Jeremy T. Ringfield's Blog, page 73

SF Giants’ top prospect Eldridge returns to Sacramento’s lineup from hamstring injury

Bryce Eldridge, the top prospect in the Giants’ organization, returned to Triple-A Sacramento’s lineup on Friday after missing several weeks due to a moderate right hamstring strain.

Eldridge, 20, sustained the injury on June 21 and did not begin a rehab assignment with the ACL (Arizona Complex League) Giants until July 14. In two games with the ACL Giants, Eldridge went 2-for-6 with a walk and an RBI.

The first baseman began his season with Double-A Richmond, missing the first several weeks of the season due to a wrist injury. Eldridge, playing just a few hours from his hometown, hit .280 with seven homers and 20 RBIs over 34 games for the Flying Squirrels and earned a promotion to Triple-A Sacramento in early June.

Prior to the hamstring injury, Eldridge was hitting .230/.284/.426 with three homers over 16 games for the River Cats. Overall, Eldridge has .266 batting average and .811 OPS this season with 10 homers.

Verlander roughed up, offense shut out as SF Giants open second half with loss

Even without a single win to his name, Justin Verlander had reason to be optimistic heading into the All-Star break. He made a mechanical tweak ahead of his final start of the first half and turned in his best start as a Giant.

Verlander’s first start of the second half, then, was a step backwards.

The 42-year-old Verlander turned in one of his shortest starts of the year as the Giants (52-46) lost to the Toronto Blue Jays 4-0 on Friday night at Rogers Centre, allowing four runs and recording just five outs.

“It was more put away with two strikes,” manager Bob Melvin told reporters in Toronto. “Typically, he’s got something to get a swing and miss. Didn’t get any strikeouts. He limited the damage for the amount of baserunners he had there in less than three innings, but a couple key hits off of him and just really didn’t have a put away pitch today.”

Through 16 starts, Verlander owns a 0-8 record with a 4.99 ERA. With Verlander failing to complete three innings, right-hander Tristan Beck saved the bullpen by throwing 4 1/3 innings of scoreless relief.

The Giants totaled 10 hits off Blue Jays’ (56-41) starter Chris Bassitt, but Bassitt ended his night with 6 1/3 scoreless innings as San Francisco went 0-for-9 with runners in scoring position. San Francisco ended the night with 11 hits but no runs, the first time the team has done that since Aug. 24, 1959 against the Pittsburgh Pirates.

The Giants’ inability to score off Bassitt was partially a product of some poor batted ball luck. With two on and two out in the third, Matt Chapman hit a 106.2 mph line drive directly at Toronto left fielder Joey Loperfido to end the inning. In the sixth, Willy Adames lined out to third baseman Will Wagner with a runner on third.

While the Giants did have a couple “at ’em balls,” they repeatedly failed to deliver with runners in scoring position throughout the night.

Rafael Devers and Dominic Smith hit into double plays in the first and second innings, respectively, which neutralized potential big innings. San Francisco knocked Bassitt out of the game with one out in the seventh on a pair of singles by Smith and Patrick Bailey, but Blue Jays reliever Brendon Little entered and struck out both Luis Matos and Heliot Ramos swinging to end the threat.

“They got three big hits. We didn’t get any,” Melvin said. “A couple double plays early in the game kind of take the wind out of your sails a little bit. We continue to put up some pretty good at-bats up, but you got to get hits with runners in scoring position. At times, that’s been a big issue for us.”

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Devers, despite the double play, had a single (106.5 mph) and a double (104.6 mph). The three-time All-Star is very acclimated to Rogers Centre after spending nine seasons with the Boston Red Sox, entering play with a 1.006 OPS in Toronto.

The Blue Jays struck for four runs in the bottom of the second inning, sending 10 batters to the plate and forcing Verlander to throw 33 pitches. Loperfido began the scoring with an RBI double, then Wagner followed up with his own double that drove in two. Nathan Lukes drove in a run with a single, giving Toronto a commanding 4-0. That would remain the score for remainder of the night.

Injury notes

Infielder/outfielder Jerar Encarnacion (left oblique strain) is transferring his rehab from the Arizona Complex League to Triple-A Sacramento. He’ll play in the field for the River Cats on Friday.Infielder Christian Koss (left hamstring strain) remains rehab only. He is performing full baseball activities. He will likely start playing rehab games next week.Left-hander Erik Miller (left elbow sprain) will start a rehab throwing program tomorrow in Arizona.

