Secretary Scott Besson seemingly showing some support for Fed Chair Jay Powell, saying in a Fox Business interview that he does not see a reason for Powell to step down right now and that he should serve his full term through May. This follows Besson's comments yesterday suggesting the entire Federal Reserve should be examined. Powell resigning.I don't see how that would do anything to safeguard the institutions independence. I don't think Powell is going to leave uh the Fed before his term is up. What I wo ...

Now, the president today saying he likely won't fire Powell, but does continue to call for lower rates. Joining us to discuss is former NEC director and former Fed Governor Larry Lindseay. Larry, it's it's great to see you.Welcome back. It's great to be here. Thank you.What What do you think a full review of the Fed means. Well, what I think it means is they want to check on whether they're doing their job. And I don't think they have to scratch the surface very far to find out that they really aren't haven ...

Fed Independence and Political Pressure - Markets rely on the Fed's independence and commitment to price stability and maximum employment [3] - Historical examples show that presidential pressure on the Fed can lead to stagflation [6][7] - Concerns exist regarding potential Fed chair candidates expressing opinions on future monetary policy [17] - A "shadow Fed chair" is a dangerous idea that impairs the credibility of the actual Fed chair [23][24] Economic Outlook and Policy Concerns - The economy is resilient, but concerns exist about future tariff policies [25][26] - Tariffs could lead to increased inflation and decreased household incomes [27][29] - Softness is developing in the labor market, with average job creation around 150,000 jobs per month [28] - Concerns exist about weaknesses in the legislation regarding stable coins and their potential financial stability risks [34] Monetary Policy and Inflation - The Fed's goal is price stability, aiming for 2% inflation, and maximum employment [3][12][15] - Lowering interest rates to ease financing costs on federal debt is not a congressionally mandated goal and is dangerous [3][15] - High inflation is an inevitable consequence when pressure drives monetary policy [3] Fed Leadership and Transition - The President should choose a Fed chair who believes in and will defend the Fed's independence [14] - The next Fed chair should make fact-based judgments based on economic trends and the congressionally mandated goals [15] - The current Fed chair is committed to the Fed's independence and should fulfill his term [31][32]

>> Welcome back to Squawk Box. The Federal Reserve, holding its large bank capital conference today focused on regulatory and oversight reform. Leslie Picker joins us with Federal Reserve vice chair of supervision Michelle Bowman.Good morning Leslie. >> Hi. Good morning Andrew.Thank you. And Mickey, thank you very much for being here. It's a big day for you.Just six weeks into the role. You've moved very quickly with a slew of proposed deregulatory actions. And the level of capitalization at the banks is ki ...

It is time now for money, power, politics. And the Trump administration's Federal Reserve pressure campaign is heating up. Last week, if you recall, the administration latched on to the Fed headquarters renovations to justify potentially firing Chairman Jay Powell.But today, Treasury Secretary Scott Besson said a review of the central bank could go well beyond that. Watch this. What we need to do is examine the entire Federal Reserve institution and whether they have been successful.Has the organization suc ...

