White House officials pressure Fed Chairman Powell, accusing him of serious mismanagement.

On July 11, Jin10 reported that a key official in the Trump administration stated that Fed Chairman Powell has grossly mismanaged the agency and demanded more information regarding the renovation of the Fed's Washington headquarters. "The President is deeply troubled by your management of the Federal Reserve System," wrote Office of Management and Budget Director Vought in a letter to Powell. "You have not attempted to correct the Fed's financial situation, but instead have made a big show of renovating the Washington headquarters." This letter continues the tone set by Trump, senior government officials, and some congressional Republicans, applying greater scrutiny on Powell, as the Fed currently faces widespread pressure to cut interest rates.