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Tag: Jerome Powell

Trump Escalates Pressure on Fed’s Powell Over ‘Ostentatious’ HQ Renovation

Trump Escalates Pressure on Fed’s Powell Over ‘Ostentatious’ HQ Renovation

Trump Escalates Pressure on Fed’s Powell Over ‘Ostentatious’ HQ Renovation President Donald Trump is intensifying his campaign against Federal Reserve Chairman Jerome Powell, shifting focus to the central bank’s headquarters renovation plans as a new avenue for pressure. The latest development saw Russ Vought, Trump’s top budget adviser, send a letter to Powell, expressing the president’s “extreme trouble” over potential violations of government building rules with an “ostentatious overhaul.” This move follows Trump’s recent appointment of close aides James Blair…

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Bessent Cautioned Trump Against Firing Fed Chair Powell, Citing Major Economic and Legal Risks

Bessent Cautioned Trump Against Firing Fed Chair Powell, Citing Major Economic and Legal Risks

Bessent Cautioned Trump Against Firing Fed Chair Powell, Citing Major Economic and Legal Risks Treasury Secretary Scott Bessent reportedly urged President Donald Trump against dismissing Federal Reserve Chair Jerome Powell, warning of significant economic, political, and legal repercussions, according to a new report from The Wall Street Journal. Bessent’s advice, which marks a notable divergence from other Trump allies, highlighted that removing Powell before his term concludes next spring could destabilize financial markets and push the central bank into unprecedented…

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White House Intensifies Pressure on Fed Chair Powell Over $2.5 Billion Renovation Costs

White House Intensifies Pressure on Fed Chair Powell Over $2.5 Billion Renovation Costs

White House Intensifies Pressure on Fed Chair Powell Over $2.5 Billion Renovation Costs Federal Reserve Chair Jerome Powell is facing escalating attacks from the White House over alleged mismanagement of a years-long, multi-billion dollar renovation of the Fed’s headquarters. The White House, under President Donald Trump, has openly suggested that the spiraling costs could be grounds for Powell’s dismissal, even as experts question the legality of such a move. The renovation project, initiated in 2017 before Powell’s appointment, has seen…

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JP Morgan CEO Jamie Dimon Defends Fed Independence Amid Trump’s Intensified Attacks and Succession Talks

JP Morgan CEO Jamie Dimon Defends Fed Independence Amid Trump’s Intensified Attacks and Succession Talks

JP Morgan CEO Jamie Dimon Defends Fed Independence Amid Trump’s Intensified Attacks and Succession Talks Jamie Dimon, CEO of JP Morgan Chase, has strongly defended the Federal Reserve’s independence, calling it “absolutely critical” amidst escalating pressure from Donald Trump for immediate interest rate cuts. Dimon’s comments were made as the White House confirmed it has already initiated a process to select a successor for current Fed Chair Jerome Powell, despite his term not concluding until May next year. Trump has…

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Fed Cuts Growth Forecast Amid Escalating Tariff Fears

Fed Cuts Growth Forecast Amid Escalating Tariff Fears

Fed Cuts Growth Forecast Amid Escalating Tariff Fears The US central bank has lowered its economic growth forecast, citing President Donald Trump’s tariffs as a clear driver of rising prices. The Federal Reserve, which kept interest rates unchanged, stated it is closely monitoring the impact of White House policies. This decision, widely anticipated, maintains the benchmark interest rate at approximately 4.3%, a level held since December. Following the announcement, President Trump urged the Fed to cut rates, stating on Truth…

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Federal Reserve Publicly Counters Trump Administration Over Renovation Costs Amid Escalating Tensions

Federal Reserve Publicly Counters Trump Administration Over Renovation Costs Amid Escalating Tensions

