BlockBeats News, June 17th, according to CNN reporter Bryan Mena, although Powell was unable to single-handedly achieve the interest rate cut requested by Trump, he has made it clear that the Fed will no longer be business as usual. Powell has hired two conservative policy veterans as interim advisors to the Fed. One of them is Paul Winfree, and the other is Daniel Haile. Additionally, Powell has mentioned that there are "a large number of redundant personnel" within the Fed, implying that he may undergo a major reshuffle of the approximately 3,000 Washington-based Fed employees. Powell had initiated a downsizing process last year to align with similar actions at the federal government level.

Powell has also suggested that Fed officials consider inflation in a different way, focusing on another inflation measurement indicator, the "trimmed mean." During the April confirmation hearing, Powell stated that these indicators capture "what the underlying inflation rate is, not a one-time price movement due to geopolitical changes or beef price changes." With the new advisors in place, discussions about "institutional reform" are already underway, and Powell's press conference is expected to clearly signal for the first time his intentions on how far he plans to go in reshaping the Fed. (FXStreet)