Powell has said politics don't play a part in Fed rate decisions. He and his colleagues have held the key overnight borrowing rate in place since December, though markets largely expect a cut is on the way not at the Fed's July meeting, but in September.

“The President is extremely troubled by your management of the Federal Reserve System,” Vought wrote in a letter he posted to social media Thursday.

Russell Vought, director of the Office of Management and Budget, said in a post on X that Powell, the Fed chair, had “grossly mismanaged the Fed”, accusing the central bank chief of presiding over a ...

A key Trump official said Federal Reserve Chair Jerome Powell has “grossly mismanaged” the institution and demanded more information about the central bank’s renovation of its headquarters in Washington.

The Supreme Court said in May that it could block any attempts by the White House to dismiss Powell, noting as part of a separate ruling that the Fed “is a uniquely structured, quasi-private entity.”...