New data from the White House Council of Economic Advisers backs President Donald Trump's calls for the Federal Reserve to cut interest rates.

Key Points Donald Trump is publicly pressuring Fed Chair Jerome Powell to cut interest rates sooner, while exploring controversial arguments—including costly Federal Reserve renovations—as potential grounds for dismissal.

A sprawling $2.5 billion project to renovate the central bank’s headquarters in Washington has become the focal point of attacks from the Trump administration.

Mark Joseph Stern: Under federal law, Trump cannot remove Powell over a policy disagreement. Federal law expressly allows for the removal of the Fed’s board members only for “cause”—something like abuse of office or malfeasance. That means Trump can’t just sack Powell because Trump wants to slash rates and Powell wants to keep them steady.

In a CNBC interview, Treasury Secretary Scott Bessent suggested for a review of the Federal Reserve that would go beyond the current controversy over building renovations and look at its overall function. The comments come amid an intensifying conflict between the White House and the central bank.

The Federal Reserve was already wrestling with a lot of uncertainty about the future path of monetary policy, and President Trump’s strike on Iran's nuclear sites will likely make that path even more uncertain in the near term.

President Trump visited the Federal Reserve and raised the issue of cost overruns in construction of new facilities there. It was a new front in Trump's extended campaign to pressure Powell, who he says has been too slow to lower interest rates.

Good morning. Jerome Powell is in the middle of one of Donald Trump’s preferred attack strategies. The administration is paving the way for crypto to enter the mainstream. And meme stock mania is spreading.