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Welcome to The Hill’s Business & Economy newsletter

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Business & Economy

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The Big Story

Bill Pulte’s war against Powell ramps up

The overseer of Fannie Mae and Freddie Mac is waging an online battle to force out Federal Reserve Chair Jerome Powell, shattering norms along the way.

Over the span of 24 hours, Federal Housing Finance Agency (FHFA) Director Bill Pulte has written or shared more than a dozen posts on social media calling for Powell’s resignation and sharing the rationale for doing so.

Along the way, he’s throwing his politically independent agency into a partisan battle.

“I am calling for Federal Reserve Chairman, Jay Powell, to resign,” Pulte wrote in a Thursday post on social platform X, which he pinned to the top of his profile.

In another post in response to The Hill’s reporting, Pulte said he was doing so “[b]ecause he is hurting Americans and hurting the mortgage market, which I am responsible for regulating.”

The campaign against Powell began shortly before the Fed announced Wednesday, as was widely expected, it would keep interest rates unchanged for another month.

President Trump has raged against Powell and the Fed for not cutting interest rates by levels only seen during economic crises, even though the unemployment rate remains close to historic lows.

I’ve got more here.

Welcome to The Hill’s Business & Economy newsletter, I’m Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.

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Essential Reads

Key business and economic news with implications this week and beyond:

Sports betting company DraftKings launching PAC

DraftKings, a sports betting company, said Wednesday it filed with the Federal Election Commission (FEC) to create a corporate political action committee (PAC).

Full Story

US Steel, Nippon Steel finalize ‘historic partnership’

U.S. Steel said Wednesday it finalized its merger with Japan’s largest steelmaker, Nippon.

Full Story

Trump signs order extending TikTok ban deadline

President Trump signed an executive order Thursday extending the deadline for TikTok’s parent company to divest the popular video sharing app by 90 days.

Full Story

COMING UP

The Hill’s Evening Report breaks down the day’s big political stories and looks ahead to tomorrow. Click here to sign up & get it in your inbox

The Ticker

Upcoming news themes and events we’re watching:

The Federal Reserve of Philadelphia releases its June manufacturing index Friday at 8:30 a.m. EDT

In Other News

Branch out with more stories from the day:

Trump extends TikTok ban deadline for a third time, without clear legal basis

WASHINGTON (AP) — President Donald Trump on Thursday signed an executive order to keep TikTok running …

Full Story

Good to Know

Business and economic news we’ve flagged from other outlets:

Creators say they didn’t know Google uses YouTube to train AI (CNBC)
Zero Interest Rates Are Back in Europe (NYT)

What Others are Reading

Top stories on The Hill right now:

Michelle Obama on being ‘glad’ she didn’t have a son: ‘He would’ve been a Barack Obama’

Michelle Obama says she’s “so glad” she never had a son — because he would’ve been a kiddie clone of her husband. Read more

Senate GOP leader faces pushback after members blindsided by Trump bill

Senate Majority Leader John Thune (R-S.D.) is facing strong pushback from members of the GOP conference over the Finance Committee’s piece of President Trump’s tax and spending bill, which largely ignores GOP senators’ concerns about Medicaid cuts and the quick phaseout of clean-energy … Read more

What People Think

Opinions related to business and economic issues submitted to The Hill:

You’re all caught up. See you tomorrow!

FHFA chief takes aim at Fed

Business & Economy

Business & Economy

Bill Pulte’s war against Powell ramps up

COMING UP

The Hill’s Evening Report breaks down the day’s big political stories and looks ahead to tomorrow. Click here to sign up & get it in your inbox

Paul Klee

Michael Parkes

Wassily Wassilyevich Kandinsky

Business & Economy

Business & Economy

Bill Pulte’s war against Powell ramps up

COMING UP

The Hill’s Evening Report breaks down the day’s big political stories and looks ahead to tomorrow. Click here to sign up & get it in your inbox

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