Powell said the Federal Reserve (FED) will cut jobs by 10%

Powell has asked The Federal Reserve (FED) to start laying off employees.
Powell stated that the central bank will cut 10% of its workforce over the next two years, which means reducing the number of employees from nearly 24,000 to below 22,000, and implementing a so-called "voluntary early retirement" policy for certain older employees eligible for retirement by 2027.
Powell stated, "Experience here and elsewhere suggests that it is beneficial for any organization to regularly reassess its personnel and resources."
The reduction plan comes at a time when the Trump administration is returning to the White House, as he demands all federal agencies cut costs. The White House's spending cuts are led by Musk, who has been appointed to head the Department of Government Efficiency (DOGE).
Musk previously referred to the Federal Reserve as having "seriously excessive staffing." Although Powell did not name Musk or the Federal Reserve department, the consistency between the two is obvious.