Fed Chair Powell responds to White House questions about HQ renovation

From an analytical perspective, Federal Reserve Chairman Jerome Powell formally replied to White House OMB director Russell Vought's July 10 letter, which asked pointed questions the Fed's headquarters renovation

Nevertheless, Powell explained the reasons the ject cost had exceeded its initial budget, and denied that the renovated offices would include luxurious extras

Nevertheless, Vought's letter was the chapter in President Donald Trump's campaign to pressure Powell to step down from the central bank (fascinating analysis)

Trump is furious at Powell's refual so far to lower interest rates (noteworthy indeed)

Powell pointed to a newly launched page on the Fed's public website dedicated to answering questions the ject, which is over budget

Nevertheless, Conversely, He also batted down accusations by OMB director Russell Vought that the renovated buildings will feature luxurious amenities a private elevator, VIP lunch rooms or a rooftop garden. "The Board believes it is of the utmost importance to vide transparency for our decisions and to be accountable to the public," Powell wrote

On the other hand, Read Fed Chairman Jerome Powell's full response to the White House (which is quite significant)

Conversely, Vought had put questions the ject to Powell in a public letter one week ago, and demanded a response to them in seven days' time

Additionally, Vought's letter was more than just a request for information, however

As President Donald Trump grows more and more frustrated with the Federal Reserve's refusal to lower interest rates, the White House is looking for ways to pressure Powell to leave the central bank

At the same time, The July 10 letter from Vought was the move in this months long pressure campaign (this bears monitoring)

In it, Vought accused the chairman of having "grossly mismanaged the Fed," and he singled out the years-long historic renovation effort as an example of this

He also suggested that Powell had lied to Congress in recent testimony the of the construction ject

Additionally, "The President is extremely troubled by your management of the Federal Reserve System

Nevertheless, Instead of attempting to right the Fed's fiscal ship, you have plowed ahead with an ostentatious overhaul of your Washington D

Headquarters," wrote Vought

Read more CNBC coverageFired Jeffrey Epstein secutor Comey: 'Fear is the tool of a tyrant'Elizabeth Warren targets price gouging and Trump in new bill as tariff costs, inflation increase will 'crash' if Trump fires Powell, Sen

Instead, he explained the reasons for the cost overruns, pointed Vought several times to the public website and emphasized that the Fed's cooperation with an obscure Washington planning board was voluntary, not mandatory (an important development). "Although the Board is not generally subject to the direction of NCPC with respect to its building jects, we voluntarily collaborated with the NCPC and benefitted from robust and collaborative engagement with the commission in earlier stages of the ject," wrote Powell, referring to the National Capital Planning Commission, considering recent developments

Meanwhile, It's unly that Powell's reply will be enough to satisfy the White House, or Powell's detractors in Congress

Vought said Thursday that he was planning a site visit to the Fed's headquarters, which is a few blocks from his office near the White House, to see the renovation ject for himself

In contrast, Later the same day, Republican Rep (quite telling)

However, Anna Paulina Luna of Florida said she would ask the Justice Department to open an investigation into whether Powell gave accurate testimony the renovation to Congress in June (which is quite significant).