The Trump administration is attempting to oust another Federal Reserve official, and the attack is being led by a familiar figure: top housing regulator Bill Pulte.
The big picture: Pulte accused Federal Reserve governor Lisa Cook of mortgage fraud, and now President Trump is reportedly considering firing her for cause.
The Trump administration has a new target in its bid to take control of the Federal Reserve and crimp its independence.
The big picture: Top housing regulator Bill Pulte is accusing Fed governor Lisa Cook of mortgage fraud. President Trump is considering firing her for cause, per The Wall Street Journal, and called for her resignation on Truth Social.
Federal Reserve governor Lisa Cook is the latest target of one of the Trump administration's new pathways to pursue its perceived enemies: alleged mortgage fraud.
The big picture: Trump has waged a revenge tour from his seat in the White House, with prominent members of his grudge list now facing probes from a MAGA-aligned DOJ.
Why it matters: Chains like McDonald's, Target, Kohl's and Pizza Hut are slashing certain prices, expanding deals and leaning on subsidies — early proof that brands are willing to trade profit for traffic.
Sony is raising the price of its PlayStation 5 consoles by $50 each in the U.S. beginning Thursday, the company announced on Wednesday.
Why it matters: The move reflects companies starting to buckle under pressure from President Trump's tariffs, raising prices or signaling that increases are coming.
What they're saying: "Similar to many global businesses, we continue to navigate a challenging economic environment," Sony said in a blog post.
"As a result, we've made the difficult decision to increase the recommended retail price for PlayStation 5 consoles in the U.S. starting on August 21."
The recommended retail prices for PlayStation 5 accessories "remain unchanged," however.
State of play: The new prices in the U.S. range from $500 to $750.
PlayStation 5 – $549.99
PlayStation 5 Digital Edition – $499.99
PlayStation 5 Pro – $749.99
Catch up quick: The price hike wasn't totally unexpected.
Sony said in May that it was considering price hikes to cover the Trump administration's tariffs.
In April, Sony raised the price of PS5s in the UK, Europe, Australia, and New Zealand by 10 to 15%.
Sony rival Microsoft raised its U.S. Xbox prices in May by $80 to $100.
The U.S. and Chinarecently extended their tariff truce for another 90 days.
The original deal lowered U.S. tariffs on Chinese goods to 30% from 145% and restarted the flow of crucial rare earth minerals out of China.
The Trump administration is pursuing wholesale change at the Federal Reserve with a ruthlessness and creativity that few Fed watchers could have imagined.
Why it matters: The president's demands for lower interest rates are not just rhetoric, and his attacks aren't limited to insults of chair Jerome Powell.
Rather, the administration is pursuing a sophisticated, multifront war to try to install loyalists atop the Fed much faster than normal turnover would allow.
While tech companies tout chatbots and humanoids, General Motors is using artificial intelligence in less glamorous but more practical ways to make better cars and smoother-running factories.
Why it matters: GM's AI strategy is less about sci-fi and more about wringing efficiency, safety and quality from its massive industrial footprint.
Car buyers are likely to pay more this fall as tariffs begin to drive up sticker prices — and not just on imported vehicles.
Why it matters: Automakers can't eat the cost of tariffs forever, and September is a convenient time to adjust prices, as the 2026 models begin arriving in showrooms.
The housing market might be on shakier footing than official indicators suggest.
Why it matters: Economists are casting fresh doubt on data that showed a rebound in new construction last month. It's at odds with private-sector gauges and corporate anecdotes that point to homebuilders still on the sidelines.
The SPAC King is back, crown dented but confidence unbowed.
Driving the news: Venture capitalist and podcaster Chamath Palihapitiya has filed to raise $250 million for a new blank-check company called American Exceptionalism Acquisition A.
Why it matters: Target, one of the nation's largest retailers, has been struggling to find its groove on prices and merchandising as shoppers look elsewhere for both.
Lowe's this morning beat Q2 earnings expectations and said that it will pay $8.8 billion to buy interior building products distributor Foundation Building Materials from private equity firms American Securities and CD&R.
The big picture: New home starts hit a five-month high in July, led by multifamily units, but permits for future builds are at a five-year low.
Meta stock fell this week on reports of the company looking at downsizing its artificial intelligence division.
Why it matters: This is a warning to investors, notably those enthusiastic about the AI revolution: The spending spigot can shut off at a moment's notice.
Sky-high valuations may have started as a Big Tech problem, but it's getting harder to find undervalued opportunities in an increasingly expensive stock market.
Why it matters: Investors with concerns about froth are looking to rotate out of expensive corners of the market. They may not find much.
Big employers who've tried to insulate workers from rising health costs are preparing to share the pain next year in the form of higher premiums to reflect year-over-year increases of as much as 10%.
Why it matters: The added costs will hit workers already reeling from inflationary pressures and reflect a change in thinking for corporations that have tried to maintain generous benefits in tight labor markets.
The corporate pricing dam is cracking — companies are raising prices, or signaling that increases are coming, to absorb some of the costs of the Trump administration's tariffs.
Why it matters: Americans are already under strain from rapidly rising prices during the Biden administration. Another bout of hot inflation — at a time when the labor market is slowing down — will hurt.
The Trump administration is "very happy" with the current China tariffs agreement, Treasury Secretary Scott Bessent said Tuesday.
Why it matters: Bessent's comments on Fox News indicate a thawing of previously icy relations with China's ruling Communist Party ahead of the trade truce between the world's largest economies expiring on Nov. 10.