Did money or politics cause Colbert cancellation? Either way, the economics are tough for TV

By DAVID BAUDER

CBS says its decision to end Stephen Colbert’s late-night comedy show is financial, not political. Yet even with the ample skepticism about that explanation, there’s no denying the economics were not working in Colbert’s favor.

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The network’s bombshell announcement late Thursday that the “Late Show” will end next May takes away President Donald Trump’s most prominent TV critic and the most popular entertainment program in its genre.

The television industry’s declining economic health means similar hard calls are already being made with personalities and programming, with others to be faced in the future. For the late-night genre, there are unique factors to consider.

As recently as 2018, broadcast networks took in an estimated $439 million in advertising revenue for its late-night programs, according to the advertising firm Guidelines. Last year, that number dwindled to $220 million.

Once a draw for young men, now they’ve turned away

Late-night TV was a particular draw for young men, considered the hardest-to-get and most valuable demographic for advertisers. Increasingly, these viewers are turning to streaming services, either to watch something else entirely or catch highlights of the late-night shows, which are more difficult for the networks to monetize.

More broadly, the much-predicted takeover of viewers by streaming services is coming to pass. The Nielsen company reported that during the last two months, for the first time ever, more people consumed programming on services like YouTube and Netflix than on ABC, CBS and NBC or any cable network.

Networks and streamers spent roughly $70 billion on entertainment shows and $30 billion for sports rights last year, said Brian Wieser, CEO of Madison & Wall, an advertising consultant and data services firm. Live sports is the most dependable magnet for viewers and costs for its rights are expected to increase 8% a year over the next decade. With television viewership declining in general, it’s clear where savings will have to come from.

Wieser said he does not know whether Colbert’s show is profitable or not for CBS and parent company Paramount Global, but he knows the direction in which it is headed. “The economics of television are weak,” he said.

In a statement announcing the cancellation, George Cheeks, Paramount Global’s president and chief executive officer, said that “This is purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show’s performance, content or other matters happening at Paramount.”

Cheeks’ problem is that not everyone believes him.

Colbert is a relentless critic of Trump, and earlier this week pointedly criticized Paramount’s decision to settle Trump’s lawsuit against CBS over a “60 Minutes” interview with Kamala Harris. He called Paramount’s $16 million payment to Trump a “big fat bribe,” since the company is seeking the administration’s approval of its merger with Skydance Media.

On Friday, the Writers Guild of America called for an investigation by New York’s attorney general into whether Colbert’s cancellation is itself a bribe, “sacrificing free speech to curry favor with the Trump administration as the company looks for merger approval.”

CBS’ decision made this a pivotal week for the future of television and radio programming. Congress stripped federal funding for PBS and NPR, threatening the future of shows on those outlets.

Journey Gunderson, executive director of the National Comedy Center, called the decision to end Colbert’s show the end of an era.

“Late-night television has historically been one of comedy’s most audience-accessible platforms — a place where commentary meets community, night after night,” Gunderson said. “This isn’t just the end of a show. It’s the quiet removal of one of the few remaining platforms for daily comedic commentary.

Trump celebrates Colbert’s demise

Trump, who has called in the past for CBS to terminate Colbert’s contract, celebrated the show’s upcoming demise. “I absolutely love that Colbert got fired,” the president wrote on Truth Social. “His talent was even less than his ratings.”

Some experts questioned whether CBS could have explored other ways to save money on Colbert. NBC, for example, has cut costs by eliminating the band on Seth Meyers’ late-night show and curtailing Jimmy Fallon’s “Tonight” show to four nights a week.

Could CBS have saved more money by cutting off the show immediately, instead of letting it run until next May, which sets up an awkward “lame duck” period? Then again, Colbert will keep working until his contract runs out; CBS would have had to keep paying him anyway.

CBS recently cancelled the “After Midnight” show that ran after Colbert. But the network had signaled earlier this year that it was prepared to continue that show until host Taylor Tomlinson decided that she wanted to leave, noted Bill Carter, author of “The Late Shift.”

