White House Pressures Fed Amid Headquarters Renovation

According to PANews, the U.S. White House is exerting pressure on Federal Reserve Chairman Jerome Powell regarding the renovation of the Fed's headquarters. Nick Timiraos, known as the 'Fed's Mouthpiece,' highlighted that Fed researchers view the developments as either a transparent attempt to open a new pressure front or a dangerous step towards creating legal grounds for Powell's dismissal. Peter Conti-Brown, a scholar from the University of Pennsylvania who studies the Federal Reserve, remarked, "We are at a critical moment in the Fed's history." He believes the Trump administration is using various mechanisms to fabricate a post hoc explanation for Powell's removal. Investors are concerned because dismissing the Fed Chair for political reasons would disrupt long-standing norms that underpin global confidence in the U.S. dollar. Conti-Brown warned that if U.S. President Donald Trump and his allies attack the Federal Reserve in this manner, it could lead to significant instability across nearly all aspects of the global economy.