Fed Chair Jerome Powell’s term ends in May 2026, although there have been calls for President Trump to fire him early amid the central bank’s $2.5 billion renovation of its Washington, D.C. headquarters.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Former Fed Governor Kevin Warsh called the costs “outrageous” and believes it is one example of how the Fed has “lost its way.” The Fed is also due for a “regime change,” said Warsh.
Warsh ranks second in the Fed contender race on prediction platform Polymarket. He has a 20% chance of being selected by Trump by December 31.
Fed Renovation Costs Under Scrutiny
The Fed renovation controversy has found its way to White House budget director Russ Vought, who sent a letter to Powell about the costs. Whether Trump chooses to fire Powell will “depend a lot on the answers that we get to the questions that Russ Vought sent to the Fed,” said White House economic advisor Kevin Hassett.
“The bottom line is that this is the most expensive project in D.C. history, $2.5 billion with a $700 million cost overrun,” said Hassett. Hassett leads all Fed contenders with a 23% chance of being selected by Trump.
Head over to TipRanks’ Stock Analysis and News feed for the latest breaking news.
