Top Fed Official Backs Jul. Rate Cut
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Fed, Trump
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Fed Reserve Chair Jerome Powell responded to the Trump administration's inquiry about its $2.5 billion headquarters renovation, addressing concerns about cost overruns and project details.
One Fed paper found LLMs have a surprisingly good understanding of the economic topics discussed in the Fed’s minutes, while another looked at using machine learning to forecast financial crises, Cook said.
Former Federal Reserve Governor Kevin Warsh, seen as a potential successor to Fed Chair Jerome Powell, said on Thursday there needs to be a new accord between the Treasury Department and U.S. central bank,
J.P. Morgan warned in a note that Trump's pressure on the Federal Reserve and threats to fire Chair Powell could undercut central bank independence and increase inflation risks.
An independent Federal Reserve in recent decades has increasingly served as an anchor for global markets, stepping in to steady the ship during the 2008-09 financial crisis, the Covid pandemic and other shocks of recent years.
Federal Reserve Governor Chris Waller, an advocate for an immediate interest rate cut, said on Friday he would accept the job as head of the U.S. central bank if asked by President Donald Trump, but so far Trump has not contacted him about it.
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.
Fed Chairman Jerome Powell defends the central bank's $2.5 billion renovation project against Trump administration criticism
The president reportedly brandished a letter firing the Fed chair, then backed off, saying he likely wouldn’t dismiss him “unless he has to leave for fraud.”
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