Japan’s Inflation Edges Higher in October as BOJ Faces Growing Pressure to Hike Rates 
BOJ Governor Ueda Highlights Uncertainty Over Future Interest Rate Hikes 
Oil Prices Rise as Geopolitical Tensions and Supply Risks Intensify 
Indonesia Aims to Strengthen Rupiah as Central Bank Targets 16,400–16,500 Level 
Cuba Reaffirms Anti-Drug Cooperation as Tensions Rise in the Caribbean 
California Launches Portal for Reporting Alleged Misconduct by Federal Immigration Agents 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
BOK Expected to Hold Rates at 2.50% as Housing and Currency Pressures Persist 
Oil Prices Rise as Ukraine Targets Russian Energy Infrastructure 
RBA Signals Possible Rate Implications as Inflation Proves More Persistent 
Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity 
U.S. Futures Steady as Rate-Cut Bets Rise on Soft Labor Data 
Federal Reserve Chair Jerome Powell has responded to Trump administration criticism over the ongoing renovation of the Fed’s Washington headquarters, defending the project as essential and properly managed. In a letter to Office of Management and Budget Director Russell Vought, Powell explained that the upgrades address serious safety issues, including asbestos and lead removal, and modernize outdated systems like HVAC, plumbing, and electrical wiring.
Powell emphasized that the renovation, approved by the Fed Board in 2017, is subject to annual budget review and full oversight by the Fed’s inspector general. He denied claims that the project includes “private elevators” or “VIP dining rooms,” saying any marble replacements were required for historical preservation or safety.
Vought previously accused Powell of leading an “ostentatious” and excessive overhaul, echoing broader criticism from President Trump and some Republican lawmakers. Trump has reportedly considered the project grounds for Powell’s removal, despite offering no evidence of wrongdoing. White House spokeswoman Karoline Leavitt labeled the renovation a “big, beautiful mansion” and said officials intend to inspect the site.
Some Republicans, including Rep. Anna Paulina Luna and Sen. Cynthia Lummis, have called for Powell’s resignation or investigation. However, other members of the Senate Banking Committee defended Powell, with Senator Mike Rounds stating that preserving the Fed’s independence is critical for market stability.
Powell reiterated that the project aligns with the guidelines of the National Capital Planning Commission (NCPC) and does not require further review, as changes have not been deemed substantial. The Fed has worked closely with external agencies throughout the process.
The controversy highlights intensifying political pressure on the Federal Reserve in 2025, particularly as debates over interest rate policy and central bank authority continue to shape Washington’s economic landscape.
