President Trump reignited his feud with Federal Reserve Chair Jay Powell by threatening to fire him as his term expires next month, reigniting tensions over the Fed’s leadership. Trump, who has repeatedly pressured Powell to cut interest rates, told Fox Business he would fire him if he doesn’t step down. Powell has stated he’ll remain until a criminal investigation into his conduct concludes. Prosecutors, led by Trump loyalist Jeanine Pirro, recently visited the Fed’s construction site, signaling intensified scrutiny. The Senate Banking Committee, led by Republicans, is blocking confirmation of Trump’s nominee, Kevin Warsh, until the investigation ends.

New York Governor Kathy Hochul is set to propose a ‘pied-à-terre’ tax on secondary residences valued at $5 million or more, targeting tax-avoiding residents. The move, backed by Mayor Zohran Mamdani, aims to boost state revenue but faces criticism over potential impacts on high-net-worth individuals. Critics argue it may deter investment, while supporters see it as a fair way to fund public services. The tax would make maintaining a dual-city lifestyle costlier for those who relocated to states like Florida.

The Fed’s turmoil coincides with broader market uncertainty. Bank of America reported a 17% profit surge to $8.6 billion, citing resilient consumer spending. Morgan Stanley also exceeded expectations, driven by trading revenue. Meanwhile, Amazon’s $11 billion acquisition of Globalstar positions it to compete with SpaceX’s Starlink in a growing satellite market. ASML, a key AI chip supplier, raised its sales forecast amid surging demand, while Netflix’s aborted Warner Bros. deal saw it receive a $2.8 billion breakup fee. These developments highlight shifting priorities in tech, finance, and global markets.

Trump’s Middle East peace efforts, including potential talks in Pakistan, aim to end the Iran conflict, but the war’s economic fallout remains. Oil prices fluctuate as the U.S. blockade disrupts Iranian exports, affecting global trade. China, a major Iranian oil buyer, has condemned the blockade, signaling potential strains on U.S.-China relations. The conflict’s ripple effects are reshaping business and geopolitical dynamics.