Trump Aims to Replace U.S. Fed Chair Powell Over Renovation Costs
President Donald Trump is making efforts to remove Federal Reserve Chair Jerome Powell due to concerns over the $2.5 billion renovation project of two Fed buildings. Trump accuses Powell of mismanaging the project, leading to a clash over interest rate cuts and inflation. The potential ousting of Powell could impact the Fed's independence and financial markets.
U.S. President Donald Trump is making efforts to replace Federal Reserve Board Chair Jerome Powell, accusing him of mismanaging the central bank's $2.5 billion renovation project. Trump has been pushing to remove Powell due to disagreements over interest rates and the renovation costs. Powell's resistance to rate cuts has been a point of contention.
Trump criticized the renovation project's cost, calling it 'disgraceful.' Powell, on the other hand, believes that premature rate cuts could worsen inflation. The Fed's independence from political influence is crucial for the stability of financial markets.
The renovation project aims to upgrade the Fed's main headquarters, the Marriner S. Eccles building, which is over 90 years old. The costs of the renovation have escalated over the years, leading to criticism from the Trump administration.
White House officials have raised concerns about the project's expenses and changes in the renovation plans. The Fed has requested an independent review of the renovation costs to address the criticisms.
According to the source: The Globe and Mail.
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