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President Donald Trump locked horns with Federal Reserve Chair Jerome Powell during a rare presidential visit to the U.S. central bank on Thursday, criticizing the cost of renovating two historical buildings at its headquarters and pressing the case for lower interest rates. Trump, who called Powell a “numbskull” earlier this week for failing to heed the White House’s demand for a large reduction in borrowing costs, wrapped up his visit to the Fed’s $2.5 billion building project in Washington by saying he did not intend to fire Powell, as he has frequently suggested he would. “To do so is a big move and I just don’t think it’s necessary,” Trump told reporters after the visit. In a post on his Truth Social media site, Trump later said of the renovation, “it is what it is and, hopefully, it will be finished ASAP. The cost overruns are substantial but, on the positive side, our country is doing very well and can afford just about anything.” The visibly tense interaction at the Fed’s massive construction site marked an escalation of White House pressure on the central bank and Trump’s efforts to get Powell to “do the right thing” on rates. It happened less than a week before the central bank’s 19 policymakers are due to gather for a two-day rate-setting meeting, where they are widely expected to leave their benchmark interest rate in the 4.25% to 4.50% range. The president has repeatedly demanded Powell slash rates by 3 percentage points or more. “I’d love him to lower interest rates,” Trump said as he wrapped up the tour, as Powell stood by, his face expressionless. Powell typically spends the Thursday afternoon before a rate-setting meeting doing back-to-back calls with Fed bank presidents as part of his preparations for the session. The encounter between the two men became heated as Trump told reporters the project was now estimated to cost $3.1 billion. “I am not aware of that,” Powell said, shaking his head. Trump handed him a piece of paper, which Powell examined. “You just added in a third building,” the Fed chief said, noting that the Martin Building had been completed five years ago. White House budget director Russell Vought and Trump’s deputy chief of staff, James Blair, who have spearheaded criticism of the renovation as overly costly and ostentatious, later told reporters they still have questions about the project. The two men, who joined Trump during the visit, have suggested poor oversight and potential fraud in connection with it. Senate Banking Committee Chair Tim Scott, a Republican who sent Powell a letter on Wednesday demanding answers to his own questions about the renovation, also took part in the visit. Elevated by Trump to the top Fed job in 2018 and then reappointed by former President Joe Biden four years later, Powell last met with the current president in March when Trump summoned him to the White House to press him to lower rates. The visit on Thursday took place as Trump battles to deflect attention from a political crisis over his administration’s refusal to release files related to convicted sex offender Jeffrey Epstein, reversing a campaign promise. Epstein died in 2019. The Fed, in letters to Vought and lawmakers backed up by documents posted on its website, said the project the first full rehab of the two buildings since they were built nearly a century ago ran into unexpected challenges including toxic materials abatement and higher-than-estimated costs for materials and labor. Speaking outside of the construction site, Trump said there was “no tension” at his meeting with Powell and that they had a productive conversation about rates. FED INDEPENDENCE Ahead of Trump’s visit, Fed staff escorted a small group of reporters around the two construction sites. They wove around cement mixers and construction machines, and spoke over the sound of drills, banging, and saws. Fed staff pointed out security features, including blast-resistant windows, that they said were a significant driver of costs in addition to tariffs and escalations in material and labor costs. The project started in mid-2022 and is on track to be completed by 2027, with the move-in planned for March of 2028. A visit to the roof of the Eccles Building, a point of particular scrutiny by critics like Scott, who has complained about “rooftop garden terraces,” revealed an impressive view of the Lincoln Memorial and the National Mall, according to the pool report. Staff explained that rooftop seating, although inexpensive, had been removed because of the appearance of it being an amenity and was one of only two deviations from the original plan. The other was the scrapping of a couple of planned fountains. Market reaction to Trump’s visit was subdued. The yield on benchmark 10-year Treasury bonds ticked higher after data showed new jobless claims dropped in the most recent week, signaling a stable labor market not in need of support from a Fed rate cut. The S&P 500 equities index closed largely flat on the day. Trump’s criticism of Powell and flirtation with firing him have previously upset financial markets and threatened a key underpinning of the global financial system that central banks are independent and free from political meddling. His trip contrasts with a handful of other documented presidential visits to the Fed. Then-President Franklin Delano Roosevelt visited the central bank in 1937 to dedicate the newly-built headquarters, one of the two buildings now being renovated. Most recently, former President George W. Bush went there in 2006 to attend the swearing-in of Ben Bernanke as Fed chief. Ann Saphir, Jasper Ward and Kanishka Singh, Retuers
