US News
LAST UPDATE: July 3, 2025
Trump again calls on Fed’s Powell to resign immediately
President Trump renewed his demand that Federal Reserve Chairman Jerome Powell “should resign immediately,” criticizing him for keeping interest rates “too high” and blaming him for economic challenges.
Insight
Trump’s aggressive tone illustrates ongoing political pressure on the Fed and deepening tension over monetary policy. It raises concerns about central bank independence if pressure mounts ahead of upcoming policy decisions.
Powell Silence on His Future Complicates Trump Fed Chair Search
Powell has yet to confirm whether he will remain on the Fed board after his chair term ends in May 2026, complicating Trump’s succession planning. Administration officials are reportedly preparing multiple scenarios, as Trump considers alternative candidates.
Insight
The uncertainty around Powell’s intentions raises the stakes for Trump’s potential replacements. Delayed clarity could disrupt planning and signal the challenges of overhauling the Fed leadership structure.
US Fed bank supervision chief takes buyout, email says
Michael Gibson, the Fed’s Director of Supervision and Regulation, is retiring at the end of July after 33 years, having accepted a buyout. Deputy supervisors Jennifer Burns and Arthur Lindo will also retire later this year.
Insight
Leadership changes in the Fed’s bank supervision unit mark a transition phase amid broader workforce reductions. Maintaining regulatory continuity will be critical to preserving market confidence.
US job growth expected to slow in June, unemployment rate forecast to rise
Economists anticipate hiring slowing in June, with the unemployment rate expected to tick up—signaling a cooling labor market that may offer leeway for the Federal Reserve regarding interest-rate decisions.
Insight
A softer jobs report could reduce the urgency for rate cuts, providing the Fed more flexibility. However, a sharper-than-expected slowdown could also heighten recession fears.
US House sets make-or-break final vote on Trump tax bill
The U.S. House is scheduled to hold a decisive final vote on Trump’s $4.5 trillion “Big Beautiful Bill”—a sweeping tax and spending package that includes tax cuts, funding increases, welfare reductions, and a debt ceiling hike.
Insight
The outcome will shape the economic outlook: approval signals ambitious taxation and spending shifts with potential market and fiscal implications. Defeat would be a political setback.
Trump budget reduces support for US minerals despite trade concerns
Trump’s FY 2026 budget proposes eliminating a 10% tax credit for domestic critical minerals—lithium, nickel, cobalt, magnesium—undermining IGRA-era efforts to bolster U.S. supply chains.
Insight
The move contradicts national security goals by removing incentives for strategic minerals production, risking investor exodus to more competitive Chinese-backed projects (ft.com).
US lifts chip-design export curbs on China as part of trade deal
The Commerce Department reversed May’s restrictions on U.S. exports of chip-design software and ethane to China, letting Synopsys, Cadence, and Siemens resume sales, in exchange for Beijing easing rare-earth export controls .
Insight
This reflects a strategic truce: the U.S. betters its tech competitiveness while China loosens restrictions on critical minerals—a calibrated de-escalation in tech and trade tensions .
Republicans fear voter backlash over Trump’s ‘big beautiful bill’
Republican concerns are rising over Trump’s “One Big Beautiful Bill,” citing public opposition to deep Medicaid cuts, massive deficits, and low polling support (over 50% negative).
Insight
The potential voter backlash signals a growing intraparty crisis: ambitious fiscal moves threaten to alienate core constituencies ahead of midterms .
Inside Trump and Paramount’s Wrangling Over the ’60 Minutes’ Settlement
Trump sued over a 2024 “60 Minutes” episode featuring Kamala Harris, originally demanding over $100 million and a public apology. Paramount, amid a tense internal climate and merger pressures, eventually settled for $16 million—funding Trump’s presidential library—without issuing any apology. The deal also requires post-airing interview transcripts.
Insight
The settlement highlights how political pressure can influence major media corporations, potentially undermining journalistic autonomy—even as it clears hurdles for Paramount’s $8 billion Skydance merger (wsj.com, vulture.com).
