Overview

• After suggesting Powell could be dismissed for fraud tied to the Fed’s $2.5 billion renovation, Trump said immediate removal is unlikely but remains an option under “for cause” rules
• White House budget director Russell Vought has formally asked to inspect the Federal Reserve’s Washington headquarters renovations amid concerns over cost overruns
• Jerome Powell has asked the Fed’s inspector general to launch an independent review of the renovation project’s budget and management
• Financial markets have largely stabilized since Trump’s remarks, reversing earlier drops in the dollar and US stocks
• Legal experts say no public evidence currently justifies removing Powell “for cause,” highlighting the Fed’s statutory independence