Category:
E-Commerce
In the midst of an ongoing turnaround effort, Intel Corp. reported $12.9 billion in revenue as part of its second-quarter financial results on Thursday, matching year-over-year (YOY). The sum beat Wall Street forecasts, according to consensus estimates cited by CNBC, but it wasnt enough to offset news about higher losses, additional layoffs, and the scaling back of Intel’s foundry business. The chip manufacturer saw its stock price (Nasdaq: INTC) briefly rise as the market closed, but shares have since tumbled about 8% in after-hours and premarket trading, as of this writing. What did Intel report? Lets start with the money: Intel reported a $2.9 billion loss (67 cents per share), compared to $1.6 billion (38 cents per share) YOY. At the same time, CEO Lip-Bu Tan announced that Intel intends to lay off around 15% of its workers, leaving it with about 75,000 employees worldwide by the end of 2025. This news follows layoffs of 15% and 20% of Intels headcount last year and in April, respectively. Intels foundry business is also getting a shakeup after investing too much, too soonwithout adequate demand, Tan stated. He continued, In the process, our factory footprint became needlessly fragmented and underutilized. We must correct our course. Going forward, we will follow a systematic approach to growing our factory footprint thats fully aligned with the needs of our customers. We will be judicious and disciplined as we allocate capitalbecause thats what great foundries do. Pulling back on projects, or abandoning them altogether A large part of this course correction involves slowing or completely eliminating already planned projects. According to Tan, initiatives in Germany and Poland will no longer occur, while Costa Ricas assembly and test operations will be integrated into Intels Vietnam and Malaysia sites. In the United States, Intel is slowing construction of planned factories in Ohio to ensure our spending is aligned with demandwhile maintaining flexibility to accelerate based on new customer wins, Tan added. Intel previously delayed the Ohio factories operations by at least half a decade.
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E-Commerce
Post-pandemic, flexible work models were meant to deliver the best of both worlds: freedom and fluidity without losing the spark of in-person collaboration. As the pendulum swings back toward on-site work, companies still need to compete for top-tier talentnotably in tech. But increasingly, they also need to convince those people to come back to the office. Its not enough to offer a desk and a decent coffee machine. The office has become something more symbolic: a reason to believe. A space that reflects your companys intent and identity. Thats why commercial real estate, once just a line item on the P&L, is quietly becoming a talent brand platform. And if you think thats an exaggeration, look at the competition happening right now at the high end of the office and mixed-use market. Despite a general oversupply of space and an ongoing shift to remote work, premium buildings are still in demand in prime markets such as New York, Miami, and Los Angeles. Thats because theyre delivering more than square footage. Theyre transforming the workplace into a cultural and connective experiencea choice, rather than a mandate. The talent mandate driving the real estate competition Before the pandemic, Class A developers were already beginning to differentiate through design and lifestyle. But post-pandemic, the stakes have risen. At the top of the market, the most successful commercial real estate developers are now acting more like boutique hospitality brands. They’re curating experiences, designing for well-being, and programming spaces in ways that resonate with a workforce that values autonomy, connection, and purpose. Look no further than Hudson Yards promise of connected community, or Brookfield Properties (owner of New Yorks Brookfield Place and Londons 100 Bishopsgate), mission to create new ways to work.” In our work with clients like Tishman Speyer and SL Green, weve seen firsthand how a hospitality mindset long central to hotels and resorts is being used to reposition commercial spaces as magnets for talent. These are no longer passive shells for work; theyre active tools in the battle for culture, collaboration, and competitive advantage. The imperative isnt just to create high-end offices. Its to build environments that help companies recruit the best people and inspire them to come together in person. That means more than adding rooftop gardens or wellness studios (though those help). Its about the story those elements telland how they connect to a deeper promise about work, life, and belonging. From asset to experience Take The Spiral in New York, a Tishman Speyer property designed by Bjarke Ingels Group. Its terraced, corkscrew architecture connects every floor to outdoor green space, a vertical extension of the High Line that literally winds nature up the building. This isnt just a design flourish; its a signal of fresh air, light, openness that tells employees: Youll be well here. Or Morgan North, another Tishman Speyer project we collaborated on, where a multi-acre rooftop park atop a historic post office delivers an unexpected sense of calm and retreat in the heart of Manhattan. These arent gimmicks, but curatorial decisions meant to align with the values of the people companies