“Federal Reserve officials expect they will need to resume lowering interest rates eventually—they just aren’t ready to do so Wednesday. The questions dividing them center on what evidence they need to see first, and whether waiting for that clarity turns out to be a mistake,” the Wall Street Journal reports.

“The central bank had a united front when officials paused rate cuts earlier this year after President Trump’s tariffs raised fears of renewed inflation. But with tariff-related price increases proving milder than many feared and signs that hiring may be softening, officials on the rate-setting committee are now fractured into roughly three camps over whether to resume easing.”

CNN: “Treasury Secretary Scott Bessent last week made it clear that the Trump administration intends to shake up the Federal Reserve — just as it has done with the rest of the federal government.”

“Change at the central bank will accelerate once Chair Jerome Powell steps aside at the end of his term in May 2026 — or earlier if he resigns or Trump manages to fire him. Those changes include the rules that impact the largest US banks, which are already being reviewed, and on the Fed’s workforce of tens of thousands across the country.”

Wall Street Journal: “For decades, the Treasury Department’s choice of what mix of bonds to sell investors has been boring by design. Officials stressed they weren’t trying to get the best rate by market timing, worried that could invite speculation and uncertainty, eventually driving rates higher.”

“The Trump administration is sending a different message. Calling himself ‘the nation’s top bond salesman,’ Treasury Secretary Scott Bessent has talked openly about waiting for interest rates to come down before considering the increases in longer-term debt issuance that he had hinted would be necessary before joining the government.”

“Federal Reserve Chair Jerome Powell has told multiple associates and allies that there’s no chance he will bow to President Donald Trump’s calls for him to resign, vowing to withstand several more months of the president’s unprecedented, multi-pronged assault over Powell’s refusal to lower interest rates,” CNN reports.

“The top central banker has privately argued that he must stay put for more than just personal reasons — the fate of his chairmanship is now linked with that of the Fed’s overall independence.”

“Donald Trump downplayed his clash with Federal Reserve Chairman Jerome Powell over cost overruns during a tour of the central bank’s renovation project on Thursday, making it clear that he saw the issue of lower interest rates as a more pressing concern,” Bloomberg reports.

“After a tour that saw Trump and Powell publicly trade barbs over the cost of the project, Trump maintained there was ‘no tension’ with the Fed chief and indicated that problems with the project probably weren’t reason enough to fire the central bank head.”

Said Trump: “To do that is a big move, and I just don’t think it’s necessary.”

“The White House said President Trump would visit the Federal Reserve on Thursday afternoon. He is set to join a previously arranged tour for several White House advisers of the construction site where the Fed is renovating its headquarters,“ the Wall Street Journal reports.

“Presidential visits to the central bank are rare—but so is the kind of sustained pressure campaign Trump and his advisers have dialed up in recent weeks to demand Fed Chair Jerome Powell and his colleagues lower interest rates.”

Jonathan Chait: “Donald Trump has been bullying Federal Reserve Chair Jerome Powell—calling him ‘too late,’ insulting his intelligence, and trying to gin up a case that Powell spent too much on renovations of the agency’s headquarters as a pretext for firing him. The New York Times recently observed that the two men have a ‘toxic relationship,’ which is true, as far as it goes.”

“But the actual reason for the president’s hostility is neither alleged cost overruns nor Powell’s ability to manage the business cycle. Trump doesn’t think Powell is bad at his job. He objects to the job itself.”

“Treasury Secretary Scott Bessent offered support for Jerome Powell amid regular attacks from Trump administration officials, saying he sees no reason for the Federal Reserve chair to step down,” Bloomberg reports.

Said Bessent: “There’s nothing that tells me that he should step down right now. His term ends in May. If he wants to see that through, I think he should. If he wants to leave early, I think he should.”

Fourteen percent of American adults say they own bitcoin or another type of cryptocurrency, according to new Gallup polling, while a much larger share — 60% — said they will never be interested in buying it.

Ownership is higher among conservatives, younger men, and high earners.

“Trump Media & Technology Group Corp., the firm behind Truth Social, has acquired about $2 billion in Bitcoin and related securities as part of its previously announced plan to become a crypto treasury company,” Bloomberg reports.

Popular Information: Trump’s latest crypto maneuver explained.

President Trump responded angrily to a Wall Street Journal story that Treasury Department Secretary Scott Bessent had personally sought to talk him out of trying to fire Federal Reserve Chair Jerome Powell, The Hill reports.

Said Trump: “Nobody had to explain that to me. I know better than anybody what’s good for the Market, and what’s good for the U.S.A.”

He added: “If it weren’t for me, the Market wouldn’t be at Record Highs right now, it probably would have CRASHED! So, get your information CORRECT. People don’t explain to me, I explain to them!”

“Treasury Secretary Scott Bessent in recent days privately laid out his case to President Trump for why he believed Trump shouldn’t try to oust Federal Reserve Chair Jerome Powell,” the Wall Street Journal reports.

“Bessent’s reasons for avoiding a messy dispute over Powell’s final 10 months as Fed chair focused on a few themes: the possible effects on the economy and markets, the prospect that the Fed is already moving toward cutting interest rates later this year, and the likely political and legal obstacles that such a move would face.”

“Bessent said firing Powell was unnecessary because the economy is doing well and markets have responded positively to the president’s policies.”

“President Donald Trump on Friday signed the first major congressional overhaul of cryptocurrency rules into law, delivering on a campaign promise to boost digital asset firms and cementing the industry’s rise as a force in Washington,” Politico reports.

“Donald Trump is preparing to open the $9 trillion U.S. retirement market to cryptocurrency investments, gold, and private equity in a move that would spur a radical shift in the way Americans’ savings are managed,” the Financial Times reports.

“Trump is expected to sign an executive order as soon as this week that would open up 401k plans to alternative investments beyond traditional stocks and bonds.”

Sen. Elizabeth Warren (D-MA) warned that stock and bond markets and the value of the U.S. dollar will plunge if President Trump fires Federal Reserve Chairman Jerome Powell, CNBC reports.

New York Times: “The crypto industry was headed for a landmark moment in the House with three bills that it helped push going to a vote. But a coalition of ultraconservative House Republicans staged a mutiny.”

President Trump was raging against Federal Reserve Chairman Jerome Powell in the Oval Office when he appeared to forget he was the one who put him in charge, the Daily Beast reports.

Said Trump: “He’s a terrible Fed chair. I was surprised he was appointed. I was surprised, frankly, that Biden put him in and extended him.”