White House Seizes on Fed Renovations
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Trump Rips Jerome Powell
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President Donald Trump has frequently voiced dissatisfaction with the Fed’s “wait-and-see" approach to lowering interest rates under Powell.
Is the Fed chairman, Jay Powell, going to make it through the weekend? There is talk that he is being forced to resign. President Trump, of course, is on
Trump administration official Bill Pulte released a statement suggesting that Fed Chair Jerome Powell is considering resigning amid mounting pressure on his leadership.
Trump hopes to get lower rates by replacing Fed Chair Jerome Powell with someone who would do what the president wants. But Powell’s term as chair does not end until May 2026. He’s insisted he won’t resign early.
Questions are heating up over the central bank’s spending on a $2.5 billion renovation of its offices.
Federal Reserve officials split over when to cut rates, Brazil vows response to 50% tariff, and more news to start your day.
A senior Trump administration official said Friday that Fed Chair Jerome Powell is “considering resigning” as pressure grows for an investigation into whether he lied to Congress about the central bank’s “Palace of Versailles” renovations to its headquarters in Washington, DC.
In a response to Fortune, Federal Reserve Bank of St. Louis President Alberto Musalem defended the Fed's autonomy, citing global evidence that independent central banks deliver stronger inflation and employment outcomes.