Nick Timiraos

Maybe people think Kevin Hassett would be a little bit more likely than Kevin Warsh to push for rate cuts.

But most analysts who are watching this think that at least in 2026, both men would try to secure a couple more interest rate cuts since that's what Donald Trump has made so clear that he wants.

The question really then would be about, well, what happens in 2027 and 2028?

Thanks for having me.

I had been washing the dishes and thinking I was going to be putting my kids to bed.

This was an extraordinary video.

You know, Powell has been very composed and measured.

This is a man who chooses his words extremely carefully.

Watching that video, you couldn't help but recognize that a line had been crossed, that we were no longer in this environment of kind of tiptoeing around what's going on.

It was direct, blunt, explicit, in a way that nothing he had said before had approached.

Republican senators asked Chair Powell, what's going on here?

Powell gave some defensive answers saying, you know, a lot of the things you've read in the press aren't accurate.

We're not doing this and we're not doing that.

So he implied in this letter, basically Powell either lied to Congress or the Fed failed to notify the relevant building authorities around Washington what they were doing with these buildings.

He keeps the rates too high.

He's called him a bunch of names, an idiot, a moron.

He calls him too late because he thinks the Fed has been too late to cut interest rates.

You had the two men in suits and hard hats, traipsing around these dusty, hot, these plywood walls.

It's a very big construction site over there.

And Powell corrected him in front of the rolling cameras, saying, no, no, Mr. President, you just added a third building.