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DOJ Drops Powell Probe

The U.S. Department of Justice has terminated its criminal investigation into Federal Reserve Chair Jerome Powell over alleged cost overruns in a multi-billion-dollar renovation of the central bank’s headquarters in Washington, D.C. This decision paves the way for the Senate to confirm President Donald Trump’s nominee, Kevin Warsh, as Powell’s successor.

U.S. Attorney Jeanine Pirro announced the closure of the probe on Friday, shifting the scrutiny of the renovation costs to the Federal Reserve’s inspector general. The project, which involves modernizing the Eccles and 1951 Constitution Avenue buildings for the first time since the 1930s, includes critical health and safety upgrades like asbestos and lead removal. While the Fed estimates the cost at $2.5 billion, Trump has repeatedly claimed it ballooned to $3.1 billion, a figure Powell publicly corrected last year during a joint appearance.

You can read more on the matter here.

What’s going on?

• China Built the World’s Largest Oil Stockpile From Discounted Sanctioned Crude (theDeepDive)

• Ford, Geely Held Talks About Bringing Chinese Tech to America (WSJ)

• The Grocery Grift: Why Toronto and New York Are About to Light Taxpayer Money on Fire (theDeepDive)

• ‘The damage is done’: global oil crisis has changed fossil fuel industry for ever, IEA chief says (TG)

• Carbon Tax Key Hold Up In Delaying Ottawa-Alberta Pipeline Deal (theDeepDive)

• Pentagon e-mail floats suspending Spain from NATO, punishing allies over Iran rift (Globe)

• “Corruption In Plain Sight”: Eric Trump’s New Robot Firm Already Lands $24M Pentagon Deal (theDeepDive)

• US issues fresh Iran-related sanctions, Treasury says (Reuters)

• US Real Home Prices Hit All-Time High, Surpassing 2006 Housing Bubble Peak (theDeepDive)

What’s the latest?

• Tariffs: Donald Trump threatened tariffs on the U.K. unless it removes its 2% digital services tax, which generated ~£800M ($1.08B) in 2024–25 and targets firms like Google, Meta, and Apple. The warning raises renewed U.S.-U.K. trade tensions despite an existing agreement, with potential tariff measures unspecified but positioned as retaliation against taxes on U.S. tech revenues.

• Tech: Alphabet plans to invest up to $40B in Anthropic ($10B upfront at $350B valuation + $30B conditional), alongside $25B from Amazon, as AI funding surges. Anthropic’s revenue run-rate hit $30B (vs $9B end-2025), with prior funding valuing it at $380B (Feb) and potential bids up to $800B, driven by strong demand for its Claude models and large-scale compute expansion.

• Layoffs: Major tech firms including Meta and Microsoft announced 20,000+ potential job cuts, contributing to 92,000 tech layoffs in 2026 YTD and ~900,000 since 2020, as AI drives efficiency while companies spend ~$700B combined on infrastructure. AI adoption is reducing demand for entry-level roles while boosting specialized jobs, with some startups reaching $50M revenue with ~50 employees, signaling a structural shift toward smaller, more productive teams.

• Federal Deficit: Canada’s federal deficit reached $25.5B (Apr–Feb FY2025–26), widening from $19.3B YoY, as revenues rose modestly to $453.2B (+0.8%) but program spending increased to $424.9B (+2.1%). Public debt charges held near $49.3B, while net actuarial losses climbed to $4.6B (vs $3.7B), contributing to the larger deficit.

• Politics: U.S. envoys Steve Witkoff and Jared Kushner will hold direct talks with Iran in Pakistan after Tehran initiated contact, signaling a potential diplomatic restart following stalled negotiations, while Vice President JD Vance will not attend. The talks come amid ongoing tensions over the Strait of Hormuz, a fragile ceasefire extended by Donald Trump, and a war timeline that has exceeded the initial 4–6 week expectation since Feb. 28.

Silver Is in a New Price Regime

The stock market and stuff

• Enbridge’s $4 Billion Sunrise Expansion Gains Federal Approval for B.C. Pipeline Boost (theDeepDive)

• Microsoft Offers Voluntary Retirement to 7% of US Workforce in First-Ever Buyout Program (theDeepDive)

• Google to invest up to $40bn in Anthropic (FT)

• Newmont Q1 2026: Output Falls But Earnings Surge On High Gold Prices (theDeepDive)

In the juniors

• Integra Resources Sees Production Slump Deepen as Technical Gremlins Persist (theDeepDive)

• State Spirit Airlines? Trump Mulls Using Taxpayer Money To Buy Bankrupt Airlines (theDeepDive)

• Antimony Resources Drills 4.38% Sb Over 7.05 Metres At Bald Hill In Final Hole Of 2025 Program (theDeepDive)

FULL DISCLOSURE: Nord Precious Metals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Nord Precious Metals. The author has been compensated to cover Nord Precious Metals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.