“It is a very sad day for CBS that they are getting out of the late-night race,” Andy Cohen, host of Bravo’s “Watch What Happens Live,” told The Associated Press. “I mean, they are turning off the lights after the news.”

Colbert, if he wanted to continue past next May, would likely be able to find a streaming service willing to pay him, Wieser said. But the future of late-night comedy on the entertainment networks is genuinely at risk. Trump, in fact, may outlast his fiercest comic critics. Jon Stewart, once a weeknight fixture, works one night a week at “The Daily Show” for Paramount’s Comedy Central, a network that seldom produces much original programming any more.

ABC’s Jimmy Kimmel, who was chided on social media by Trump on Friday — “I hear Jimmy Kimmel is next” — has a contract that also runs out next year. Kimmel, 57, openly wondered in a Variety interview before signing his latest three-year contract extension how long he wanted to do it. He’s hosted his show since 2003.

“I have moments where I go, I cannot do this anymore,” Kimmel told Variety in 2022. “And I have moments where I go, what am I gonna do with my life if I’m not doing this anymore?’ It’s a very complicated thing … I’m not going to do this forever.”

Colbert, Kimmel and Stewart were all nominated for Emmy awards this week.

AP journalist Liam McEwan in Los Angeles contributed to this report. David Bauder writes about the intersection of media and entertainment for the AP. Follow him at http://x.com/dbauder and https://bsky.app/profile/dbauder.bsky.social.

New York settles lawsuit with ex-aide who accused Andrew Cuomo of sexual harassment

By ANTHONY IZAGUIRRE

The state of New York agreed Friday to pay $450,000 to settle a lawsuit from an ex-aide to former Gov. Andrew Cuomo who alleged Cuomo sexually harassed and groped her while he was in office.

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The former aide, Brittany Commisso, had sued Cuomo and the state, alleging sexual harassment from the then-governor and retaliation against her after reporting the incidents. The allegations were part of a barrage similar misconduct claims that forced Cuomo to resign as governor in 2021.

Commisso’s lawyers said the settlement “is a complete vindication of her claims” and that Commisso is “glad to be able to move forward with her life.”

The settlement came as Cuomo is in the midst of a so-far bruising political comeback with a run for mayor of New York City. Cuomo lost the Democratic primary last month to Zohran Mamdani by more than 12 percentage points and this week relaunched his campaign to run in the general election as an independent candidate, beginning a potentially uphill battle in a heavily Democratic city where support is coalescing behind Mamdani.

Cuomo, who has denied wrongdoing, has been dogged by the scandal during his campaign for mayor.

“The settlement is not a vindication, it is capitulation to avoid the truth,” Cuomo’s lawyers said Friday in a statement in which they called Commisso’s allegations “false.”

The attorneys, Rita Glavin and Theresa Trzaskoma, added that they “oppose the dismissal of Ms. Commisso’s lawsuit.”

“Until the truth is revealed, the lawsuit should not be dismissed,” they said in the statement.

Cuomo resigned as governor after a report from the state attorney general determined that he had sexually harassed at least 11 women, with some alleging unwanted kissing and touching, as well as remarks about their appearances and sex lives.

Commisso filed her lawsuit in late 2023, just before the expiration of the Adult Survivors Act, a special law that created a yearlong suspension of the usual time limit to sue over an alleged sexual assault.

She later filed a criminal complaint accusing Cuomo of groping her but a local district attorney declined to prosecute, citing lack of sufficient evidence.

The Associated Press doesn’t identify people who say they have been sexually assaulted unless they decide to tell their stories publicly, as Commisso has done.

Anthony Hogrebe, a spokesperson for current Gov. Kathy Hochul, said Friday that the state “is pleased to have settled this matter in a way that allows us to minimize further costs to taxpayers.”

EPA eliminates research and development office, begins layoffs

By MATTHEW DALY

WASHINGTON (AP) — The Environmental Protection Agency said Friday it is eliminating its research and development arm and reducing agency staff by thousands of employees.

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The agency’s Office of Research and Development has long provided the scientific underpinnings for EPA’s mission to protect the environment and human health. The EPA said in May it would shift its scientific expertise and research efforts to program offices that focus on major issues like air and water.

The agency said Friday it is creating a new Office of Applied Science and Environmental Solutions that will allow it to focus on research and science “more than ever before.”

Once fully implemented, the changes will save the EPA nearly $750 million, officials said.

