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Trump to Name New Fed Governor, Jobs Data Head in Coming Days
(Bloomberg) — President Donald Trump said he will announce a new Federal Reserve governor and a new jobs data statistician in the coming days, two appointments that may shape his economic agenda amid anxiety over the trajectory of global growth. We Should All Be Biking Along the Beach Seeking Relief From Heat and Smog, Cities Follow the Wind Chicago Curbs Hiring, Travel to Tackle $1 Billion Budget Hole NYC Mayor Adams Gives Bally's Bronx Casino Plan a Second Chance Trump made the comments to reporters Sunday on his way back to the White House from a weekend in Bedminster, New Jersey. He has faced criticism for his relentless attacks on the Fed and for firing Bureau of Labor Statistics chief Erika McEntarfer after data showed weak jobs growth — moves that are seen as undermining institutions typically viewed as free from political influence. For the Fed, the president said he has a 'couple of people in mind' for the role that opened up after Adriana Kugler announced Friday that she would vacate her board of governors seat, which wasn't due to expire until January. Her exit handed Trump a sooner-than-anticipated opportunity to appoint a governor who more closely aligns with his preference for lower interest rates. National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, current Fed Governor Christopher Waller and Treasury Secretary Scott Bessent have all been floated as contenders to lead the central bank. Trump's nominee for the open governorship could move into the chairman role when Jerome Powell's term expires in May. Kugler's departure unfolds amid unprecedented public pressure from the White House on the central bank over interest rates, with Trump regularly launching personal insults at Powell. Trump has called the Fed chief 'TOO ANGRY, TOO STUPID, & TOO POLITICAL' for persistently refusing to vote to lower rates, and he has demanded Powell's resignation. At the Bureau of Labor Statistics, Trump fired McEntarfer hours after a weak jobs report based in part on steep downward revisions for May and June. Her firing was criticized by her predecessor, who called it an unfounded move. 'This is damaging,' William Beach, whom Trump picked in his first term to head the bureau, said on CNN's State of the Union on Sunday. 'I don't know that there's any grounds at all for this firing.' Studies indicate that the agency's data is more accurate than 20 or 30 years ago, including any revisions of the initial data, Beach said. Even so, he said he'll trust future BLS data because people working for the agency are 'some of the most loyal Americans you can imagine,' making the bureau 'the finest statistical agency in the entire world.' McEntarfer was confirmed by the Senate in a bipartisan 86-8 vote. Vice President JD Vance, then a senator, voted to approve her nomination. Hassett, speaking on Fox News Sunday and NBC's Meet the Press alleged that the large jobs data revisions were poorly explained and were evidence enough for a 'fresh set of eyes' at BLS. (Updates with context, background beginning in second paragraph) How Podcast-Obsessed Tech Investors Made a New Media Industry Russia Builds a New Web Around Kremlin's Handpicked Super App Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off What's Really Behind Those Rosy GDP Numbers? Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
19 minutes ago
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Trump holds firm on tariffs, Fed declines to cut rates
WASHINGTON (NEXSTAR) – With a Friday deadline looming, President Donald Trump approves new tariffs on Brazil and copper, pressuring nations to strike trade deals. At the same time, the fed says it won't cut interest rates. The president is taking a hard line on trade, signing off on new tariffs while threatening more to come but as he turns up the pressure globally, he's also clashing with the Federal Reserve here at home. President Trump signed an executive order Wednesday, imposing a 50% tariff on most Brazilian goods. Democrats are sounding the alarm. 'Donald Trump's tariffs are weighing down the U.S. economy,' said Senate Minority Leader Chuck Schumer (D-N.Y.). The president is also threatening a 25% tariff on India. 'They sell a lot to us, but we don't buy from them, because the tariff is so high,' said Trump. The president says the goal is to secure new trade deals before his August 1st deadline. At the same time, he's pushing the Federal Reserve to lower interest rates, something chair Jerome Powell says the fed is not ready to do. 'We're keeping the rates high and it's hurting people from buying houses… it's all because of the fed. He's done a bad job,' said Trump. Powell defended the fed's position Wednesday, saying the rates aren't changing, at least not yet. 'We're still a ways away from seeing where things settle down,' said Powell. All eyes will be on the September fed meeting to see if rates are cut but Powell says it'll depend on how these tariffs play out in the economy. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19 minutes ago
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Fred Durhal III eyes bold tax cuts, neighborhood investment
DETROIT (FOX 2) - Detroit mayoral candidate Fred Durhal III believes the city is on the cusp of a new chapter, one focused on equitable growth, tax reform, and neighborhood revitalization. "I think we need to continue growing… There is a lot of opportunity. Detroit has come a very long way in the past decade. We have a long way to go," Durhal told Hilary Golston. Durhal currently serves on the Detroit City Council and previously represented the city in the Michigan House of Representatives. Now, he's running for mayor with what he's calling a comprehensive tax relief plan, aimed at reducing Detroit's property tax rate - targeting 19.5 operating mills. "Our property taxes are double Grand Rapids. We need to lower the burden," he said. To help fund the reduction, Durhal wants to "charge speculators more who are holding non- owner occupied structures and also charge a blight tax." The goal, he said, is straightforward: "We'll be able to generate enough revenue to provide tax savings for a lot of our residents." When asked, Durhal notes Neighborhood Enterprise Zones (NEZs) are helpful. "NEZ's are an important piece to ensure housing is affordable and we have a path to home ownership." He added: "Taxes are the pathway to move people toward homeownership. Values have grown, but tax base has not." He is also "willing to consider capping taxes based on income, and also income based tax assessments," acknowledging that "many are making under $28,000 per year," and that "AMI is out of the hands of local officials." Durhal's broader economic plan includes growing Detroit's commercial corridors and increasing neighborhood-level investment. He says attracting major retailers requires more than downtown growth: "They want to know what else is in the neighborhoods." That means ensuring safety and strong infrastructure outside the city core. He also wants to streamline the business climate. "Folks say sometimes it's entirely too hard to do business here in the city of Detroit," Durhal notes. Addressing Detroit's roughly 18 square miles of vacant land, Durhal says the city needs to replicate what's worked downtown. "Use the same strategy downtown in the neighborhood. Connect opportunity to folks willing to develop. "On the sensitive subject of government corruption which has historically plagued Detroit, especially in City Council, Durhal didn't shy away. "You gotta lead by example and you gotta build the trust." He said that "over the past 4 years," he's been "rebuilding trust in his district. "When asked whether City Council undercut DDOT buses, Durhal says no: "If you look at this last budget cycle the department that got the largest increase it was DDOT." He added that he's committed to doubling DDOT's budget by 2030 and wants to raise driver pay. Looking ahead to 2026, Durhal also supports the regional transit millage. "I think we've got an opportunity to connect all our communities together." Durhal has been endorsed by the Detroit Regional Chamber, and he touts longstanding ties to the city's corporate and business leaders."Expand into neighborhoods and commercial corridors and make sure quality of life is good," he said. "We've come a long way, but we still have a long way to go." All of the mayoral candidates in Detroit were offered the chance for 1-on-1 interviews. Many of them will be featured in the days leading up to the election. Solve the daily Crossword
