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CBS News
an hour ago
- CBS News
OMB director Russell Vought on "I don't even know what that chapter says" about Project 2025 and the Fed
White House budget official Russell Vought, one of the authors of Project 2025, indicated Sunday that President Trump's focus on Federal Reserve Chairman Jerome Powell is because the president wants lower interest rates, not because it is one of the suggested targets of an overhaul suggested in the conservative blueprint. "I don't even know what that chapter says," Vought, the Office of Budget and Management director, said on "Face the Nation with Margaret Brennan" when talking about Project 2025 and the Federal Reserve. "All I know, in terms of the president, the president has run on an agenda. He's been very clear about that. All that we're doing is- in this administration is running on- is implementing his agenda." Overseen by the conservative thinktank Heritage Foundation, Project 2025 was a massive, multi-prong initiative for how a Republican president can introduce sweeping right-wing policy. Mr. Trump insisted on the campaign trail that he had "nothing to do" with Project 2025, and a 2024 CBS News analysis found that at least 270 of the nearly 700 policy proposals matched either campaign proposals or his first-term agenda. Since he took office, many of his policies have matched ones laid out in Project 2025. Project 2025 lays out an overhaul of the Fed, saying "monetary dysfunction is related in part to the impossibility of fine-tuning the money supply in real time, as well as to the moral hazard inherent in a political system that has demonstrated a history of bailing out private firms when they engage in excess speculation." "To protect the Federal Reserve's independence and to improve monetary policy outcomes, Congress should limit its mandate to the sole objective of stable money." Project 2025 says. Vought is not listed as one of the authors of that chapter, but he was one of the key intellectual drivers of the overall project and its recommendations. In recent weeks, Mr. Trump has sharply criticized Powell and has indicated he wants to fire Powell, but Mr. Trump has also said he didn't think it was necessary. The Fed chair can only be fired "for cause," and Mr. Trump has zeroed in on an extensive renovation project to two of the Federal Reserve's buildings under Powell's watch. Vought sent a letter on July 10 to Powell alleging the "ostentatious" office renovation project may be "violating the law." Mr. Trump visited the Fed on Thursday, where he and Powell clashed over the cost of those changes. Federal law gives the Fed the power to make decisions about acquiring and remodeling buildings in Washington to serve as its office spaces. The Fed is self-funded, so taxpayer dollars are not appropriated for their costs. Powell's term is up in 2026, and House Speaker Mike Johnson told CBS News last week that he expects a "rocky road" ahead for Powell. Mr. Trump wants Powell to lower interest rates, but Powell has said the Fed wants to see how the economy responds to Mr. Trump's sweeping tariffs, which Powell says could push up inflation. Further, the decision to raise or lower interest rates is not Powell's alone — eight times a year, the Federal Open Market Committee, which has 12 members, votes on monetary policy. Despite the pressure from the Trump administration, the Fed is expected to hold steady on interest rates at its meeting this week. Vought said Sunday that Mr. Trump has been "very clear that all he's asking from the Fed is lower interest rates, because he thinks it's important." "When you look across the globe, and you have countries lowering rates, and yet we don't see that in this country, given all of the positive economic indicators that we're seeing," Vought said. "And then we have fiscal mismanagement at the Fed with regard to this building renovation that I'm sure you will ask me about. Those are the kinds of things that we want to see from the Fed. This is not part of an existential issue with regard to the Federal Reserve."Joe Walsh contributed to this report.
