Trump is surprised he made the appointment. Welcome to the club.

Pour one out for Jerome Powell.
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Today's Agenda

Surprising Appointments

Leave it to Wall Street to one-up the most dramatic event of the week (the Summer I Turned Pretty season premiere, duh) with its reaction to reports that President Donald Trump was planning to fire Jerome Powell. In case you missed it, two individuals in a closed-door meeting with the president on Tuesday said Trump displayed a letter authorizing Powell's firing. Naturally, this sent markets into a tizzy. But hours later, Trump denied any plans to axe the Fed Chair.

I, for one, am growing tired of this will-he-won't-he-fire-Powell game. And so is Ernie Tedeschi, who says "ending Powell's term as Fed chair early could have a profound impact on the economy and the cost of living for Americans." On Wednesday, Trump said he "was surprised" that Mr. "Too Late" was appointed in the first place. Need I remind you, it was Trump who appointed Powell to lead the Fed in 2017.

In hindsight, Powell might be one of Trump's least controversial appointments. Take Alina Habba, the president's nominee for US attorney in New Jersey. In Barbara McQuade's eyes, Habba is "a partisan warrior unfit to serve as the state's top federal prosecutor." Mere days after being installed as the interim attorney, Habba broke one of the cardinal rules of federal prosecutors — don't appear biased — when she said "we could turn New Jersey red" on a podcast. She also cosplayed a cop on the job, turning a raid into a perp-walk photoshoot.

A number of New Jersey Democrats who have opposed Trump's immigration policies — Newark Mayor Ras BarakaGovernor Philip D. Murphy, Representative LaMonica McIvor — have been caught in Habba's crosshairs. Barbara calls Habba's actions against the politicians "an aggressive use of prosecutorial discretion to score political points." Her resume is also under scrutiny, with a group of 42 professors from New Jersey law schools noting "her lack of any prosecutorial experience and a demonstrated lack of competence in civil cases."

Yet Trump doesn't seem to care much for resumes these days, judging by Karishma Vaswani's latest dispatch on ambassadorial nominations in Singapore and Malaysia: "The White House has tapped a self-professed Hooters fan and an orthopedic surgeon for two key postings in Southeast Asia, a front line in the battle for influence between the US and China," she writes.

Singapore envoy-nominee Anjani Sinha, whose bio can be boiled down to being "a friend of President Trump for over a decade," failed to answer a number of questions about trade surpluses, military exercises and tariff policy at his confirmation hearing.

His potential counterpart in Malaysia, Nicholas Adams, is even more cause for concern: "The 40-year-old, originally from Australiabecame a US citizen in 2021. In his native country, Adams courted some controversy: He was the youngest-ever deputy mayor when he served on a council in Sydney's inner western suburbs, where he made headlines for calling for the eradication of pigeons and proposing DNA testing dog poo. The right-wing influencer has a strong conservative following, many of whom adore him for his alpha-male persona." His history of Islamophobic remarks, on the other hand, is not going over well.

With both nominations, Karishma says the Trump administration shows that "it's not expertise in a region that lands you the job — it's access to the man at the top." Here's hoping the next person helming the Federal Reserve bucks that trend.

Being Cruel Is Not Cool

Here's some good news: Amidst what Patricia Lopez calls "the cruelest crackdown on immigration in modern history," Americans are fiercely rejecting Trump's message around mass deportations.

"A new Gallup poll shows that 79% of those polled — a record high — say immigration is good for the country, with only 17% saying it is bad. And the number of Americans who want less immigration is dropping fast. Only 30% now support more restrictions, compared to 55% in 2024," she writes. Even Trump's supporters have changed their tune: "64% of Republicans say immigration is a net benefit to the country. Just a year ago that figure stood at 39%."

A lot has changed since last year. In 2024, not many ordinary people were confronting ICE, yet Erika D. Smith says that's common practice these days. "On a recent sunny morning in an immigrant neighborhood of Los Angeles, children gathered for summer camp. Then dozens of federal agents rolled in — on horseback, in armored vehicles and on foot, all wearing tactical vests and helmets fit for war," she writes. "LA resident Mikema Nahmir told reporters that he was out for a walk when he spotted two women yelling about la migra. He joined dozens of citizens and activists recording the scene with their cell phones and helping the children to safety. Soon, the agents left without arresting anyone."

Stories like this are multiplying by the day, with activists taking turns patrolling streets, Home Depot parking lots and hotlines. In the event of an altercation with ICE, Erika says they have their smartphones at the ready.