EPA Administrator Lee Zeldin said in a statement that the changes announced Friday would ensure the agency “is better equipped than ever to deliver on our core mission of protecting human health and the environment, while Powering the Great American Comeback.”

The EPA also said it is beginning the process to eliminate thousands of jobs, following a Supreme Court ruling last week that cleared the way for President Donald Trump’s plans to downsize the federal workforce, despite warnings that critical government services will be lost and hundreds of thousands of federal employees will be out of their jobs.

Total staffing at EPA will go down to 12,448, a reduction of more than 3,700 employees, or nearly 23%, from staffing levels in January when Trump took office, the agency said.

“This reduction in force will ensure we can better fulfill that mission while being responsible stewards of your hard-earned tax dollars,” Zeldin said, using a government term for mass firings.‘

‘Heart and brain of EPA’

Rep. Zoe Lofgren of California, the top Democrat on the House Science Committee, called the elimination of the research office “a travesty.”

“The Trump administration is firing hardworking scientists while employing political appointees whose job it is to lie incessantly to Congress and to the American people,” she said. “The obliteration of ORD will have generational impacts on Americans’ health and safety.”

The Office of Research and Development “is the heart and brain of the EPA,” said Justin Chen, president of American Federation of Government Employees Council 238, which represents thousands of EPA employees.

“Without it, we don’t have the means to assess impacts upon human health and the environment,” Chen said. “Its destruction will devastate public health in our country.”

The research office — EPA’s main science arm — currently has 1,540 positions, excluding special government employees and public health officers, according to agency documents reviewed by Democratic staff on the House science panel earlier this year. As many as 1,155 chemists, biologists, toxicologists and other scientists could be laid off, the documents indicated.

The research office has 10 facilities across the country, stretching from Florida and North Carolina to Oregon. An EPA spokeswoman said Friday that all laboratory functions currently conducted by the research office will continue.

In addition to the reduction in force, or RIF, the agency also is offering the third round of deferred resignations for eligible employees, including research office staff, spokeswoman Molly Vaseliou said. The application period is open until July 25.

‘Declaration of dissent’

The EPA’s announcement comes two weeks after the agency put on administrative leave 139 employees who signed a “declaration of dissent” with agency policies under the Trump administration. The agency accused the employees of “unlawfully undermining” Trump’s agenda.

In a letter made public June 30, the employees wrote that the EPA is no longer living up to its mission to protect human health and the environment. The letter represented rare public criticism from agency employees who knew they could face retaliation for speaking out.

Hegseth tells lawmakers about plan to detain immigrants at bases in Indiana and New Jersey

By DAVID KLEPPER and KEVIN FREKING

WASHINGTON (AP) — Defense Secretary Pete Hegseth says bases in Indiana and New Jersey can house detained immigrants without affecting military readiness — a step toward potentially detaining thousands of people on bases on U.S. soil.

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Hegseth notified members of Congress from both states this week of the proposal to temporarily house detained immigrants at Camp Atterbury in Indiana, and Joint Base McGuire-Dix-Lakehurst in New Jersey.

President Donald Trump has moved to aggressively detain and deport people in the country illegally, a push that has swept up large numbers of immigrants, including many with no prior criminal records, and forced federal authorities to find places to house them.

Hegseth said the presence of the detainees would not negatively affect the bases’ operations or training. Officials have not said when detainees could begin arriving at the facilities or if other military bases are under consideration.

Speaking to reporters outside the White House, Trump’s border czar Tom Homan said there are about 60,000 beds currently available for detained immigrants and the goal is to expand to 100,000.

“We’re looking for any available bed space we can get that meets the detention standards we’re accustomed to,” Homan said Friday. “The faster we get the beds, the more people we can take off the street.”

Democratic lawmakers from both states and civil rights advocates condemned the idea of housing immigrants at the bases, questioning the impact on military resources and the justification for so many detentions.

“Using our country’s military to detain and hold undocumented immigrants jeopardizes military preparedness and paves the way for (Immigration and Customs Enforcement) raids in every New Jersey community,” New Jersey’s Democratic delegation said in a statement.

Democratic Rep. Andre Carson of Indiana said his questions about detainee conditions have gone unanswered by the Trump administration.

