Happy New Year 2025

Tag: Reserve

Elon Musk’s DOGE prepares for Fort Knox gold reserve audit at Rand Paul’s urging

Kentucky Sen. Rand Paul joined ‘Fox & Friends’ to discuss the need for a gold reserve audit at Ft. Knox and his decision to vote against the Republican budget bill.

Tech billionaire Elon Musk has his sights set on an audit of the U.S. gold reserve at Ft. Knox through the Department of Government Efficiency (DOGE) after it was revealed there is no yearly review for the world-renowned stash.

Sen. Rand Paul, R-Ky., who invited Musk to review the gold reserve on X over the weekend, joined “FOX & Friends” to discuss the need for greater transparency about the massive reserve after trying to verify it himself for a decade.

COSTCO GOLD AND SILVER SALES ‘SEEM TO HAVE GROWN CONSIDERABLY’

“I think some of them may not think it needs to be audited all the time, but I think the more sunlight, the better, more transparency, the better. And also, it brings attention to the fact that gold still has value and implicitly, not explicitly, but implicitly, gold still gives value to the dollar,” Paul told Lawrence Jones on Monday.

“That’s why we don’t get rid of it,” he continued. “We’ve got it. The IMF has it, the World Bank has it. Most of the central banks… around the world have gold, and it’s an implicit trust that the dollar still has some backing.”

FORT KNOX, KY – MAY 31: An M1 Abrams tank sits on a pedestal above the entrance signage to Fort Knox, a US military installation, on May 31, 2021 in Fort Knox, Kentucky. Fort Knox spans 108,955 acres across Hardin, Meade and Bullitt counties. Fort Kn (Getty Images)

The United States has the world’s largest gold reserve, having more than 8,100 tonnes of it at the end of 2024, according to the World Gold Council.

Fort. Knox’s massive reserve has reportedly been valued at $425 billion according to the New York Post, with the rest of the United States’ highly sought-after metal being stored in the Federal Reserve Bank of New York.

Critics have called for greater transparency regarding the stash after it was revealed the top-secret locations are not subject to a yearly audit.

Paul said he has tried to get his eyes on the Ft. Knox gold for 10 years “to make sure it’s all there.”

WHY GOLD ETFS ARE AN ALTERNATIVE TO BONDS AS INFLATION LINGERS

Paul said he received permission to visit during the first Trump administration, but the trip did not materialize.

Then-Treasury Security Steven Mnuchin and Sen. Mitch McConnell, R-Ky., visited the vaults in 2017. They reported that, despite various conspiracy theories, the gold was present.

Crypto investor Joe McCann discusses whether Bitcoin is an investment or currency on ‘Cavuto: Coast to Coast.’

“I didn’t get to go down, but the secretary of treasury and the senior senator from Kentucky did go down and attest that they believe they saw the gold down there.”

Prior to that, a congressional delegation and journalists were invited to view them in 1974 after claims of looting.

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February 17, 2025
Hassett to serve as Trump admin’s contact with the Federal Reserve

Speaking before the World Economic Forum in Davos, Switzerland, Trump said he’ll call for interest rates to be lower than current levels. A possible sign he is setting up a possible battle with the Federal Reserve.

Kevin Hassett, the director of the National Economic Council, is set to serve as the Trump administration’s key point of contact with the Federal Reserve Chair Jerome Powell as the fight against inflation continues.

Hassett appeared on CBS News’ “Face the Nation” on Sunday and told host Margaret Brennan that he is planning to hold regular lunch meetings with Powell and other central bank policymakers.

“I, just this weekend, have arranged to begin, once again, regular lunches with Jay Powell at the Federal Reserve,” Hassett said. “Jay and I have a long and collegial relationship, and I’m going to go over there with him and the other governors.”

“So, we’re going to talk about our views about what’s going on, and listen to his and that collegiality has been going on for four years when I was here before, and the president very much values that,” he said.

TARIFFS COULD FACTOR INTO FED’S RATE-CUT PLANS AMID INFLATION CONCERNS, EXPERTS SAY

Kevin Hassett, the director of the National Economic Council, will serve as a key point of contact for the Trump administration with the Federal Reserve. (Mark Wilson/Getty Images / Getty Images)

Brennan began to ask Hassett whether those meetings are aimed at influencing the Federal Reserve’s decisions on monetary policy when he replied that “Jay is an independent person” and that the independence of the Fed is respected.

