Powel

Fed Chair Jerome Powell is at the center of a spiraling scandal as Congress faces mounting pressure to launch a full-scale investigation into a $2.5 billion Fed project meltdown.

$2.5B Federal Reserve Project Sparks Allegations of Deception and Mismanagement
Accusations of fiscal mismanagement and alleged deception have intensified scrutiny of Federal Reserve Chair Jerome Powell, threatening confidence in U.S. financial governance. Director of the U.S. Federal Housing Finance Agency (FHFA) and Chairman of Fannie Mae and Freddie Mac, William J. Pulte, announced on July 2 that he is urging Congress to open an investigation into Powell.
The demand centers on what Pulte described as misleading testimony before the Senate and irregularities in a $2.5 billion renovation project involving the Federal Reserve’s facilities. Pulte stated on social media platform X:
I am asking Congress to investigate Chairman Jerome Powell, his political bias, and his deceptive Senate testimony, which is enough to be removed ‘for cause.’ Jerome Powell’s $2.5B Building Renovation Scandal stinks to high heaven, and he lied when asked about the specifics before Congress.
“This is nothing short of malfeasance and is worthy of ‘for cause,’” he stressed, concluding: “Chairman Powell needs to be investigated by Congress immediately.”
The renovation project, which reportedly includes a private dining room, roof terrace, and other high-end features, drew fire from U.S. Senator Cynthia Lummis (R-WY). She alleged that Powell “made a number of factually inaccurate statements to the Committee regarding the Fed’s plush private dining room and elevator, skylights, water features, and roof terrace.” Lummis asserted this behavior reflected what she described as Powell’s “mismanagement and ‘don’t bother me’ attitude.”
While critics point to the alleged misrepresentations and spending as serious breaches, others argue that infrastructure improvements are not inherently improper and caution against politicizing the Federal Reserve’s operations. Supporters of Powell may see these calls as disruptive to the Fed’s autonomy and counterproductive in addressing core monetary challenges.

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Donald Trump fired back at Jerome Powell, calling the Fed chair a latecomer for delaying interest rate cuts.
US President Donald $TRUMP has criticized Fed Chair Jerome Powell for his slowness in cutting interest rates. In his latest slur, Trump called the Fed Chair “Powell too late” amid calls for the Fed to cut interest rates.


Donald Trump slams Jerome Powell for not cutting interest rates
Amid calls for interest rate cuts from the US Federal Reserve, US President Donald Trump has criticized Fed Chair Jerome Powell. In a post shared on X, Trump criticized Powell for dragging his feet on the rate cut.

According to Trump, calls for rate cuts have reached a deafening level in the US, with a consensus on the matter.

However, Donald $TRUMP noted that Powell and the Fed appeared ready to delay rate cuts, potentially hurting economic growth.
“Almost everyone agrees that the Fed should be cutting rates sooner, not later,” Trump said. "Too late Powell, a legendary man for being too late, will probably blow it again - but who knows?"
Powell left interest rates unchanged at the last FOMC meeting in early May, to the dismay of a broad spectrum of investors. This is the Fed’s third decision to leave rates unchanged, with Powell benchmarking interest rates at 4.25%-4%.
Earlier, Donald Trump's failure to cut rates fueled speculation that Powell would be removed as Fed chair.

However, $TRUMP called Powell a fool for not keeping interest rates unchanged despite improving economic metrics.
Why is Powell leaving interest rates unchanged?
As markets anticipate the Fed's decision to leave interest rates unchanged, several theories have gathered steam.

In his FOMC speech, Powell blamed tariffs for the unchanged rate cut, noting that inflationary forces are still gaining ground.

The Fed chair noted that inflation is not easing as expected and trade tensions from Donald Trump are adding to the uncertainty.
However, soft PPI inflation data released in mid-May are painting a different economic picture.

According to data released by the US Bureau of Labor Statistics (BLS), the PPI data fell to 2.4 percent below expectations, indicating a cooling measure of inflation.
Investors are eyeing the Fed’s interest rate announcements given the seismic impact on cryptocurrency prices.

Low inflation rates typically positively affect crypto prices as investors increase allocations to digital assets, increasing liquidity levels.

As Donald Trump steps up criticism of Powell, a shift in stance on interest rate cuts is poised to send prices into a rally.

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