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14 minutes ago
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Jerome Powell hit with a criminal referral over Fed's $2.5B renovation project — what it might mean for your nest egg
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. Federal Reserve Chair Jerome Powell faces a criminal referral from Republican Congresswoman Anna Paulina Luna — the latest escalation in GOP scrutiny of the central bank's spending and leadership. On July 19, Luna sent a letter to Attorney General Pam Bondi urging the Department of Justice to investigate Powell for potential perjury and making false statements to federal officials. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) You don't have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here's how The referral centers on Powell's June 25 statements under oath before the Senate Committee on Banking, where he addressed the $2.5 billion renovation of the Fed's historic Eccles Building. In a news release, Luna claims he 'knowingly misled' officials about the nature of the project during testimony, in which he 'denied the inclusion of luxury features.' '[Powell] stated: 'There's no VIP dining room, there's no new marble … there are no special elevators, just old elevators that have been there; there are no new water features, there's no beehives and there's no roof terrace gardens,'' she wrote in the letter. But according to Luna, his statement doesn't match up with filed documents. Citing the Federal Reserve's final submission to the National Capital Planning Commission, she said nearly all of Powell's denials — aside from the beehives — are contradicted by actual renovation plans. She also pointed in the letter to Powell's statement that the building 'never had' a serious renovation, despite a previous project from 1999 to 2003. If Powell knowingly misrepresented the facts, Luna argues, his actions may constitute perjury or materially false statements under federal law. According to Fox News, trade outlet Mortgage Professional reported that Powell has denied all allegations of perjury and has called for a formal watchdog investigation into the Eccles Building's renovation costs. Trump, Powell and the fate of your heard-earned dollar There's been growing tension between President Donald Trump and Powell based on a fundamental disagreement over interest rates. Trump has repeatedly criticized Powell — calling him names like 'numbskull,' 'Mr. Too Late' and a 'major loser' — for the Fed's decision to keep its benchmark rate in the 4.25% to 4.50% range throughout the year. Trump insists rates should be as much as three percentage points lower to help the economy Trump has said he isn't planning on firing Powell, but also hasn't ruled out the possibility. Powell's term as Fed chair runs through May 2026, and he has said he does not intend to leave early. While uncertainty lingers around Powell's future, it's worth remembering the core purpose of the Fed. As the nation's central bank, it operates under a dual mandate: to pursue maximum employment and maintain price stability. In a statement released June 18, the Federal Open Market Committee noted that unemployment remains low and labor market conditions are solid — but inflation 'remains somewhat elevated.' That may explain why the Fed isn't cutting rates. While lower interest rates — the kind Trump has called for — could boost economic activity, they also risk reigniting inflation. And the 40-year high inflation rate Americans endured in 2022 is still fresh in the rearview mirror. The good news? Savvy investors have long relied on certain assets to shield their wealth from inflation's bite — no matter who's running the Fed. A safe haven shines again Gold has helped people preserve their wealth for thousands of years. Today, its appeal is simple: unlike fiat currencies, the yellow metal can't be printed at will by central banks. It's also widely regarded as the ultimate safe haven. Gold is not tied to any one country, currency or economy, and in times of economic turmoil or geopolitical uncertainty, investors often flock to it — driving prices higher. Over the past 12 months, the price of the precious metal has surged about 40%. Ray Dalio, founder of the world's largest hedge fund, Bridgewater Associates, has repeatedly emphasized gold's importance in a resilient portfolio. 'People don't have, typically, an adequate amount of gold in their portfolio,' he told CNBC earlier this year. 'When bad times come, gold is a very effective diversifier.' One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Priority Gold. Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, thereby combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an option for those looking to help shield their retirement funds against economic uncertainties. When you make a qualifying purchase with Priority Gold, you can receive up to $10,000 in precious metals for free. Read more: Rich, young Americans are ditching the stormy stock market — A time-tested income play Gold isn't the only asset investors rely on to preserve their purchasing power. Real estate has also proven to be a powerful hedge. When inflation rises, property values often increase as well, reflecting the higher costs of materials, labor and land. At the same time, rental income tends to go up, providing landlords with a revenue stream that can adjust for inflation. Over the past five years, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index has jumped by more than 50%, reflecting strong demand and a limited housing supply. Of course, high home prices can make buying a home more challenging, especially as mortgage rates remain elevated. And being a landlord isn't exactly hands-off work — managing tenants, maintenance and repairs can quickly eat into your time (and returns). The good news? You don't need to buy a property outright — or deal with leaky faucets — to invest in real estate today. Crowdfunding platforms like Arrived offer an easier way to get exposure to this income-generating asset class. Backed by world class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes with as little as $100, all without the hassle of mowing lawns, fixing leaky faucets or handling difficult tenants. The process is simple: browse a curated selection of homes that have been vetted for their appreciation and income potential. Once you find a property you like, select the number of shares you'd like to purchase, and then sit back as you start receiving any positive rental income distributions from your investment. Another option is First National Realty Partners (FNRP), which allows accredited investors to diversify their portfolio through grocery-anchored commercial properties without taking on the responsibilities of being a landlord. With a minimum investment of $50,000, investors can own a share of properties leased by national brands like Whole Foods, Kroger and Walmart, which provide essential goods to their communities. Thanks to Triple Net (NNN) leases, accredited investors are able to invest in these properties without worrying about tenant costs cutting into their potential returns. Simply answer a few questions — including how much you would like to invest — to start browsing their full list of available properties. What to read next How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you'll need a substantial stash of savings in retirement 5 simple ways to grow rich with US real estate — without the headaches of being a landlord. Start now with as little as $10 This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Car insurance in America now costs a stunning $2,329/year on average — but here's how 2 minutes can save you more than $600 in 2025 Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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14 minutes ago
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The D'Amore Drop: Yes, wrestling has to evolve with the times, but are we pulling back the curtain too far?
The D'Amore Drop is a weekly guest column on Uncrowned written by Scott D'Amore, the Canadian professional wrestling promoter, executive producer, trainer and former wrestler best known for his long-standing role with TNA/IMPACT Wrestling, where he served as head of creative. D'Amore is the current owner of leading Canadian promotion Maple Leaf Pro Wrestling. I'm really intrigued by WWE and Netflix's new show "Unreal," which premieres next Tuesday. It promises to take viewers inside the booking room and show exactly how the sausage is made — or at least, how they want you to think it's made. From what I've heard, it won't be a pure documentary, if such a thing even exists. Like many 'docuseries' these days, it's going to be a bit of a work. That is just the reality of modern production. Being a fly on the wall doesn't just happen, not over and over. Producing compelling TV means the fly needs to be on this wall, at this moment, to capture that conversation. You can't rely on luck or have 100 crews on 100 people all the time when you're spending Netflix money. Still, I think it'll be a hit. The appetite for behind-the-scenes content in wrestling is bigger than it's ever been, and "Unreal" looks tailor-made for that audience. The big question is if it can do what 'Drive to Survive' did for Formula One and bring in a brand new audience. But here's the difference: F1 is a real sport. The more you understand it, the more exciting and dramatic it becomes. With wrestling, I worry the opposite is true. Pull back the curtain too far, and the drama in the ring starts to feel flatter — not deeper. Because wrestling is supposed to be mysterious. That's part of the magic. Yes, I am just about self-aware enough to get that I am here writing a weekly column for Uncrowned — offering opinions on current storylines, casually using terms like 'heel' and 'work,' while also saying I'm uneasy about a TV show that openly exposes the