A disaster for working Americans: Trump's attacks on Fed chair Jerome Powell risk tanking the dollar
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Yahoo
25 minutes ago
- Yahoo
Trump to check out Federal Reserve's pricey renovations
The Federal Reserve, known for its tight lips, structured formality and extraordinary power to shape the global economy, finds itself putting out the welcome mat for President Donald Trump. Trump and his allies say a $US2.5 billion ($A3.8 billion) renovation of the Fed headquarters and a neighbouring building reflects an institution run amok — a belief they hope to verify in a Thursday afternoon tour of the construction site. The Fed allowed reporters to tour the building before the visit by Trump, who in his real estate career, has bragged about his lavish spending on architectural accoutrements that gave a Versailles-like golden flair to his buildings. The visit is an attempt to further ratchet up pressure on Fed Chair Jerome Powell, whom the Republican president has relentlessly attacked for not cutting borrowing costs. Trump's attacks have put the Fed, a historically independent institution, under a harsh spotlight. Undermining its independence could reduce the Fed's ability to calm financial markets and stabilise the US economy. "This stubborn guy at the Fed just doesn't get it — Never did, and never will," Trump said Wednesday on Truth Social. "The Board should act, but they don't have the Courage to do so!" On Thursday, reporters wound through cement mixers, front loaders, and plastic pipes as they got a close-up view of the active construction site that encompasses the Fed's historic headquarters, known as the Marriner S Eccles building, and a second building across 20th Street in Washington. Fed staff pointed out new blast-resistant windows and seismic walls that were needed to comply with modern building codes and security standards set out by the Department of Homeland Security. The Fed has to build with the highest level of security in mind, Fed staff said, including something called "progressive collapse," in which only parts of the building would fall if hit with explosives. Sensitivity to the president's pending visit among Fed staff was high during the tour. Reporters were ushered into a small room outside the Fed's boardroom, where 19 officials meet eight times a year to decide whether to change short-term interest rates. The room, which will have a security booth, is oval-shaped, and someone had written "Oval Office" on plywood walls. The Fed staff downplayed the inscription as a joke. When reporters returned through the room later, it had been painted over. Plans for the renovation were first approved by the Fed's governing board in 2017. Fed staff also said tariffs and inflationary increases in building material costs also drove up costs. Trump in 2018 imposed a 25 per cent duty on steel and 10 per cent on aluminum. Steel prices are up about 60 per cent since the plans were approved in June, while construction materials costs overall are up about 50 per cent, according to government data. Fed staff also pointed to the complication of historic renovations — both buildings have significant preservation needs. Constructing a new building on an empty site would have been cheaper. The Fed has previously attributed much of the project's cost to underground construction. It is also adding three underground levels of parking for its second building. Initially, the central bank proposed building more above ground, but ran into Washington, DC's height restrictions, forcing more underground construction. When construction began in 2022, the Fed estimated the cost at $US1.9 billion ($A2.9 billion), and it has since grown by about 30 per cent. Trump wants Powell to dramatically slash the Fed's benchmark interest rate under the belief that inflation is not a problem, but Powell wants to see how Trump's tariffs impact the economy before making any rate cuts that could potentially cause inflation to accelerate. The renovation project has emerged as the possible justification by Trump to take the extraordinary step of firing Powell for cause, an act that some administration officials have played down, given that the Fed chair's term ends in May 2026. Pushing Powell out also would almost certainly jolt global markets, potentially having the opposite effect that Trump wants as he pushes for lower borrowing costs. When asked last week if the costly rebuilding could be grounds to fire Powell, Trump said, "I think it sort of is". Sign in to access your portfolio
Yahoo
25 minutes ago
- Yahoo
Mullen Automotive Rebrands To Bollinger Innovations
Mullen Automotive (NASDAQ:MULN) stock dropped on Thursday as it announced it would officially change its name to Bollinger Innovations, effective July 28, 2025. On the same day, the company's common stock will begin trading on the Nasdaq Capital Market under the new ticker symbol BINI. The CUSIP number for the stock will remain unchanged. The company confirmed that this name and ticker update will not affect its legal structure or business operations, and shareholders do not need to and Chairman David Michery said the move represents more than a rebranding. 'We are bringing our products and brands together under one strong and unified identity, ready to service the commercial vehicle industry.' Last week, Mullen announced restructuring plans by merging its operations with subsidiary Bollinger Motors, rebranding as Bollinger Innovations, and updating its Nasdaq ticker symbol before August 15, 2025. The company shared plans to centralize commercial vehicle operations in Oak Park, Michigan, and consolidate all sales, marketing, and service under the Bollinger brand to streamline operations and boost financial efficiency. Since early 2025, Mullen has cut 155 jobs and expects to save at least $35 million annually. Executives said the move will eliminate redundant roles and focus resources on its core Class 1, 3, and 4 electric commercial vehicle offerings, including the Mullen ONE, Mullen THREE, and Bollinger B4. Mullen stock has plunged 100% year-to-date as it grappled with financial losses and a lack of consistent growth in the competitive EV market. In 2025, it completed three reverse stock splits—on February 18, April 11, and June 2—to meet Nasdaq's $1 minimum bid price requirement. Each split reduced the number of outstanding shares. Additional headwinds could come from the U.S. regulatory landscape. The U.S. House of Representatives passed President Donald Trump's 'Big Beautiful Bill,' eliminating the $7,500 tax credit for new U.S.