want to hire: wellness, connection, inspiration. At One Madison, developed by SL Green, that narrative continues with a rooftop French garden, luxury fitness from Chelsea Piers, and culinary offerings from chef Daniel Boulud. Theres even an exclusive tenant-only amenities floor. This isnt just where people work; its a place they want to be. Why space is a dimension of brand Real estate branding has been seen as ephemeral; temporary campaigns to lease up space. But this new era demands something more permanent, more intentional. When done right, the brand of a place becomes part of the product itself. It doesnt fade once the buildings full. It lives on in the daily experience of the people inside. And thats where hospitality becomes essential. Not in a superficial sense, but in how you curate and program a space to say something meaningful. In many ways, its less about branding as communications, and more about creating an environment that signals what kind of company you are, and what kind of people will thrive there. In this context, hospitality is no longer a metaphor, its a method. It means thinking about your office as a host would a guest: What do they need? How do we make them feel welcome, inspired, and cared for? But whats the ROI? Were often asked: Does this really make people more productive? How do we justify this level of investment in the workplace experience? The short answer is: the best spaces dont distract, they create tangible operational leverage. When employees can walk in a park, work from a lounge, eat world-class food, or exercise without leaving the building, theyre more productive, more loyal, more connected, and more likely to return. More importantly, these spaces send a signal to current and prospective employees. They say: We value your experience. We want you to do your best work, and enjoy your life while doing it. Thats a powerful competitive edge, especially when top talent is scarce and expectations are high. What founders should be asking If youre a founder or people leader, the question isnt How much space do we need and what well-being perks can we offer? Its What kind of experience are we creating, and what does that say about who we are? The office, in this light, becomes a key pillar of your employer brand, not a backdrop, but a stage. One that helps you tell your story and helps your people to live it. And when thats done well, its not just employees, present and future, who notice. Investors, clients, and collaborators do, too. In the most effective developments, brand doesnt just show up in a name or a logo. It informs the entire user experience, just as it would in a top-tier hotel or entertainment venue. From the lobby to the lounge, from fitness to food, every detail becomes a chapter in a larger story. So, if your real estate is still telling a story about available space, youre already behind. The next wave of workplaces is telling a different story, about purpose, energy, community, and care. Thats the kind of story the best talent wants to be part of.
Category:
E-Commerce
On Saturday, July 26, tens of thousands of people, including large numbers of families, are expected to join Families First protests and rallies against the Trump administration’s policies. Those policies range from reversals of environmental protections to the newly passed big beautiful bill, with its massive cuts to Medicaid, to the White House’s immigration policy, which has led to raids and arrests carried out by U.S. Immigration and Customs Enforcement (ICE) across the country. Here’s what to know. What’s happening? Thousands of parents, grandparents, immigrants, caregivers, children, and religious leaders are planning to gather in peaceful demonstrations in all 50 states, with major events scheduled in Washington, D.C.; Tucson, Arizona; and Chicago. “At a time when too many families are already struggling to afford what they need, these cuts will take away families healthcare coverage, food, and essential care, and some families have already had loved ones disappeared by ICE, Ai-jen Poo, executive director of Caring Across Generations, told Fast Company. “Our families come first, and well continue showing up for one another.” What to expect According to organizers, Families First is a nationwide day of action with family-friendly rallies, youth art-making fairs, teach-ins, canned-food drives, and community events to raise awareness about the need for healthcare, safety, food, education, and climate action to protect children and families in the United States. Like many of the recent anti-Trump protests, Families First is expected to include people from all walks of life and parts of the country. As previously reported, protestors have included struggling middle-class families with young children; retirees worried about cuts to Social Security and Medicaid; teachers in schools where funding has been pulled and diversity, equity, and inclusion (DEI) programs are under attack; and recently laid-off government workers targeted by the so-called Department of Government Efficiency (DOGE). Who’s organizing Families First? Families First events are being organized by a coalition of more than 75 organizations, led by the National Domestic Workers Alliance, MoveOn, Community Change Action, Caring Across Generations, MomsRising, Planned Parenthood, Peoples Action, Family Values @ Work, Families Over Billionaires, and the Service Employees International Union. A full list of coalition partners and scheduled events is available at the Families First Now website.
