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Trump Targets Fed Chair Powell

The head of the Federal Housing Finance Agency called Wednesday for Congress to investigate Federal Reserve Chair Jerome Powell, accusing him of providing “deceptive” testimony about the central bank’s headquarters renovation costs, a demand that President Donald Trump quickly amplified on social media.

FHFA Director Bill Pulte, who oversees mortgage giants Fannie Mae and Freddie Mac, alleged that Powell misled lawmakers during recent Senate Banking Committee testimony about the Fed’s $2.5 billion renovation project.

“I am asking Congress to investigate Chairman Jerome Powell, his political bias, and his deceptive Senate testimony, which is enough to be removed ‘for cause,'” Pulte said Wednesday in a social media post, alleging that Powell made inaccurate statements without providing evidence.

You can read more on the matter here.

What’s going on?

• Boxing Legend Mike Tyson Leads Celebrity Push for Federal Cannabis Reform (theDeepDive)

• Trump to speak with Putin after U.S. pauses some weapons shipments to Ukraine (CNBC)

• EU Lawmakers Streamline Carbon Border Tax, Exempt 90% of Importing Companies (theDeepDive)

• U.S. report finds fentanyl crossing from Canada ‘not an important part of this story’ (CTV)

• US court says Trump can remove Democrat from labor board, for now (Reuters)

• Major Aluminum Investment Signals Confidence Despite US-Canada Trade Dispute (theDeepDive)

• Canada's trade deficit narrowed to $5.9B in May, but impacts of trade war continue (Globe)

• Chile Approves Legislation to Slash Mining Permit Times by Up to 70% (theDeepDive)

• US economy surpasses expectations to add 147,000 jobs in June (FT)

• Gold Won’t Get Banking Upgrade in July, Industry Says (theDeepDive)

• Mortgage Rates in the US Slide for a Fifth Week, Hitting 6.67% (Bloomberg)

• Energy Giant Vitol Partners With Breakwall On Americas Mining Fund (theDeepDive)

What’s the latest?

• Real Estate: Vancouver-area home sales dropped 9.8% in June year-over-year, a smaller decline than in previous months, signaling a potential market recovery. Residential sales totaled 2,181, about 25% below the 10-year average. New listings rose 10.3%, while active listings surged 23.8% to 17,561. Benchmark home prices dipped 2.8% annually to $1.17 million. Apartment sales fell 16.5%, while attached homes rose 3.7%.

• Energy: Oil prices are expected to remain stable around US$65–$70 despite Middle East tensions, due to global oversupply, says Rob Thummel of Tortoise Capital. OPEC+ may increase production, and Saudi Arabia is prepared to offset any disruptions in Iranian exports. Brent crude is near $68, with WTI at $67. Longer-term, Thummel sees natural gas and nuclear energy overtaking oil as demand shifts and electricity becomes the dominant energy source.

• Labour Market: The U.S. added 147,000 jobs in June, beating expectations, and unemployment fell to 4.1%. However, private sector hiring weakened, and the labor force shrank by 130,000. Wage growth slowed, nearing the Fed’s inflation target. The strong headline numbers reduce chances of a rate cut this month, with odds dropping from 24% to under 7%. Economists warn job growth may slow further amid policy uncertainty and the disruptive impact of Trump’s tariffs.

• Stocks: U.S. stocks hit fresh records Thursday as job data beat expectations. The S&P 500 rose 0.5%, poised for a fifth record in six days, while employers added 147,000 jobs last month—more than forecast. Bond yields surged as traders slashed bets on a July Fed rate cut, now seen as less than 5% likely. Datadog jumped nearly 10% after news it would join the S&P 500.

• Shein: France fined Shein a record €40 million for misleading consumers about discounts and environmental impact. A year-long probe found many advertised promotions were either fake or inflated, with 11% being price increases. Authorities said Shein's pricing tactics created a false sense of bargains. The China-founded company accepted the fine and claims to have already taken corrective steps.

Torex Gold Acquired Reyna Silver

The stock market and stuff

• Nvidia set to become the world’s most valuable company in history (Globe)

• Microsoft Trims Workforce by 9,000 Amid $80 billion AI Push (theDeepDive)

• Canadian stock sales and takeovers soar despite tariff threats (Globe)

In the juniors

• Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill (theDeepDive)

• Goliath Resources Intersects Abundant Visible Gold Within 96.50 Meters Of Mineralization At Surebet High-Grade Gold Discovery, Golddigger Property, Golden Triangle, B.C. (JMN)

• Marimaca Copper Pauses PEA For Pampa Medina After New Discovery (theDeepDive)

FULL DISCLOSURE: Silver47 Exploration is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is long the equity of Silver47 Exploration. The author has been compensated to cover Silver47 Exploration 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.