The Cynic: June 20

BUSINESS
This Week’s Business News

Trump says Powell’s doing a bad job—and jokes he might take over the Fed himself.

During a conversation with supporters, Trump criticized Fed Chair Jerome Powell (whom he originally appointed), suggesting that the Fed’s rate policies are damaging the economy—and half-joking that maybe he should just run it himself.

While clearly tongue-in-cheek, the comment came with serious shade: Trump said Powell was “not doing a good job,” and that his economic instincts were stronger than those of the current central bank crew.

This all comes as Trump continues to push the Fed to lower rates now, while Powell and crew insist the economy’s not quite cool enough to risk inflation boomeranging back.

Texas Democrats want Musk to pump the brakes on his robotaxi launch.

A group of Democratic lawmakers in Texas sent a letter asking Tesla to delay the rollout of its driverless ride-hailing service, citing safety concerns and a lack of transparency.

Tesla plans to deploy 10–20 self-driving Model Y vehicles starting June 22 in “controlled environments,” but the lawmakers say that without clear regulatory guidance, it could become a “public safety issue.”

Musk, of course, isn’t known for loving red tape—and with the robotaxi rollout already behind schedule, it's unclear whether Tesla will comply, or just press “Autopilot” and launch anyway.

TikTok gets another 90-day extension—because nothing says urgency like four delays.

Trump announced he’s signed an executive order giving TikTok until September 17 to sell its U.S. operations or face a ban—marking the third such delay since the law passed last year.

The clock was originally supposed to run out on January 19, but legal challenges and election-year foot-dragging have stretched the deadline like a bad influencer apology.

Trump says he wants to give ByteDance “a fair shot,” but critics argue he’s bending the rules—meanwhile, TikTok’s Gen Z fanbase is just glad they get one more summer of thirst traps and AI filters.

REAL ESTATE
This Week’s Real Estate News

Housing starts just dropped to a five-year low—because why build when no one can buy?

New home construction fell 5.5% in May, with total housing starts hitting an annualized rate of 1.28 million—the weakest pace since the lockdown days of 2020.

The biggest drop came in multi-family buildings, which fell nearly 10%, while single-family construction held steady. Builder confidence is sagging amid high rates, rising costs, and a shortage of unicorn buyers with perfect credit.

Permits—aka what builders plan to do—are also sliding, which means this isn’t a blip, it’s a slowdown. The vibe in construction right now? “Let’s circle back next quarter.”

NYC renters just got a break—but landlords are already planning revenge.

The new Fairness in Apartment Rental Expenses (FARE) Act makes it illegal for landlords to pass broker fees onto tenants—shifting a painful upfront cost (often 12–15% of annual rent) back onto the people who hired the brokers in the first place.

Tenant advocates are celebrating, calling it a long-overdue fix to a backwards system. But landlords are already hinting that rents might quietly rise to “offset the burden,” because obviously nothing can just be a win.

Still, for renters trying to cough up five figures just to sign a lease, this could mean a few extra thousand dollars not vaporizing on day one—and that’s about as close to a miracle as NYC gets.

The Fed held interest rates steady—and the housing market held its breath.

At their most recent meeting, the Federal Reserve decided not to cut rates, leaving the benchmark rate at a 23-year high between 5.25% and 5.5%. That’s now seven meetings in a row with no change, despite growing pressure from builders, buyers, and every mortgage holder with a pulse.

The Fed says inflation is still too hot to touch the thermostat. While inflation has cooled from its 9% peak, it’s still above the Fed’s 2% target—and until that number behaves, your 7% mortgage rate isn’t going anywhere.

For real estate professionals, it’s more of the same: fewer sales, frustrated buyers, and sellers refusing to drop prices because they’re clinging to 2021 like it’s a Taylor Swift breakup album.

PARTNER CONTENT

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BREAKING NEWS
This Week’s Headlines

🇮🇱 Israel releases footage of Tehran strikes, claims drone attack was blocked.
Nothing says de-escalation like GoPro footage of jets buzzing foreign capitals.

🗣️ Trump says he wants a “real end” to Iran-Israel conflict.
Which, knowing Trump, means a peace deal signed in gold Sharpie and announced on Truth Social.

🧺 30 Palestinians killed near food aid centers in latest Gaza shootings.
Starving civilians getting gunned down for standing in line—Middle East diplomacy at its most efficient.

✈️ Trump leaves G7 early, warns Tehran to evacuate.
When the former president says "heads up," it’s less metaphor and more airstrike forecast.

🕊️ The Middle East peace process is now officially a live-streamed demolition derby.
Everyone’s talking about peace—right after showing off who’s got the biggest drone.

FUN
Riddle Me This

I rise when there's fear,
I fall when there’s cheer.
I live in the minds of CNBC men—
And I vanish the second the Fed hits 10.
What am I?

Reply to this email with the answer for a chance to win a surprise

ADVICE
This Week’s Business Advice

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