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Yahoo
10 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
10 minutes ago
- Yahoo
Obama, sedition and Trump's urgent need to distract
To any American with an extremely short memory or perhaps a desire only to see the world through Donald Trump's eyes, the recent memo from Director of National Intelligence Tulsi Gabbard and the call from President Trump to investigate former President Barack Obama over the memo's claims of 'treasonous conspiracy' over claims of Russian interference in the 2016 election must be alarming. Talk of 'overwhelming evidence' and a 'yearslong coup,' 'seditious conspiracy' and 'treason' sure sound pretty serious. Well, they do until you quickly review your notes and recognize that A, President Trump has an urgent need for distraction given his ties to Jeffrey Epstein and the administration's failure to — despite big promises to the conspiracy-hungry during the presidential campaign — release details of the investigation into the late American financier and sex offender. And B, this is a subject that has been investigated to death with no fewer than four official inquiries, including a 2020 U.S. Senate Intelligence Committee report (written while the GOP had Senate control) and the special report authored by Trump-appointed special counsel John Durham that came out in 2023. And what did they find? There was ample reason to worry about Russian interference in the 2016 race, and it was clear the Kremlin didn't want Democrat Hillary Clinton in the Oval Office. Was then-candidate Trump complicit in these efforts? Nope, not in a manner those various investigators could prove. But Russian interference? There was ample evidence of computer hacking, of digging through emails and of using intermediaries to undermine Clinton (remember WikiLeaks?). Or how about simply remembering Robert S. Mueller III? The special counsel indicted a dozen Russians, none of whom has ever stood trial because they could not be extradited. Even then-U.S. Sen. Marco Rubio (now Trump's U.S. secretary of state) observed that interference signing off on that 2020 report, which concluded 'the Russian government inappropriately meddled in our 2016 general election in many ways but then-Candidate Trump was not complicit.' Hopefully, most people aren't taking these claims of treason seriously. They serve only to diminish Trump and Gabbard. Think those criminal referrals Gabbard has sent to the U.S. Department of Justice will result in a successful prosecution? Even Las Vegas will surely refuse wagers on that long shot. Those who still harbor doubts can go peruse those various reports (and their thousands of pages of findings). The rest of us will just have to be content to recognize that the current president and his cronies lie like rugs when it serves their purpose. Peter Jensen is an editorial writer at The Baltimore Sun; he can be reached at pejensen@


New York Post
12 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.'