President Donald Trump has opened up a new front in his attack on the Federal Reserve and its chair, Jerome Powell: He says the alledged mismanagement of a building renovation project could be grounds for firing Powell.

Federal Reserve Chair Jerome Powell cautioned that persistently elevated inflation will likely delay any Fed interest rate cuts until later this year, opening the door to a period of higher-for-longer rates.

Federal Reserve Vice Chair Philip Jefferson suggested that the central bank’s key rate may have to remain at its peak for a while to bring down persistently elevated inflation.

Two Federal Reserve officials have suggested that the central bank may leave interest rates unchanged at its next meeting in three weeks.

Leading Federal Reserve officials are sending out stronger signals that they will forego an interest rate increase at the central bank’s next meeting in June.

Federal Reserve governor Philip Jefferson says inflation remains too high and there has been “little progress” made toward bringing it down to the central bank’s 2% target.

President Joe Biden has nominated Philip Jefferson, a member of the Federal Reserve’s Board of Governors, to serve as vice chair of the board.

The Senate Banking Committee has approved Jerome Powell’s nomination to a second four-year term as chair of the Federal Reserve.