TLDR

MARKET RECAP → Stocks fell on Friday, despite finding success earlier in the week, as investors weighed President Trump’s announcement of a 35% tariff on Canada and possible tariff increases across the board.

FED FIGHT GETS PERSONAL → Russ Vought, ex-Trump budget chief and possible next Fed chair, is going after Jerome Powell over a $500 million Fed HQ renovation, calling it wasteful and elitist. It's less about drywall, more about a power play as Trump-world gears up for 2026 monetary control.

CODE, MEET YOUR NEW COWORKER → Goldman Sachs (GS) has deployed an AI tool that autonomously writes production-ready code, retrains itself, and now powers real apps. Unlike typical copilots, this system works with minimal human input, potentially ushering in a future of self-writing software on Wall Street.

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Politics

Fed Fight Gets Personal

Trump ally targets Fed’s spending: Former Trump budget chief and 2025 Fed chair hopeful Russ Vought is sharpening his attacks on Jerome Powell, calling for a sweeping investigation into a $500 million renovation of the Federal Reserve’s D.C. headquarters. Vought claimed the upgrades were a “boondoggle,” part of what he calls Powell’s elitist stewardship of the central bank.

This isn’t just about drywall: Vought’s move signals more than fiscal watchdogging, it’s political positioning. As Trump eyes a second term, Vought is angling to replace Powell, whose term ends in 2026. The criticism could resonate with populist voters skeptical of the Fed’s role in inflation and interest rates.

Pressure mounts on Powell: Powell, a Republican appointee now caught in a political vise, faces rising heat from Trump-aligned officials who view him as too slow to cut rates and too insulated from working-class concerns. The optics of a luxe office facelift during inflationary times aren’t helping.

Tech

Code, Meet Your New Coworker

Goldman Sachs’ AI can write code: In a milestone that could reshape how Wall Street does tech, Goldman Sachs (GS) has launched an "autonomous" AI software developer. Unlike copilots that assist human programmers, this system writes and refines production-grade code with little or no human help. It recently built a data parser used in real applications, reviewed by engineers only after deployment.

It’s not just a lab experiment: The tool has already been integrated into the firm’s software development processes, marking a leap from theoretical AI use to real-world implementation. It even retrained itself using internal Goldman code, becoming increasingly accurate and context-aware as it learned.

What’s next? Smarter bots, fewer humans?: While Goldman insists this is about augmenting, not replacing, developers, the implication is clear: more efficient AI-driven coding could reduce the need for manual labor and accelerate deployment cycles. The bank calls it a step toward “self-improving software”, a potentially seismic shift in how financial systems evolve.

BULL VS. BEAR

KEEP READING

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TikTok loses bid to dismiss lawsuit alleging its ‘addictive design’ exploits kids (CNBC)

Nvidia’s Jensen Huang sells more than $36 million in stock, catches Warren Buffett in net worth (CNBC)

France is investigating X over foreign interference, while an MP also criticizes Grok (TechCrunch)

Analyst spots best breakout attempt as XRP jumps 30% (The Street)

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