US Treasury Secretary Scott Bessent called Monday for the Federal Reserve to conduct an “exhaustive internal review of its non-monetary policy operations,” accusing the central bank of “significant mission creep.

White House and administration officials have accused Powell of mismanaging a $2.5 billion renovation project at the Fed, adding to months of efforts by Trump try to rid himself of the politically independent central banker.

Mr. Bernanke and Ms. Yellen are both economists and former chairs of the Federal Reserve. As former chairs of the Federal Reserve, we know from our experiences and our reading of history that the ability of the central bank to act independently is essential for its effective stewardship of the economy.

The USD/CAD pair extends the decline to 1.3680 during the early Asian session on Tuesday. The renewed concerns over the US Federal Reserve (Fed) independence weigh on the US Dollar (USD) against the Canadian Dollar (CAD). Fed Chair Jerome Powell is set to speak later on Tuesday.

A Fed policy rate that low is not typically a sign that the U.S. is the "hottest" country in the world for investment, as Trump has said.

Kevin Hassett's Trump-era makeover is fueling questions about the independence of the Federal Reserve as he emerges as a leading contender to succeed Jerome H. Powell as chair.

The Australian Dollar (AUD) is extending its gains against the US Dollar (USD) on Monday as EU-US trade tensions escalate and concerns over the independence of the Federal Reserve (Fed) rise.

The independence of central banks, which allows policymakers to operate free from political meddling, is considered sacrosanct by investors and economists.

The U.S. economy is mostly in good shape but that isn’t saving Federal Reserve chair Jerome Powell from a spell of angst.