HEATING UP: Powell's continued Fed role IGNITES debate

• National Economic Council Director Kevin Hassett calls for Jerome Powell to 'move on' from the Fed Board to uphold the institution's independence.
• A Fed watchdog report found poor management in the Fed's headquarters renovation, driving costs to nearly twice the original budget, though no criminal wrongdoing was found.
• Powell's governorship runs until 2028, and historical precedent exists for former chairs remaining on the board; however, rising 10-year and 30-year Treasury yields (hitting 20-year highs) are noted as a major market worry.

The panel debates calls for Federal Reserve Chairman Jerome Powell to resign from the Fed Board, citing concerns over Fed independence and mismanaged building renovations. While some argue his continued presence is unprecedented and politically motivated, others point to legal precedent and Powell's claim of criminal investigation threats. The discussion also highlights rising long-term bond yields as a significant market concern.