Sweeping changes are coming to the world’s most powerful central bank, President Donald Trump and his top advisers have said — and they’re already starting to make good on that promise.

President Donald Trump’s attempt to shame Federal Reserve Board of Governors chair Jerome Powell over the cost of a long-running renovation to the central bank’s Washington headquarters went horribly wrong on Thursday when Powell had a ready response for the president’s accusations during a tour of the construction site.

The Federal Reserve, or Fed, is the central bank of the United States. It is made up of twelve district banks that are supervised by a Board of Governors. Basically, the Fed oversees banks, protects consumers and keeps our financial system stable.

The Fed’s decision on interest rates affects many types of consumer borrowing costs, from credit cards and mortgages to auto loans.

In an unusual visit to the Federal Reserve, President Donald Trump once again said that interest rate cuts were needed and firing Chair Jerome Powell wasn't "necessary."

A top Federal Reserve official said late Thursday that the central bank should cut its key interest rate later this month, carving out a different view than that of Chair Jerome Powell, who has been harshly criticized by the White House for delaying rate cuts.

Former president of the Federal Reserve Bank of Cleveland Loretta Mester says it's important that the Fed stays independent and that fiscal politics should not interfere with monetary policy makers and their decisions.

Mr Trump wants to oust Mr Powell for refusing to lower rates but likely lacks the legal authority. Read more at straitstimes.com. Read more at straitstimes.com.