Fed, Jerome Powell and Bessent
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The Federal Reserve’s independence from political interference, viewed as sacrosanct inside the central bank, is under siege.
Federal Reserve Chair Jerome Powell is facing pressure from all sides as the Fed’s banking regulation conference kicks off this week. President Trump has been threatening to fire Powell while
Federal Reserve Gov. Christopher Waller on Thursday called for the central bank to cut interest rates in July. Waller said
The Federal Reserve on Monday added a video tour and new details about the renovation of two historical buildings at its headquarters in Washington, as the Trump administration ramps up attacks on U.S.
President Donald Trump has looked to the marble finishes and hefty price tag of the Federal Reserve headquarters to claim grounds to fire Chair Jerome Powell, with whom he has tussled for years over interest rates.
Some officials want a July cut to protect the labor market, while others want to wait because they anticipate more inflation coming.
For example, if borrowers and lenders think, today, that the FOMC is likely to lower its target for the Federal Funds Rate substantially over the next several years, medium- and longer-term interest rates today will incorporate those expectations, and those rates then will be lower than would otherwise be the case.
"It's very important that we maintain our independence with respect to monetary policy," Michelle Bowman, vice chair for supervision at the Federal Reserve, said on Tuesday during a broadcast interview.
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