Fed Chairman Jerome Powell considers resigning

A senior official in the Trump administration stated that Fed Chairman Jerome Powell is "considering resigning" as pressure mounts over whether he may have lied to Congress regarding the $2.5 billion renovation project of the Fed's headquarters in Washington, likened to the "Palace of Versailles."

Bill Pulte, the head of the oversight agency for Fannie Mae and Freddie Mac, wrote that he heard reports that Powell might not complete his term. Another source indicated that Powell is feeling "tired" from the pressure and is "isolated" within the government.

The market positively received the possibility of Powell resigning, as the new Fed Chair nominated by Trump is likely to follow his views on lowering interest rates, thereby supporting economic growth and boosting the financial market.

President Trump has appointed three new members to the National Capital Planning Commission, seen as a move to increase pressure on Powell – whom Trump has previously criticized as being "too slow" in lowering interest rates.

Powell previously asserted that there were no VIP dining rooms, special elevators, or new marble, but planning documents from 2021 show the opposite, raising allegations of falsehood before Congress.