🚀 White House attacks Federal Reserve

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The White House has escalated its attacks on Federal Reserve Chair Jerome Powell, with Trump’s budget director, Russell Vought, accusing him of “gross mismanagement” and misleading Congress about the Fed’s $2.5 billion headquarters renovation. In a scathing letter, Vought highlighted alleged luxuries, such as rooftop gardens and marble finishes—amenities that Powell had previously denied under oath. The Fed is reportedly over budget by $700 million, and Vought argues this may violate federal planning laws, calling for construction to halt unless new approvals are obtained. The move fuels speculation that Trump could try to oust Powell before his term ends next year, though legal precedent limits the president’s power to fire Fed officials.

2. Dozens of Amazon warehouse workers from Haiti, Venezuela, and other nations have been fired after the Trump administration abruptly revoked humanitarian immigration protections. The cancelled programs—originally designed to offer temporary legal status and work permits—left workers like Daphnee Poteau and Christopher Lubin jobless despite pending asylum claims or legal applications. Amazon, forced to comply with new Department of Homeland Security directives, issued termination notices in late June, just before the company’s busy Prime Day sale. While Amazon and other companies like Walmart and Disney have offered legal resources to affected staff, many immigrants say they followed all U.S. laws and now face deportation to unstable, violent homelands.

3. President Donald Trump is set to host Nvidia CEO Jensen Huang at the White House on Thursday, the same day Nvidia officially became the first company to close with a $4 trillion market cap. While the meeting’s agenda is unclear, it comes amid mounting tensions over U.S. export controls targeting Nvidia’s AI chips, particularly those bound for China. Trump praised Nvidia’s stock surge—up 47% since his tariffs were announced—and framed it as proof the country is “back.” But behind the fanfare, Nvidia is facing steep revenue losses, with CEO Huang warning that the $50 billion China market is now “effectively closed to U.S. industry” due to the administration’s national security measures.

   Headlines

   1. Tesla is expanding its robotaxis to Phoenix following Waymo’s entry into the market.

   2. Levi Strauss expects sales and profits to be higher than expected this year, provided tariffs don’t continue to rise.

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Liam Gill