“The point is, the president’s opinion… can be heard. He’s the president of the United States. But here’s the thing that I think is interesting, that if we get inflation under control, then that takes pressure off the Fed,” Hassett said.

“One way to tell whether markets think, ‘are we getting inflation under control,’ is to look at longer term interest rates that the Fed doesn’t affect directly. And if you look at it, the 10-year Treasury rate has dropped about 40 basis points over the last couple of weeks while we announced our plan to control inflation. That saved the American people about $40 billion… just from talking about the stuff that we’re about to do,” he added.

INFLATION RISES 3% IN JANUARY, HOTTER THAN EXPECTED

Fed Chair Jerome Powell has signaled the Fed isn’t in a hurry to cut interest rates and will continue to evaluate fresh economic data. (Alex Wong/Getty Images / Getty Images)

President Donald Trump has repeatedly criticized Powell and called for the Fed to lower interest rates. While Powell was testifying before Congress about monetary policy, Trump once again posted that the central bank should lower interest rates.

“Interest Rates should be lowered, something which would go hand in hand with upcoming Tariffs!!!” Trump said in a post on Truth Social. “Lets Rock and Roll, America!!!”

Powell’s testimony reiterated his stance that the Fed doesn’t need to “hurry” to lower interest rates as it waits for more data showing that inflation is trending back toward its 2% target rate as the central bank pursues its dual mandate of stable prices and maximum employment.

TRUMP SAYS HE WON’T FIRE FED CHAIR JEROME POWELL

President Donald Trump nominated Jerome Powell to serve as Federal Reserve chair in 2017. (SAUL LOEB/AFP via Getty Images / Getty Images)

“We do not need to be in a hurry to adjust our policy stance,” Powell told the Senate Banking Committee on Tuesday. “We know that reducing policy restraint too fast or too much could hinder progress on inflation. At the same time, reducing policy restraint too slowly or too little could unduly weaken economic activity and employment.”

The Fed left interest rates unchanged at its most recent policy meeting in January amid stubborn inflation and a resilient labor market, with policymakers saying they are waiting for data showing inflation is trending lower.

The consumer price index (CPI) – a popular inflation gauge – came in hotter than expected last week at an annual rate of 3% for January. That figure was up from 2.9% a month ago, though it’s down from 3.1% in January 2024.

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Core CPI also ticked higher by 0.1 percentage from last month to 3.3% on an annual basis. That metric was 3.9% in January 2024.

February 17, 2025
Elon Musk warns Federal Reserve may face DOGE audit

Varney & Co. host Stuart Varney reacts to Democrats attacks on Elon Musk over his federal budget cost-cutting efforts.

Billionaire Elon Musk on Sunday signaled that the Federal Reserve could face scrutiny as Musk’s Department of Government Efficiency (DOGE) continues to audit federal agencies and spending.

Musk wrote on X in response to a user’s post about the billionaire’s support for an audit of the Fed that the central bank isn’t above scrutiny from DOGE.

“All aspects of the government must be fully transparent and accountable to the people. No exceptions, including, if not especially, the Federal Reserve,” Musk wrote.

Musk is a longtime critic of the central bank and has called out its decisions on monetary policy as well as claiming the Fed’s workforce is bloated.

POWELL PUSHES BACK ON MUSK’S CLAIM FED IS ‘ABSURDLY OVERSTAFFED’

Department of Government Efficiency (DOGE) leader Elon Musk warned the Federal Reserve could face an audit. (om Williams/CQ-Roll Call, Inc via Getty Images / Getty Images)

In May 2024, Musk posted that the “Fed has a crazy high number of employees.”

The billionaire CEO of Tesla and SpaceX also said last summer the Fed was too slow in cutting interest rates, writing on X in August that the Fed “needs to drop rates” and has been “foolish not to have done so already.”

The Fed would go on to cut rates in September in line with the market’s expectations, which it followed with further cuts in November and December.

FEDERAL JUDGE BLOCKS ELON MUSK’S DOGE FROM ACCESSING TREASURY RECORDS AFTER DEMOCRATIC AGS FILE LAWSUIT

Fed Chairman Jerome Powell pushed back on Musk’s claim that the central bank is “absurdly overstaffed.” (Photo by Alex Wong/Getty Images / Getty Images)

Fed Chair Jerome Powell was asked about Musk’s recent claim that the central bank’s workforce is “absurdly overstaffed” at a press conference last month following the central bank’s decision to leave rates steady at the current range of 4.25% to 4.5%.

