Overview

• President Trump accused Fed Chair Jerome Powell of overseeing a multibillion-dollar headquarters overhaul that he likened to a personal palace and said the project is hundreds of millions over budget
• He said he would remove Powell “in a heartbeat” but has decided to leave him in place until May 2026 to avoid unsettling financial markets
• Press Secretary Karoline Leavitt revealed artist renderings of a $200 million gold-plated White House ballroom complete with crystal chandeliers
• The Federal Reserve Board recorded its first double dissent in 30 years as two governors voted against maintaining interest rates at 4.25–4.5 percent
• Fed Governor Adriana Kugler announced she will resign on Aug. 8, creating a board vacancy that President Trump can fill pending Senate confirmation