US Economic Policy & Federal Reserve - The White House is attempting to build a legal case to fire Federal Reserve Chair Jerome Powell for cause, citing mismanagement of a $2500 million renovation project at the central bank's headquarters [1] - The statute governing the Fed states that the Fed chair can be fired for cause, not at the president's discretion [1] - Trump's economic agenda has made it difficult for the Fed to lower interest rates, leading to political problems [1][6] - Replacing Powell with someone who lowers interest rates by 300 basis points could create a huge financial bubble [1] - An independent central bank is better for the long-term economy, as political pressure can lead to runaway inflation [1] Tariffs & Inflation - The market believes that Trump will chicken out on imposing tariffs [7][8][9] - Tariffs are attacks on the American people, increasing costs at Walmart, Target, and other places that rely on imported goods [10] - New tariffs on Brazil, including a 50% tariff, will raise prices on fish, meat, coffee, and machinery [4] - The case for cutting rates is non-existent, with core inflation projected at 3% year-over-year, above the Fed's 2% target [3] National Debt - The big beautiful bill (tax cut) is going to add $4 trillion to the debt, leading to more interest expense and budget deficits [12]

Federal Reserve & Monetary Policy - President Trump considered nominating a replacement for Federal Reserve Chair Jerome Powell earlier than the typical transition period [1] - The concept of a "Shadow Fed Chair" is introduced as a way to potentially undermine the current Fed Chair's authority [2] - Trump expressed dissatisfaction with Powell for not lowering interest rates as much as desired [6] - Trump suggested interest rates should be as low or lower than 1%, significantly below the current range of 425% to 450% [9] Potential Risks & Challenges - Creating a "Shadow Fed Chair" may not be effective and could confuse financial markets [9][10] - The "chair in waiting" could face challenges in expressing views that align with both the President and market expectations [10][11] - Disagreements about policy could undermine the credibility of the Fed [13][14] Nomination & Confirmation Process - The President nominates members to the Federal Reserve Board of Governors, who are then confirmed by the Senate [4] - The Senate plays a crucial role in deciding whether a nominee has the right temperament to lead the Fed [19] - The confirmation process could be difficult, given the President's desire for someone who will align with his wishes [20] Potential Candidates - Kevin Warsh, a former Fed Governor, was considered for Fed Chair in 2017 [15][16] - Kevin Hassett, former Director of Trump's National Economic Council, is another potential candidate [16] - Other potential candidates include Scott Bessent and Fed Governor Chris Waller [17]

joining us now. National Economic Council Director Kevin Hasset. Great to have you on uh Kevin.Uh hadn't been that long, but I I see you a lot uh around and I always wish it was with us, but we understand we we understand you've got a lot to say. I'll tell you the thing I'd like to start with. We we get so excited about pending deals when we when we keep hearing by you know la last time it was I think by Wednesday we were going to have two or three big deals and they they don't come wouldn't it be better to ...

Trade Tensions and Tariffs - US President threatens 30% tariffs on goods from the EU and Mexico, effective August 1 if trade talks fail [1][3][5] - EU is considering countermeasures and engaging with other nations affected by US tariffs [2][13][52] - China's exports to the US in the first half of the year decreased by nearly 10%, and imports from the US also decreased by 77% [20] - Tariffs on Chinese goods are still about 10% higher than those on other countries, potentially eroding their price competitiveness [24] Market Performance and Economic Indicators - Bitcoin surged past $120,000, up 17% and up 100% in the last 12 months [1][4] - European futures are down 06% after reaching record highs earlier this month [3] - China's overall export numbers are up 72% in the first half of the year, indicating diversification of trade [21] - China's GDP forecast for the second quarter is 51%, taking the first half of the year to 53%, comfortably above the 5% target [26] US Federal Reserve and Monetary Policy - Pressure on Fed Chair Jerome Powell continues, with criticisms regarding the renovation of the Federal Reserve's headquarters, estimated at $25 billion [30][32][36] - Betting markets reflect a 20% risk of Chair Powell being fired by the end of the year [37] Geopolitical Developments - The US will send more Patriot air defense batteries to Ukraine, funded by the European Union [2][39][40] Electric Vehicle (EV) Market - Almost 22 million new EVs could be sold this year, representing about 25% of all vehicle sales [44] - China accounts for more than two-thirds of global EV purchases [45] - In Germany, consumers are paying 25% to 60% more for an electric vehicle compared to a comparable gasoline vehicle [48]

New today, National Economic Council Director Kevin Hasset revealing the White House is looking into whether President Trump has authority to fire Federal Reserve Chair Jerome Powell. This comes after the president criticized Pal for not dropping the interest rate by three points. He did that while speaking to the press on Friday.Joining me now is Kevin Hasset's predecessor, Leil Brainer. He is former director of the National Economic Council under President Biden and distinguished fellow at Georgetown SARS ...

I'd like to bring in a true economics expert now, Ken Rogoff. Ken formerly, as I mentioned, served as the chief economist and director of research at the International Monetary Fund. He's a professor of economics at Harvard University. He's the author of multiple books, including the recently published Our Dollar, Your Problem, an insider's view of seven turbulent decades of global finance and the road ahead. Ken, welcome back to the show. Good to see you. Thank you, Ally. That was a great overview. I'm sti ...

A dispute over the Federal Reserve’s renovation of its headquarters could provide the pretext to attempt the removal of Fed chief Jerome Powell over interest-rate disagreements https://t.co/qfnXP2IVpV ...

A dispute over the Federal Reserve’s renovation of its headquarters could provide the pretext to attempt the removal of Fed chief Jerome Powell over interest-rate disagreements https://t.co/23zWPW6Bba ...

OM uh director Russ Vote is calling out Fed Chair Jay Pal, writing in an expost that Pal has grossly mismanaged the Fed. uh Russ Folult uh joins us now and and we'll talk about the the more maybe uh wide ranging uh issues in in terms of uh you know monetary policy then then we can get into I said maybe you know if I could print money Russ you heard what I said I' I might make Versailles I mean I might I'd have servants I'd have uh I don't think I could overspend on my facilities but we we probably don't we ...

The Federal Reserve said it will seek comment on a proposal to change its supervisory rating framework for big banks. https://t.co/ifR7dj3RfX ...