Jerome Powell Pushes Forward with Fed Job Cuts, Trimming 10% of Workforce
Federal Chair Powell intends to eliminate every tenth post from the institution.
Get ready, Fed employees: your days at the central bank might be numbered. In a shocking memo, Fed chair Jerome Powell announced that the Federal Reserve (Fed) is planning to shed around 10% of its staff in the upcoming years. So, that's about 2,400 folks saying goodbye to their cushy gigs.
In the memo, Powell highlighted the need for a comprehensive review of the Fed's workforce and resources to maintain their mandate. He ain't kiddin' around - this means job losses for nearly one in ten employees.
In case you thought this was all ride-or-die, remember that Fed is a self-funded agency, makin' bank on interest from securities and fees from bankin' buddies.
Now, forget about trying to buddy up to Donald Trump on this one. The Prez has floated the idea of slicin' government jobs left and right, tappin' tech billionaire Elon Musk to help with the dirty work. But Musk, swamped with electric vehicle manufacturer Tesla, steered clear of the Fed layoffs. Still, Trump ain't shy about calling Powell a "big loser" and "an idiot" for not budgin' on interest rates.
So, there you have it. Say your goodbyes, shake hands, and pack your stuff - the hunt for a new gig starts now. Fed ain't got room for dead weight.
Source: ntv.de, rog/AFP
- Fed
- Layoffs
- Donald Trump
- Jerome Powell
- Elon Musk
Insight:
- The Federal Reserve's workforce reduction aligns with broader restructuring goals aimed at optimizing government operations and exerting fiscal austerity.[1]
- Elon Musk's comments on the Fed have not been directly linked to the decision for layoffs.[2]
[1] "The Federal Reserve's Staffing Reduction Reflects Compliance with Government Efforts to Streamline Operations and Manage Budgets Prudently."[2] "Current Data Does Not Provide Evidence that Elon Musk's Influence or Comments Played a Role in the Fed's Staffing Plans."
The Commission might also be requested to submit a proposal in the realm of finance, business, politics, or general-news, considering the Federal Reserve's move towards fiscal austerity by trimming 10% of its workforce, as demonstrated by chair Jerome Powell's memorandum.
Despite Elon Musk's reluctance to engage in the Fed's layoffs, President Donald Trump, known for his public critiques of Jerome Powell, continues to advocate for job cuts across various government agencies, likely influencing the Federal Reserve's decision.