-made EVs. The tax credit will expire on September 30, leading some automakers to start raising electric vehicle prices in anticipation. However, the company also has its share of promises. On June 3, Mullen announced plans to relaunch its FIVE RS EV Crossover in Germany this December, after completing 800-volt battery testing in Munich. The company will begin on-road testing next and plans to expand sales to the EU, UAE, and South Africa in 2026. To support international growth, Mullen partnered with German firm FPF to ensure high-quality production before entering the U.S. market. On June 25, Mullen revealed it would begin accepting Bitcoin and TRUMP Coin for EV purchases, aiming to attract crypto-enthusiasts and politically engaged consumers while boosting brand exposure through meme coin culture. Price Action: MULN shares are trading lower by 17.80% to $0.062 at last check Thursday. Photo via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Mullen Automotive Rebrands To Bollinger Innovations originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
New York Post
26 minutes ago
- New York Post
Trump assassination attempt suspect Ryan Routh can represent himself at trial, federal judge rules
The man charged with trying to assassinate President Donald Trump at one of his Florida golf courses last year was given clearance by a federal judge Thursday to represent himself in his upcoming trial. Ryan Routh appeared in front of U.S. District Court Judge Aileen Cannon in Fort Pierce a day after his court-appointed attorneys asked to be removed from the case. However, Cannon ruled that Routh's attorneys must remain on standby and denied their request to be withdrawn. Prior to allowing Routh to represent himself, Cannon told him that his court-appointed attorneys 'will defend you far better than you can defend yourself' and 'I strongly urge you not to make this decision.' 'These are nice ladies… How [can] they defend me and say I'm not a dangerous person if they're afraid of me?' Routh said at one point. 'They don't appreciate me and they're afraid of me.' The attorneys described Routh's claims as untrue. The 59-year-old was wearing beige jail scrubs and appeared disheveled during the court appearance, during which he was taking notes despite being shackled at the wrists. 6 Ryan Routh was given clearance by a federal judge Thursday to represent himself in his upcoming trial. X/Ryan_wesleyrouth 'Mr. Routh has now refused six attempts from members of our office/the defense team to meet with Mr. Routh. As a result, undersigned counsel submits that the attorney-client relationship is irreconcilably broken. It is clear that Mr. Routh wishes to represent himself, and he is within his Constitutional rights to make such a demand,' the lawyers wrote in a filing late Wednesday night. The lawyers added that they went to speak with Routh on Tuesday at the Federal Detention Center in Miami, but were informed that Routh didn't want to meet with them. Routh is charged with attempting to assassinate Donald Trump, assaulting a federal officer, and multiple firearms violations for the Sept. 15, 2024, incident in Florida, the second attempted assassination plot against Trump in a matter of months. 6 Ryan Routh was pictured following his arrest in Martin County, Florida, on September 15. MARTIN COUNTY SHERIFF'S OFFICE/AFP via Getty Images 6 The photo shows a sniper's nest that Routh made, according to reports. US District Court Southern Florida 6 Routh is charged with attempting to assassinate Donald Trump, assaulting a federal officer, and multiple firearms violations for the Sept. 15, 2024, incident in Florida. Martin County Sheriff's Office He has pleaded not guilty. Fox News Digital reported earlier this month that Routh wrote an unusual letter to the judge asking why the death penalty isn't on the table — and proposing that he be included in a prisoner swap with U.S. adversaries, even suggesting he be sent to freeze in Siberia in exchange for a Ukrainian soldier. 'Why is the death penalty not allowed? At nearly 60, a life of nothingness without love — what is the point? Why is it not all or nothing?' Routh wrote in the letter on the case docket. 6 Routh's assassination attempt was the second attempt on Donald Trump's life. Getty Images 'I had wished for a prisoner swap with Hamas, Iran… or China for Jimmy Lai or one of the 40 others, or to freeze to death in Siberia in exchange for a Ukrainian soldier… so I could die being of some use and save all this court mess.' He then sarcastically adds that the judge could send him away, which would give Trump a symbolic win. 'Perhaps you [Judge Cannon] have the power to trade me away… An easy diplomatic victory for Trump to give an American he hates to China, Iran, or North Korea… everyone wins.' 6 Prior to allowing Routh (pictured) to represent himself, U.S. District Court Judge Aileen Cannon told him that his court-appointed attorneys 'will defend you far better than you can defend yourself' and 'I strongly urge you not to make this decision.' Routh blasted his legal team, accusing them of ignoring his questions, refusing to write to him, and undermining him. 'It was ridiculous from the outset to consider a random stranger that knows nothing of who I am to speak for me… I will be representing myself moving forward,' Routh wrote. 'They do not want the case and I no longer want to listen to how horrible a person I am — I can beat my own self up; I do not need help.' 'Best I walk alone.'
