If Canada raises their tariffs, it will be whatever that rate is PLUS 35%. "Thank you for your attention to this matter." Source: Eric Daugherty on X
⚠️ Office of Management and Budget Director Russell Vought also suggested Powell had misled Congress about a pricey renovation of the central bank’s headquarters. ‼️ Vought’s broadside opens up a new front in the Trump administration’s war on the Fed chief. ➡️ Russ Vought: "Chairman Jerome Powell has grossly mismanaged the Fed. "While continuing to run a deficit since FY23 (the first time in the Fed's history), the Fed is way over budget on the renovation of its headquarters. Now up to $2.5 billion, roughly $700 million over its initial cost. These renovations include terrace rooftop gardens, water features, VIP elevators, and premium marble. The cost per square foot is $1,923--double the cost for renovating an ordinary historic federal building. The Palace of Versailles would have cost $3 billion in today's dollars! Unfortunately, Powell's recent testimony to Congress has led to serious questions that now require additional oversight from OMB, in conjunction with the National Capital Planning Commission. Today, I sent the letter below to Chairman Powell to get to the bottom of this largesse".
Only 16% of respondents in a recent Deutsche Bank survey believe the Fed is completely independent, with 25% seeing political pressure leading to lower rates.
Source: DB thru Liz Abramowicz
In case you missed it... As of July 1, 2025, gold will officially be classified as a Tier 1, high-quality liquid asset (HQLA) under the Basel III banking regulations.
That means U.S. banks can count physical gold, at 100% of its market value, toward their core capital reserves.
Top 10 largest central banks in the world
The World Rnking @worldranking_ on X
Majority of Fed Officials Leaning Against July Interest-Rate Cut -
Bloomberg
The next Fed Chair is going to be the biggest dove the world has ever seen...
Source: Spencer Hakimian on X
Central banks continue to DUMP the US Dollar for Gold:
95% of central banks expect global gold reserves to rise in the next year, according to a World Gold Council survey. A record 43% plan to boost their holdings. 73% expect USD reserves to decline over the next 5 years. Source: Global Markets Investor, Yahoo Finance
Blackout Period
Watch out for Jerome Powell's remarks this Wednesday.Then — the Fed enters a new phase:The blackout period ends Thursday, meaning Fed officials will be free to speak again starting Friday. source : evan
