Axios

The Federal Reserve's $2.5 billion plan to renovate its D.C. headquarters is the latest flashpoint in President Trump's ongoing feud with chair Jerome Powell over interest rates.

Why it matters: Trump previously said he wouldn't attempt to fire Powell until the chair's term ends next year, but investigating the renovation could give Trump ammunition to remove an obstacle to his economic agenda.

President Trump's war on the Federal Reserve is taking a more concrete, legally actionable form — putting the central bank's independence in the crosshairs.

Why it matters: For months, Trump's exasperation with Fed chair Jerome Powell over not cutting interest rates has taken the form of increasingly angry comments and social media posts.

• That pressure has entered a new phase that, if successful, could shock the global financial system.

U.S. tomato prices will likely rise as the country officially retreats from a longstanding trade agreement with Mexico.

Why it matters: Americans buy a lot of tomatoes, and this tariff, which goes into effect on Monday, will likely affect the cost of everything from salsa to Caprese salad.

Zip Security, a provider of cybersecurity solutions to small and midsized enterprises, tells Axios that it's raised $13.5 million in Series A funding.

Why it matters: All companies face hacking risks, but often only the largest can afford dedicated cybersecurity staffers.

Electric vehicle advocates on Monday are launching a $43.5 million campaign that touts EVs' benefits — and has a star pitchman in actor Nick Offerman.

Why it matters: The nonprofit EV group Veloz's effort lands as the new budget law ends federal consumer tax credits this fall and Trump 2.0 dismantles other Biden-era EV policies.

Federal Reserve Chair Jerome Powell has asked the central bank's inspector general to review its $2.5 billion headquarters renovation project, which has become a key focus of Trump administration attacks, a source familiar tells Axios.

Why it matters: The Trump administration is using the Fed's expensive overhaul of two historic buildings on the National Mall as a lever to try to force out Powell, who has rebuffed the president's demands to cut interest rates.

After nearing a bear market just three months ago, stocks are expensive again — trading above the value of their underlying assets, with analysts saying we're heading down a frothy path.

Why it matters: Stocks might be rallying on vibes rather than fundamentals, while ignoring headwinds like tariffs. Stocks were only slightly down early Monday despite the administration announcing a 30% tariff on the European Union on Saturday.

Thank Big Tech for helping power the S&P 500 to its eighth record high of the year.

• That dominance could also be the market's biggest vulnerability.

Why it matters: Nearly half of the S&P 500's earnings growth this year is coming from tech. That kind of concentration raises the stakes — and the risk — if the sector falters.

The South Florida rental market has cooled after experiencing huge rent hikes coming out of the pandemic.

The big picture: The median rent in Miami has fallen since 2024, though it still exceeds the statewide median of $1,593, according to a report from Zumper.

Starbucks is making its "secret menu" official — and turning it into a nationwide contest with a cash prize.

Why it matters: It's the Seattle-based coffee giant's latest play to win back customers and reverse sliding sales.

President Trump and Sen. Dave McCormick (R-Pa.) will use a first-of-its-kind innovation summit in Pennsylvania on Tuesday to announce $70 billion in AI and energy investments for the state, including thousands of new jobs.

• The inaugural Pennsylvania Energy and Innovation Summit, at Carnegie Mellon University in Pittsburgh, aims to ignite "Pennsylvania's incredible potential to power the AI revolution," McCormick says.

Nvidia CEO Jensen Huang, bristling at Anthropic CEO Dario Amodei's warning of a looming white-collar apocalypse, tells Axios that artificial intelligence will create vastly more and superior jobs.

Why it matters: The Huang vs. Amodei debate, playing out in exclusive interviews with us, captures a deep divide among AI experts over America's job market in a highly automated world.

• Both of them agree we'll soon have AI that's smarter than humans — and will radically reshape how people work and companies operate.

The Federal Reserve has offered key details of its expensive headquarters renovation project, which the Trump administration has invoked as potential grounds to try to fire Fed chair Jerome Powell.

Why it matters: The White House appears to be using cost overruns in the $2.5 billion project on the National Mall to build a case for dismissing Powell for cause, amid the president's unheeded demands for the Fed to cut interest rates.