef Wanted with Anne Burrell' and 'The Best Thing I Ever Ate,' among many others. 00:24 - Source: CNN
Irish Times
an hour ago
- Politics
- Irish Times
The moment Jerome Powell stood up to Donald Trump
Nobody will ever accuse president Donald Trump of rank sentimentality. Legions of wrestling fans across the United States mourned on Thursday morning the sudden death of Hulk Hogan , the original wrestling star who last July literally gave the shirt off his back to Trump during a memorable, vein-popping cameo at the Republican convention. But as ever, the national news cycle revolving around the president on Thursday was typically furious and strange. In Tallahassee, Florida, the US deputy attorney general, Todd Blanche, met Ghislaine Maxwell , the English socialite currently serving 20 years for her sex-trafficking crimes and procuring minors for Jeffrey Epstein . The purpose and details of the meeting, which lasted several hours, remain obscure. Trump took to his social media account to pay brief but heartfelt tribute to 'the Hulkster', whom he described as 'MAGA all the way'. Then, a few hours later, he appeared in a white construction-site hard hat in the company of Jerome Powell, the chairman of the Federal Reserve and of late the subject of choice Trumpian smackdowns, such as 'numbskull', 'moron' and 'very dumb'. The pair made unlikely bedfellows for a photo opportunity that quickly turned surreal. The headgear was occasioned by the tour of the Federal Reserve Building, which is undergoing a complete interior and exterior construction overhaul to the eye-watering tune of $2.7 billion. READ MORE Accompanying them was Tim Scott, the South Carolina senator who has been leading the White House argument that the renovation costs are crazily high and merit investigation. 'One of the reasons we wanted to see it,' Scott explained for the cameras – 'was the expenses overrun'. For some unknown and distracting reason, Scott himself was not wearing a white hard hat. Maybe he forsook that safety precaution in a valiant attempt to keep the costs down. But the moment took a theatrical turn when president Trump, producing with a flourish a sheet of paper from his breast pocket, said: 'So we are taking a look. It looks like it's about 3.1 billion. It went up a little bit.' Powell shook his head at this. 'Or a lot.' Trump continued. 'So, the $2.7 is now $3.1.' At this point, Powell's patience broke. 'I'm not aware of that, Mr president. I haven't heard that from anybody at the Fed.' 'It just came out,' president Trump replied, and handed him the paper. Federal Reserve chairs seldom make it to the top because of their charisma or magnetism. Their job demands the opposite. But this was Powell's moment, whether he wished for it or not. He looked perplexed as he read the paper before he saw what he was being presented with. 'It came from the Martin renovation. You just added in a third building, is what that is,' he said, handing his president the paper. 'It's a building that's being built,' Trump said. 'No. It was built five years ago.' The exchange wasn't disrespectful to the office of the presidency on Powell's part, nor withering. But the refusal to buckle made Scott's servility all the more vivid in the moment. It was a startling reminder of how few people in Donald Trump's orbit dare to contradict him. Opinion is split as to whether Powell, who was appointed by Donald Trump in 2017, will go down as a good Federal Reserve boss. He was heavily criticised in some quarters for being overly complacent during the post-pandemic inflationary acceleration. And there may be legitimate argument in Trump's argument that now, with the housing market in the United States dysfunctional, is the time to lower interest rates. But Powell's backbone and his belief that the Federal Reserve must remain independent to political pressure withstood this test. At times, Powell resembled a man sombrely considering the life choices that brought him to this moment: a presidential admonishment with both men dressed in the absurd headgear, like Lego figures brought to life. But he didn't buckle and the bizarre encounter closed with Trump jocularly slapping Powell on the back as he answered a reporter's question of what he would like to see happen. 