Category:
E-Commerce
Polymarket, a cryptocurrency-based prediction market best known as a platform for betting on elections, sports, and geopolitical events, is on a winning streak. Earlier this month, the Department of Justice and Commodity Futures Trading Commission dropped investigations into whether Polymarket was allowing U.S. traders access to the platform despite lacking a proper license. This week, the platform announced that it will acquire QCX, a CFTC-licensed derivatives exchange, giving it fully legal access to the U.S. market. Meanwhile, Polymarket has increasingly become a venue for betting on an array of cultural and even meme-level current eventssuch as who will be the next editor of Vogue or whether the Coldplaygate canoodlers will each get a divorce. In the process, Polymarket has ended up surprisingly well positioned to become a pop culture brand itself. There are similar prediction-market competitors, notably Kalshi (where you can also bet on possible Coldplaygate aftereffects), but Polymarket has increasingly become a shorthand fixture for the category, often cited by other media. The platform has become synonymous with understanding the probability of current events, Polymarket founder Shayne Coplan claimed in a statement announcing the QCX acquisition, adding that increasingly mainstream audiences are using Polymarket to trade their opinions. The statement noted that its users have bet some $6 billion on the platform so far in 2025. Founded in 2020, Polymarket uses blockchain technology that enables users to buy and sell “shares” in possible outcomes of various events. But aside from actual bettor participation, Polymarket and other prediction markets have attracted attention as de facto gauges of probability, applicable to just about any future event, with commentators like popular economics blogger Tyler Cowen regularly dropping references to interesting Polymarket data points. In particular, the platform has attracted attention as a predictor of election results. (Polling guru and gambling expert Nate Silver has been an adviser to Polymarket since 2024.) Today theres an ever-shifting array of events to bet on, whose probability, according to those bets, is neatly quantified as an expression of market sentiment. An Israel-Hamas ceasefire before August? Polymarket says theres a 35% chance. Will Tesla launch a fully driverless, open-to-the-public Robotaxi service before August? The chance is 3%, according to Polymarket. How many times will Elon Musk tweet next week? What will be the highest-grossing movie of 2025? Will the existence of aliens be confirmed this year? (Theres a 6% chancethe same odds as Trump getting the 2025 Nobel Peace Prize.) New bets are introduced regularly by Polymarket, with suggestions and input from its users. Myriad regulations and laws govern gambling, as well as trading what are essentially options contracts, and until recently, Polymarkets regulatory standing has been murky. In 2022, it agreed to pay a $1.4 million penalty and restrict access to U.S. users. Many bettors in the U.S. seem to have found work-arounds, leading to the renewed scrutiny, but that appears to have been resolved. The next regulatory (and competitive) challenges may focus on sports betting, still heavily restricted in many states. (Rival Kalshi has recently partnered with popular trading app Robinhood on sports-prediction products.) Even so, the rise of Polymarket and its rivals speaks to how culturally accepted gambling has become. Strictly restricted and borderline taboo a decade or two ago, betting is now baked into sports discourse. And its against that societal backdrop that Polymarket has in effect leaned into the role of marketizing watercooler topics. Its Coldplay-couple market involves a parlaya gambling term for a multipart bet: For a bettor to win, both of the canoodlers (or their spouses) must announce their intention to divorce by the end of August. Polymarket currently pegs the chances of this happening at 16%. The platforms brand stance is notably more highfalutin, positioning prediction markets as more accurate than pundits by gathering collective knowledge and perspectives into a single value that represents the markets view of an events odds, as a company statement puts it. Markets seek truth. That said, prediction markets can miss their targetPolymarket gave Robert Francis Prevost only a 1% chance of becoming the new pope. But of course, thats an attraction for bettors: As with any form of gambling, the real money is in outsmarting the wisdom of the crowd. Polymarket is betting that this is part of the appeal that will bring prediction markets into the mainstream, and part of the cultural conversation on just about any topic. And lately, its odds are looking better than ever.
Category:
E-Commerce
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