Such interventions can play a pivotal role in optics: "Unlike crackdowns from earlier eras, social media is playing a pivotal role in this one," Patricia writes. "Trump can't control the narrative here against an endless stream of TikTok videos and Instagram Reels that show the brutal reality of roundups and raids, family separations, arrests and lockups." As it turns out, watching a farm worker plummet to his death while being chased by ICE agents is not something that people are okay with.

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Superman IRL

Speaking of immigrants: How's Superman doing in theaters?

Much like Justin Bieber's seventh album, James Gunn's much-discussed reboot is surprisingly good, judging by the numbers. Jason Bailey says the superhero film has raked in more than $125 million domestically and another $95 million internationally. Can the movie be a hero for the entire genre? Headlines seem to say so: 'Superman' Saves the Day for DC Studios," announced the Hollywood Reporter. "With $217 Million in Ticket Sales, 'Superman' Helps Save Warner Bros., Too," the New York Times said.

Yet Jason is skeptical that one film can pull us out of superhero fatigue. "What's important to understand about superhero movies in particular, and blockbusters in general, is that people won't buy a ticket to just anything in 2025 simply because it's about a superhero," he writes. Back in the early aughts, second-string subjects — Iron Man, Ant Man, Black Widow — could attract a major audience, but that's no longer the case. The challenge going forward for Hollywood, he says, "is to give audiences the characters and stories they want, without descending into endless recycling and repetition."

Elsewhere in cultural touchstones of the summer, you have Bad Bunny's three-month residency in Puerto Rico. Susanne Ramirez de Arellano says the singer "has placed the island on center stage." His concert is expected to pump around $200 million into the local economy, but Susanne says "focusing mainly on the financial boost the residency will provide for the cash-strapped island risks overshadowing an outcome that might be more meaningful: Bad Bunny, whose real name is Benito Antonio Martínez Ocasio, is giving Puerto Rico an opportunity to reclaim its narrative." And what a stage to tell it on:

"He's driving home the message to a massive international and local audience that Puerto Ricans deserve to unapologetically take up space. The sentiment resonates deeply among people who never had a real voice in shaping their future," Susanne says. You know who that sounds like? A superhero! In real life.

Telltale Charts

You know those insanely complicated celebrity connection flowcharts? I need somebody to make one for Kraft Heinz, because the number of references that Andrea Felsted has in her column about the food company's potential breakup is mind-boggling. She's got Warren Buffett's Berkshire Hathaway in there, Mondelez International, Kellogg's and so, so, many brands: Oscar Meyer! Grey Poupon! Lunchables! McCormick! Nutella! Froot Loops! Who owns what and how does it all connect? [1]  You'll have to read the whole thing to find out, but the bottom line is that Andrea says both parts of Kraft Heinz — the cold cuts-and-cheese business and the saucy, spreadable condiments arm (mayochup, anyone?) — "might prove tantalizing to a bidder."

If nature had its way, Mark Gongloff would be writing about flash floods nearly every day. "In just the past two weeks, destructive and deadly flooding has occurred in MarylandVirginiaNorth CarolinaChicagoIowaTampaNew Mexico and, of course, Texas," he says. New York City was the latest victim, with its subway system and beloved AMC Lincoln Square Theatre turning into veritable waterparks on Monday evening. "Floods aren't new, according to the the climate-change deniers in my inbox, but their frequency and severity have worsened as the planet has become hotter," Mark writes. "Hundred- and even thousand-year floods become almost routine. They're even repeatedly hitting places like Vermont, which were once considered safe havens from climate change."

Further Reading

Europe needs to save its carbon-market marriage. — Bloomberg editorial board

The Epstein files give MAGA and Democrats common ground. — Nia-Malika Henderson

In the future, stablecoins will pay interest — via the back door. — Andy Mukherjee

Germany's phaseout of nuclear energy should be reversed. — Katja Hoyer

US tariffs at 30%? C'mon, Europe. Do something. — Lionel Laurent

It's not all doom and gloom for European automakers. — Chris Bryant

You may not need a FICO score to get a mortgage if Bill Pulte has his way. — Marc Rubinstein

ICYMI

JPMorgan is in a class of its own.

Coca-Cola may soon be made with real cane sugar.

The secret winners of Trump's megabill.

Kickers

Sotheby's sold a big chunk of Mars.

Somebody get this guy a museum ASAP.

Is it even mint chip ice cream if it's not green?

The golfer who's earned $30 million without winning.

Notes: Please send Bad Bunny impressions and feedback to Jessica Karl at [email protected].

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[1] My measly attempt at a flow chart. I'm sure someone could do better!!

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