He cited concerns raised about conditions at other facilities and said, “The fact that ICE has detained so many individuals that they now need to expand detention space in Indiana is disturbing.”

Amol Sinha, executive director of the American Civil Liberties Union of New Jersey, said in a statement that housing immigrants in military facilities sets a dangerous precedent “and is contrary to the values embedded in our Constitution.”

Both of the bases identified by Hegseth have housed Afghan or Ukrainian refugees in recent years.

During Trump’s first administration, he authorized the use of military bases to detain immigrant children — including Army installations at Fort Bliss and Goodfellow Air Force Base in Texas.

In 2014, President Barack Obama temporarily relied on military bases to detain immigrant children while ramping up privately operated family detention centers to hold many of the tens of thousands of Central American families who crossed the border.

Associated Press writers Christine Fernando and Darlene Superville in Washington contributed to this report.

PHOTOS: Rodeo attendees share love for tradition, camaraderie

SALINAS — Thousands gathered at the Salinas Sports Complex on a cool Thursday evening, dressed in cowboy hats, boots and denim for the opening night of the 115th California Rodeo Salinas, the largest and oldest rodeo in California.

The opening night began with a horse parade and flag presentation, honoring the many flags that have flown over Monterey throughout its history. From there, the action moved quickly: horses bucked riders into the dirt, cowboys chased down calves for tie-down roping and steer wrestlers showed their strength, while motorcycle jumpers and other fan-favorite events are still to come as the event unfolds through Sunday.

This year’s rodeo brings competitors and fans from across the country and around the world. Event organizers say they tried to blend in older traditional events with fan favorites, while still bringing in new attractions.

A rider prances with his horse during the opening parade Thursday. (Kyarra Harris/Monterey Herald)

As many guests return year after year, so do volunteers. Maria Orozco, Salinas Rodeo Committee member, helps run the information booth right by the entrance and has been doing so since 2007.

“I first volunteered to get the word out to the Hispanic community,” Orozco said. “That first year I was totally by myself out here. But then I started to recruit my friends to help me and now it’s a yearly tradition. I’ve met so many people being here, and it’s always great to see returning faces. People travel from all over the world, some people plan vacations just to see the rodeo.”

Monica Laborin, from Salinas, has been attending for nearly 30 years with her family, watching different generations grow a love for horses and being a part of the rodeo scene.

“My husband took me to my first rodeo when we started dating, he helped me pick out my first boots and hat,” Laborin said. “Now he judges instead of competes, but our grandkids compete and I love it, it’s beautiful.”

Meanwhile, newcomers like Fred Perez, from Salinas, said he is starting new traditions.

“I recently moved back home from the East Coast, and I have a newfound appreciation for the rodeo,” Perez said. “I love that it’s an ongoing tradition, and seeing all the people out here dressed up and having fun, it’s very exciting.”

Many vendors were returners as well, like Aran Whittemor, owner of Wild West Rodeo Gear, who was busy through the evening selling cowboy hats and attire to guests.

“This is my 16th year attending,” Whittemor said. “These are great people and it’s a great environment. Being able to put that first cowboy hat on a kid, this is just a fun event to be a part of.”

For tickets and more information visit https://www.carodeo.com/

(Kyarra Harris/Monterey Herald)(Kyarra Harris/Monterey Herald)Pat Duvall sings during the opening ceremony Thursday at the Salinas Rodeo. (Kyarra Harris/Monterey Herald)(Kyarra Harris/Monterey Herald)Miss California Rodeo Salinas during the horse parade at opening night Thursday. The parade showcased an array of horses, with riders adorned with flags and banners. (Kyarra Harris/Monterey Herald)Show Caption1 of 5(Kyarra Harris/Monterey Herald)Expand

Trump sues Wall Street Journal and media mogul Rupert Murdoch over reporting on Epstein ties

By ALANNA DURKIN RICHER, LARRY NEUMEISTER and JILL COLVIN, Associated Press

WASHINGTON (AP) — President Donald Trump filed a $10 million lawsuit against The Wall Street Journal and media mogul Rupert Murdoch Friday, a day after the newspaper published a story reporting on his ties to wealthy financier Jeffrey Epstein.

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The move came shortly after the Justice Department asked a federal court on Friday to unseal grand jury transcripts in Epstein’s sex trafficking case, as the administration tries to contain a firestorm that erupted after it previously announced it would not be releasing additional government files from the case.