'Well, I'd love him to lower interest rates. Other than that, what can I tell you?' Friends again? Who knew. But the conversation illustrates the unyielding strangeness of the atmosphere of the political summer in Washington. On Wednesday, House speaker Mike Johnson sent the representatives home for an extra week of recess. Republican senators were unhappy that their colleagues had not stuck around to legislate a little more. The general assumption was that Johnson broke early to avoid a vote, prompted by representative Thomas Massie's discharge petition, to release the Epstein files. Donald Trump presents Federal Reserve chair Jerome Powell with what Mr Trump called a list of cost overruns for the Federal Reserve's $2.5 billion headquarters renovation project during a tour with Republican senator Tim Scott in Washington, DC. Photograph:'I've got to believe that there has to be more to it, because that almost seems to suggest if they go away for four or five – or how many weeks they're going to go away – that that problem is going to go away,' senator Thom Tillis, the North Carolina Republican, told reporters on Capitol Hill. 'Do you guys really think you're going to take your eyes off this issue come Labor Day? The answer is 'no'. So, I think it's a false premise assuming if they just walk away and avoid this vote, that it's not going to continue to be an issue.' A Fox News poll issued on Wednesday evening found that just 13 per cent of voters believed that the White House has been fully transparent with information related to the Epstein case, with 60 per cent Republicans in that category. And only 19 per cent stated that they have not been following the story at all. Alternatively, it is on the radar of 80 per cent of respondents. That statistic alone may explain why alternative scandal pushed by the White House this week – with Tulsi Gabbard, the director of national intelligence, releasing new documents that purport to link former president Barack Obama to what has been presented as a hoax claim of Russian influence during the 2016 election won by Trump – has yet to gain traction. It's the old principle of maximum headroom. There are simply too many lurid plates spinning in the air above the White House for even the most willing Maga loyalists to keep their eyes and minds on. Sean Hannity, whose influential evening show on Fox is pro-Trumpian agit-prop, did his best to stoke enthusiasm on Wednesday night, during an hour in which the Epstein story did not feature at all. RussiaGate, Hannity assured his viewers, is 'a very real scandal surrounding a very real hoax that makes Watergate, frankly, look like a walk in the park'. It was an unfortunate comparison given that Watergate's denouement featured the resignation of a sitting president. But he nudged his viewership towards considering the gravity of this new set of documents released by the White House. 'Trump-Russia collusion was a fantasy, a complete lie, phoney, false conspiracy theory fed to Democrats and perpetuated by the state-run legacy media mob by the most corrupt administration in modern history. 'Now confirmation from the director of national intelligence that nearly a decade ago, the Obama White House reportedly used the full force of your federal government to delegitimatise the results of the 2016 election, malign the then president-elect Donald Trump before he even took office. 'And it was all based on lies cobbled together with an actual Russian disinformation dirty dossier bought and paid for by Donald Trump's opponent, Hillary Clinton.' It could be that the idea of a prosecution against Obama is stretching the credulity of even the most devout believers in the Maga doctrine of deep-state conspiracies. Their reluctance to be distracted from the Epstein files is bordering on stubborn. Another Republican senator, Eric Schmitt, had this to say about the staying power of the issue. 'I think people are kind of curious and want more information, whether it's potentially testimony or the release of credible information. A lot of people support that. 'It also probably speaks to a larger issue: People feel like the government has lied to them for so long on certain things. People would like to land on the side of more transparency.' The failure to disclose the content of the Epstein files, as repeatedly promised by key Trump administration officials, represents a breach of that promised transparency to the Maga base. Meanwhile, the questions go on. On Thursday, chief among those was why the department of justice felt the need to send an official as senior as Todd Blanche, who was Donald Trump's personal attorney during his Manhattan 'hush money' trial last year, to interview Ghislaine Maxwell, who is clearly hoping to strike some sort of plea deal. 'The Department of Justice will share additional information about what we learned at the appropriate time,' Blanche wrote in a statement before confirming that another meeting would take place on Friday. It is unlikely that the intrigue and public fascination with the Epstein issue will disappear over the remainder of the summer. The scandal has taken on a momentum of its own. As Hulk Hogan used to ask in more innocent times: 'Whatcha gonna do when Hulk-a-mania runs wild on you?' For Donald Trump, the answer is to pull on a hard hat and explain nothing.
