The Department of Defense has quietly delayed its cleanup of harmful “forever chemicals” at nearly 140 military installations across the U.S., according to a list of sites analyzed by The New York Times.

New Fed governor Stephen Miran said today the Fed could reconsider its 2% inflation target in future: "If you look before 2012, the Fed didn’t have a formal target at all," he said. "They pursued low and stable prices. To me, that’s an interesting way of doing things also." 1/2

Good point about economic data and economy by St. Louis Fed President Alberto Musalem: One reason "the U.S. is the largest, most dynamic economy in the world with the deepest capital markets, is because it is and has been the best measured economy in the world."

AP poll finds sharp drop in Republicans saying country is heading in right direction:

@chrisrugaber.bsky.social asked a good Q in yesterday's Fed press conference--could tariffs be reducing labor demand as companies unable to pass them along thru higher prices to cautious consumers protect margins instead by reducing hiring & labor costs. That seems to be just what CEOs are reporting

ICYMI: Trump’s efforts to exert more control over the Federal Reserve could over time boost inflation and interest rates. Our story: apnews.com/article/fede...

Federal Reserve Gov. Lisa Cook has hired prominent DC attorney Abbe Lowell and says she won't step down: Cook: “President Trump purported to fire me 'for cause' when no cause exists under the law, and he has no authority to do so. I will not resign."

WASHINGTON (AP) — President Trump said he’s firing Federal Reserve Gov. Lisa Cook, an unprecedented move that would constitute a sharp escalation in his battle to exert greater control over what has long been considered an institution independent from day-to-day politics. apnews.com/article/fede...

Can Federal Reserve Chair Jerome Powell cut rates later this year without seeming to cave to Donald Trump? Our story takes a look. 🧵 apnews.com/article/fede...

Federal Reserve Chair Jerome Powell opens door to rate cut while Trump threatens to fire Fed official: apnews.com/article/infl...

@chrisrugaber.bsky.social sheds some light on Fed board majority situation here~ 🫴

ICYMI: If you are going to Jackson Hole later this week, our story on the bat infestation has the numbers of the affected cabins. Including 516, 518... (hope I'm not in one). apnews.com/article/bat-...

WASHINGTON (AP) — One major question will be front and center for Federal Reserve policymakers as they prepare for an annual conference next week in Jackson, Wyo. and a crucial policy meeting in September: Which is a bigger problem for the economy, stubborn inflation or slower hiring? 🧵

Sumerlin, a former senior economist under then-President George W. Bush, said on CNBC that lowering the Fed’s key rate would be an easy decision now.

Data analysis indicates US businesses and consumers are paying at least 3/4 of tariffs: First chart is Goldman Sachs' estimate of breakdown. Second is Capital Economics showing little decline in pre-tariff import prices, a sign exporters aren't cutting costs to offset duties:

One question for Trump: If the July jobs numbers were "rigged," as he claimed again this morning, will they at some point be withdrawn and replaced with "correct" numbers?

BLS explaining its CPI data collection reductions "Roughly 15 percent of the sample in the other 72 areas also was suspended from collection, on average." But it reassured this kind of reduction will have limited effect on CPI www.bls.gov/cpi/notices/...

This doesn’t bode well for the future of economic data, particularly the CPI … (from New Yorker’s very good profile of Commerce Secretary Howard Lutnick).

Mostly weak data on jobs this morning: _ Job openings 🔽to 7.4M from 7.7M (still high) _ Gross hiring 🔽to 5.2M from 5.4M _ Job differential in consumer confidence narrows: 18.9% say "jobs hard to get," highest in at least a yr _ "Jobs plentiful" at 2nd lowest in past yr Still, consumer confidence 🔼

This story from @apnews.com's @maetron.bsky.social suggests that many companies are still figuring out how to respond to tariffs -- likely means more price hikes to come: apnews.com/article/tari...

When I traded my usual coat and tie (for Fed visits) for boots and a hard hat: A first-person account of the Fed tour Thursday: apnews.com/article/fede...

This is Waller's face when pressed "would you accept the job if the President called" Just how can you not like this guy?? 🤓🤓🤓🤓

Trump has cited the Federal Reserve's costly renovation of two buildings as a potential firing offense for Chair Jerome Powell. But in 2020, Trump appointees pushed the Fed to use more marble, and now WH officials cite "white marble" as an extravagance. W/Josh Boak: apnews.com/article/powe...

