The Situation The Trump administration’s confrontation with Federal Reserve Chair Jerome Powell escalated sharply this week. Just two weeks after President Trump sent Powell a handwritten demand to lower interest rates, Russell Vought, director of the Office of Management and Budget, publicly accused Powell of breaking oversight rules and misleading Congress about a roughly $2.5 billion renovation of the Fed’s headquarters. “The President is extremely troubled by your management of the Federal Reserve System,” Vought wrote in a letter posted to social media. For months, Trump has criticized Powell, often using the nickname “Too Late,” referring to Powell’s response to the 2022 inflation spike and reluctance to cut rates as inflation eased. Earlier this month, Trump suggested in a social…
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