Newsday

Fed watchdog finds no crimes in $2.4B building renovation, only mismanagement

The Washington Times

IG report finds no misconduct around Fed building renovation

SenWarren

The Wall Street Journal

Fed Watchdog Releases Long Awaited Audit Of Building Cost Overruns 1D2B1Efb

The Associated Press

Federal Reserve Building Renovation Trump Powell 3A1Cffc4769444D39F0Cfa0C8A22Bef3

White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

The Washington Post

Watchdog finds Fed mishandled renovations that Trump tried to oust Powell over

Al Jazeera

US Fed watchdog finds no criminal wrongdoing in Powell-era renovation costs

ABC News

No criminal wrongdoing in Federal Reserve building renovation, watchdog says, but it was mismanaged

The Washington Examiner

Federal Reserve watchdog finds no illegal conduct from Powell renovations

GV Wire

Feds Watchdog Finds No Misconduct or Illegal Activity in Costly Renovations

CBS News

Fed watchdog finds no laws broken in $2.5 billion Fed renovations Trump has called "disgraceful"

ZeroHedge

Fed Watchdog Finds No Crimes In $2.4 Billion Renovation, Just Everything Else

Axios

Fed watchdog clears former chair Powell in renovation probe

The Hill

Inspector General clears Jerome Powell in Fed renovation probe

Jerome Powell didnt break the law with expensive Fed renovations, report says

CNBC

Fed watchdog finds renovation failures, but no grounds for criminal referral

Powell asks inspector general to review $2.5 billion renovation after Trump blasts Fed project

NBC News

Watchdog finds no criminality in Fed renovation that drew Trumps scrutiny

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"It will then likely continue holding rates steady for the rest of 2026, before hiking 25 basis points (bp) in the third quarter of 2027."

"With the Iran conflict unresolved, oil prices remaining high, and persistent inflationary pressures, the conditions required for the Fed to cut rates have yet to emerge."

"Outside economists and business leaders broadly agree that while easing geopolitical tensions could pave the way for rate cuts in 2026, policymakers risk moving too quickly if inflation tied to energy prices remains elevated."

"Traders in the futures market shifted the probability of a rate increase by the end of 2026 to 52% on Friday morning."

“Despite higher inflation forecasts the FOMC retains an easing bias, with a narrow majority on the committee expecting cuts to resume this year.”

"There is a 36.9% chance that there will be zero interest rate cuts in 2026."

"In the new [Bloomberg] survey, conducted March 6-11, just after the outbreak of hostilities in the Middle East, respondents said they expect [rate cut] moves in June and October."

"There was no clear consensus where rates would ​end the year, but 71 [of 103] economists still expected at least one cut."

"We [BofA]  still expect cuts this year given the Fed's bias to look through supply-driven inflation, little signs of wage pressures, and political pressure."

"We continue to ​think signs of a weakening labor market ​will ⁠result in [rate] cuts later in the year. But the timing of upcoming data suggests a later start ⁠to ​rate cuts than we had ​previously been expecting."

"I want to see a little bit of recovery there. But, of course, I've written three cuts in for before the end of 2026 to hopefully support the labor market."

Will the Federal Reserve Cut Interest Rates in 2026?

The Federal Reserve's inspector general said Wednesday it found no reasonable grounds to believe federal criminal law was violated in the renovation of the central bank's Washington headquarters, and did not identify administrative misconduct.

The Federal Reserve's inspector general said Wednesday it found no reasonable grounds to believe federal criminal law was violated in the renovation of the central bank's Washington headquarters, and did not identify administrative misconduct.

The 120-page report faulted the Fed's board for failing to establish a guaranteed maximum price four years into construction, even after more than $2 billion in construction awards had been issued, and for insufficient internal project governance.

The 120-page report faulted the Fed's board for failing to establish a guaranteed maximum price four years into construction, even after more than $2 billion in construction awards had been issued, and for insufficient internal project governance.

Construction costs to renovate two Fed buildings more than doubled from an original estimate of $921 million in February 2020 to about $2.018 billion by December 2024, with total project costs now near $2.4 billion, the watchdog said.

Construction costs to renovate two Fed buildings more than doubled from an original estimate of $921 million in February 2020 to about $2.018 billion by December 2024, with total project costs now near $2.4 billion, the watchdog said.

Design features that drew criticism from the White House and members of Congress — including marble, water features, a garden terrace and private elevators — did not materially contribute to the cost increases, according to the report.

Design features that drew criticism from the White House and members of Congress — including marble, water features, a garden terrace and private elevators — did not materially contribute to the cost increases, according to the report.

Fed Chair Kevin Warsh wrote to Inspector General Michael Horowitz that the General Services Administration would serve as project executive effective immediately, and said the board would conduct a full audit and pursue reimbursement for work not performed.

Fed Chair Kevin Warsh wrote to Inspector General Michael Horowitz that the General Services Administration would serve as project executive effective immediately, and said the board would conduct a full audit and pursue reimbursement for work not performed.

Sen. Tim Scott, R-S.C., said inflation does not relieve the Fed of its duty to manage resources prudently, while Sen. Elizabeth Warren, D-Mass., said the findings leave prosecutors no basis to reopen an investigation into former Chair Jerome Powell.

Sen. Tim Scott, R-S.C., said inflation does not relieve the Fed of its duty to manage resources prudently, while Sen. Elizabeth Warren, D-Mass., said the findings leave prosecutors no basis to reopen an investigation into former Chair Jerome Powell.

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