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 letter is the lastest salvo in an escalating battle between the Federal Reserve, an independent agency charged with fighting inflation and seeking maximum employment, and the Trump administration. President Donald Trump has for months criticized Powell and the Fed for not lowering its key interest rate, which the president says would boost borrowing and accelerate the economy.
