WASHINGTON (AP) — Federal Reserve Chair Jerome Powell on Thursday said the agency’s renovation of two of its buildings is in compliance with plans approved by a local commission, disputing a White House suggestion that they may have violated the law by deviating from those plans.

The escalating campaign by Donald Trump against the Federal Reserve chairman is unnerving the global economy. Ron Insana and Max Chafkin discuss on The 11th Hour.

It isn’t just the U.S. Other countries have also come to expect an independent U.S. central bank.

A top Federal Reserve official said late Thursday that the central bank should cut its key interest rate later this month, carving out a different view than that of Chair Jerome Powell, who has been harshly criticized by the White House for delaying rate cuts.

President Donald Trump on Wednesday appeared to escalate his attacks on Federal Reserve Chair Jerome Powell, a step investor call dangerous.

Legal experts are dubious President Trump can remove Federal Reserve Chair Jerome Powell, which the president denies he plans to do anyway. But Trump’s advisers are seizing on a renovation of the Fed’s headquarters to undermine public trust in Powell.

In a resurfaced clip from 2017, President Donald Trump sang the praises of Federal Reserve Chair Jerome Powell when he first nominated him.

Jerome Powell has been the Federal Reserve Chair since February 2018. Trump nominated Powell in 2017, but now calls for him to resign. Bessent is