Trump had promised the lawsuit after thet Journal put the spotlight on his relationship with Epstein, publishing an article that described a sexually suggestive letter that the newspaper says bore Trump’s name and was included in a 2003 album compiled for Epstein’s 50th birthday. Trump denies writing the letter, calling the story “false, malicious, and defamatory.”

In a post on his Truth Social site, Trump cast the lawsuit as part of his efforts to punish news outlets, including ABC and CBS, which both reached multimillion-dollar settlement deals with the president after he took them to court.

“This lawsuit is filed not only on behalf of your favorite President, ME, but also in order to continue standing up for ALL Americans who will no longer tolerate the abusive wrongdoings of the Fake News Media,” he wrote.

A representative of Dow Jones, the Journal’s publisher, did not immediately respond to a request for comment Friday.

The letter revealed by The Wall Street Journal was reportedly collected by disgraced British socialite Ghislaine Maxwell as part of a birthday album for Epstein years before the wealthy financier was first arrested in 2006 and subsequently had a falling-out with Trump.

The letter bearing Trump’s name includes text framed by the outline of what appears to be a hand-drawn naked woman and ends with, “Happy Birthday — and may every day be another wonderful secret,” according to the newspaper.

Trump denied writing the letter and promised to sue. He said he spoke to both to the paper’s owner, Rupert Murdoch, and its top editor, Emma Tucker, before the story was published and told them the letter was “fake.”

“These are not my words, not the way I talk. Also, I don’t draw pictures,” the president wrote on social media.

The outlet described the contents of the letter but did not publish a photo showing it entirely or provide details on how it came to learn about it. The suit was filed in federal court in Miami.

Earlier Friday, Deputy Attorney General Todd Blanche filed motions in a separate federal court urging them to unseal the Epstein transcripts as well as those in the case against Maxwell, who was convicted of luring teenage girls to be sexually abused by Epstein. Epstein killed himself in 2019 shortly after his arrest while awaiting trial.

The Justice Department’s announcement that it would not be making public any more Epstein files enraged parts of Trump’s base in part because members of his own administration had hyped the expected release and stoked conspiracies around the well-connected financier.

The Justice Department said in the court filings that it will work with with prosecutors in New York to make appropriate redactions of victim-related information and other personally identifying information before transcripts are released.

“Transparency in this process will not be at the expense of our obligation under the law to protect victims,” Blanche wrote.

But despite the new push to release the grand jury transcripts, the administration has not announced plans to reverse course and release other evidence in its possession. Attorney General Pam Bondi had hyped the release of more materials after the first Epstein files disclosure in February sparked outrage because it contained no new revelations.

A judge would have to approve the release of the grand jury transcripts, and it’s likely to be a lengthy process to decide what can become public and to make redactions to protect sensitive witness and victim information.

The records would show testimony of witnesses and other evidence that was presented by prosecutions during the secret grand jury proceedings, when a panel decides whether there is enough evidence to bring an indictment, or a formal criminal charge.

Neumeister and Colvin reported from New York.

Trump’s attacks on Powell threaten the Fed’s independence. Here’s why it matters

By CHRISTOPHER RUGABER

WASHINGTON (AP) — President Donald Trump has opened up a new front in his attack on the Federal Reserve and its chair, Jerome Powell: He says the alledged mismanagement of a building renovation project could be grounds for firing Powell.

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Such an unprecedented step could send the financial markets into a tailspin and over time push up interest rates and weaken the U.S. economy. If investors start to worry the Fed is no longer independent, fewer may buy U.S. bonds, which would push up the interest rate on those bonds and lift borrowing costs more broadly.

Trump has criticized Powell for months because the chair has kept the short-term interest rate the Fed controls at 4.3% this year, after cutting it three times last year. Powell says the Fed wants to see how the economy responds to Trump’s sweeping tariffs on imports, which Powell says could push up inflation.

Powell’s caution has infuriated Trump, who has demanded the Fed cut borrowing costs to spur the economy and reduce the interest rates the federal government pays on its debt.

Firing the Fed chair would threaten the Fed’s venerated independence, which has long been supported by most economists and Wall Street investors. Here are some questions and answers about the Fed.

What’s going on with its building project?