🚨JUST IN: Trump’s appointees requested more marble for the Fed’s $2.5 billion renovation now attacked by White House as excessive. Story TK

Federal Reserve's Powell says in letter to White House that building renovation complies with law, defends its costs. apnews.com/article/fed-...

Federal Reserve Chair Jerome Powell asks inspector general to review building renovation costs that the Trump White House is targeting in escalating attacks on Fed: apnews.com/article/fede...

Good story here from @apnews.com’s @jeffamy.bsky.social: apnews.com/article/geor... A Georgia town that solidly backed Trump could fall victim to his tax bill's green energy cuts

It's probably too early to say we're seeing stagflation, but today's report on spending and prices shows durable goods prices rising steadily since January -- a likely tariff effect -- while overall spending is weakening. apnews.com/article/infl...

College students graduating right now are facing the worst job market for young grads in more than a decade. What's behind the slowdown -- AI? Uncertainty? Higher interest rates? Our story takes a look: apnews.com/article/coll...

Seems bad.

Nice win for Coco Gauff today: apnews.com/article/fren...

At least three immigrant children were taken into custody and restrained with zip ties at the San Antonio Immigration Court. The children were between the ages of 9 and 12. www.mysanantonio.com/news/local/a...

🚨The Trump administration's hiring freeze has caused the Labor Department to cut back on the data it collects to produce the main inflation index, the CPI. It's happening just as the scrutiny of price data is heightened to see if tariffs boost inflation. Our story: apnews.com/article/infl...

Today's ISM services report suggests tariffs are working their way through supply chain, likely to boost prices soon. Still comments from survey respondents mixed:

apnews.com/article/elec...  Man who blamed exposure to far-right content gets 3 years for threatening election officials:

apnews.com/article/trum... What happens to Trump’s tariffs now that a court has knocked them down?

U.S. job seekers' interest in international jobs soared right after the election but then quickly began to taper. Between Election Day and Inauguration Day, U.S. workers' interest in int'l jobs ended up 22% higher than the pre-election baseline. Post-inauguration, interest remains 6% higher. 1/

What's happening with the US consumer? Hard to gauge now, like rest of economy, but last month they cut back on imported items, such as clothes & sporting goods, with furniture and electronics also showing weak growth, while boosting spending at restaurants, bars and home and garden stores 🧵:

I think the 1.6% MoM fall in PPI Final Demand for wholesale and retail trade, which measures margin the companies earn, is consistent with my theory here. Cost push are just starting to hit sellers, and they don't have a clear picture how and how much to pass it on yet

Atlanta Fed's Tom Barkin says there are risks of higher inflation and higher unemployment but choosing to address one or other right now would be little better than "guessing." Yet he also sees signs of business cutbacks, while inflation may be limited: apnews.com/article/infl...

Sorry, have to say I kind of enjoy these stories: apnews.com/article/man-...

The Federal Reserve meets this week under increasing scrutiny: _ Potential future Fed chair Kevin Warsh slammed the Powell Fed a week ago _ Musk said DOGE should look at Fed spending _ Trump and Bessent are still pushing for rate cuts 🧵

Indeed... yes, Indeed 🤓

#WorldPressFreedomDay 🔥 @froomkin.bsky.social

As of 12:01 am ET today, most auto part imports will come with a 25% import tax. Not a single one of the 10 million cars turned out by US plants last year was built without some imported parts. The tariffs on parts will mean tens of billions of dollars in new costs to American car buyers and owners.

In jobs report, nearly half hiring came from gov't and "government-adjacent" industries such as health care and education, a common criticism of the Biden-era economy: _ Education and health care added 70K jobs _ Government added 10K; total gains 177K _ manufacturing cut 1K

Trump said the economy's recent stumbles have "NOTHING TO DO WITH TARIFFS," but for economists and businesses trying to figure out where the economy is going, it's all about tariffs, all the time. apnews.com/article/trum...

Big drop in consumer confidence for fifth straight month, at lowest level since May 2020:

Trump's badgering of the Federal Reserve may lead to higher long-term interest rates for consumers -- the opposite of what he wants. t.co/zkaWIKiAvZ