business. In fact, I am actually contradicting myself way worse than that… For my own promotion, Maple Leaf Pro-Wrestling, we produce a YouTube series called "Beyond the Ring" that goes behind the scenes. We show backstage footage, even of opponents — who are at each other's throats on-screen — relaxing together off-camera. And when I ran TNA with Don Callis, we pitched parent company Anthem a show called 'Behind The Booking Room Door' which was similar in concept to what Netflix is doing. So … I guess what I'm saying is this: Wrestling has to evolve with the times. No one can hold these changes back or put the 'it's not a sport' genie back in the bottle. But that doesn't mean we can't still feel a little nostalgic for the way things used to be, y'know? The insane PCO vs. Dan Maff war from Maple Leaf Pro is now on YouTube. You really should check it out. I'll never root against TNA. I put too much blood, sweat, tears and money into that company across two long stints. But as most of you know, my relationship with TNA ended about 18 months ago. So, watching them pull off their biggest show ever with Slammiversary last Sunday was bittersweet. It's wild to see guys in baseball caps doing podcasts claiming the TNA/WWE relationship 'all started' six months ago with Joe Hendry's appearance at the Royal Rumble. Ahem. TNA champion Mickie James — and her championship belt — entered the Royal Rumble three and a half years ago. That's when the critical TNA/WWE relationship began. Having AJ Styles appear in person on a TNA show was a lovely moment. (I say 'in person' because he appeared at the 20th anniversary Slammiversary via video, with the WWE's blessing, but... y'know). TNA is the house that AJ Styles built. He was the one we could point to, when everyone was saying 'TNA is nowhere near as good as WWE,' and say 'Yeah? Well, WWE has no one even close to THIS guy!' It made sense for TNA to use AJ's appearance to pass the X-Division torch to Leon Slater. Leon has a massive future, both in TNA and, eventually, AEW and/or WWE. Y'know, we discovered Leon during a TNA tour of the UK four years ago. He was a teenager, but like with Seth Rollins, who was also a teen when I met him, it was obvious Leon had 'it.' We'd heard about him, booked him on the tour, but he was even better than his reputation suggested. We signed him as soon as we watched him wrestle — and here he is, making me look like a genius when all we did was recognize HIS genius when it was right in front of us. Something's been bothering me. Everybody knows Tony Khan grew up with money. So why is he the one who understands that most families can't afford to spend over $1,000 on one night out at the wrestling? I know everything costs more these days, but I hate to see WWE become something only those with big disposable incomes can attend live. Months ago, I advocated in this column for a 'wait and see' approach when John Cena's heel turn with The Rock wasn't followed up on by WWE. And while I'll always ask fans to give the bookers and talent time to tell their story, six months after Cena's turn, we have to say that the turn hasn't been maximized. Even allowing for the fact that nothing will ever eclipse Hulk Hogan's 1996 WCW turn, and that John's promo work has been strong, it just hasn't hit like it could have. It's going to be very interesting to see if WWE turns John again next week at SummerSlam during or after the match with Cody Rhodes, and how they send him off into the sunset over this next (and final) five months of his career. The whole industry is watching to see how the first-ever two-night WWE SummerSlam is received. Turning WrestleMania into two nights made sense. Those shows were stretching to seven hours. Even the most diehard fans were getting worn out. But the two-night SummerSlam? I'm not sure this one was organic. This feels like a revenue move by TKO. That said, the cards look good. We'll see how it delivers. One of the best moments at Slammiversary was Moose handing off the X-Division torch to Leon Slater. I've got a lot of friends in TNA, but Moose is basically family. Frank Trigg, the UFC Hall of Famer, once called me and said he had a buddy who wanted to get into wrestling. Said he was an offensive tackle in the NFL. Told me, 'Just work out with him.' I was expecting some big farm boy, 360 pounds, built like a fridge, but instead this athletic monster walks in. He was ripped, fast, and within five minutes I knew he was going to be a star. Sure, there have been times I wished he were normal-sized, just so I could reach up and throttle him. Like I said, family. He's been to Thanksgiving dinner at my mom's house, the Canadian Thanksgiving. We were watching football. Moose was surprised that 'American' football was played on Canadian Thanksgiving. My mom, already smitten with the big lump, gently said, 'Well, honey, it's Sunday. That's when NFL games are played.' And Moose, mouth full of turkey, looked up and said, 'Oh? It's Sunday in Canada too?'