The Fed has been renovating its Washington, D.C. headquarters and a neighboring building. With some of the construction occurring underground and as building materials have soared in price after inflation spiked in 2021 and 2022, the estimated cost has ballooned to about $2.5 billion, from $1.9 trillion.

When asked if the costly rebuilding could be grounds to fire Powell, Trump said recently, “I think it is.”

“When you spend $2.5 billion on, really, a renovation, I think it’s really disgraceful,” Trump said.

Yet in 2020, The Associated Press has reported, several Trump appointees to a local review commission pushed the Fed to include more marble in the renovation. Yet now White House officials and other critics of the project are pointing to the marble as a sign of extravagance.

Why does the Fed’s independence matter?

The Fed wields extensive power over the U.S. economy. By cutting the short-term interest rate it controls — which it typically does when the economy falters — the Fed can make borrowing cheaper and encourage more spending, accelerating growth and hiring. When it raises the rate — which it does to cool the economy and combat inflation — it can weaken the economy and cause job losses.

Economists have long preferred independent central banks because they can more easily take unpopular steps to fight inflation, such as raise interest rates, which makes borrowing to buy a home, car, or appliance more expensive.

The importance of an independent Fed was cemented for most economists after the extended inflation spike of the 1970s and early 1980s. Former Fed Chair Arthur Burns has been widely blamed for allowing the painful inflation of that era to accelerate by succumbing to pressure from President Richard Nixon to keep rates low heading into the 1972 election. Nixon feared higher rates would cost him the election, which he won in a landslide.

Paul Volcker was eventually appointed chair of the Fed in 1979 by President Jimmy Carter, and he pushed the Fed’s short-term rate to the stunningly high level of nearly 20%. (It is currently 4.3%). The eye-popping rates triggered a sharp recession, pushed unemployment to nearly 11%, and spurred widespread protests.

Yet Volcker didn’t flinch. By the mid-1980s, inflation had fallen back into the low single digits. Volcker’s willingness to inflict pain on the economy to throttle inflation is seen by most economists as a key example of the value of an independent Fed.

What do Wall Street investors think?

An effort to fire Powell would almost certainly cause stock prices to fall and bond yields to spike higher, pushing up interest rates on government debt and raising borrowing costs for mortgages, auto loans, and credit card debt. The interest rate on the 10-year Treasury is a benchmark for mortgage rates.

Most investors prefer an independent Fed, partly because it typically manages inflation better without being influenced by politics but also because its decisions are more predictable. Fed officials often publicly discuss how they would alter interest rate policies if economic conditions changed.

If the Fed was more swayed by politics, it would be harder for financial markets to anticipate — or understand — its decisions.

So does that mean the Fed is completely unaccountable?

Well, no. Fed chairs like Powell are appointed by the president to serve four-year terms, and have to be confirmed by the Senate. The president also appoints the six other members of the Fed’s governing board, who can serve staggered terms of up to 14 years.

Those appointments can allow a president over time to significantly alter the Fed’s policies. Former president Joe Biden appointed five of the current seven members: Powell, Lisa Cook, Philip Jefferson, Adriana Kugler, and Michael Barr. As a result, Trump will have fewer opportunities to make appointments. He will be able to replace Kugler, whose term ends Jan. 31, 2026.

Congress, meanwhile, can set the Fed’s goals through legislation. In 1977, for example, Congress gave the Fed a “dual mandate” to keep prices stable and seek maximum employment. The Fed defines stable prices as inflation at 2%.

The 1977 law also requires the Fed chair to testify before the House and Senate twice every year about the economy and interest rate policy.

But can the president fire Powell?

The Supreme Court earlier this year suggested in a ruling on other independent agencies that a president can’t fire the chair of the Fed just because he doesn’t like the chair’s policy choices. But he may be able to remove him “for cause,” typically interpreted to mean some kind of wrongdoing or negligence.

It’s a likely reason the Trump administration has zeroed in on the building renovation, in hopes it could provide a “for cause” pretext. Still, Powell would likely fight any attempt to remove him, and the case could wind up at the Supreme Court.

Horoscopes July 18, 2025: Kristen Bell, jump in and lend a hand

CELEBRITIES BORN ON THIS DAY: Chace Crawford, 40; Kristen Bell, 45; Vin Diesel, 58; Wendy Williams, 61.

