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.

Russell Vought, director of the Office of Management and Budget, said Federal Reserve Chair Jerome Powell "has grossly mismanaged the Fed."

Federal Reserve Chair Jay Powell has reiterated that rate decisions will be data-driven — by inflation, and employment.

In a response to Fortune, Federal Reserve Bank of St. Louis President Alberto Musalem defended the Fed's autonomy, citing global evidence that independent central banks deliver stronger inflation and employment outcomes.

Also in today’s newsletter, Reeves puts reform of UK cash ISAs on hold and Google is to agree cloud discount with US government

The White House financial watchdog ripped Federal Reserve Chair Jerome Powell over a lavish revamp of the central bank’s Washington, DC headquarters — and warned construction could be

Federal Reserve Chair Jerome H. Powell is resisting President Donald Trump’s calls for lower interest rates, saying the Fed should not take debt and deficits into account.

But their presence made a lot more sense when the new commissioners spoke up — and promptly took aim at one of Trump’s political foes, Federal Reserve Chair Jerome Powell. Powell has resisted Trump’s demands to lower interest rates.