President Trump is attempting to oust Federal Reserve Chair Jerome Powell over a costly renovation project, which he claims is mismanaged, but doing so risks market panic and undermining the Fed's independence. The project, aimed at modernizing the aging Fed headquarters, has faced criticism over its expenses and changes to plans, with Trump considering a controversial workaround to dismiss Powell for cause. The situation highlights tensions between political influence and the Fed's role in maintaining economic stability.
The Federal Reserve has quietly responded to criticisms from the Trump administration regarding its $2.5 billion renovation project by updating its website with a FAQ that defends the project and clarifies misconceptions, amidst ongoing political tensions and accusations of mismanagement and overspending.
The New England Patriots have unveiled their massive new video board at Gillette Stadium, which is the largest outdoor video board at a sporting venue in the United States. The board measures 22,200 square feet and will enclose the previously open north end zone of the stadium. The Patriots celebrated the completion of the board by turning it on for the "first time" and playing a ceremonial video. The video board is part of a larger renovation project that includes a new lighthouse, a glass-enclosed hospitality space, and an updated fan entry plaza. The Patriots expect the entire project to be completed by their season opener.
Publicly funded spending by Britain's royals increased by 5% due to a change in monarchs, inflation, and ongoing costs for renovating Buckingham Palace. The annual Sovereign Grant report revealed a net spending increase of £107.5 million ($135 million) in the past year. King Charles III implemented energy-saving measures, including lowering heating temperatures, to reduce emissions and costs. The report also mentioned the transition period for the monarchy, with additional expenses for Queen Elizabeth II's Platinum Jubilee, funeral, and the accession of her heir Charles. The renovation project at Buckingham Palace is expected to be completed in 2027.
Publicly funded spending by Britain's royals increased by 5% due to a change in monarchs, inflation, and ongoing costs for renovating Buckingham Palace. King Charles III implemented measures to cut emissions and costs, including turning down the heating at royal homes. Prince Harry and Meghan have vacated Frogmore Cottage, and the monarchy experienced significant transition with extra costs for Queen Elizabeth II's Platinum Jubilee and funeral, as well as Charles' accession. The Sovereign Grant, which supports official duties and maintenance of occupied palaces, remained unchanged at £86.3 million. The Crown Estate made a net profit of £443 million, contributing to the Treasury. Prince William received almost £6 million from the Duchy of Cornwall estate.
