Fed vs. inflation

Trump: Fed is doing nothing to stop the “dumb snot”

Donald Trump continues to demand that the Federal Reserve lower interest rates, even though the US president does not decide on monetary policy.

In a new post on Truth Social, Trump criticizes both Jerome Powell and the Federal Reserve board:

“The Fed board has done nothing to stop this ‘dumb snot’ from hurting so many people. In many ways, the board bears just as much blame,” he writes.

Powell defends renovation: “Minor adjustments”

Fed chief Jerome Powell is hitting back at Donald Trump’s accusations that he misled Congress about the renovation of the central bank’s headquarters, the FT reports.

According to Powell, the authorities were not informed of changes in the renovation because they were not considered “substantial” enough, he states.

The White House last week lashed out at Powell after Trump adviser Russell Vought accused the Fed chief of “severely” mismanaging the renovation.

In a letter to Vought, Powell said the Fed “voluntarily” submitted blueprints for the project and requested and received approval for adjustments in both 2020 and 2021. Since then, the central bank has made a few changes to “reduce or eliminate certain elements,” he added.

“The purpose of the changes was to simplify the construction process and reduce the risk of further delays and cost increases,” Powell wrote.