Happy Birthday: Jump in and lend a hand. Physical exertion can help calm your nerves and give you time to think before sharing your thoughts. Discipline mixed with innovation and determination will help you conquer whatever you set out to do this year. Don’t be shy or retreat when making a difference will positively impact your life, relationships and direction. Focus on what’s ahead of you, not what’s behind. Your numbers are 2, 14, 22, 27, 34, 43, 45.

ARIES (March 21-April 19): Refuse to let emotional spending or indulgence take over. Put your time and energy to good use by decluttering and minimizing your overhead. Sticking to the truth may be difficult, but it will help you phase out the people and projects that no longer share your values or beliefs. 3 stars

TAURUS (April 20-May 20): Be careful what you sign up for or promise. Wanting to be a people pleaser will hold you back when you need to gain respect by doing what’s right and best for you. A challenge will help you prove your worth and put anyone who crosses you in their place. Trust in your abilities. 3 stars

GEMINI (May 21-June 20): A change will be uplifting. Tending to a new image, upgrade or social event will change your perspective and offer insight into your challenges. You’ll thrive with a new opportunity, so don’t hesitate to embrace what comes your way. Optimize your chances to get ahead. Choose the path that leads to contentment and happiness. 4 stars

CANCER (June 21-July 22): Size up a situation and work your magic to ensure everything goes according to plan. Precision and detail will help you design precisely what you require to make your world go round. Home, family, comfort and convenience will lead to gratitude and peace of mind. Take pride in what you have. 4 stars

LEO (July 23-Aug. 22): Be cautious dealing with people who can influence your reputation, career or financial well-being. Take the high road, share positive input and be happy-go-lucky at whatever event you attend. Attitude will determine what you get in return. Events that provide insight into something that interests you will encourage new beginnings and friendships. 2 stars

VIRGO (Aug. 23-Sept. 22): Don’t let anger set in; find better ways to expel your energy. Volunteer to help a cause that concerns you, and change what irks you about your life. Stop complaining about people and situations when action is necessary to achieve happiness. Declutter, dismiss and discard what no longer works for you. 5 stars

LIBRA (Sept. 23-Oct. 22): Keep absorbing information and using your discoveries to improve your life. Research, travel and make a move; it will help you find the happiness or satisfaction you’re searching for. Gratitude comes with attitude and making choices that will stimulate your mind and connect you to people who contribute to your happiness. 3 stars

SCORPIO (Oct. 23-Nov. 21): Look at what’s available and focus on using whatever you see fit in beneficial ways. Transform whatever you discover into something that improves your life or your relationships. Channel energy into what you can do to help a cause or improve yourself. Be open regarding your feelings and intentions. 3 stars

SAGITTARIUS (Nov. 22-Dec. 21): Take pride in your surroundings. Pay it forward and give away items you no longer need or use. Once you lighten your load, you’ll feel better about yourself and the convenience of simplicity. Make love a priority. A kind gesture, romantic suggestion or an event that can lead to love will pay off. 3 stars

CAPRICORN (Dec. 22-Jan. 19): Home is where the heart is; turn your space into a place you love to hang out. Pay attention to loved ones. Make plans that unite. Be the glue, the go-to person, and enjoy the attention and love. A change doesn’t have to be costly, but it must be satisfying and gratifying. 5 stars

AQUARIUS (Jan. 20-Feb. 18): Embrace change, and consider what you want to manifest for yourself. Happiness begins with you; if you aren’t happy, it’s challenging to have a positive impact on others. Discuss your feelings and intentions with loved ones, and make plans that offer a lifestyle that promotes equal opportunities for everyone involved. Romance is in the stars. 2 stars

PISCES (Feb. 19-March 20): Concentrate on where your money goes. Draw up a budget you can live with, and price out the cost it will take to accommodate the lifestyle you want. Planning and sacrifice will be necessary to achieve your goal. Refuse to let outsiders talk you into something you don’t need or want. 4 stars

Birthday Baby: You are sensitive, accommodating and proactive. You are quick and persistent.

1 star: Avoid conflicts; work behind the scenes.
2 stars: You can accomplish, but don’t rely on others.
3 stars: Focus and you’ll reach your goals.
4 stars: Aim high; start new projects.
5 stars: Nothing can stop you; go for gold.

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