Federal Reserve Publicly Counters Trump Administration Over Renovation Costs Amid Escalating Tensions The U.S. Federal Reserve is directly addressing mounting criticisms from the Trump administration regarding its $2.5 billion headquarters renovation project, launching a new ‘Frequently Asked Questions’ page on its website. This move comes as the administration intensifies its campaign against the central bank and Chairman Jerome Powell. The newly updated FAQ page, last revised late last week, specifically refutes claims made by Office of Management and Budget Director…

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BREAKING: Fed Chair Jerome Powell Reportedly Weighing Resignation Amid Mounting Pressure Over $2.5B HQ Renovation

BREAKING: Fed Chair Jerome Powell Reportedly Weighing Resignation Amid Mounting Pressure Over $2.5B HQ Renovation

BREAKING: Fed Chair Jerome Powell Reportedly Weighing Resignation Amid Mounting Pressure Over $2.5B HQ Renovation A senior Trump administration official indicated on Friday that Federal Reserve Chair Jerome Powell is reportedly considering his resignation. This comes amidst intensified calls for an investigation into whether Powell misled Congress regarding the central bank’s lavish $2.5 billion headquarters renovation in Washington, D.C., which critics have dubbed a “Palace of Versailles.” Pressure on Powell has mounted significantly. Bill Pulte, chair of US government-backed mortgage…

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Trump’s Past Battles with the Federal Reserve: A Historical Look at Presidential Power and Central Bank Independence

Trump’s Past Battles with the Federal Reserve: A Historical Look at Presidential Power and Central Bank Independence

Trump’s Past Battles with the Federal Reserve: A Historical Look at Presidential Power and Central Bank Independence As the 2024 election cycle continues, a look back at former President Donald Trump’s unprecedented challenges to the Federal Reserve’s independence during his first term offers critical insights into the potential future of economic policy. Trump frequently targeted then-Fed Chair Jerome Powell, publicly demanding interest rate cuts and even threatening his job. This aggressive stance, including a notable handwritten note urging significant rate…

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Trump’s Past Demands: A Look Back at Calls for Powell’s Resignation

Trump’s Past Demands: A Look Back at Calls for Powell’s Resignation

Trump’s Past Demands: A Look Back at Calls for Powell’s Resignation In a significant escalation during his presidency, Donald Trump repeatedly called for Federal Reserve Chair Jerome Powell to resign, citing dissatisfaction with the central bank’s interest rate policies. These demands, often voiced on social media platforms like Truth Social, stemmed from Trump’s belief that lower interest rates were crucial for boosting economic growth. The controversy intensified with calls from figures like Federal Housing Finance Agency director Bill Pulte for…

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Fed Holds Steady, Monitors Tariff Inflation Amidst Rate Cut Speculation

Fed Holds Steady, Monitors Tariff Inflation Amidst Rate Cut Speculation

Fed Holds Steady, Monitors Tariff Inflation Amidst Rate Cut Speculation Federal Reserve Chair Jerome Powell recently signaled the central bank’s cautious approach to monetary policy, emphasizing patience as officials assess the lingering impact of tariffs on inflation. In testimony before the House Financial Services Committee on Tuesday, Powell reaffirmed the Fed’s current strategy of holding interest rates steady while keeping a close eye on economic data. Despite rising price pressures stemming from tariffs, Fed officials, as of their June 18…

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Market Mixed as Nvidia Soars, BP Eyed for Mega-Merger, and Trump Targets Powell

Market Mixed as Nvidia Soars, BP Eyed for Mega-Merger, and Trump Targets Powell

Market Mixed as Nvidia Soars, BP Eyed for Mega-Merger, and Trump Targets Powell US stock markets navigated a turbulent Wednesday, closing mixed despite significant individual company movements and high-stakes political developments. While the tech-heavy Nasdaq Composite edged higher, propelled by Nvidia’s continued ascent, the Dow Jones Industrial Average slipped, and the S&P 500 hovered just below its all-time high, reflecting a cautious investor sentiment. A major focus for investors was Federal Reserve Chair Jerome Powell’s second day of congressional testimony….

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