The Federal Reserve may already have the so-called shadow chairman that President Donald Trump has said he might soon appoint in a move that could be seen as part of a pressure campaign to lower interest rates and reduce government borrowing costs.

Governor Christopher Waller's comments come as tensions between Fed Chair Jerome Powell and President Donald Trump have reached a boiling point in recent days.

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.

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

President Trump's appointees urged the use of marble in a Federal Reserve renovation to increase transparency, clashing with central bank values. Trump criticizes Fed Chair Powell for cost overruns, possibly signaling mismanagement.

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.

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.

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