We need to open up the Fed and move to a different construct, says Judy Shelton
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Yahoo
4 hours ago
- Yahoo
Trump–Powell meet becomes the internet's new obsession
Trump–Powell meet becomes the internet's new obsession originally appeared on TheStreet. President Donald Trump and Federal Reserve Chairman Jerome Powell are at odds again; this time, not over interest rates, but instead over renovations to buildings. The two were together on Thursday during a visit to a Fed facility site, and Trump publicly criticized the renovations themselves as "outrageous" and an example of government waste at its finest. Standing side by side in hard hats, the President and Powell exchanged tense words in front of rolling cameras. During the tour of the central bank's historic buildings, Trump felt comfortable asserting to Powell that the renovation had risen to $3.1 billion, attributing the spending to Powell's mismanagement. Last week, President Trump said the mismanagement could be a reason to fire the 72-year-old Chairman. Previously, Trump publicly reproved Powell for not cutting interest Fed chairman disagreed, correcting Trump, as the number Trump was mentioning originated from including a third building that had been renovated five years earlier. Community reacts As the awkward dialogue between the two officials was released, the internet jumped in and did what it does best – making memes. The crypto community, especially, went wild – sparking a slew of viral memes and humorous posts. One popular meme, with thousands of shares, is of a confused Powell reading something with the caption: "GO HOME Jerome"—a now-popular call-to-action amongst Fed detractors. Another meme, viewed over 1.2 million times, shows Powell in his hard hat with that look of confusion, with the caption, "My financial advisor looking at my portfolio, which is 90% BTC miners and sh*tcoins."This post illustrates how quickly the event was capitalized on and leveraged by crypto enthusiasts and meme traders. Though the online reaction has injected some humor and fun, the tension between Trump and Powell is serious, and the market effects are being felt in crypto markets. At the time of press, Bitcoin had fallen from a 24-hour high of $119,472.65 to $115,494.98, as per Kraken. While the total crypto market cap is down to $3.79 trillion, down over 2.75%. Trump–Powell meet becomes the internet's new obsession first appeared on TheStreet on Jul 25, 2025 This story was originally reported by TheStreet on Jul 25, 2025, where it first appeared. Sign in to access your portfolio
Business Insider
4 hours ago
- Business Insider
Pulte Pressures Powell to Slash Rates ‘As Early as next Week'
Federal Housing Finance Agency Director Bill Pulte toured the Fed's under-construction headquarters yesterday with President Trump. While Trump eased up on his calls for Powell to resign, Pulte has upped the ante. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. 'I remain optimistic Jerome Powell will do the right thing, and as early as next week,' said Pulte in an X post on Friday, likely a reference to the Federal Open Market Committee (FOMC) meeting on July 29-30. Pulte previously called for the Fed to lower rates and a congressional investigation of Powell over the Fed's $2.5 billion renovation of its Washington, D.C. headquarters. Will Powell Step Down? Earlier this month, Pulte noted that he was ' encouraged ' by reports that Powell would step down despite no confirmed reports on the subject. This morning, CNN reported that the Fed Chair had confided in close contacts that he would serve the remainder of his term in order to retain Fed independence from political bias. Powell's term ends in May 2026. 'I've asked him, and he says no, that would reduce the independence of the Federal Reserve,' said South Dakota GOP Senator Mike Rounds. Additionally, the Fed will likely keep rates steady next week. CME's FedWatch tool assigns 97.4% odds of the rate staying between 4.25% and 4.50%. Economic Indicators Dashboard.
The Hill
8 hours ago
- The Hill
Markets jump after Powell rebuffs Trump
The S&P 500 finished 0.4 percent up, and the Dow Jones Industrial Average finished up 208 points or 0.47 percent. The tech-heavy Nasdaq Composite gained about a quarter of percent to close above 21,108. Top gainers on the day included Comfort Systems USA, Bel Fuse, Deckers Outdoor Corp. and IES Holdings, according to Morningstar. The bond market also cooled off Friday. The 10-year Treasury yield finished slightly down after trading higher during the day as did the 30-year. The bond market has exhibited major stresses this year through Trump's trade war. Outflows from long-dated U.S. public and private bond funds reached close to $11 billion in the second quarter, according to a June Financial Times analysis using EPFR data. Friday's gains followed a confrontation between Trump and Powell on Thursday in which Powell repelled an attack from Trump — this time not on social media but on television.
