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Trump Escalates Feud With Fed Chairman

Your unbiased daily news brief

July 11, 2025

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Good Friday morning. The first-ever Birkin handbag just sold for a hair over $10M at auction. Have a great weekend!

In Today’s Brief

  • Baltimore: Mass overdose

  • Mali: Military rule

  • Iowa: Caucus comeback

  • Markets: Record closes

  • Wimbledon: Big upset

... and more

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The Top Tip

Central brawl

President Donald Trump has opened a new front in his battle with Federal Reserve boss Jerome Powell.

  • The news: OMB Director Russ Vought accused Powell of misleading Congress about expensive and “ostentatious” renovations to the central bank’s headquarters. The White House budget chief said Powell has “grossly mismanaged the Fed.”

  • Key context: Trump has repeatedly blasted Powell, who he appointed during his first term. and called on him to cut interest rates. The president has reportedly considering firing Powell — a move the chairman and others say would be illegal.

  • Big picture: Powell’s term ends next year. He has said he plans to finish it. But this is the first time Trump or a member of his administration has suggested Powell acted inappropriately in his role; all previous broadsides were related to criticism of Fed guidance and policy decisions. Vought’s claims open the door to the possibility Trump could try to remove Powell for cause.

Quick Tips

U.S. News

  • Over two dozen people were hospitalized after a mass overdose in Baltimore. Officials said at least 25 people were treated and the number could grow; first responders were observed using Narcan on patients at the scene (More)

  • At least 31 workers were rescued after a tunnel collapse in Los Angeles. The incident occurred in a large industrial complex (More)

  • A New Hampshire federal judge blocked President Trump's bid to end birthright citizenship again. U.S. District Court Judge Joseph Laplante's latest ruling will likely head to the Supreme Court again after its initial ruling rolled back nationwide injunctions on the matter (More)

World News

  • Gen. Assimi Goita has made himself Mali's president indefinitely. The war-torn African nation's military junta continues to defy pledges to restore civilian rule; Goita has a five-year mandate that can be renewed (More | More)

  • France and the United Kingdom agreed on a deal regarding small boat migration. The UK will accept a traditional asylum seeker for every migrant returned to France after crossing the English Channel (More)

  • Ukraine arrested a Chinese man and his son on spying allegations. Kyiv has claimed Beijing is assisting Russia's war effort; the Chinese government has denied the accusations (More)

Political News

  • Iowa Democrats are bidding to restore the state's caucus as the party's first presidential nomination contest in 2028. Some have suggested the state party defy the national party with scheduling if it does not agree (More)

  • Texas State Sen. Angela Paxton filed for divorce from state Attorney General Ken Paxton, citing "biblical grounds." A filing accuses Ken Paxton of infidelity; the controversial AG will challenge Sen. John Cornyn in next year's GOP primary (More)

  • Government funding could be used to boost security for members of Congress and their families. Oklahoma Sen. Markwayne Mullin said a test program proposal is currently being crafted (More)

Business & Markets

  • Major indexes closed higher yesterday. The Nasdaq and S&P 500 closed at record highs (Dow +0.43%, S&P 500 +0.27%, Nasdaq +0.09%).

  • Italian confectionery giant Ferrero will acquire WK Kellogg for $3.1B. The deal comes two years after Kellogg's spun off its North American cereal business into a separate company (More)

  • Apple is expected to roll out several new products early next year. The tech giant will update several Mac and iPad models; a new low-cost iPhone is also expected to debut (More)

Entertainment & Sports

  • Amanda Anisimova upset No. 1-ranked Aryna Sabalenka in the Wimbledon semifinal round. The American will face Iga Swiatek in Saturday's final; both are seeking their first title at the tournament (More)

  • ABC picked up a Scrubs reboot featuring Zach Braff and other original cast members. The Paper, which exists in the same universe as The Office, will premiere on Peacock in September (More | More)

  • Paul McCartney will tour North America this fall. He will play 19 shows in 16 cities across the U.S. and Canada, extending the 2022 Got Back Tour (More)