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Gold hits $3,500 for first time as Donald Trump’s attack on Jay Powell rattles markets

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Gold hits ,500 for first time as Donald Trump’s attack on Jay Powell rattles markets

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Gold hit a record $3,500 a troy ounce for the first time on Tuesday, as Donald Trump’s sustained attack on US Federal Reserve chair Jay Powell added to fears over the central bank’s independence and the prospects for the world’s largest economy.

In a rush to haven assets, gold climbed as much as 2 per cent to $3,500.10, cementing its position as one of the biggest winners from Trump’s return to the White House. The Japanese yen strengthened to ¥140 per dollar for the first time since September, as the dollar index languished near a three-year low.

In a post on his Truth Social platform on Monday, Trump branded Powell “Mr Too Late” and urged the central bank to lower borrowing costs “NOW”. The wave of criticism comes after Powell warned last week that the administration’s sweeping tariffs would lead to slower growth and higher inflation.

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Trump “ratcheting up pressure on Powell to ease monetary policy is raising concerns about Fed independence, which has triggered a flight to haven assets,” said Ewa Manthey, a commodities strategist at ING.

The latest Trump salvo is deepening investors’ concern that the tension between the president and the Fed risks spilling into monetary policy and rattling the $29tn Treasuries market, the bedrock of the global financial system.

“Removing Fed independence would be another blow to the hard won credibility of America’s financial institutions,” said Trevor Greetham, head of multi-asset at Royal London Asset Management.

Trump’s broadside on Monday sent the S&P 500 down 2.4 per cent and the tech-heavy Nasdaq closed 2.6 per cent lower. The Stoxx Europe 600 fell 0.6 per cent in early trading on Tuesday — but futures contracts implied Wall Street would rebound at the open.

The criticism of Powell, whose term ends in May 2026, comes after simultaneous falls in US stocks, bonds and the dollar in recent weeks have led to worries that the volatility unleashed by Trump’s trade war could become a broader rejection of dollar assets.

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Analysts at MUFG said the “triple selling of the US dollar, US bonds and US equities highlights that threats to the Fed’s independence are further undermining investor confidence in US assets”.

The dollar reversed earlier losses to trade 0.1 per cent higher against a basket of major currencies on Tuesday, but has fallen more than 9 per cent this year.

In bond markets, Treasuries traded in a narrow range, with the 10-year yield up 0.01 percentage points to 4.42 per cent.

The president has frequently criticised Powell for not lowering interest rates rapidly enough, while the Fed chair has said he would never be influenced by political pressure.

The Fed has kept rates on hold this year after lowering them three times in a row in 2024, including a large half-point move in September. The central bank’s next meeting is in May.

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Investors and economists said an attempt by Trump to remove Powell would risk inflicting damage on the US economy.

“Any reduction in the independence of the Fed would add upside risks to an inflation outlook that is already subject to upward pressures from tariffs and somewhat elevated inflation expectations,” said Michael Feroli, chief US economist at JPMorgan Chase.

Line chart of Stocks on the Comex, million troy ounces showing Gold inventories in New York soared to record highs this year

Gold, which some investors rely on as a hedge against inflation, has surged 33 per cent this year. Investors poured at least $19bn into gold-backed exchange traded funds during the first quarter, according to Standard Chartered.

“Physical gold demand remains robust, particularly in Asia and increasingly in Europe,” said Alexander Zumpfe, a bullion trader at Heraeus. “In Germany, we observed strong buying interest from private investors even over the long Easter weekend.”

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Supreme Court financial disclosures reveal how their books add to their income

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Supreme Court financial disclosures reveal how their books add to their income

Supreme Court Justice Amy Coney Barrett speaks at the Reagan Library on Sept. 9, 2025, in Simi Valley, Calif. Barrett discussed and signed copies of her new book, Listening to the Law: Reflections on the Court and Constitution.

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Even as the Supreme Court was handing down one legal thunderbolt after another last week, the justices were quietly releasing their annual financial reports. Justice Samuel Alito was the only sitting justice to request an extension, which he has done for 15 years. The disclosures do not give a complete account of the justices’ total income and wealth, but they give insights into their concertgoing, guest professorships and even their involvement in youth sports.

In addition to their salaries, much of the justices’ reported income came from their book deals. Justice Ketanji Brown Jackson led the pack earning more than $1.1 million last year for a total of roughly $4 million since her memoir, Lovely One, was published in 2024.

Justices Sonia Sotomayor, Neil Gorsuch, Amy Coney Barrett and retired Justice Anthony Kennedy also reported income from published books. Earnings from their books ranged from $849,000 for Barrett, to $300,000 for Gorsuch and $88,000 for Sotomayor, whose books include her 2013 autobiography and five children’s books. Justice Clarence Thomas, who previously earned $1.5 million for his 2007 memoir, listed no publisher payments last year, and Justice Brett Kavanaugh, one of 13 co-authors of a 2016 legal treatise, also received no payments last year. Kavanaugh is said to be working on a memoir but he listed no payments for the anticipated book. Alito does have a book coming out in the fall, but with his financial report still outstanding, there is no data on how much he was paid for the work in 2025.

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The only two sitting justices who have not written books are Chief Justice John Roberts and Justice Elena Kagan.

Many justices also earned income from teaching at law schools. Roberts reported income from New England Law, located in Boston, and Gorsuch reported teaching income from George Mason University in Virginia. Thomas taught classes at Catholic University in Washington, D.C., and Barrett and Kavanaugh taught at Notre Dame Law School. Barrett graduated from the school and began teaching there 23 years ago; Kavanaugh has family connections to Notre Dame.