“We run a very careful budget process where we’re fully aware. We owe that to the public, and we believe we do that. I’ve got no further comment on that, thanks,” Powell responded to FOX Business’ Edward Lawrence.

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February 10, 2025
Eagles activate Brandon Graham off injured reserve before Super Bowl LIX

Philadelphia Eagles defensive end Brandon Graham tore his triceps 11 weeks ago, putting his season, possibly his career, in jeopardy.

Now he will play in the Super Bowl.

Graham, 36, was activated off injured reserve Saturday and will return for Sunday’s Super Bowl against the Kansas City Chiefs.

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Defensive end Brandon Graham of the Philadelphia Eagles celebrates during the second half of a game against the Los Angeles Rams at SoFi Stadium Nov. 24, 2024, in Inglewood, Calif. (Brooke Sutton/Getty Images)

Graham said before the season that this season would be the final one of his 17-year career. The injury to his triceps Nov. 24 against the Los Angeles Rams had Graham facing a possible premature end to his career.

The defensive end returned to practice as a limited participant last week and was listed as questionable in Friday’s practice.

“It’ll feel great because you worked your butt off to get back,” Graham said. “I know the team worked their butt off to get here, and I want to be there for them.”

Graham is one of two position players and four players overall left from the Eagles’ Super Bowl championship team in the 2017 season.

HOW TO WATCH SUPER BOWL LIX BETWEEN CHIEFS, EAGLES STREAMED ON TUBI

Brandon Graham of the Philadelphia Eagles runs out of the tunnel before a game against the Washington Commanders at Lincoln Financial Field Nov. 14, 2024, in Philadelphia. (Cooper Neill/Getty Images)

In the Eagles’ Super Bowl win over the New England Patriots in 2018, Graham strip-sacked Tom Brady with 2:11 left in the fourth quarter to seal the 41-33 win for the Eagles.

In their 38-35 loss to the Kansas City Chiefs in the Super Bowl two years ago, Graham played 18 snaps without a tackle or sack.

“I don’t want to get in the way of the rhythm of what everybody already has,” Graham said. “If I can just add anything, I want to give everything I’ve got.”

Graham has played the most games of any player in Eagles history with 206, 13 more than Jason Kelce, who is second in franchise history with 193.

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Super Bowl LIX will be streamed on Tubi. (Tubi)

Graham hopes his final game ends with hoisting the Vince Lombardi Trophy for the second time in his career.

The Chiefs take on the Eagles in the Super Bowl Sunday at 6:30 p.m. ET on FOX.

FOX’s Super Bowl coverage begins at 1 p.m. ET Sunday. Coverage can be streamed live on Tubi for the first time.

Follow Fox News Digital’s sports coverage on X, and subscribe to the Fox News Sports Huddle newsletter.

Ryan Canfield is a digital production assistant for Fox News Digital.

February 8, 2025
Federal Reserve holds interest rates steady amid inflation uncertainty

Kudlow panelists John Carney and Brian Brenberg discuss job growth and the Feds moves.

The Federal Reserve on Wednesday announced that it will leave interest rates unchanged amid uncertainty about inflation and economic conditions.

The Fed’s decision leaves the benchmark federal funds rate at a range of 4.25% to 4.5% and follows three consecutive interest rate cuts at the central bank’s most recent meetings – including a 50-basis-point cut in September as well as a pair of 25-basis-point reductions in November and December.

“Recent indicators suggest that economic activity has continued to expand at a solid pace,” wrote members of the Federal Open Market Committee (FOMC), the group responsible for guiding the Fed’s monetary policy. “The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated.”

The FOMC statement said that the Fed continues to pursue its dual mandate of achieving maximum employment and inflation at 2% over the longer run. It added that the “economic outlook is uncertain, and the Committee is attentive to risks to both sides of its dual mandate.”

FOMC members were unanimous in the decision to leave rates unchanged at this time. The committee’s statement added that policymakers “would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals” and that it will consider a range of information including labor market data, inflation pressures and expectations, as well as financial and international developments as it considers its next move.

Fed Chair Jerome Powell will outline the central bank’s decision at a press conference where he will likely face questions about how policymakers view the impact of President Donald Trump’s economic agenda. He may also face questions about whether they considered his call for lower interest rates in their decision.

This is a developing story. Please check back for updates.

January 29, 2025