The White House on Sunday demanded “dramatically lower” interest rates as it raised pressure on US Federal Reserve chair Jay Powell for a substantial cut ahead of a key meeting of its rate-setting committee next week.
Russell Vought, Donald Trump’s budget chief, doubled down on criticism that Powell had been “too late” in cutting rates and blasted a $2.5bn refurbishment of the Fed’s headquarters as a “largesse monstrosity”.
“We believe, on a host of fronts, Chairman Powell has been too late,” Vought, director of the White House Office of Management and Budget, told CNN.
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