Trump threatens to sue Powell back to the Stone Age for wasting billions on luxury renovations
“Three Billion Dollars for a job that should have been a $50 Million Dollar fix up. Not good!”
Hello Capitalists,
Here’s everything you need to be following today:
Trump and Bessent team up to go after Powell
The FDA begins to implement an “America First” drug policy
Big Tech is learning how to do business with Trump
Ethereum just got a major price target increase
Today’s markets:
DOW: 44788.10 - (⬆️0.74%) ✅
S&P: 6455.36 - (⬆️0.15%) ✅
NASDAQ: 21698.34 - (⬆️0.08%) ✅
CBOE VIX Volatility Index: $14.55 (⬇️1.22%) ⚠️⬇️
Trump threatens to unleash a “major lawsuit” on Powell over pricy Fed renovations
President Donald Trump threatened to allow a "major lawsuit" against Federal Reserve Chairman Jerome Powell escalating his ongoing campaign to pressure the central bank into slashing interest rates.
Trump’s threatened “lawsuit" would focus on Powell's management of the Fed’s headquarters renovation, which Trump claims cost $3 billion instead of a potential $50 million.
Trump criticized Powell for not cutting interest rates, calling him "Jerome 'Too Late' Powell" and blaming him for economic damage due to delayed rate reductions, while also referencing former Treasury Secretary Steven Mnuchin’s role in Powell’s 2017 nomination.
The Federal Reserve defended the renovation costs of its historic D.C. buildings, with Powell refuting Trump’s $3.1 billion claim during a July 2025 visit to the construction site, though the Fed declined to comment on Trump’s lawsuit threat.
Trump’s push for lower interest rates, which he argues would reduce government borrowing costs, contrasts with the Fed’s decision to maintain steady rates in 2025, citing concerns over Trump’s tariff policies impacting inflation.
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Bessent ramps up the pressure on Powell, publicly calls for 1.75% cut to rates
U.S. Treasury Secretary Scott Bessent urged the Federal Reserve to cut interest rates by at least 150-175 basis points, and suggested a half-point reduction could kick off a series of cuts starting in September.
U.S. Treasury Secretary Scott Bessent argued the current 4.25%-4.5% benchmark range is too restrictive.
Bessent predicted a potential 50-basis-point rate cut in September, marking the start of a series of reductions, based on market signals and economic conditions.
He emphasized that tariffs have not significantly driven inflation, suggesting any price increases are one-time adjustments, not warranting sustained high rates.
Bessent’s comments align with broader Trump administration pressure on the Fed to ease monetary policy, amid concerns over economic growth and tariff impacts.
FDA launches pilot program to speed up approvals for US based drug producers
The U.S. Food and Drug Administration launched a pilot program Tuesday aimed at accelerating drug approvals for companies boosting domestic pharmaceutical manufacturing, addressing national security concerns over reliance on foreign drug supplies.
The FDA introduced the Commissioner’s National Priority Voucher (CNPV) pilot program to expedite drug approval reviews to one-to-two months for companies aligning with U.S. national interests, such as increasing domestic drug manufacturing.
The program targets priorities like addressing health crises, delivering innovative cures, meeting unmet public health needs, and reducing dependence on foreign drug production, particularly from China.
Unlike existing voucher programs, the CNPV is non-transferable, must be used within two years, and allows early submission of nonclinical data to streamline reviews, with the FDA potentially granting vouchers independently.
The initiative aligns with the Trump administration’s push to reshore pharmaceutical production, though concerns remain about the risks of accelerated reviews and potential favoritism in voucher distribution.
Big Tech has learned how to navigate Trump’s tariffs and its good news for America
Tech giants Nvidia, AMD, and Apple are navigating President Donald Trump’s tariffs by striking deals to pay the U.S. government a share of their revenues or investing in domestic production, as the administration’s trade policies reshape the global tech landscape.
Nvidia and AMD’s Revenue-Sharing Deal: Nvidia and AMD agreed to pay the U.S. government 15% of their revenues from chip sales to China to secure export licenses for their H20 and MI308 chips, a move described as unprecedented by trade experts.
Apple’s Strategic Investments: Apple CEO Tim Cook announced plans to increase U.S.-based production to mitigate the impact of Trump’s tariffs, aligning with the administration’s push for domestic manufacturing.
Trump’s Tariff Strategy: The agreements reflect Trump’s broader trade policy, which includes imposing tariffs on dozens of U.S. trade partners while extending a 90-day tariff truce with China to encourage negotiations.
London Bank raises Ethereum’s price target to $7,500 after blazing rally
Standard Chartered Bank has raised its price target for Ether, the second-largest cryptocurrency, to $7,500 by the end of 2025 and $25,000 by 2028, citing stronger fundamentals and growing institutional interest, the bank announced Tuesday.
Upgraded Price Targets: Standard Chartered's Geoff Kendrick increased the Ether (ETH) price forecast reflecting confidence in Ether's market strength.
Stronger Fundamentals: The bank attributes the bullish outlook to improved fundamentals, including rising institutional adoption and Ethereum's growing role as a decentralized finance (DeFi) hub.
Market Performance: Ether's recent price surge, reaching $4,400, is supported by significant ETF inflows and whale accumulation, signaling robust market momentum.
Contrasting Prior Forecast: This optimistic revision contrasts with Standard Chartered's earlier cut in March 2025, when it slashed its year-end ether target by 60% from $10,000 to $4,000 due to temporary market weakness.
Bitcoin is still king, but its market dominance is slipping
Bitcoin's market dominance dipped below 60% on Wednesday as cryptocurrencies and U.S. stocks surged to record highs, with Ether leading a robust altcoin rally amid expectations of a near-certain Federal Reserve rate cut in September.
The total crypto market capitalization surpassed $4 trillion for the first time, with Bitcoin's market cap at $2.39 trillion, while U.S. stocks, including the S&P 500 and Nasdaq 100, also hit record highs.
Market optimism is driven by expectations of a Federal Reserve rate cut in September, supported by a declining U.S. Dollar Index (DXY) below 98, boosting risk assets like cryptocurrencies.
Ether's surge past $4,600, fueled by significant ETF inflows, underscores growing institutional interest and a potential "altcoin season" as Bitcoin's relative influence wanes.
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