President Donald Trump’s unprecedented walk-through of the Federal Reserve’s now-controversial building renovation project with Jerome Powell ended with a sign of relief for the central bank chief who’s been under pressure for months to slash interest rates.
There’s “no tension” with Powell, Trump said after the Thursday tour — which featured the two men publicly trading barbs over the cost of a project that the president’s allies have used to blast the Fed chair’s leadership.

The president indicated that problems with the project probably weren’t reason enough to fire the central bank head. “To do that is a big move, and I just don’t think it’s necessary,” he told reporters.
Rob Kaplan, Vice Chairman of Goldman Sachs and former President and CEO of the Federal Reserve Bank of Dallas, discusses the implications of White House pressure on the US central brank to ease monetary policy, as well as the nation's macroeconomic outlook. Rob speaks with Tim Stenovec and Carol Massar on Bloomberg Businessweek Daily.

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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."

Hosted by Carol Massar and Tim Stenovec

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European Commission President Ursula von der Leyen said she will travel to Scotland this weekend to meet with US President Donald Trump, as the two sides aim to conclude a trade deal ahead of an Aug. 1 deadline when 30% tariffs on the bloc’s exports are otherwise due to kick in.
After months of talks and shuttle diplomacy between Brussels and Washington DC, the two sides have been zeroing in on an agreement this past week that would see the EU face 15% tariffs on most of its trade. Limited exemptions are expected for aviation, some medical devices and generic medicines, several spirits, and a specific set of manufacturing equipment that the US needs, Bloomberg previously reported.

Steel and aluminum imports would likely benefit from a quota under the arrangements under discussion but above that threshold they would face a higher tariff of 50%.
“We’ll see if we make a deal,” Trump said as he arrived in Scotland on Friday. “Ursula will be here, highly respected woman. So we look forward to that.”
Trump reiterated that he believed there was “a 50-50 chance” of a deal with the EU, saying there were sticking points on “maybe 20 different things” that he did not want to detail publicly.

Today's show features:

• Bloomberg TV and Radio International Economics & Policy Correspondent Mike McKee on Friday’s economic data and reaction to President Donald Trump’s visit to the Federal Reserve
• Kathryn Judge, Harvey J. Goldschmid Professor of Law at Columbia Law School on the Trump vs. Powell saga
• Christina Padgett, Associate Managing Director, Head of Leveraged Finance Research and Analytics with Moody’s, on the private credit market
• Francis deSouza, Chief Operating Officer at Google Cloud on the business unit’s next wave of growth and AI product strategy

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Microsoft Corp. said a Chinese hacking group is exploiting security vulnerabilities in the company’s SharePoint servers to deploy ransomware, following a cyberattack discovered last week that has affected hundreds of entities around the world. The group, which Microsoft has named Storm-2603, has a history of waging ransomware attacks, which use malicious software to lock down computers and render them inoperable. Ransomware groups usually then demand payment from their victims to unlock the computers.

Jennifer Ewbank, a veteran CIA operations officer who rose to become Deputy Director for Digital Innovation, now advises companies and clients on cyber resilience, digital transformation, and geopolitical risk through her company, Andaman Strategic Advisors. Jennifer examines today's pressing national security and tech issues, including the Microsoft SharePoint breach, with Tim Stenovec and Carol Massar on Bloomberg Businessweek Daily.

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Donald Trump downplayed jostling with Federal Reserve Chairman Jerome Powell over cost overruns during a tour of the central bank’s renovation project, even as he used the interaction to again push for lower interest rates.

After a tour that saw Trump and Powell publicly trade barbs over the cost of the project, Trump maintained there was no tension with the Fed chief and indicated that problems with the project probably weren’t reason enough to fire the central bank head.

But the remarkable tour still saw the president joke that he might ordinarily fire a project manager who oversaw similar cost overruns and again rib Powell — who for months has faced presidential criticism — over interest rates.

For instant reaction and analysis, hosts Carol Massar and Tim Stenovec speak with:

• Bloomberg News senior editor Wendy Benjaminson
• Bloomberg News Federal Reserve Reporter Jonnelle Marte on President Donald Trump's visit to the Federal Reserve and Chairman Jerome Powell

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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump and Federal Reserve Chairman Jerome Powell clashed over the central bank’s renovation project during a tour of the construction site on Thursday.

The pair spoke to reporters during a visit to oversee the restoration work being done at the central bank’s headquarters, with the president and the central bank leader almost immediately arguing over the cost of the project.

Powell pushed back on Trump’s claims that the costs had hit $3.1 billion, shaking his head while the president spoke about the overruns. Powell then told the president his revised claim included a building that had already been completed.

