Trump has used the renovation project as both a literal and symbolic example of what he has often described as government waste. Speaking to reporters last week, Trump called the construction effort “a disgrace,” and accused Fed officials of overspending at a time when inflation remains high and interest rates are biting into household budgets.

The Fed vice chair who leads banking oversight, Michelle Bowman, comes across as a crypto evangelist as she echoes industry views on its regulatory needs.

"Don't forget, our Federal Reserve is not at all a part of our Constitution. It's a creature of the U.S. Congress, created by the Federal Reserve Act 1913."

Treasury Secretary Scott Bessent said Monday he believes the Federal Reserve system should be reviewed for potentially holding back the US economy, which is “on the cusp” of growth that could ...

Philip Jefferson Philip Jefferson, vice chair of the Federal Reserve System, speaks during a Fed Listens event in Washington, D.C., on March 22, 2024. Al Drago—Bloomberg/Getty Images

The minutes of the rate-setting Federal Open Market Committee, published on Wednesday, showed that “some [members] noted that it would not be feasible or appropriate to wait for complete clarity on the tariffs’ effects on inflation before adjusting the stance of monetary policy”.

“The White House has been aggressively pushing Dr. Miran’s nomination to the Federal Reserve Board, setting the stage for his quick confirmation when the Senate returns in September,” said a White House official Tuesday. “With the President’s strong backing, there’s clear momentum to get this done.”

After somewhat positive inflation data in July, the chances of the Federal Reserve cutting interest rates in September are at roughly 83%, according to CME Group 's FedWatch tool calculations on Aug. 18. One month earlier, roughly 59% of traders betting on changes in the federal funds rate thought an interest rate cut would occur in September.