CNBC
an hour ago
- Automotive
- CNBC
CNBC Daily Open: Triple whammy for Tesla
Tesla's going through a bumpy ride. The electric vehicle company on Wednesday reported a second consecutive quarter of declining auto sales. In Europe, Tesla's market share fell for the sixth straight month to 2.8% in June from 3.4% a year ago. The Trump administration's plans to reportedly roll back the U.S.' push for cleaner vehicles will probably hit Tesla further. A $7,500 EV tax credit in the U.S. will expire at the end of September, indirectly raising the cost of Tesla vehicles. Meanwhile, traditional carmakers will no longer need to purchase EV regulatory credits from Tesla — which receives them for free because its vehicles are completely electric — as the Trump administration intends to stop fining traditional carmakers for missing emission standards. That means Tesla will soon lose a source of revenue. They say bad things come in threes. Here's the last. While Tesla's bitcoin holding is currently worth $1.24 billion, according to its investor deck, it could have been worth billions more. In 2022, the company dumped 75% of its bitcoin. The cryptocurrency is trading at roughly $118,000 now. When Tesla sold its holdings, it was trading at around $19,000. If there's any consolation, even though U.S. President Donald Trump's "big beautiful bill" will affect Tesla, Trump said on Thursday it wasn't a targeted measure. "I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before!" Whether Trump's sentiments can help pave a smoother road for Tesla, though, is another spars with Powell during Fed visit. The U.S. President went back and forth with the Federal Reserve chair over Trump's claims about cost overruns at the Fed headquarters. But Trump said he doesn't think it's "necessary" to fire Powell. The S&P 500 and Nasdaq Composite close at new records. Both indexes were rose Thursday despite an 8% plunge in Tesla shares. On Friday, Asia-Pacific markets fell. Hong Kong's Hang Seng Index led losses as of 1:30 a.m. ET. Intel's second-quarter revenue beats estimates. But the chipmaker reported a net loss of $2.9 billion due to an $800 million impairment charge. Intel's new CEO Lip-Bu Tan also announced big spending cuts in the company's foundry business. India expects "preferential" tariffs from the U.S. That's according to New Delhi's Commerce and Industry Minister Piyush Goyal, who told CNBC that negotiations were "progressing extremely well." [PRO] An Indian company bets on weight-loss drugs. Expiring patents in Brazil and India mean that this pharma firm has a rare opportunity to be a first mover in dozens of emerging markets. As Trump visits Scotland, the UK looks to settle some unfinished business U.S. President Donald Trump is due to visit two Trump-owned golf sites in Turnberry and Aberdeen between Friday and Tuesday, as well as one of his new golf courses that's set to open in August. He's also due to have an informal meeting with U.K. Prime Minister Keir Starmer. The question is where might we see some "give and take" in the U.S.-UK trade deal, Kallum Pickering, chief economist at Peel Hunt, told CNBC on Wednesday.
CNBC
an hour ago
- Business
- CNBC
Dollar heads for biggest weekly drop in a month as focus shifts to Fed, BOJ meets
The dollar steadied near two-week lows on Friday, on track for its biggest weekly drop in a month, as investors contended with U.S. tariff negotiations ahead of a deadline while looking ahead to central bank meetings next week for clues on policy. Both the U.S. Federal Reserve and the Bank of Japan are expected to hold rates at next week's policy meetings, but traders are focusing on the subsequent comments to gauge the timing of the next move. "Next week's BOJ policy meeting will be closely watched for hints on the timing of the next rate hike," said Carol Kong, currency strategist at Commonwealth Bank of Australia. The prospect of rate hikes by the BOJ had improved, she added, after a trade deal struck with the United States this week lowered tariffs to 15% on auto imports from Japan. The yen stood at 147.10 to the dollar, on course for a weekly gain of 1%, its strongest such performance since mid-May. A majority of economists in a Reuters poll this week expect Japan's central bank to raise interest rates by 25 basis points this year. The dollar index, which measures the U.S. currency against six other units, was at 97.448, set for a drop of 1% this week, its weakest performance in a month. On Thursday, the European Central Bank left its policy rate at 2%, as expected, in a break from a year of policy easing, to await clarity over future U.S. trade ties after the European Commission said a negotiated solution was in reach ahead of the August 1 deadline. The euro was little changed at $1.1754 in early trade, but not far from $1.183, the near four-year high it touched at the start of the month. The euro is up 13.5% this year as tariff policies take the shine off the dollar. Progress on trade deals has also raised market hopes for talks with China, after U.S. Treasury Secretary Scott Bessent said officials of both countries would meet in Stockholm next week to discuss an extension of the deal negotiation deadline. The Australian dollar has been boosted by the rise in risk appetite after the trade deals and was last at $0.6593, hovering near an eight-month high touched on Thursday. Trump's Fed Visit Donald Trump locked horns on Thursday with Fed Chair Jerome Powell during a rare presidential visit to the central bank, criticizing the cost of renovating two historical buildings at its headquarters and pressing the case for lower interest rates. Markets mostly shrugged off the visit, however, having become accustomed to Trump's repeated tirades against Powell and the Fed. "Trump's Fed visit was spectacle over substance," said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities. "The market's focus is firmly on next week's Fed meeting. We expect Powell to repeat a patient, data-dependent policy outlook with flexibility but (he) is unlikely to commit to cuts." At their two-day rate-setting meet, the central bank's 19 policymakers are widely expected to leave their benchmark interest rate in the range of 4.25% to 4.50%. Traders are pricing in 43 basis points of rate cuts by the end of 2025. ANZ strategists expect the Fed to cut rates by 25 basis points in September and again in December. "Were it not for tariff uncertainty, we judge that rate cuts would already have resumed," they said in a note. "The labor market is weakening, service price disinflation is well established, demand growth has slowed and there is no discernible evidence that higher tariffs are spilling into a broader inflation problem." In cryptocurrencies, bitcoin eased 0.79% to $117,840, while Ethereum was 2% lower at $3,655.
