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RBA Signals More Rate Hikes Possible as Australia Battles Stubborn Inflation 
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ECB Expected to Hold Rates as Middle East Tensions Keep September Hike in Focus 
Taiwan Tests Penghu Defense, Mobile Internet Limits in War Drills 
Federal Reserve Chair Jerome Powell has responded to Trump administration criticism over the ongoing renovation of the Fed’s Washington headquarters, defending the project as essential and properly managed. In a letter to Office of Management and Budget Director Russell Vought, Powell explained that the upgrades address serious safety issues, including asbestos and lead removal, and modernize outdated systems like HVAC, plumbing, and electrical wiring.
Powell emphasized that the renovation, approved by the Fed Board in 2017, is subject to annual budget review and full oversight by the Fed’s inspector general. He denied claims that the project includes “private elevators” or “VIP dining rooms,” saying any marble replacements were required for historical preservation or safety.
Vought previously accused Powell of leading an “ostentatious” and excessive overhaul, echoing broader criticism from President Trump and some Republican lawmakers. Trump has reportedly considered the project grounds for Powell’s removal, despite offering no evidence of wrongdoing. White House spokeswoman Karoline Leavitt labeled the renovation a “big, beautiful mansion” and said officials intend to inspect the site.
Some Republicans, including Rep. Anna Paulina Luna and Sen. Cynthia Lummis, have called for Powell’s resignation or investigation. However, other members of the Senate Banking Committee defended Powell, with Senator Mike Rounds stating that preserving the Fed’s independence is critical for market stability.
Powell reiterated that the project aligns with the guidelines of the National Capital Planning Commission (NCPC) and does not require further review, as changes have not been deemed substantial. The Fed has worked closely with external agencies throughout the process.
The controversy highlights intensifying political pressure on the Federal Reserve in 2025, particularly as debates over interest rate policy and central bank authority continue to shape Washington’s economic landscape.
