Chicago Federal Reserve president Austan Goolsbee on Friday expressed support for Jerome Powell and central bank independence when asked about pressure being applied by President Trump, saying the Fed chair is a “totally honorable guy.

President Donald Trump has opened up a new front in his attack on the Federal Reserve and its chair, Jerome Powell: He says the alledged mismanagement of a building renovation project could be grounds for firing Powell.

Sen. Elizabeth Warren (D-Mass.) will defend the Federal Reserve in a speech on Wednesday, an unlikely ally for the Fed as it faces unprecedented attacks from the Trump administration. Why it matters: Even one of Fed chair Jerome Powell's toughest,

President Trump and his allies have accused the Federal Reserve chair, Jerome Powell, of misleading Congress in what some legal scholars worry is a prelude to seeking his removal.

FILE PHOTO: U.S. President Donald Trump looks on as Jerome Powell, his nominee at the time to lead the U.S. Federal Reserve, moves to the podium at the White House in Washington, U.S., November 2, 2017. REUTERS/Carlos Barria/File Photo

Russell Vought called the initial renovation plans for the Federal Reserve’s headquarters ‘ostentatious’ in what appears to be part of a larger campaign to pressure Jerome Powell to depart

The White House has stepped up its attacks on Federal Reserve Chair Jerome Powell, criticizing him over renovations at the central bank's Washington, D.C. headquarters.

President Donald Trump’s attacks on Federal Reserve Chairman Jerome Powell are so commonplace at this point that they barely register in financial markets these days. The rapidly intensifying multi-pronged efforts by Trump’s advisers to amplify and expand on Trump’s attacks are a good reason to rethink that indifference.

The Federal Reserve’s political independence — the sense that the world’s most powerful central bank makes decisions based on economic conditions, not short-term political considerations — is a critical national asset. President Donald Trump is eroding it in ways that could be bad for the country and his own agenda.