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Manhattan Building’s Columns Buckled Beneath New Addition, Images Show

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Manhattan Building’s Columns Buckled Beneath New Addition, Images Show

At least two structural columns buckled and failed in a 37-story office tower in Midtown Manhattan on Tuesday, prompting evacuations of nearby streets and buildings. While city officials asserted that the tower was in no danger of collapsing completely, outside engineers said further failures in the structure could not be ruled out.

A pair of columns that failed completely were part of the tower’s existing structure. A New York Times review of images and videos from inside the building has found that several floors were added atop these columns.

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City officials said in a news conference on Tuesday that the building was continuing to move, while they simultaneously assured the city that the building would not suffer “total collapse.” “The way this building is constructed, it’s a steel-frame building,” John Esposito, a chief in the Fire Department in New York, said at the afternoon news conference. “So, it would not be a total collapse. It would be more of a localized collapse.” Still, he said, “that remains our concern, that it’s moved.”

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Engineers said that the movement itself was cause for concern. In a properly designed steel building, they said, loads should redistribute quickly to surviving structural supports if columns failed.

Joe DiPompeo, a former president of the Structural Engineering Institute at the American Society of Civil Engineers, said that if the structure had been overloaded, he would expect any movement “to happen very quickly,” rather than gradually.

“Generally when a column buckles, it’s a sudden failure,” Mr. DiPompeo said. He said that a full collapse remained unlikely given the redundancies built into the building codes.

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Engineers often refer to the most dangerous possibility as a progressive collapse, a process in which structures near the initial failure become overstressed and also fail, potentially bringing down the building if the sequence continues. While unlikely, it cannot be ruled out, Mr. DiPompeo said.

Footage recorded from inside the building shows at least two structural columns appear to have failed completely, Mr. DiPompeo said. Other nonstructural, interior walls — or at least the metal “studs” that were in place to hold them up — also appear to have deformed.

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“The only way that really happens is if the floor above them dropped. It looks like the floor above could have dropped a foot or two, which is obviously not a good situation,” Mr. DiPompeo said.

@fernando40tiktok.commarc via Storyful

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Image from @fernando40tiktok.commarc via Storyful

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Image from @Bogs4NY via X

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The 37-story building is in the process of being converted from office space into residential units. Four new floors and a large vertical portion were added onto the existing building in recent months. The vertical portion consists of a stack of over a dozen new floors cantilevered out over the existing building below.

Engineers said that there was nothing inherently wrong with adding residential floors or the cantilevered section above the columns that failed, as long as the original structure and the modifications had properly accounted for the added weight and wind loads.

“The cantilever alone doesn’t change anything,” Mr. DiPompeo said, but it does put additional load on the columns underneath — a factor that should have been reflected in the design.

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Nathan Berman, managing principal and founder of MetroLoft, the developer overseeing the conversion, said on Tuesday that “this incident is nothing more than a typical construction mishap.”

He said two columns near the northwest corner of the tower had bent under the weight of additions to the building above, most likely because those columns had not been properly reinforced, though he said an investigation would determine the cause. The rest of the columns, he said, “picked up the weight.” He estimated the affected floors above the failed columns had sagged by a maximum of four inches.

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Mr. Berman said that he expected the problems to be fixed and the project to be completed with, at most, a slight delay.

On Tuesday evening, installation of temporary shoring was set to begin shortly, in order to help stabilize the 20th and 21st floors of the building.

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DOJ warns of criminal charges for state election officials if noncitizens vote

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DOJ warns of criminal charges for state election officials if noncitizens vote

The Justice Department sent letters warning election officials in all 50 states and the District of Columbia that they could face criminal prosecution over noncitizen voting, a spokesperson for the Justice Department confirmed Tuesday.

The letters, signed by Assistant Attorney General Harmeet Dhillon, who heads up the department’s Civil Rights Division, give states five days to explain how they will comply with federal voter eligibility laws and how they will maintain “clean voter lists.”

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“The Department sent these letters to all 50 states and the District of Columbia, asking for voluntary compliance in a timely manner with their obligations under federal law to ensure only citizens vote in federal elections,” a Justice Department spokesperson said in a statement.

Noncitizen voting in federal elections is extremely rare, but Trump and his administration have falsely portrayed it as a widespread issue.

Michigan Secretary of State Jocelyn Benson, Nevada Secretary of State Francisco Aguilar and Utah Lt. Gov. Deidre Henderson are among those who said they received the letters from the Justice Department.

The letters say state election officers “could be criminally prosecuted for aiding and abetting” noncitizen voting. They further specify that any election officer who knowingly retains noncitizens on a statewide voting registration list or who facilitates noncitizens’ receiving and casting ballots could be subject to criminal liability.

“An intentional act that is aimed at diluting the votes of citizens could also constitute a violation” of federal law, the letters said.

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Henderson wrote on social media that the threats constitute “truly bizarre behavior.”

“Got another love letter this morning from the DOJ sprinkled throughout with threats of criminal prosecution,” she wrote. “I’m sure I’m not the only chief election officer of a state who is being targeted for following state and federal laws by resisting DOJ’s demands for private voter data that have thus far been ruled illegal by at least a dozen courts.”

The letters are the latest move in the Justice Department’s campaign to assert more federal control over state elections.

While some states have complied with the administration’s demands that they hand over voter roll data, the Justice Department has sued 30 states and Washington, D.C., for resisting. So far, 11 different federal courts have dismissed the Justice Department’s efforts to seize voter rolls.

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