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

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.

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.

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.

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.

Fed governors, including the chair, are nominated by the president and confirmed by the Senate. But members of the FOMC decide who is chair of the rate-setting committee, which is comprised of the seven governors, the New York Fed president, and four other regional Fed presidents who serve on a rotating basis.