Most Fed officials see rate cut
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Fed, Trump
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The White House on Thursday launched a fresh attack on Federal Reserve Chair Jerome Powell, with a top Trump administration official saying Powell had "grossly mismanaged" the central bank, chastising him for running a deficit and for extensive cost overruns for building renovations.
It’s part of a larger push by Trump-aligned officials to probe the Fed and challenge Chair Jerome Powell’s leadership.
The president hasn’t named a successor to Jerome H. Powell, but his insistence on someone who will lower interest rates has already raised doubts about their credibility.
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Russell Vought, director of the Office of Management and Budget, said Federal Reserve Chair Jerome Powell "has grossly mismanaged the Fed."
White House budget director Russell Vought is suggesting that Federal Reserve Chair Jerome Powell is in violation of government building rules in the renovation of the Fed’s headquarters.
The Federal Reserve on Thursday proposed tweaks to how it evaluates large banks by making it easier for them to be considered "well managed," removing a hurdle for potential acquisitions and other restrictions.
Fed officials are increasingly split on rate cuts, though UBS's Paul Donovan says their indecision currently amounts to little more than “masterful inactivity.”