Core Points - The renovation of the Federal Reserve's Washington headquarters, initially budgeted at $1.9 billion, has escalated to $2.5 billion, reflecting a cost increase of over 30% [3][6] - The project aims to modernize two historic buildings, the Eccles Building and the East Building, which have not undergone significant renovations in nearly a century [3][6] - The rising costs are attributed to various hidden expenses, including labor, materials, maintenance, and environmental factors, leading to criticism of Federal Reserve Chairman Jerome Powell [1][6] Cost Factors - The initial budget underestimated key factors such as inflation during the pandemic, rising construction material prices, and unforeseen infrastructure issues [6][8] - Between 2021 and 2022, the prices of construction materials like steel surged due to global supply chain constraints and increased demand in the construction industry [6][8] - Environmental challenges, including the discovery of asbestos and unique soil and groundwater issues in Washington D.C., complicated the excavation work and increased costs [6][7] Aesthetic and Regulatory Requirements - The aesthetic demands of the renovation project have also significantly contributed to the cost increase, with a shift towards using high-end materials like white marble, as mandated by the Trump administration [7][8] - The Federal Reserve's requirement for all materials to be sourced domestically further escalated costs, as specialized craftsmanship was needed to match the historical architecture [7][8] Public Perception and Response - Critics, including Trump and his supporters, have labeled the project as a waste of funds, citing unnecessary luxury features like a rooftop garden and VIP elevators [8] - In response, the Federal Reserve has denied these claims, clarifying that many of the alleged luxury features do not exist and emphasizing the project's necessity [8] - The ongoing budget increases reflect broader economic challenges faced by the Federal Reserve, including inflation, labor shortages, and global supply chain disruptions [8]

日本央行行长植田和男：季度展望报告的编制基于全球供应链中断将得以避免的假设。 ...

Core Viewpoint - The CEO of Mitsui Group emphasizes the company's role in mitigating disruptions in global supply chains caused by trade wars, particularly in the energy and chemical sectors [1] Group 1 - The company plans to leverage its trading capabilities to contribute positively during times of supply chain interruptions [1] - The focus on energy and chemical industries indicates a strategic priority for Mitsui Group in navigating trade challenges [1]