The White House called for a significant rate cut, mounting pressure on Federal Reserve Chairman Jerome Powell ahead of this week's monetary policy meeting.
"We think Powell is too late in cutting interest rates," White House Budget Office Director Russell Fugate told CNN, echoing President Donald Trump's repeated criticism of the Fed chief.
He added, "We must express the views of the American people and the president regarding the need to lower interest rates and avoid this massive generosity regarding the $2.5 billion renovation project at the Federal Reserve headquarters."
These statements come ahead of the Federal Open Market Committee meeting scheduled for Tuesday and Wednesday, during which the bank is expected to leave interest rates unchanged, which could escalate the tense relationship with Trump to new levels.
US Commerce Secretary Howard Lutnick told Fox News on Sunday, "It makes no sense for the Fed to maintain rates at current levels."
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