Jay Powell Strikes a Hawkish Tone as Fed Defies Calls for Rate Cut
The US Federal Reserve has recently made a controversial decision to not lower borrowing costs, despite pressure from President Donald Trump for a rate cut.
The **Federal Reserve Bank of Kansas City** is one of the 12 regional Reserve Banks forming the U.S. central banking system, the Federal Reserve. It serves the Tenth Federal Reserve District, which includes Colorado, Kansas, Nebraska, Oklahoma, Wyoming, western Missouri, and northern New Mexico, covering a vast geographic area second only to the San Francisco Fed[3][5]. Its mission is to promote economic and financial stability in the public interest through bank supervision, economic research, and monetary policy implementation[1][6]. Established in 1914 following the Federal Reserve Act of 1913, the Kansas City Fed was created to provide a more equitable distribution of credit, especially to agricultural and industrial sectors in the West and Great Plains, historically underserved by eastern financial centers[2]. Kansas City's selection as a Reserve Bank site underscored its role as a western "gateway city," pivotal for balancing economic power between the nation's interior and the eastern seaboard[2]. The bank's presence has contributed significantly to regional economic development by supporting credit access and financial infrastructure. The bank's headquarters is located at 1 Memorial Drive in Kansas City, Missouri, near iconic landmarks such as the National World War I Museum and Union Station[1][3]. Its current building, opened in 2008, replaced the historic 925 Grand building, once the oldest operating Federal Reserve building[3]. Branch offices are located in Denver, Colorado; Oklahoma City, Oklahoma; and Omaha, Nebraska, facilitating regional outreach and services[1][4]. Jeffrey R. Schmid became the Bank’s 10th president and CEO in August 2023. He brings extensive banking leadership experience, including prior roles at the Southwestern Graduate School of Banking Foundation and Mutual of Omaha Bank[4]. Under his leadership, the Kansas City Fed continues to focus on advancing economic research, monetary policy, and community development. Notably, the bank issues Federal Reserve Notes identified by the letter "J," reflecting it
The US Federal Reserve has recently made a controversial decision to not lower borrowing costs, despite pressure from President Donald Trump for a rate cut.