Yahoo
an hour ago
- Yahoo
Bond Traders Await Fed Meeting, Refunding and July Jobs Report
(Bloomberg) -- Bond investors enter a frenetic week comprising the latest Treasury view on quarterly debt sales, a Federal Reserve meeting, and plenty of data crowned by the July jobs report. The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Trump Administration Sues NYC Over Sanctuary City Policy With four trading days left in July, the Treasuries market is on course for only its second negative month this year, as investors have reduced rate cut expectations and pushed yields higher across all maturities amid a string of resilient data reports. Traders price no prospect of a US rate shift this week, and continue to lean towards a quarter-point reduction at the Fed's meeting in mid-September, with around 100 basis points of easing seen over the next 12 months. At this week's Fed meeting, focus on whether some officials dissent over the central bank staying on the sidelines, while traders will closely monitor chair Jay Powell's press conference amid the pressure from the White House for immediate rate cuts. The pricing of rate cuts may well shift at the end of the week, with the release of the July employment report and other key labor and inflation data that could well influence the Fed's path and market performance for the rest of the year. Molly Brooks, US rates strategist at TD Securities gauges the employment data 'as the top driver here,' as consensus estimates for headline jobs has been slipping 'so we could see that being a key event for the market to react to concerns on growth and the labor mandate slowing.' As for the Fed meeting, Brooks said they 'are expecting Governors Bowman and Waller to dissent' and 'we could also see a modest bullish response in rates there. Given their recent sentiment, we don't think the market will be too shocked, but a dissent will still show a deliberate action there.' Also in focus will be how Treasury plans to address the financing of large US deficits over the next quarter and into 2026. Traders expect issuance of Treasury bills will expand and gauge to what extent Treasury uses buybacks to reduce older debt issues and bolster overall market liquidity. The bond market also has a compacted late month auction schedule with two-, and five-year notes being sold on Monday as the month ends Thursday. What to Watch Economic data: July 28: Dallas Fed manufacturing activity July 29: Advance goods trade balance, imports and exports; wholesale and retail inventories; FHFA house price index; S&P CoreLogic US HPI; JOLTS job openings; Conference Board consumer confidence; Dallas Fed services activity July 30: MBA mortgage applications; ADP employment; GDP annualized QoQ (Q2 advanced); Personal consumption; GDP price index; core PCE price index QoQ; pending home sales July 31: Challenger job cuts; initial jobless claims; personal income and spending; PCE price index; employment cost index (Q2); MNI Chicago PMI Aug. 1: Non-farm payrolls, unemployment rate, average hourly earnings; S&P Global US manufacturing PMI; ISM manufacturing index; construction spending; U. of Michigan consumer sentiment and inflation expectations; Wards total vehicles sales Fed calendar: July 30: Federal Open Market Committee interest rate decision and policy statement; Chair Jerome Powell press conference Auction calendar: July 28: 13-, 26-week bills; two-year notes; five-year notes July 29: 6-week bills; two-year floating rate notes; seven-year notes July 30: US Treasury quarterly debt refunding announcement; 17-week bills July 31: 4-, 8-week bills Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme Elon Musk's Empire Is Creaking Under the Strain of Elon Musk A Rebel Army Is Building a Rare-Earth Empire on China's Border ©2025 Bloomberg L.P. 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
2 hours ago
- Yahoo
Sam Altman Warns Of 'Impending Fraud Crisis' As Banks Still Use Voiceprints For Big Transactions: 'A Thing That Terrifies Me Is...'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Sam Altman, the CEO of OpenAI, expressed concerns about the potential threats artificial intelligence (AI) poses to financial security, urging them to stay ahead of the technology. What Happened: During a recent event hosted by the Federal Reserve in Washington, D.C., Altman cautioned financial leaders about the dangers of AI outsmarting current authentication methods. He specifically highlighted the use of voice prints for high-value transactions. 'A thing that terrifies me is apparently there are still some financial institutions that will accept a voice print as authentication for you to move a lot of money or do something else,' Altman told Fed's Michelle Bowman. Trending: 7,000+ investors have joined Timeplast's mission to eliminate microplastics—'That is a crazy thing to still be doing. AI has fully defeated most of the ways that people authenticate currently — other than passwords,' he added. He also warned of a 'significant impending fraud crisis' due to AI, and stressed the need for a change in the way customer interactions and verifications are handled. Sam Altman warns that as AI-generated content becomes indistinguishable from reality, like hyper-realistic video calls—people will need to change how they interact and verify identities. He emphasizes the urgency of teaching society how to authenticate communications and understand the risks of fraud in this new digital landscape. Altman's concerns extend beyond customer authentication. During the Q&A session, he also highlighted the potential threat of a large-scale financial attack, possibly orchestrated by a foreign adversary using advanced AI to breach U.S. financial It Matters: The warning from Altman comes at a time when AI is increasingly being integrated into the financial sector, with companies like Wysh using AI to rebuild trust and emotional connections with customers. However, Altman's warning suggests that this reliance on AI could also pose significant risks. Altman's concerns echo those of other AI experts. AI pioneer Geoffrey Hinton warned of the potential dangers of super-intelligent AI, urging caution in the development and deployment of AI technologies. Meanwhile, AI safety researchers from OpenAI and Anthropic are openly criticizing Elon Musk's startup xAI, calling its safety practices "completely irresponsible" — a rebuke that could fuel regulatory scrutiny and impact enterprise adoption of the billion-dollar venture. As AI continues to advance, Altman's warning serves as a reminder of the need for careful consideration and regulation in its use, particularly in critical sectors like finance. Read Next: $100k+ in investable assets? Match with a fiduciary advisor for free to learn how you can maximize your retirement and save on taxes – no cost, no obligation. If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? Image via Shutterstock This article Sam Altman Warns Of 'Impending Fraud Crisis' As Banks Still Use Voiceprints For Big Transactions: 'A Thing That Terrifies Me Is...' originally appeared on 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