Trump, asked by a reporter what he would do if a manager on one of his construction projects had gone over budget, replied bluntly.
“Generally speaking, what would I do?” Trump said. “I’d fire ‘em.”
The president also nodded to his months-long criticism over the central bank’s decision to hold rates steady, which Powell has justified by citing concerns over the potential inflationary impacts of the president’s tariff hikes.
“Well, I’d love him to lower interest rates. Other than that, what can I tell you?” Trump said.
Powell laughed as Trump knocked him on the arm. The president added that he did not “want to be personal.”

Today's show features:

• Bloomberg News Federal Reserve Reporter Jonnelle Marte on President Donald Trump's visit to the Federal Reserve and Chairman Jerome Powell
• Jay Goldberg, Senior Analyst, Semiconductors & Electronics with Seaport Research Partners on Intel’s quarterly earnings
• Laura Martin, Senior Analyst at Needham & Company with a recap of Alphabet’s earnings and a look ahead to Apple's upcoming results
• Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, on Tesla’s earnings and outlook

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American real estate firm Brown Harris Stevens believes that despite recent political noise, New York remains one of the most resilient markets in the world. The company says buyers are tracking listings closely, waiting for movement, and responding quickly to value. Even modest price adjustments are sparking renewed interest, with previously quiet listings drawing multiple full-price offers.

Louise Phillips Forbes is a top producing agent at Brown Harris Stevens and a 34-year industry leader with nearly $6 billion in sales and a list of awards and accolades to her credit. Louise speaks with Tim Stenovec and Carol Massar on Bloomberg Businessweek Daily.

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Tesla fell short of Wall Street’s expectations in one of the automaker’s worst quarters in years, a sign of the toll that rising competition and a backlash against Chief Executive Officer Elon Musk have taken on the company. Adjusted earnings were 40 cents per share, Tesla said Wednesday in a statement, just below the average analyst estimate. Revenue fell 12% to $22.5 billion, the sharpest decline in at least a decade.

Still, the report was free of new bombshells and the company said it continues to move forward with robotaxi and affordable-vehicle plans, providing a measure of relief for investors. That comes “despite a sustained uncertain macroeconomic environment resulting from shifting tariffs, unclear impacts from changes to fiscal policy and political sentiment,” Tesla said.

For instant reaction and analysis, hosts Carol Massar and Tim Stenovec speak with:

• Bloomberg Intelligence Global Autos and Industrials Research Manager Steve Man
• Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management

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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Tesla Inc. fell short of Wall Street’s expectations in one of the automaker’s worst quarters in years, a sign of the toll that rising competition and a backlash against Chief Executive Officer Elon Musk have taken on the company.

Adjusted earnings were 40 cents per share, Tesla said Wednesday in a statement, just below the average analyst estimate. Revenue fell 12% to $22.5 billion, the sharpest decline in at least a decade.
Still, the report was free of new bombshells and the company said it continues to move forward with robotaxi and affordable-vehicle plans, providing a measure of relief for investors. That comes “despite a sustained uncertain macroeconomic environment resulting from shifting tariffs, unclear impacts from changes to fiscal policy and political sentiment,” Tesla said.
The revenue drop was due to a decline in vehicle deliveries, lower regulatory credit revenue and a lower average selling price for its cars. Tesla also reported a decline in energy generation and storage revenue. The company did see a boost from the business segment that includes its supercharging network.

Meanwhile, Alphabet Inc. reported strong second-quarter revenue growth but said 2025 capital expenditures will be $10 billion greater than an earlier forecast, intensifying pressure on the company to justify investments it’s making to keep up in the AI race.
Shares slipped about 1.6% in late trading after the search giant, which owns Google, said capital expenditures will rise to $85 billion, compared with the $75 billion the company guided earlier this year.

Second-quarter sales, excluding partner payouts, climbed to $81.7 billion, the company said Wednesday in a statement. Analysts had projected $79.6 billion on average, according to data compiled by Bloomberg.

Today's show features:

• Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, discusses Tesla earnings and Elon Musk’s future
• Brent Thill, Senior Technology Research Analyst with Jefferies, and Bloomberg Intelligence Global Head of Technology Research Mandeep Singh break down Alphabet’s latest earnings
• Mike Cordonnier, Co-Founder, CEO and President of Carlsmed on the first day of trading for his company, with Bloomberg News Equities Reporter Natalia Kniazhevich
• Kristi Govella, Senior Adviser and Japan Chair at the Center for Strategic and International Studies (CSIS), on the US-Japan trade deal

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Ballast Rock Asset Management, the $600 million registered investment advisor, sees interest rates staying higher for longer in the United States. The firm says multifamily technical indicators remain strong relative to other real estate asset classes with new-unit deliveries in 2026 expected to be half of the 10-year average, while the capacity to support higher rents remains robust after years of wage growth.

Thomas Carroll, the founder and CEO of Ballast Rock, examines the market forces affecting US housing, and offers his take on several alternative investment strategies. Tom speaks with Tim Stenovec and Carol Massar on Bloomberg Businessweek Daily.

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