Overview
- On July 24, President Trump made an unprecedented visit to the Federal Reserve’s Washington headquarters to press for interest-rate cuts.
- During the visit, he publicly denounced Chair Jerome Powell as a “nigaud” and alleged possible fraud in the Fed’s renovation projects.
- Treasury Secretary Scott Bessent announced a comprehensive audit of the Federal Reserve to strengthen executive oversight of the central bank.
- The Fed has held its key interest rate at 4.25%–4.50% since December, citing ongoing economic and global trade uncertainties.
- Jerome Powell’s term runs through May 2026 and any removal would require proof of grave fault, preserving the Fed’s legal independence.