Overview

• The Federal Reserve is coordinating a 4 p.m. tour of its Washington offices for Trump and senior aides including OMB Director Russell Vought and Deputy Chief of Staff James Blair.
• The White House has zeroed in on $2.5 billion in renovation cost overruns as evidence of mismanagement, prompting Powell to request an inspector general review and publish a detailed explainer.
• Trump has publicly labeled Powell a “numbskull” for keeping rates at 4.25–4.5 percent and has called for cuts of up to three percentage points to boost growth amid strong job gains.
• Interest-rate decisions rest with the 12-member Federal Open Market Committee, limiting unilateral action by the chair, and markets expect rates to hold steady at the July 29–30 meeting.
• A recent Supreme Court ruling affirms that Fed officials can only be removed for proven misconduct, reinforcing the central bank’s independence from policy disputes.