Yahoo
14 minutes ago
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Elbows up talk 'nothing more than a slogan' says Sask. Premier Scott Moe
Premier Scott Moe says as trade talks between Canada and America hurtle towards an Aug. 1 deadline, taking an 'elbows up' approach is 'nothing more than a slogan.' The Saskatchewan premier made the comment on Wednesday at the conclusion of the Council of the Federation (COF) meeting, adding that the prospect of completely separating Canada from the economy of the United States is an 'unreasonable dream.' 'When someone says we need to move away from dealing with the United States, that can be true in part, but it certainly can't be true in all. They are our largest trading partner,' said Moe. But the premier also acknowledged the relationship between Canada and the U.S. will be changed, 'if not forever … for a long period of time' given combative rhetoric from U.S. President Donald Trump and his administration. Trump kicked off a trade war on March 4 when he announced 25 per cent tariffs on Canadian goods and a 10 per cent levy on Canadian energy. Over time, those tariffs have changed to now only apply to select goods that are non-Canada-United States-Mexico Agreement (CUSMA) compliant. Trump has indicated new tariffs are coming for Canada if a trade deal is not struck by Aug. 1. 'Our objective is not to reach a deal whatever it costs … We are pursuing a deal that will be in the best interest of Canadians.' said Prime Minister Mark Carney during the COF meeting. Moe said he's holding out hope that there will be zero tariffs come the start of next month, but noted efforts made by his government and others have already resulted in exemptions and lowered tariffs on certain goods, like oil and potash. Still, about five per cent of trade to the U.S. is subject to tariffs, Moe said, adding that CUSMA 'is working for Saskatchewan.' And while the tariffs are impacting Saskatchewan, the premier said 'it's maybe to a lesser degree' than elsewhere in Canada. That doesn't discount the larger impact of the tariffs, stressed Moe, saying the rhetoric and actions from the U.S. make this 'very much a time of uncertainty' as trade relationships are tarnished or reset. Moe noted that the 100 per cent import tariff imposed by China on canola in March is a direct result of Canada standing in lockstep with the U.S.'s own policy, which placed 25 per cent tariffs on aluminum and steel and 100 per cent tariffs on Chinese electric vehicles. 'The federal government continues to engage with China and we're supporting them every step of the way,' said the premier. A 'change in tone' As conversations continue between Ottawa and Saskatchewan to push forward energy and other projects, and as the feds continue to negotiate with Saskatchewan's two largest trade partners (China and the U.S.), Moe maintained that he was 'cautiously optimistic' about the Carney government. Moe acknowledged that this was a 'change in tone' from himself and spoke favourably of Bill C-5, which received royal assent on June 26 and was passed into law. It gives the federal government new powers to fast-track approvals for what it calls 'nation-building projects.' The bill has been opposed by Indigenous leaders and groups who have voiced concerns it might override their fundamental rights. The government amended the bill on June 18 so that it cannot override the Indian Act. Trump's threats of tariffs and annexation of Canada as the 51st state have spurred things like Bill C-5 as the Canadian government shifts priorities to large-scale domestic projects. The bill aims to 'strengthen Canada's autonomy, resilience and security,' according to a government website. At the same time, provincial and federal leaders have also been spurred to improve interprovincial trade in the face of tariffs. Though Moe started the COF inviting all provinces and territories to join the binding and interprovincial New West Partnership Trade Agreement (NWPTA), it seems to be that the fellow premiers have landed on expanding the Canada Free Trade Agreement (CFTA) instead. 'We'll continue to push all of the other provinces to expand the CFTA, to make it as close to a mirror image as we can to the New West Partnership,' he said. Having signed five memorandums of understanding since June 2 related to energy corridors, interprovincial trade and breaking down economic barriers, Moe said the renewed focus on improving trade between provinces and territories might be the only good to come out of Trump's threats. 'What you're seeing now is actual action in this space and I'd say it's high time.' — with files from The Canadian Press Related Saskatchewan's Scott Moe invites all Canadian premiers to join western trade agreement Saskatchewan Premier Scott Moe signs two more MOUs to open up interprovincial trade routes alsalloum@ The Regina Leader-Post has created an Afternoon Headlines newsletter that can be delivered daily to your inbox so you are up to date with the most vital news of the day. Click here to subscribe. With some online platforms blocking access to the journalism upon which you depend, our website is your destination for up-to-the-minute news, so make sure to bookmark and sign up for our newsletters so we can keep you informed. Click here to subscribe.
