ECONOMY10/01/26

Fed IG Clears Powell in Renovation Probe

The Fed's inspector general found no criminal wrongdoing by Jerome Powell in its headquarters renovation investigation.

Photo: Breitbart News

DIFFERENT FOCUS

Axios emphasized Powell Cleared, Trump Pressure; Breitbart News and RedState emphasized Oversight Failures, Warsh Reform.

LEFT FOCUS

▸The renovation became a flashpoint in Trump's broader campaign against Powell and the Fed. — Axios
▸The findings effectively clear Powell after an unprecedented criminal investigation became public in January. — Axios

RIGHT FOCUS

▸The IG found the Fed repeatedly departed from contractual cost controls and allowed major spending without senior escalation. — Breitbart News
▸Trump weighed in on the IG report's findings regarding Powell, per reporting on his response. — RedState

September CPI Hits 3.7%

Inflation rose to 3.7% in September, the last CPI report before midterm elections.

DEVELOPING TIMELINE

First Report Oct 14: Economists expect September consumer prices to rise 0.6% monthly and 3.6% year-over-year, driven by energy costs.

Sunday: September CPI report confirms 3.7% annual inflation rate

Left: Prices hit everyday Americans on essentials.

Right: Rising prices spell trouble for Trump's party.

September consumer prices rose 0.6% monthly and 3.7% annually, the fastest pace in five months.

DEVELOPING TIMELINE

First Report Oct 14: Economists expect September consumer prices to rise 0.6% monthly and 3.6% year-over-year, driven by energy costs.

Thursday: September CPI confirmed at 3.7% annually, up from 3.6% prior

Left: Rising prices squeeze everyday Americans hardest.

Right: Inflation surge spells trouble for Trump, GOP.

Treasury Department fined Bank of America over $1.2 billion for sanctions and anti-money laundering violations

DEVELOPING TIMELINE

First Report Thursday: The US Treasury fined Bank of America $1.2 billion for anti-money laundering and sanctions violations.

Sunday: Treasury fine now cites Chinese money laundering networks

Left: Third-largest Treasury penalty ever imposed.

Right: Tied to Chinese networks and border criminals.

Trump signs executive order waiving Russia sanctions and tariffs mandated by the Graham Act.

Left: Sanctions targeting Russia's Ukraine war dropped early

Right: Graham Act halted in name of national interest