Federal Reserve renovation; Israel-Hamas ceasefire

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Today’s top stories

President Trump yesterday toured the ongoing renovation project at the Federal Reserve headquarters with Fed Chairman Jerome Powell. The construction cost has soared from $1.9 billion to $2.5 billion in recent years, becoming a point of contention for the president. During the visit, Trump waved a document, claiming the cost had now reached $3.1 billion.

• Interest rates, which the president has repeatedly said he wants lowered, remained front and center during the tour, ‘s Tamara Keith tells Up First. Trump seemed to be dissatisfied with the construction project, which is very much over budget, in part due to steel tariffs, COVID, inflation and the challenges of retrofitting historic buildings to modern standards. Keith says the last president to visit the Fed was George W. Bush in 2006, making Trump’s appearance there, scolding Powell, pretty remarkable. The big question is whether the focus on the building could be a justification for potentially firing Powell before his term ends.

House Republicans in key swing states have held telephone town halls this week as questions mount about Jeffrey Epstein. The meetings come after House Speaker Mike Johnson sent lawmakers home early for summer recess after clashes among GOP leaders about releasing records tied to the late sex offender. Epstein’s connection to the president has been a focal point in this discussion, as they used to be friends.

• Rep. Scott Perry, R-Pa., who won his district by 1%, responded to questions about the Epstein files, saying he’s been calling for more details, says Carmen Russell-Sluchansky of network station WHYY. Rep. Ryan Mackenzie, R-Pa., provided a similar response. Other states, such as Arizona, have representatives calling for more transparency with the Epstein case. Russell-Sluchansky says we don’t know how constituents reacted to these town halls because they were over the phone. Sam Chen, who has run several Republican congressional campaigns, says that nothing really sticks to the president. Other candidates, however, don’t have the same effect when campaigning, so there is a lot to lose for them.

Ceasefire talks with Israel and the U.S. representatives in Qatar were cut short yesterday, as hunger spreads in Gaza. Over 100 human rights and aid organizations have delivered a statement saying Israel’s siege of Gaza has “created chaos, starvation, and death.”

• One of the sticking points in the negotiations is how much of an Israeli military presence will be in Gaza long-term, ‘s Emily Feng says. Israeli negotiators left Qatar, saying they would need to consult with leaders after hitting a bump in the talks for a 60-day ceasefire. The U.S. team also left, and the Middle East envoy Steve Witkoff said Hamas doesn’t appear to be coordinated. The situation in Gaza is dire, with some parents starting to give their children salt water as that’s all they have to provide, according to ‘s Anas Baba, who has been providing Feng with daily updates.

Living better

Living Better is a special series about what it takes to stay healthy in America.

Over the last century, obesity has become increasingly common in the U.S. and other industrialized nations, while it remains rare among those who maintain traditional lifestyles. A common explanation is that as societies have developed, people have become less active, so they burn fewer calories each day. However, a new major study published in the journal PNAS challenges that notion.

Duke University professor Herman Pontzer and an international team of collaborators compared the daily total calorie burn of individuals from 34 countries and cultures worldwide. The participants varied in lifestyles, showing strong evidence that diet and not a lack of physical activity is currently a key factor in weight gain and obesity. The study found that people in countries that derive a larger portion of their calories from ultra-processed foods tend to have more obesity and higher body fat percentages. Here’s what else experts say about trying to outrun a bad diet.

Weekend picks

3 things to know before you go

1. Artist Amy Sherald, known for her colored portraits of the African American experience, is canceling an upcoming show at the Smithsonian’s National Portrait Gallery due to a dispute over her painting of a trans woman.
2. The Federal Communications Commission has approved Skydance Media’s acquisition of Paramount Global, CBS’s parent company. Skydance has committed to eliminating alleged bias in news coverage and ending diversity programs.
3. Wrestling legend Hulk Hogan died yesterday at age 71. Clearwater, Fla., authorities say they responded to a cardiac arrest call.

This newsletter was edited by Suzanne Nuyen.