Trump is ‘extremely troubled’ by Fed’s approach, according to new letter, but bank official stands firm on independence

Fed Chair Jerome Powell (Credit: Kent Nishimura—Getty Images)

• The White House’s latest criticism of Fed Chair Jerome Powell, over building renovations, marks a broader push by President Trump to exert pressure on the independent central bank. In a response to Fortune, Federal Reserve Bank of St. Louis president Alberto Musalem defended the institution’s autonomy, citing global evidence that independent central banks deliver stronger inflation and employment outcomes.

As well as penning letters to hundreds of world leaders this week, the White House also found time to write to Fed Chair Jerome Powell, criticizing his leadership.