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Powell resigns due to Federal Reserve renovation issues, Trump demands a three percentage point interest rate cut
According to BlockBeats, Powell resigned due to issues with the Federal Reserve building renovations. The renovation budget increased from $1.5 billion to $2.6 billion, and Trump expressed dissatisfaction, believing Powell squandered taxpayers' money.
The White House letter points out that the renovation project cost overruns by $700 million, including luxury facilities, with office space far exceeding standards. The Federal Reserve headquarters underwent renovations from 1999 to 2003, and the current enormous spending is being criticized as wasteful.
Trump demands a three percentage point interest rate cut, which could trigger a global monetary easing. Federal Reserve board members serve a term of 14 years, but since 2000, 15 board members have resigned early.
The White House letter points out that the renovation project cost overruns by $700 million, including luxury facilities, with office space far exceeding standards. The Federal Reserve headquarters underwent renovations from 1999 to 2003, and the current enormous spending is being criticized as wasteful.
Trump demands a three percentage point interest rate cut, which could trigger a global monetary easing. Federal Reserve board members serve a term of 14 years, but since 2000, 15 board members have resigned early.
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