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White House seeks inspection of Fed building as Trump piles pressure on Powell

about 6 hours ago
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The White House is pushing for an inspection of the US Federal Reserve headquarters in Washington after Donald Trump suggested the central bank had mismanaged funds for building renovations.The scrutiny comes as Trump has unsuccessfully tried to pressure the Fed chair, Jerome Powell, to quit and demanded he and other officials lower interest rates.Powell has said that lowering rates prematurely could lead to higher inflation, and that Trump’s tariffs had contributed to price increases.In response to the Fed chair’s resistance, Trump has threatened to fire Powell multiple times.Yesterday, after reports that Trump floated the idea of firing Powell to House Republicans, Trump said: “I don’t rule out anything, but I think it’s highly unlikely unless he has to leave for fraud.

”The White House budget director, Russell Vought, told reporters on Thursday that the administration wanted to have an on-site inspection of the Fed’s troubled $2.5bn building renovations.“I think the president was pretty clear yesterday: he’s unlikely to fire the chairman, but he has substantial concerns with regard to how he’s managed the Fed,” Vought said.Trump faces many challenges to his desire to oust Powell.The supreme court in the spring went out of its way to say that, while Trump has the ability to fire certain officials, like those on national labor boards, the Fed is different.

“The Federal Reserve is a uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States,” the court said in May.Should Trump fire Powell, he is probably setting himself up for a complicated battle with the supreme court.Meanwhile, Wall Street investors appear opposed to Trump firing Powell.US stocks dipped down on Wednesday afternoon directly after reports that Trump was once again floating the idea of firing Powell.“The independence of the Fed is absolutely critical,” the JPMorgan Chase CEO, Jamie Dimon, said on Tuesday.

“Not just for the current Fed chairman, who I respect, but for the next Fed chairman,”But Powell’s term is set to end in May 2026, and Trump appears to be hopeful that recent renovations at the Fed make Powell an easier target,Renovations were initially slated to cost $1,9bn after it was budgeted in 2019, but costs have risen to $2,5bn.

The Fed has said the renovations cover two buildings that have “not been comprehensively renovated since their construction in the 1930s”,On Wednesday, Trump said that “it’s possible there’s fraud involved with the $2,5bn”,Trump also said that Powell was a “terrible Fed chair” and that he “was surprised he was appointed”,Trump appointed Powell to the job in 2018.

Biden extended Powell’s term in 2022.
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From landfill to luxury: how a designer uses scraps from Hermes and Chanel to make leather goods

Hyer Goods sells bags, wallets and other products made from high-end deadstocks – leftover fabrics that might otherwise end up in landfillsAfter more than a decade as a fashion designer, Dana Cohen was disillusioned. Excessive waste was rampant in every part of the industry – from surplus samples, to manufacturing scraps, to retail stores with “a disheveled mountain of garments that nobody wanted”, she said. “I was like, ‘I just don’t want to be a part of it any more.’”Then Cohen, who had designed for brands including Banana Republic, Club Monaco and J Crew, had a chance encounter with a manufacturer that changed her course. Drishti Lifestyle, based in India, had a container full of leather scraps it didn’t want to discard

about 8 hours ago
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Number of city rail commuters in England and Wales passes pre-Covid levels

The number of rail passengers travelling into cities in England and Wales has overtaken pre-Covid levels but changing work and travel patterns have eased overcrowding on the morning commute, official statistics show.Almost 1.9 million people took trains into cities on a typical weekday last autumn, the highest figure since the records were first collated in 2010.However, there were still about 13% fewer passengers arriving during the morning peak than in 2019, showing that the return to traditional nine-to-five office working remains some way off, despite recent pressure on staff from some firms.Arrivals into every station in London grew in the 12 months to autumn 2024, with particularly rapid growth at Paddington and Liverpool Street stations, both served by the Elizabeth line

about 9 hours ago
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Risk of undersea cable attacks backed by Russia and China likely to rise, report warns

The risk of Russia- and China-backed attacks on undersea cables carrying international internet traffic is likely to rise amid a spate of incidents in the Baltic Sea and around Taiwan, according to a report.Submarine cables account for 99% of the world’s intercontinental data traffic and have been affected by incidents with suspected state support over the past 18 months.Analysis by Recorded Future, a US cybersecurity company, singled out nine incidents in the Baltic Sea and off the coast of Taiwan in 2024 and 2025 as a harbinger for further disruptive activity.The report said that while genuine accidents remained likely to cause most undersea cable disruption, the Baltic and Taiwanese incidents pointed to increased malicious activity from Russia and China.“Campaigns attributed to Russia in the North Atlantic-Baltic region and China in the western Pacific are likely to increase in frequency as tensions rise,” the company said

about 12 hours ago
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Inside Elon Musk’s plan to rain SpaceX’s rocket debris over Hawaii’s pristine waters

Texas has long been under threat from the launches and explosions of SpaceX rockets. Now Hawaii is emerging as another possible victimThe north-west Hawaiian island of Mokumanamana is said to be touched by the gods. Bisected by the Tropic of Cancer latitude line, it is deep in the Pacific Ocean, about 400 miles from Honolulu. The island’s steep rocky cliffs give way to indigo blue waters dotted with monk seals and stony coral. No humans have lived on Mokumanamana, but it has the world’s highest density of ancient Hawaiian religious sites

about 14 hours ago
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Ellis Genge primed to summon spirit of 2022 as he runs into Australia again

You can chart Ellis Genge’s Test career by his tours of Australia. In 2016 he and Kyle Sinckler were Eddie Jones’s “rough diamonds”, picked to get a taste of an international tour but nowhere near Test selection. Six years on and in England’s second Test against the Wallabies in Brisbane, Genge kickstarted a victory that saved Jones’s job with a thunderous carry into Michael Hooper. Three years later, back in the same city, Genge makes his British & Irish Lions Test bow against Australia.After naming Genge in Saturday’s side, the head coach, Andy Farrell, encouraged the 30-year-old loosehead prop to take a moment to reflect on how far he has come

about 8 hours ago
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Daniel Dubois shrugs off Canelo Álvarez’s $500,000 bet against him

Daniel Dubois has warned Canelo Álvarez that he will lose $500,000 on Saturday night after the Mexican superstar placed a sizeable bet against him. Álvarez, the richest and most celebrated fighter in contemporary boxing, is convinced that Oleksandr Usyk will beat Dubois at Wembley Stadium for the undisputed heavyweight championship of the world.“It don’t mean nothing me,” Dubois said at Thursday’s press conference when he was asked about Álvarez’s expensive prediction. “It don’t mean shit to me. He’s going to lose his money

about 8 hours ago
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From crunchy chaat and yoghurt to spicy peanut butter: Ravinder Bhogal’s recipes for alternative potato salads

2 days ago
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Coffee, tea or … yaupon? Will Trump’s tariffs force Americans back to their home-grown brew?

2 days ago
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Why homemade stir-fry sauces are always better than bought in ones | Kitchen aide

3 days ago
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‘Don’t ever assume there’s anything to eat!’ 29 tips for perfect vegan holidays, from where to go to how to order

3 days ago
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Georgina Hayden’s recipe for red curry chicken and courgette burgers

3 days ago
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Five beef patties, four cheese slices, bacon, lettuce, tomato … Burger King’s sumo of a burger enters the ring

4 days ago