US Fiscal Policy & Budget - CBO projects President's tax and spending law will add $34 trillion to US deficits over the next decade, reflecting a $45 trillion drop in revenues and $11 trillion decline in spending through 2034 [6] - Nearly two-thirds of Americans disapprove of the President's handling of inflation, with half saying Trump's policies have left them financially worse off [7] - White House and Congressional Republicans disagree with CBO's estimates, undermining its role as the gold standard for congressional bill estimates [9] - The White House claims the President is fiscally responsible and that the tax cut is the largest for working families and middle-class Americans [10] - CBO's analysis calculates the new legislation would add $34 trillion to the deficit over the next decade [65] - Senate Republicans requested a CBO score including dynamic scoring and the current policy baseline, which would reduce deficits by $366 billion over a decade [73] - The bill will dramatically increase the deficit, impacting future generations [75] Federal Reserve & Monetary Policy - A Republican member of Congress made a criminal referral against Fed Chair Jay Powell [4] - The White House reiterates it has no plans to fire Jerome Powell [4][17] - The Federal Reserve, under the Federal Reserve Act, is responsible for acquiring and maintaining its own buildings, paying for them out of its own revenues [20] - The President is trying to put pressure on Jay Powell, but firing him doesn't make sense as Powell would likely go to court [21][22] - The President's actions may set off market reactions he won't like [23] - The President is playing with fire and risking inflationary expectations by compromising the Federal Reserve's independence [28] - The right approach for the Fed is to wait and see, as the trade war is creating uncertainty [29][31] Trade & Tariffs - EU officials are set to meet to discuss how to respond to a possible no-deal trade scenario with the US [5] - The administration teases the potential for more trade letters as the August 2 deadline approaches [5][13] - Many trade deals have been unbalanced, with countries agreeing to pay no tariffs or, in the case of China, 10% tariffs, while the US puts much higher tariffs on them [12] - The EU has announced plans to retaliate if tariffs go into effect [13] - The trade war is making it harder for the President to lower prices [31] - Tariffs are beginning to show up in the economy [30] - Tariffs are accomplishing the opposite of what they want to accomplish, hurting domestic sectors and making it more expensive to produce [34][35] US Politics & Redistricting - Texas lawmakers are poised to redraw the state's congressional maps in a bid to create five new winnable seats for the Republican Party next year [5] - Republicans are planning to redraw congressional maps in Texas, hoping to secure more seats in the House during the midterms [42] - President Trump endorsed the move as a step to bolster his House majority by ensuring more Republican seats [43] - There is no technical ban on mid-decade redistricting in Texas [47] - Republicans believe they can pick up as many as five seats in Texas [48] - Democrats may consider congressional redistricting if Texas goes through with its plan [85]

The US Federal Reserve releases video of its renovations that are underway and over budget. Costs have ballooned to $2.5 billion. Work is being done on the headquarters building and a building at 1951 Constitution Avenue. Federal Reserve Chair Jerome Powell has defended the renovation work as transparent. President Donald Trump, who says Powell needs to lower interest rates, says the project is being mismanaged. This is video released by the Federal Reserve on July 21. -------- More on Bloomberg Television ...

You said previously the interview process would begin later on in the fall. There's been plenty of speculation as to whether that process would be brought forward. Mr.. Secretary, do you still, as far as you understand, believe that's when the interview process to replace the Fed chair will begin in the fall or is a formal process already started. Well, look, there there's a formal process that's already starting. There there are a lot of great candidates and you know, we we'll see how rapidly it progresses ...

Monetary Policy & Federal Reserve Critique - The speaker advocates for monetary regime change at the Federal Reserve, suggesting deeper problems beyond short-term interest rate adjustments [3][4] - The speaker criticizes the Federal Reserve's models, constructs, and meeting choreography, calling for a strategic approach aligned with government economic and national security goals [4] - The speaker questions the Federal Reserve's independence, arguing it shields the Fed from legitimate criticism and Congressional oversight, violating democratic governance norms [7][8] - The Federal Reserve has been operating at a loss since September 2022 and holds over 900 billion USD in unrealized capital losses [9] Interest on Reserves (IOR) & Banking System - The Federal Reserve is paying hundreds of billions of USD to commercial banks to keep money in cash reserve accounts instead of lending or investing [9] - Paying interest on reserves (IOR) originated as an emergency measure in October 2008 during the global financial meltdown [12] - The speaker suggests eliminating the Federal Reserve's use of paying interest on reserves and shrinking its portfolio to raise interest rates [17] Quantitative Easing (QE) & Inflation - Quantitative easing (QE) involved the Federal Reserve purchasing government assets to lower interest rates to zero [13][14] - The Federal Reserve credited banks' cash balance accounts for millions of USD with a keystroke when purchasing Treasury securities, creating base money [14][15] - The speaker argues that paying banks to keep money at the Federal Reserve is more lucrative than making loans, hindering financial intermediation [16]

Stock Market & Finance - Block's shares are significantly up following the announcement of its inclusion in the S&P 500, replacing Hess after its acquisition by Chevron [1] Aviation Industry - Alaska Airlines resumed operations after a systemwide ground stop lasting approximately 3 hours due to an IT outage [2] Trade & International Relations - China's exports of rare earth magnets to the US increased over sixfold in June compared to May, but were still about 40% lower than the same month last year [3] Politics & Economy - Trump administration officials are reportedly planning a visit to the Federal Reserve amid a probe involving headquarters renovation [4] Corporate Governance - Data company Astronomer's CEO Andy Brown resigned after a social media incident at a Coldplay concert, prompting a formal investigation [5]