It’s getting harder to ignore the tension between the Trump team and the Fed — and Scott Bessent just poured gasoline on the fire. The Treasury Secretary is now calling for a review of the Federal Reserve’s $2.5 billion renovation of its D.C. headquarters. Yes, $2.5 billion for an office makeover. The message is clear: Powell’s seat is getting warmer, and the rate-cut resistance isn’t going unnoticed.

Markets Are Hot — Maybe Too Hot

Meanwhile, the equity markets are showing signs of froth I haven’t seen since the pre-GFC days. Meme stocks aren’t just surviving — they’re thriving. Case in point: Opendoor surged 121% in a single day. Retail traders are back with diamond hands, and institutional money is leaning in, too.

Some of the world’s biggest asset managers are going risk-on as equities punch to new highs. But this week could be a gut check — Alphabet and Tesla report earnings, and we’ll find out if this rally has legs or just vibes.

Crypto Is Back in the Spotlight — And Trump’s All In

Trump Media just went long on Bitcoin — $2 billion worth of it. The move is being framed as a “crypto treasury strategy.” Whether that’s vision or vaporware is up for debate, but it adds to the mania. Trump’s crypto consigliere Justin Sun is set to launch into space with Blue Origin — no metaphor needed there.

Even JPMorgan is warming up to digital assets. The same Jamie Dimon who once called crypto a scam is now exploring ways to lend against clients’ tokens, according to the Financial Times. The institutionalization of crypto is happening fast — and whether you’re a believer or a skeptic, you can’t ignore it.

AI, Data Centers, and the Power Grab Nobody’s Talking About

MIT’s Andrew Lo just said AI will be making real investment decisions within five years. Not assisting — deciding. That future is going to be power-hungry, which is why OpenAI and Oracle are scaling up to add 4.5 gigawatts of U.S. data center capacity. That’s a serious infrastructure buildout, and it’s something real estate developers — especially those in power-rich regions — should be watching closely.

The China Chill Hits Wall Street

BlackRock just told staff heading to China: don’t bring your laptops. Use burner phones. Wells Fargo went a step further and cut off all travel after one of its execs got stuck there due to a criminal probe. Even a U.S. Commerce Department employee was reportedly barred from leaving for months.

These stories aren’t just headlines — they’re signs of rising geopolitical risk that institutional capital can’t ignore. Trump’s tariff strategy is also hitting Chinese exports hard. Bloomberg Economics estimates 70% of China’s U.S.-bound exports are now under pressure due to re-routed trade policies. For developers and capital allocators working cross-border, it’s another red flag in an already complicated environment.

Science Cuts and Sovereign Priorities

While we’re on the subject of global competition, RFK Jr. wants to slash the NIH’s budget by 40%. That’s not just belt-tightening — it’s retreating from innovation. If you’re serious about staying competitive with China, this isn’t how you do it.

In-N-Out of California — Or Not Really

And finally, billionaire Lynsi Snyder — heir to the In-N-Out fortune — made headlines by announcing her move from California to Tennessee. She says it’s about family and business climate, but let’s call it what it is: a symbolic move. Most of her staff and operations will remain in California. No new stores are opening in Tennessee, and there are no Florida expansion plans either. A culture war footnote, not a strategic shift.

What I’m Watching as a Real Estate Developer

There’s a common thread running through all of this: volatility, velocity, and visibility. From Powell’s standoff with Trump to AI’s growing influence on capital flows, the chessboard is shifting. As developers and investors, we don’t get the luxury of ignoring macro shifts — we build into them.

I’ll be keeping a close eye on:

• The ripple effects of AI infrastructure growth on land and power demand.

• How capital markets respond if meme stock fever spreads to housing tech.

• Any federal policy pivots on interest rates or tariffs that could reprice development risk.

Let me know what you’re tracking.

— Daniel

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